XN000022-1973-03-14 — Page 27

26

Wednesday, March 14, 1973

MASS TRANSIT FUND TO BE SET UP

A resolution to establish a special fund for the Mass Transit system

was moved by the Financial Secretary in the Legislative Council today.

The motion stipulates that the Fund should be administered by the

Financial Secretary who, with the prior approval of the Governor, might from

time to time expend from the Fund monies for the purposes of or in connection with

the system.

After tabling the motion, Mr. Haddon-Cave proposed that it be adjourned.

In moving the motion for the Mass Transit Fund, Mr. C.P. Haddon-Cave,

said the resolution was couched in fairly general terms..

"This is deliberately so because, at this stage, consideration has yet

to be given to a number of details regarding the use of the Fund and the

treatment of interest, dividends and other accruals to the Fund."

When presenting his 1973-74 Budget a fortnight ago, Mr. Haddon-Cave

gave notice of his intention to invite the Finance Committee to appropriate

$500 million, under a new special expenditure subhead entitled "Mass Transit

Railway Corporation: Equity Contribution".

This sum was to be credited to the special fund established by resolution

of the Council.

An item seeking the creation of the new special expenditure subhead,

together with supplementary provision of $500 million, had been included in the

agenda for the meeting of Finance Committee later this afternoon.

Mr. Haddon-Cave said it was intended that the Fund would appear as a

liability in the Hong Kong's Statement of Assets and Liabilities.

Withdrawals