The Cross Harbour Tunnel
1. Cost of the Tunnel
Contract Cost (25% of $230 million
£15.8 million)
Interest on Promissory Notes
during construction
Government Roadworks
Consulting Engineers
(25% of $12.3 million $3.075
add already paid
7.700 $10.775)
Other Expenses
Further Contingencies
Dollars
equivalent
57.5m.
4m.
13.0m.
0.9m.
6.0m.
0.40.
10.8m.
0.74m.
4.5m.
0.3m.
2.2m.
0.16m.
Total
$94.0m.
£6.50.
2. Equity capital of Cross-Harbour Tunnel Co. Ltd.
Equity Capital will be raised as follows:-
As percentage
Dollars
equivalent
of total
Wheelock Marden & Co. Ltd.
21.6m.
1.5m.)
52.7%
Hutchison International Ltd.
21.6 .
1.5m.)
Hong Kong Government
20.5 m.
1.4m.
25%
Hong Kong and Shanghai Banking
Corporation
11.0 a.
0.74 m
13.4%
Kwong Wan Ltd.
5.9 m.
0.4 m.
7%
Sir Elly Kadoorie Successors
1.4 m.
0.1 m.
1.7%
Total
$82.Om.
25.64m.
Add Government Loan
120.
0.83m.
Grand Total
$94m.
£6.5m.
N.B.
While the Hong Kong Bank have agreed in the past to take 10% equity which was at that time equivalent to $11 million, as yet they have not been asked to invest the same amount on the reduced total capital. If they were to insist(as have the Hong Kong Government) on a 10% share only, then a further $2.8million would have to be found elsewhere.