XN000022-1972-03-15 — Page 20

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Wednesday, March 15, 1972

TIME FOR DECISION ON MASS TRANSIT SYSTEM

Indispensable In Combatting Road Congestion In Major Cities

The Honourable Szeto Wai said today the time had come for decisive

action on the Mass Transit System,

resumed.

He was speaking in the Legislative Council when debate on the Budget was

"We have now amassed a reserve in excess of the highest yearly expenditure

so far. Sir, all Hong Kong awaits this decision," he said.

Mr. Szeto Wai pointed out that major cities in the world were finding

mass transit systems indispensable in combatting road congestion.

By population count, Hong Kong ranked 17th place among those cities

but by density of development and physical restrictions, the Colony could certainly

claim a primary place, he added.

The Financial Secretary was rightly worried by the scheme's high cost,

even the initial scheme, and had said that it could not be provided by simply

waving a magic wand.

"But we do have a magic wand, and one studded with jewels to the value

of nearly $4,000 million."

He added that to the uninitiated economic mind, the yearly interest

from the Colony's reserves would help to go a long way to financing the Initial

Scheme which would in turn go a long way to solving traffic congestion.

"There are other methods of financing such as loan finance, contractor

finance, etc., which Sir John Cowperthwaite deprecated and which my Honourable

Friend may find acceptable," he said.

/On parking

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