RESTRICTED
NECESSARY BECAUSE UNLIKE THE HEAVILY BUILT UP URBAN AREA, THE NORTHWEST NEW TERRITORIES IS UNDERGOING DEVELOPMENT AT THE MOMENT AND DOES NOT HAVE THE POPULATION TO SUPPORT A VARIETY OF DIFFERENT MODES OF PUBLIC TRANSPORT. THE RETENTION OF BUSES TO RUN PARALLEL TO THE LRT WOULD ONLY RESULT IN WASTEFUL COMPETITION AND INSUFFICIENT PASSENGERS FOR BOTH MODES TO OPERATE ECONOMICALLY, WHICH IS DETRIMENTAL TO THE LONGER TERM INTEREST OF THE PUBLIC.
YOUDE
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OCMIAN 2767
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00 HOKON
FM FCOLN TO HOKON
291445Z OCT
GRS 110
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HKK 173/1
18 NOV 1986
DESK OFFCAT
INDEX
TOP COPY DIST ?
72767
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1
GISTRY
Action Taken
R&R M
PARLIAMENTARY QUESTION: MR ROBERT PARRY
1.
MR ROBERT PARRY HAS PUT DOWN THE FOLLOWING PQ FOR WRITTEN
ANSWER ON 5 NOVEMBER:
2.
TO ASK THE SECRETARY OF STATE FOR FOREIGN AND
COMMONWEALTH AFFAIRS, WHAT PLANS THE HONG KONG GOVERNMENT
HAS FOR EXTENDING THE MASS TRANSIT RAILWAY TO THE
SATELLITE TOWNS IN THE NEW TERRITORIES OF SHA TIN, TUEN
MUN, TAI PO AND YUEN LONG: AND IF HE WILL MAKE A
STATEMENT.
GRATEFUL DRAFT REPLY AND BACKGROUND NOTE DESKBY 310930Z
HOWE
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For information
(2 886)
CONFIDENTIAL
Hill 173/1
RECE VED IK HI
>
NOTE FOR EXECUTIVE COUNCIL
XCCI(86)41 Copy No
Action Tuxe. Į
MASS TRANSIT RAILWAY CORPORATION
POPULAR SAVINGS BONDS
12
22
The purpose of this note is to inform Members of the Mass Transit Railway Corporation's (MTRC) intention regarding the proposed issue of Popular Savings Bonds.
2
In 1985, the MTRC proposed a novel scheme to raise money directly from small savers in the community through Popular Savings Bonds of small denomination. These bonds would be issued at a discount with fixed redemption value after ten years and with arrangements for early redemption. A lottery element would be included to add attraction to the scheme. Council's advice
was sought on the proposal on 2
April 1985 vide XCC (85)30.
3
After considering the proposal, Council advised and the Governor ordered that if the MTRC wished to proceed with the issue of Popular Savings Bonds,
Savings Bonds, the proposal should be resubmitted to Council in modified form in the light of the discussion. At the time Members were concerned about the implications of setting а precedent, the misleading description of the bonds and the mechanics for effecting the proposal.
4
A working party was subsequently set up by the MTRC to consider modifications to the proposal.
5
In response to repeated enquiries from the Secretary for Monetary Affairs, the MTRC has now indicated that whilst it remains interested in the possibility of an instrument which may appeal to the smaller savers, the Popular Savings Bonds scheme has been shelved for the time being.
6
Members are invited to note the content of this
memorandum.
9 August 1986 (M1074C)
COUNCIL CHAMBER
CONFIDENTIAL