XN000022-1972-06-07 — Page 2

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Wednesday, June 7, 1972

To work out the best methods of resolving these three problems,

with

a view to assembling a "package" on the basis of which a final decision could be taken whether or not to go ahead, a small Steering Group had been established

under his chairmanship.

"This Group will go fully into all the possibilities of financing,

constructing and operating the mass transit railway, including consultations

with financial interests and groups of construction companies and manufacturers

of equipment which may come forward with ideas.

"It has already held its first meeting and is under direction to

complete its work and to present its findings to Executive Council within

six months.

Willingness

-

"The Steering Group will be greatly assisted by the ready willingness

of our bankers the Hong Kong Bank to assist us in exploring the various

ways and means of raising non-Government finance and a senior official of the

Bank has been appointed to serve on the Group."

The Financial Secretary said that concurrently with this work, and

subject to the provision of funds by the Finance Committee, the Consulting

Engineers would be re-engaged and instructed to push ahead as rapidly as possible with all the necessary detailed route investigations, preparation

of designs and the drawing up of contract documents for the first two stages

of the railway.

This is the line starting at Choi Hung, linking the resettlement

estates of Wong Tai Sin, Lok Fu and Shek Kip Mei with the Nathan Road Corridor

and then running under the harbour to the central business district of Hong Kong

to terminate at Western Market.

Additional