FINAL SUPPLY (FY 1998) BILL

Order for Second Reading read.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The purpose of this Bill is to make final provision for an additional expenditure of $1.8 million for payment of expenses on investments (EOI) under the Ministry of Finance (MOF). The supplement will bring the total provision for EOI in FY98 to $247 million.

The FY98 provision for expenses on investments was $227 million. The final expenses on investments came to $247 million which was $20 million more than projected. After offsetting savings of some $18 million from other votes under the Ministry of Finance, a further supplement of $1.8 million is needed.

The higher expenses were incurred because of increased investment opportunities towards the end of FY98, which had resulted in higher than expected expenses. In a sense, it was a happy problem because higher profits had accrued. Members will appreciate that it is difficult to estimate accurately the requirements for expenses on investments, especially given these times of market volatilities.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time.

Third Reading

Dr Richard Hu Tsu Tau: Sir, I beg to move, "That the Bill be now read a Third time."

Question put, and agreed to.

Bill accordingly read a Third time and passed.