XN000022-1980-01-02 — Page 9

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WEDNESDAY, JANUARY 2, 1980

WITH THE WINDING UP OF THE FUND THE PROCEEDS OF SALE OF CONFISCATED CONTRABAND AND FINES WILL BE CREDITED TO GENERAL REVENUE WHILE REWARDS FOR INFORMATION LEADING TO THE FORFEITURE OF CONTRABAND OR TO THE CONVICTION OF ANY PERSON OF AN OFFENCE RELATED TO THE CONTRABAND, WOULD BE PAID FROM FUNDS VOTED FOR THE TRADE, INDUSTRY AND CUSTOMS DEPARTMENT FOR PAYMENT OF REWARDS AND SPECIAL SERVICES.

+THE NECESSITY FOR SPEED AND SECRECY IN PAYMENTS TO INFORMERS WILL NOT BE ADVERSELY AFFECTED IN ANY WAY BY THESE REVISED ARRANGEMENTS, HE ADDED.

GUARANTEE FOR REPAYMENT OF MTRC LOAN

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THE LEGISLATIVE COUNCIL TODAY ADOPTED A MOTION TO INCREASE THE LIMIT OF A GOVERNMENT GUARANTEE FOR THE REPAYMENT OF A SUM BY $2 MILLION TO $144 MILLION REQUIRED FOR THE CONSTRUCTION OF THE MASS TRANSIT RAILWAY CORPORATION'S RAILWAY DEPOT AT TSUEN WAN.

THE MOTION ALSO SOUGHT THE AUTHORITY FOR A GOVERNMENT GUARANTEE FOR THE PAYMENT OF DEFERRED INTEREST AMOUNTING TO $7.5 MILLION

INSTEAD OF $4.5 MILLION,

MOVING THE MOTION IN THE COUNCIL TODAY, THE FINANCIAL SECRETARY, THE HON. SIR PHILIP HADDON-CAVE POINTED OUT THAT ON AUGUST 1, 1979, THE COUNCIL AUTHORISED HIM TO GRANT GUARANTEES OF UP TO HK$142 MILLION IN RESPECT OF EXPORT CREDITS TO FINANCE A CONTRACT PLACED IN FRANCE FOR THE CONSTRUCTION OF MTRC'S DEPOT AT TSUEN WAN, AND TO GUARANTEE THE PAYMENT OF DEFERRED INTEREST ON THE CREDITS NOT EXCEEDING HK$4.5 MILLION.

+SINCE THEN THE CORPORATION HAS BEEN GRANTED AN EXTRA HK$2 MILLION IN CREDITS BY THE LENDERS AND HAS MANAGED TO NEGOTIATE AN

IMPROVED DRAWDOWN SCHEDULE WHICH ALLOWS THE CORPORATION TO USE CHEAPER FUNDS EARLIER THAN ORIGINALLY AGREED, HE SAID.

+NO OTHER TERMS OF ORIGINAL LOAN AGREEMENT HAVE BEEN CHANGED, + HE ADDED.

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