11
Wednesday, July 4, 1973
DECISION SOON ON CONTRACT PROCEDURES FOR MASS TRANSIT
The Mass Transit Steering Group is expected to reach a decision
within the next few weeks on whether the project should be dealt with on
a single-contract or on a multi-contract basis.
Disclosing this to the Legislative Council this afternoon, the
Financial Secretary, the Hon. C.P. Haddon-Cave, stressed that whichever
decision is taken, it remains the government's firm intention that
construction should commence on site during the first half of 1974.
To this end, he said every effort will be made to conclude the
contractual procedures, whatever they may be, by the end of this year,
"In the case of the negotiated single-contract approach, this
will require a firm decision to be made on which consortium to select,
and the issue of a Letter of Intent to that consortium signifying the
government's intention to negotiate a contract, well before the end of the year.'
The Financial Secretary described the recommendations to be
made by the group as important and difficult decisions because of the
need to safeguard Hong Kong's best interests in all respects.
The group's recommendations must have regard not only to securing
the best possible deal for the Mass Transit Railway project itself, but
also to safeguarding the government's overall fiscal and economic policies in
the future."
He said the group had held two rounds of consultations with each of
four consortia during the past four months.
IT
Their talks ...............