17.
- 5 -
Turning now to the overall cost of the ACP, the increase
from $98.6 billion last year to $112.2 billion (in March 1991 prices)
is not excessive, given the enormous amount of final planning and
outline design work that was carried out in the last year.
18.
But what is much more important to the taxpayer is the cost
to Government that has remained the same since July 1991, at
HK$59.3 billion (at 1991 prices). Moreover, we have put in place
special comprehensive project management and cost control systems,
together with a particularly strict financial discipline over
Government works.
19.
To make it easier for you to see where there are changes in
real terms, we have continued to present data in March 1991 figures.
Sometimes however we have to move into money of the day - for example
when bankers become involved in discussions on MTRC and PAA
borrowings. And of course when we are awarding fixed price, lump sum
contracts, as with the Tsing Ma Bridge.
20.
So, let us have the vision and courage that has sustained us
in the past, despite the siren voices of the cynics and the sceptics.
Such fears are not new.
21.
Back in 1975, some leading members of the community were
spreading doom and gloom far and wide with forecasts of massive cost
over-run on the building of the MTRC's initial line from Kwun Tong to
Central. One even said it was a "losing gamble".