P.M.H. 7 (REVISED) 400000!
FONG KONG
;
DAILY
INFORMATION SERVICES
INFORMATION BULLETIN
(Part II)
Wednesday, June 7, 1972
MEASURES TO RECTIFY C.M.B.'S FINANCIAL POSITION
Fare Revision And Royalty Abolition
Five measures, including a revision of fares, were announced in
the Legislative Council today to rectify the financial position of the
China Motor Bus Company to allow it to continue to operate "an adequate,
efficient and viable bus service" on Hong Kong Island.
The measures were announced by the Financial Secretary, the Hon.
C.P. Haddon-Cave, when he moved a motion that no royalty shall be paid by
the C.M.B. for the yearly period beginning on July 1, 1971 and ending on
June 30, 1972.
The measures were:
The rate of royalty payable by the company should be. set at nil for its financial year 1971/72.
Finance Committee is to be asked to approve the payment to the Company, on a once-for-all basis, of $4.329 million before tax, by way of compensation for losses arising from the regularisation of public light buses,
1
The Governor