APPROPRIATION (NO. 2) (1957) BILL

Order for Second Reading read.

10.34 a.m.

The Acting Financial Secretary (Mr Oon Khye Kiang): Mr Speaker, Sir, I have the Governor's recommendation to move, "That the Bill be now read a Second time."

The provisions for ordinary expenditure made in the Appropriation Ordinance, 1956, were exceeded by the amounts and under the various Heads shown in the First Schedule to the Bill, and they amount to $10,239,684.10. In the case of the Development Estimates, the excess expenditure of about $142 million is shown by the amount and under the various Heads shown in the Second Schedule thereto. In this connection hon. Members will recall that at a previous sitting of the Assembly held on 17th July, 1957, it was resolved that long-term loans to the Singapore Improvement Trust and other bodies should be charged to expenditure and not, as in the past, shown as assets in the Statement of Assets and Liabilities. This procedure is in accordance with established financial practice - that all transactions involving loans which diminish the presurplus of revenue should be recorded "Expenditure" at the time payment is made. These excesses have all been covered by supplementary votes approved by the Legislative Assembly from time to time.

The Bill seeks to give legal sanction to the supplementary votes already approved by resolution of the Assembly.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time.

Third Reading

Mr Speaker: Please proceed with the Third Reading.

Mr Oon Khye Kiang: Sir, I beg to move, "That the Bill be now read the Third time.'

Question put, and agreed to.

Bill accordingly read the Third time and passed.