26
Wednesday, March 14, 1973
MASS TRANSIT FUND TO BE SET UP
A resolution to establish a special fund for the Mass Transit system
was moved by the Financial Secretary in the Legislative Council today.
The motion stipulates that the Fund should be administered by the
Financial Secretary who, with the prior approval of the Governor, might from
time to time expend from the Fund monies for the purposes of or in connection with
the system.
After tabling the motion, Mr. Haddon-Cave proposed that it be adjourned.
In moving the motion for the Mass Transit Fund, Mr. C.P. Haddon-Cave,
said the resolution was couched in fairly general terms..
"This is deliberately so because, at this stage, consideration has yet
to be given to a number of details regarding the use of the Fund and the
treatment of interest, dividends and other accruals to the Fund."
When presenting his 1973-74 Budget a fortnight ago, Mr. Haddon-Cave
gave notice of his intention to invite the Finance Committee to appropriate
$500 million, under a new special expenditure subhead entitled "Mass Transit
Railway Corporation: Equity Contribution".
This sum was to be credited to the special fund established by resolution
of the Council.
An item seeking the creation of the new special expenditure subhead,
together with supplementary provision of $500 million, had been included in the
agenda for the meeting of Finance Committee later this afternoon.
Mr. Haddon-Cave said it was intended that the Fund would appear as a
liability in the Hong Kong's Statement of Assets and Liabilities.
Withdrawals