XN000022-1978-01-25 — Page 6

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WEDNESDAY, JANUARY 25, 1978

MR. DAVIES POINTED OUT THAT THE PLANNING OF THE SURVEY WAS BASED ON SOME PRELIMINARY RESEARCH CARRIED OUT BY THE SHUE YAN COLLEGE, A POST-SECONDARY INSTITUTION.

THE IR PROPOSALS WERE CONSIDERED BY THE WAN CHAI FIGHT VIOLENT CRIME COMMITTEE AND SOME AMENDMENTS WERE MADE BEFORE THE SURVEY WAS CARRIED OUT LAST AUGUST BY 100 STUDENTS UNDER THE DIRECTION OF THE HEAD OF THE SOCIOLOGY DEPARTMENT OF SHUE YAN COLLEGE.

MR. DAVIES NOTED THAT THE SURVEY WAS CONDUCTED WITH ENTHUSIASM AND SINCERITY AND IS BEING EXAMINED FURTHER BY THE GOVERNMENT.

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HK'S METRO WORTH $1,300M TO UK

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THE FINANCIAL SECRETARY, THE HON. PHILIP HADDON-CAVE, TOLD THE LEGISLATIVE COUNCIL TODAY THAT ON THE BASIS OF CONTRACTS LET SO FAR, THE MASS TRANSIT RAILWAY CORPORATION ESTIMATES THAT THE MODIFIED INITIAL SYSTEM OF THE METRO IS WORTH ABOUT HK$1,300 MILLION TO THE UNITED KINGDOM,

THE FIGURE IS MADE UP OF HK$1,043 MILLION IN VISIBLE EARNINGS+ AND HK$257 MILLION IN INVISIBLE EARNINGS+, MR. HADDON- CAVE SAID IN REPLYING TO A QUESTION BY THE HON. T.S. LO.

+BY VISIBLE EARNINGS' I MEAN THE UK ELEMENT IN CONTRACT PRICES FOR CONSTRUCTION WORKS AND EQUIPMENT OF THE MODIFIED INITIAL SYSTEM. 'INVISIBLE EARNINGS' INCLUDE THE UK ELEMENT IN INTEREST AND FINANCE COSTS AND SUCH ITEMS AS INSURANCE AND CONSULTANCY FEES,+ HE EXPLAINED.

HE POINTED OUT THAT THE EXTENSION TO TSUEN WAN MAY WELL ADD TO THESE EARNINGS.

+BUT NO CONTRACTS HAVE YET BEEN LET SO IT IS IMPOSSIBLE TO SAY IN THIS STAGE, MR. HADDON-CAVE SAID.

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