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Wednesday, June 7, 1972
earlier, just over $5,000 million after ploughing back the revenue earned after
the
opening of the early stages. Construction costs are, however, rising and
can be expected to rise further, so the actual cost will probably be much
greater than this. Clearly, an enormous sum of money will have to be raised,
And then there is the problem of ensuring that the system is financially viable
in the sense that the capital cost and accumulated interest can be repaid from
the revenue from fares and other sources over a given period of years.
"Clearly, it is incumbent on Government to be very sure of all the
financial aspects of the project before committing the community to such
tremendous expenditure. In particular, we must not put either our ability
finance our other commitments or our liquidity or our fiscal policies at risk
}
Viable Community
"Sir, if in the end, it does not prove possible to build the Mass
Transit Railway, I mist make it clear that the measures needed to ensure that people can continue to get to and from work and for goods to continue moving
will need to be more and more severe as time goes on. They will certainly not
OL MA.
be popular and will be greatly criticised by some. Yet they will be necessary
in the general interest if Hong Kong is to continue to function as a viable
community in the years to come. It is because the Government would like to
avoid having to introduce such severe measures that it has taken a decision
in principle to build the Mass Transit Railway and I can assure honourable
Members that every effort will be made to resolve the financial problems involved. "
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