HONG KONG: The British colony will record...

HONG KONG: The British colony will record a mild budget surplus for fiscal 1991-92, thanks in part to higher taxes on some consumer goods, Financial Secretary Sir Piers Jacobs said. In presenting his budget for the financial year beginning April 1, Jacobs also told the colony’s Legislative Council that Hong Kong will continue to suffer from high inflation. Government spending will increase by about 17% overall from the previous fiscal year, but Jacobs said the administration will need to streamline projects and trim spending where possible.