4
In conclusion, we share Honourable Members' views that travellers should be encouraged to take out individual travel insurance according to their own needs. We are pleased to note that according to the information released by an insurance company, increasing awareness of the perils of travel abroad has triggered a five-fold jump in the number of local residents taking out personal travel insurance since 1990. This is a good sign. I do hope more and more travellers will be aware of the benefits of taking out travel insurance notwithstanding the concern about bringing bad luck as the Honourable Howard Young had pointed out. As regards insurance cover for travellers and travel agents, we have yet to receive a formal submission from the Travel Industry Council. In the light of the proposals and the advice of the Advisory Committee on Travel Agents, we shall consider whether it is necessary to require travel agents to take out group insurance for their clients and if so, to what extent and how.
With these remarks, Mr President, I support the motion.
End/Wednesday, April 26, 1995
MTRC annual report
Following is the speech by the Financial Secretary, the Hon Sir Hamish Macleod, on the Mass Transit Railway Corporation Annual Report 1994 in the Legislative Council today (Wednesday):
Mr President,
In accordance with section 16(4) of the Mass Transit Railway Corporation Ordinance, I table the annual report and accounts of the Corporation for the year ending 31 December 1994.
In 1994, the MTR carried 804 million passengers, 3% more than 1993. Fare revenue increased by 12.8% to $4,315 million, while total operating costs increased by 13.5% to $2,236 million. Interest and finance charges were $1,269 million, 1.4% higher than last year.
The Corporation earned a net profit of $1,038 million compared with HK$735 million in 1993. Cumulative losses were reduced to $1,295 million.