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+THE CORPORATION'S CHARTER IS ENSHRINED IN CLAUSE 8 WHICH ENJOINS THE CORPORATION, IN SO FAR AS CONSISTENT WITH THE PROPER DISCHARGE BY IT OF ITS FUNCTIONS AND DUTIES, TO ACHIEVE A SATISFACTORY RATE OF RETURN ON THE ASSETS EMPLOYED IN ITS UNDERTAKING IN ACCORDANCE WITH ORDINARY COMMERCIAL CRITERIA,+ HE SAID.
VARIOUS FINANCIAL SAFEGUARDS WERE ALSO WRITTEN INTO THE BILL IN ORDER TO PROTECT THE GOVERNMENT'S INTEREST, HE SAID.
+BUT EXPRESS PROVISION IS MADE IN EACH CASE FOR THE GOVERNMENT'S POWERS TO BE EXERCISED ONLY AFTER CONSULTATION WITH THE CORPORATION.
+IN A SENSE THIS REFLECTS THE DILEMMA INHERENT IN THE HIVING-OFF PROCESS TO WHAT EXTENT SHOULD THE CORPORATION THROUGH
ITS BOARD BE FULLY AUTONOMOUS AND HOW MUCH RESIDUAL FINANCIAL POWER SHOULD GOVERNMENT RESERVE TO ITSELF OVER ITS STATUTORY OFFSPRING.
+AFTER MUCH THOUGHT AND DELIBERATION, THE PRESENT BILL REPRESENTS, I BELIEVE, A BALANCED PACKAGE,+ MR SWAINE SAID.
THE HON BENTON CHEUNG REGARDED THE DEVELOPMENT OF THE KCR INTO THE KCRC AS A COMPLEX AND LONG TERM PROCESS THAT MUST TAKE INTO ACCOUNT PERSONNEL, FINANCE AND A MULTITUDE OF OTHER CONSIDERATIONS.
HE THOUGHT THAT KCR, HAVING BEEN IN SERVICE FOR OVER HALF A CENTURY, MUST NOW, NOT ONLY SWITCH TRACKS+ AS IT WERE, BUT ALSO TRANSFORM ITSELF INTO A BODY-CORPORATE.
+BY SO DOING, THE ENTIRE NATURE OF THE RAILWAY MUST ALTER BECAUSE IN ITS NEW CAPACITY, ITS MANAGEMENT BOARD IS GIVEN A MUCH GREATER FREEDOM AND WIDER DISCRETION IN THE EXERCISE OF ITS MANAGERIAL POWERS AND IN THE PERFORMANCE OF ITS STATUTORY DUTIES.
+ IN THIS REGARD, THERE WILL BE A NEED FOR WATCHFUL AND CONTINUOUS REVIEWS TO ENSURE THAT THE CORRECT BALANCE OF PUBLIC AND PRIVATE INTERESTS IS MAINTAINED, HE SAID.
MR CHEUNG ALSO PAID TRIBUTE TO THE STAFF OF THE KCR, ESPECIALLY LONG-SERVING STAFF, FOR THE IR LOYAL AND DEDICATED SERVICE TO THE RAILWAY.
THE SECRETARY FOR TRANSPORT, THE HON ALAN SCOTT, EXPRESSED GRATITUDE FOR THE WISE ADVICE FROM UNOFFICIAL MEMBERS ON THE BILL.
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