THURSDAY, JANUARY 15, 1987
FUNDS ADMINISTERED BY THE OFFICIAL RECEIVER AT THE END OF THE YEAR TOTALLED $1 352 MILLION, AN INCREASE OF OVER 7.64 PER CENT AS AGAINST $1 256 MILLION AT THE END OF 1985.
TOTAL DIVIDENDS PAID BY THE OFFICIAL RECEIVER DURING 1986 AMOUNTED TO $43.2 MILLION IN 211 INSOLVENCIES, AS AGAINST $41.8 MILLION IN 190 INSOLVENCIES IN 1985.
NOTABLE COMPANY FAILURES DURING THE YEAR INCLUDED BEACONS FINANCE LTD, CHEUNG KEE BUILDING CONTRACTORS CO. LTD, OPALBRIGHT INVESTMENTS LTD, KLASSE GROUP OF COMPANIES, KING'S DYEING AND WEAVING FTY LTD, FINANCIAL AND INVESTMENT SERVICES FOR ASIA LTD, DA DA GROUP OF COMPANIES AND AFEA LINE LTD.
UNDER-UTILISED FERRY SERVICES TO CEASE OPERATION
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THE EXECUTIVE COUNCIL HAS ENDORSED A PROPOSAL TO WITHDRAW THREE UNDER-UTILISED PASSENGER FERRY SERVICES PLYING BETWEEN HONG KONG ISLAND AND KOWLOON.
NO DATES HAVE YET BEEN FIXED FOR THE CESSATION OF THE SERVICES, WHICH ARE CENTRAL TO KWUN TONG SAI WAN HO TO KOWLOON CITY AND WAN CHAI TO JORDAN ROAD.
A TRANSPORT DEPARTMENT SPOKESMAN SAID THE ENDORSEMENT TO END THE SERVICES CORRESPONDED WITH THE FINDINGS OF THE 1986 STUDY OF CROSS HARBOUR PUBLIC TRANSPORT SERVICES (CHAPTS).
THE UNDER-UTILISED ROUTES, OPERATED BY THE HONG KONG AND YAUMATI FERRY COMPANY, HAVE BEEN INCURRING PASSENGER LOSSES SINCE 1972 FOLLOWING THE OPENING OF THE CROSS HARBOUR TUNNEL AND OF THE MASS TRANSIT RAILWAY IN 1979.
+ THE STUDY CONCLUDED THAT A FURTHER AND SIGNIFICANT DROP IN THE COMPANY'S PATRONAGE IS EXPECTED AFTER THE OPENING OF THE EASTERN HARBOUR CROSSING, HE SAID.
THE SURVEY SHOWED THAT THE AVERAGE UTILISATION RATES OF THE THREE SERVICES FOR THE FIRST EIGHT MONTHS OF 1986 WERE 15.6 PER CENT, 5.5 PER CENT AND 7.8 PER CENT RESPECTIVELY.
BY WITHDRAWING THESE SERVICES, THE COMPANY IS EXPECTED TO SAVE ABOUT $6 MILLION ANNUALLY.
/THE SPOKESMAN
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