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At the Committee Stage I will move one amendment, as agreed to by the Bills Committee, to extend the scope of beneficial interests covered by the Bill to include nominations, such as those of beneficiaries under insurance policies.
With these remarks, Mr President, I commend the Law Amendment and Reform (Consolidation) (Amendment) Bill 1995 to the Council,
End
Mass Transit Railway Corporation Annual Report 1995
Following is the speech by the acting Financial Secretary, Mr Gordon Siu, in tabling the Mass Transit Railway Corporation Annual Report 1995 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 ended 31 December 1995.
In 1995 the MTR carried 813 million passengers, 1% more than 1994. Total revenue increased by 10% to $5,665 million, while total operating costs before depreciation increased by 13% to $2,521 million. Interest and finance charges were at $1,289 million, 2% higher than last year.
The Corporation has adopted a fare policy which offers a value for money service and generates sufficient funds to finance expenditure on upgrading and improving the existing system. Over the next five years the Corporation will spend $8 billion on capital improvement projects.
The total debt outstanding at the end of 1995 was close to HK$15 billion. To finance the Airport Railway, the Corporation's borrowings are expected to increase in the next two years. The Corporation continues to enjoy respect in worldwide financial markets. Its debut Yankee bond in the United States was executed well and established another benchmark.