TRANSPORT
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million has been spent on the construction of the Modified Initial System and the Tsuen Wan Extension. Two distinct lines are now in operation: the Kwun Tong to Waterloo and Tsuen Wan to Central lines. Interchange facilities operate at the Prince Edward and Argyle Stations.
A record number of passengers, 1.5 million, was carried on December 24. Trains run at two-minute intervals during the morning peak and at 2.5-minute intervals during the evening peak. The arrival of trains at destinations within two minutes of the scheduled time was maintained at 99.85 per cent during the year.
An overall fare increase of 15 per cent was made in May, resulting in a new adult fare range of $2 to $4.50. Discounts continued to be offered to purchasers of stored value tickets, which include a last-ride bonus and an off-peak fare reduction. Half price child/ student single journey tickets and child/student stored value tickets also continued to be offered.
During the year, the facilities provided within stations for the convenience of passengers were further expanded.
Branches of a leading bank now operate on all concourses, meeting the normal banking needs of passengers and also selling stored value tickets and giving change.
A variety of kiosks operate on the concourses. A tourist ticket' valued at $15 was introduced. These tickets are sold at the Hong Kong Tourist Association information counters, a number of hotels and the bank branches at six MTR stations located in the tourist belt.
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A number of promotional activities were devised throughout the year in order to attract additional passengers and to increase awareness of the benefits of stored value tickets.
Construction work on the corporation's third line, the Island Line, reached a peak during the year. All major civil engineering contracts for work associated with this line had been awarded and let at fixed prices in Hong Kong dollars. The cost of the Island Line in 1986 dollar terms will be under $11,000 million.
The Island Line, along Hong Kong Island's northern shore, will link Chai Wan and Sheung Wan and comprise 14 stations. The greater part of the line, Chai Wan to Admiralty, will be completed in May 1985, and the remainder from Admiralty to Sheung Wan about a year later. Close liaison is maintained between the corporation and government departments to solve problems and handle complaints resulting from construction work.
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The Island Line is being financed in a similar manner to the first two lines, by a mixture of export credits covering construction and equipment contracts placed with overseas companies, property development profits and commercial borrowings. Various financing instruments, including syndicated loans, floating rate notes, and commercial
paper facili- ties, were employed to maximise interest cost savings. Three residential and commercial developments associated with the Tsuen Wan Extension were completed during the year.
By the end of the year, the MTR network was served by 34 feeder bus services terminating at stations. To encourage motorists to make use of the system, multi-storey carparks are provided at MTR stations in Kwai Fong and Tsuen Wan.
Buses
More than 300 bus routes are operated by three private bus companies under franchises granted by the government on a route basis. Together, they carry 3.9 million passen- gers a day.