The Trade Development Council (TDC) managed to turn in a surplus of $212 million in the year to March 31. Chairman Victor Fung Kwok-king said the semi-government non-profit-making organisation had this year taken on the promotion of Hong Kong's services, along with the territory's trading potential. 'Doing more to promote services will complement our existing programmes for merchandise trade and enable the TDC to promote all of Hong Kong's external economy more effectively,' Mr Fung said. Total income was $1.35 billion, up 18 per cent from $1.14 billion in the previous year. Of the total income, 40 per cent came from an ad valorem (according to value) levy, 32 per cent was from trade fairs and 20 per cent was from trade publications. The balance came from trade inquiries, research reports and training programmes along with Design Gallery sales. This included $70 million from investment income and interest on bank deposits. Total expenditure was $1.14 billion, up 20.5 per cent. The biggest chunk of spending was on trade fairs, missions and exhibitions, amounting to 35.5 per cent of the total. Staff costs were up 16 per cent to $320 million, amounting to 28 per cent of total spending. Other promotional activities made up 24 per cent of the total. The council reported $1.7 billion of net assets. This included $531 million of fixed assets, almost $1 billion in the bank and $342 million in fixed-income securities. Under the new services promotion remit, the council said it had developed a 10-point plan. This included the setting up of a committee to take advice on the sector, commissioning research, holding conferences, providing sales-related directories and staging overseas and mainland promotions. In the year ahead, the council said current trends appeared to bode well for the territory. 'Already we are the world's 10th largest exporter of services,' it said. 'Stimulated by China's open-door policy, rapid economic growth in the Asia-Pacific region and on-going liberalisation, Hong Kong's exports of service are expected to prosper in the coming year.' Not in the council's accounts, according to the accounting notes, is money for the building of the new convention centre area at the Convention and Exhibition Centre. The amount entrusted to the council was $4.8 billion in 1993-94. Any interest made from the holding of the money linked to the new centre is expected to be paid back to the Government on completion of the project.