XN000022-1986-05-23 — Page 2

FRIDAY, MAY 23, 1986

SIR JOHN: MTR HAS BROUGHT MANY CHANGES

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THE MASS TRANSIT RAILWAY HAS TRANSFORMED TRAVEL PATTERNS AND CREATED AN ENVIRONMENT IN WHICH BUSINESS AND INDUSTRY CAN FUNCTION WITHOUT BEING HAMSTRUNG BY MAJOR TRANSPORT PROBLEMS, THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, SAID THIS (FRIDAY) MORNING.

OFFICIATING AT A CEREMONY MARKING THE COMPLETION OF THE ISLAND LINE, SIR JOHN ALSO SAID THE MTR WAS CLEAR EVIDENCE OF THE GOVERNMENT'S COMMITMENT TO THE DEVELOPMENT OF A PROPER INFRASTRUCTURE BASE ON WHICH PRIVATE ENTERPRISE COULD FLOURISH. THE CEREMONY WAS HELD AT SHEUNG WAN STATION.

+HONG KONG WITHOUT THE MTR IS HARDLY CONCEIVABLE,+ SIR JOHN SAID. +THE BENEFITS THAT THE RAILWAY HAVE BROUGHT TO THE PEOPLE OF HONG KONG ARE EVIDENT. THE DECISION TAKEN MORE THAN A DECADE AGO TO CONSTRUCT A SYSTEM HAS STOOD THE TEST OF TIME.+

SIR JOHN PRAISED THE MTR CORPORATION FOR THE COMPLETION OF EACH LINE OF THE RAILWAY AHEAD OF TIME AND WITHIN BUDGET DESPITE IMMENSE PROBLEMS AND DIFFICULTIES.

THE CORPORATION COULD BE JUSTIFIABLY PROUD OF SETTING SUCH A TREMENDOUS RECORD, +SO CAN HONG KONG. WE ARE AN EFFICIENT COMMUNITY.+

HE SAID THE RAILWAY HAD BROUGHT MAJOR CHANGES TO MANY DISTRICTS THROUGHOUT HONG KONG AS IT HAD OPENED UP OPPORTUNITIES FOR PROPERTY DEVELOPMENTS WHICH RESULTED IN THE ACHIEVEMENT OF THOUGHTFUL INTEGRATION BETWEEN A TRANSPORT SYSTEM AND THE COMMUNITY.

SIR JOHN NOTED THAT THE GOVERNMENT HAD SUBSCRIBED FURTHER EQUITY IN THE CORPORATION DURING THE LAST FINANCIAL YEAR, THUS ESTABLISHING A CAPITAL STRUCTURE WHICH SHOULD SECURE ITS FINANCIAL POSITION UNDER REASONABLY FORESEEABLE BUSINESS AND ECONOMIC CONDITIONS.

+I AM CONFIDENT THAT THE RAILWAY WILL ACHIEVE A NET PROFIT BEFORE THE MID-1990'S, HE SAID. +UNTIL THEN FURTHER EXPANSION IN MY OPINION IS NOT SENSIBLE.+

SIR JOHN BELIEVED THAT THE RAILWAY, BESIDES BEING PROFESSIONAL IN FINANCIAL MANAGEMENT, WAS AMONGST THE BEST OPERATED IN THE WORLD.

+THIS WILL UNDOUBTEDLY ASSIST IN ATTRACTING ADDITIONAL RIDERSHIP AND ENSURE THAT RESIDENTS OF HONG KONG WILL PROUDLY TALK ABOUT THEIR SYSTEM FOR MANY GENERATIONS TO COME,+ HE ADDED.

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