XN000022-1974-12-17 — Page 4

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TUESDAY, DECEMBER 17, 1974

FRANCHISES OF FERRY COMPANIES EXTENDED

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THE GOVERNMENT HAS AGREED TO EXTEND THE FRANCHISES OF THE

HONG KONG AND YAUMATI FERRY COMPANY TWO MAJOR FERRY COMPANIES

AND THE STAR FERRY COMPANY

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- FOR ANOTHER FIVE YEARS.

THE CONCESSION WILL RUN FROM JANUARY 1, 1975 UNTIL DECEMBER 31, 1979.

BOTH COMPANIES HAD PREVIOUSLY REQUESTED AN EXTENSION IN COMPLIANCE WITH THE APPROPRIATE ORDINANCES UNDER WHICH THEY OPERATE. AS NEITHER COMPANY HAD COMMITTED ANY BREACH OF THE TERMS AND CONDITIONS OF THE RESPECTIVE ORDINANCES, APPROVAL WAS GRANTED.

A GOVERNMENT SPOKESMAN EXPLAINED TODAY THAT BECAUSE THE EXTENSION IS FOR A THIRD AND FINAL TERM OF FIVE YEARS, NEGOTIATIONS DURING THIS PERIOD WILL BE HELD BETWEEN THE GOVERNMENT AND THE COMPANIES WITH A VIEW TO CONCLUDING REVISED FRANCHISES FOR EACH COMPANY TO TAKE EFFECT FROM JANUARY 1, 1980.

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