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WEDNESDAY, AUGUST 10, 1977
+A HEARTENING CONFIRMATION OF THE PASSENGER PREDICTIONS, + HE ADDED, IS THE CONFIDENCE WHICH HAS BEEN SHOWN AND CONTINUES TO BE SHOWN, BY INTERNATIONAL FINANCIAL INSTITUTIONS IN THE COMMERCIAL VIABILITY OF THE RAILWAY,
MTR AND THE DISABLED
AS TO THE POSSIBILITY OF PROVIDING ACCESS LIFTS IN SOME OF THE MTR STATIONS, THE ACTING CHIEF SECRETARY REPEATED THAT THE GOVERNMENT HAD CONCLUDED THAT IT WOULD BE NEITHER IN THE INTERESTS OF THE HANDICAPPED NOR PRACTICABLE BECAUSE OF THE LARGE NUMBERS EXPECTED TO TRAVEL ON THE MTR, TECHNICAL DIFFICULTIES AND COST.
HOWEVER, HE SAID ANTICIPATED IMPROVEMENTS IN COMFORT ON SURFACE PUBLIC TRANSPORT, AS A RESULT OF THE MTR, WOULD MAKE TRAVEL FOR THE DISABLED MUCH MORE PRACTICABLE.
FURTHERMORE, HE ADDED, AN EXPERIMENTAL MINIBUS SERVICE FOR THE DISABLED WAS BEING STUDIED IN KWUN TONG AND, IF RESULTS WERE ENCOURAGING, THIS WOULD FORM A MUCH BETTER MEANS OF PROVIDING TRANSPORT FOR THEM.
MR. HADDON-CAVE ALSO POINTED OUT THAT THE GOVERNMENT, ALONG WITH THE COMMITTEE ON ACCESS OF THE HONG KONG COUNCIL OF SOCIAL SERVICE, WAS INVESTIGATING THE TRAVELLING PROBLEMS OF THE DISABLED IN A BROADER CONTEXT.
FINANCING STRATEGY
MR. HADDON-CAVE EXPLAINED THAT THE MTR CORPORATION'S APPROACH IN FINANCING THE MODIFIED INITIAL SYSTEM HAD BEEN TO ENSURE THAT ADEQUATE FACILITIES WERE AVAILABLE WHEN CONTRACTS WERE LET.
+ IMMEDIATE STEPS WERE THEN TAKEN TO SECURE AS MUCH DEBT AS POSSIBLE FOR LONG PERIODS, PREFERABLY AT FIXED RATES OF INTEREST,+ HE SAID.
TO THIS END, HE EXPLAINED, THE CORPORATION OBTAINED AS MUCH EXPORT CREDIT FINANCE AS POSSIBLE SINCE SUCH FINANCE, AS WELL AS BEING LONG-TERM, WAS GENERALLY AT ADVANTAGEOUS FIXED RATES OF INTEREST. OUT OF A TOTAL OF SOME $2,000 MILLION EQUIVALENT OF EXPORT CREDIT FINANCE SECURED, SOME $1,714 MILLION OR 86 PER CENT WAS AVAILABLE AT FIXED RATES.
OF THE BORROWED FUNDS SO FAR DRAWN DOWN BY THE CORPORATION, HE ADDED, 93 PER CENT WAS AT FIXED RATES AND 7 PER CENT AT FLOATING RATES.
HE EXPLAINED THAT THE GOVERNMENT, AFTER CAREFUL CONSIDERATION, DID NOT INJECT FURTHER CASH EQUITY INTO THE CAPITAL STRUCTURE OF THE CORPORATION BECAUSE IT WOULD MAKE LITTLE DIFFERENCE TO THE GEARING.
+AND AS THE CORPORATION IS A WHOLLY OWNED SUBSIDIARY. AS IT WERE, OF THE GOVERNMENT, A HIGH LOAN/EQUITY GEARING HAS LITTLE RELEVANCE TO THE CORPORATION'S ABILITY TO BORROW ON INTERNATIONAL CAPITAL MARKETS, HE SAID,
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