XN000022-1978-11-09 — Page 3

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THURSDAY, NOVEMBER 9, 1978

*

RAIL TRANSPORT IN THE NEW TERRITORIES IS ASSUMING GROWING IMPORTANCE. A NEW TWIN TRACK TUNNEL AND ELECTRIFICATION, RESIGNALLING AND REALIGNMENT WILL ALL BE FINISHED BY THE END OF 1981. SERVICES WILL BE RESCHEDULED AND GREATLY INCREASED TO PROVIDE AN INNER SUBURBAN SERVICE TO SHA TIN (FO TAN) AND AN OUTER SUBURBAN SERVICE TO TAI PO AND SHEUNG SHUI-

* EXTENSION OF THE MASS TRANSIT RAILWAY TO TSUEN WAN

WILL BE OPERATIONAL BY THE END OF 1982 WITH FIVE STATIONS IN THE KWAI CHUNG AND TSUEN WAN AREAS AND

* TUEN MUN'S +EPTROW+ - EXCLUSIVE PUBLIC TRANSPORT RIGHT

OF WAY. WHETHER IT IS TRACKED OR TRACKLESS, LIGHT TRAINS OR BUSES, THE PEOPLE OF TUEN MUN SHOULD BE ABLE TO MOVE MORE FREELY AND THE RESIDENTIAL AREAS BE FREE FROM THE NOISE, BUSTLE AND SMOG OF STREAMS OF TRAFFIC.

MR. AKERS-JONES SAID THE BUILDING OF A COMPREHENSIVE NEW NETWORK OF COMMUNICATIONS - BY ROAD AND RAIL-WAS ONE ASPECT OF THE DEVELOPMENT PROGRAMME IN THE NEW TERRITORIES THAT DESERVED MORE ATTENTION.

THIS ASPECT, HE POINTED OUT, ALSO FORMED AN ESSENTIAL PART OF THE NEW TOWN CONCEPT +SO THAT ALL THE DEVELOPING TOWNS HAVE FREE-FLOWING TRAFFIC ARTERIES+.

MR. AKERS-JONES SAID THE FABRIC IS NOW TAKING SHAPE OF THE NEW COMMUNITIES THE GOVERNMENT IS CREATING FOR THE 2.5 MILLION PEOPLE WHO WILL BE LIVING IN THE NEW TERRITORIES BY THE MID-EIGHTIES.

+WHAT IS NOT REALISED IS THAT A FOREST OF STEEL PILES HAVE ALREADY BEEN DRIVEN INTO THE RED EARTH OF RECLAMATION UPON WHICH THE HOUSING ESTATES WILL BEGIN TO GROW DURING THE NEXT FEW MONTHS.

+THERE WILL BE VAST AREAS OF SCAFFOLDING, STEEL AND CONCRETE, HOMES FOR SEVERAL HUNDRED THOUSAND PEOPLE AT TSUEN WAN, TSING YI, SHA TIN, TUEN MUN, TAI PO, YUEN LONG, FAN LING, SAI KUNG, CHEUNG CHAU, MUI WO AND TAI 0.

+YES, ALL THESE PLACES, ALL AT ONCE, HE ADDED,

TAX EXEMPTION ON INTEREST RAISED

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INTEREST PAYABLE BY LICENSED BANKS AND BY THE GOVERNMENT AT RATES OF UP TO 4-1/2 PER CENT PER ANNUM WILL BE EXEMPTED FROM INTEREST TAX FROM TODAY (THURSDAY), A GOVERNMENT SPOKESMAN ANNOUNCED.

HE SAID THIS REPRESENTS AN INCREASE OF ONE PERCENTAGE POINT IN THE EXEMPTION LIMIT AND FOLLOWS THE ANNOUNCEMENT BY THE EXCHANGE BANKS' ASSOCIATION ON TUESDAY THAT THE RATE OF INTEREST PAYABLE ON SAVINGS ACCOUNTS WOULD BE SIMILARLY RAISED TO 4-1/2 PER CENT WITH EFFECT FROM TODAY.

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