P.A.K. 7 (REVISED) 4000001
DAILY
GOVERNMENT INFORMATION
SERVICES BULLETIN
INFORMATION
(Part I)
EMBARGOED NOTE TO EDITORS:
The following news item MUST NOT be published or broadcast until after 2.35 p.□., when the Financial Secretary makes the statement in Legislative Council.
Wednesday, June 7, 1972
DECISION TAKEN IN PRINCIPLE ON MASS TRANSIT RAILWAY
Financial Secretary Says Scheme To Proceed Subject To
Satisfactory Financing & Tender Arrangements
EN
A decision has been taken, in principle, to proceed with the
construction of the full Mass Transit Railway subject to satisfactory arrangements
being made for financing it and for letting contracts.
This was stated by the Financial Secretary, the Hon. C.P. Haddon-Cave
in the Legislative Council this (Wednesday) afternoon in reply to a question
by the Senior Unofficial Member, the Hon. Sir Yuet-keung Kan.
Mr. Haddon-Cave told Council that the financing problem
costing
over $6,000 million at mid-1970 prices - was closely linked with two other
problems, namely, the form of tendering and the letting of contracts and the
most appropriate operational arrangements.
He said: "These issues will have to be looked at separately but,
eventually, they need to be brought together in a coherent scheme for the
financing, construction and operation of the system."
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