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TUESDAY, NOVEMBER 24, 1992
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"ONE OF THE ANNEXES SHOWS THAT DELAYING THE START OF THE SITE PREPARATION CONTRACT, OR COMPLETION OF CRUCIAL DESIGN CONTRACTS, FOR THREE MONTHS WOULD ADD $1.28 BILLION TO THE $68.5 BILLION COSTS OF THE AIRPORT, WHILE A SIX-MONTH DELAY WOULD ADD $2.54 BILLION.
"THE INCREASES WOULD BE CAUSED BY ADDITIONAL WORKS ΤΟ PROTECT THE ADVANCE SITE FORMATION WORKS AT CHEK LAP KOK, AND BY THE IMPACT OF INFLATION ON EXPENDITURE, THE SPOKESMAN SAID.
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"THERE WOULD ALSO BE OTHER COST INCREASES: FOR EXAMPLE THE PAA'S MANAGEMENT COSTS AND OVERHEADS WOULD RISE BY $103 MILLION FOR A THREE-MONTH DELAY AND $205 MILLION FOR SIX MONTHS.
IT IS ALSO EXPLAINED IN THE ANNEXES THAT A RE-TENDER OF THE AIRPORT SITE PREPARATION CONTRACT WOULD NOT BENEFIT FROM THE SORT OF FALL IN CONSTRUCTION PRICES, WHICH HAS BEEN EVIDENT IN HONG KONG IN RECENT MONTHS.
"THE SITE PREPARATION CONTRACT IS NOT TYPICAL OF WORK IN HONG KONG BECAUSE IT IS SO LARGE AND BECAUSE IT INCLUDES AN UNPRECEDENTED QUANTITY OF MINING AND MARINE DREDGING WORKS. THE DREDGERS WE REQUIRE ARE IN SHORT SUPPLY WORLDWIDE.
"IN ANY CASE, SPECULATION ABOUT POSSIBLE LOWER TENDER PRICES NEEDS TO BE BALANCED AGAINST THE SUBSTANTIAL ESTIMATED COST INCREASES PUBLISHED IN THE ANNEXES, THE SPOKESMAN SAID.
FINANCE COMMITTEE WILL ALSO BE ASKED ON FRIDAY то APPROVE $153.5 MILLION FOR MAJOR CONSULTANCIES CONNECTED WITH GOVERNMENT FACILITIES AT CHEK LAP KOK.
WEATHER
LEGCO
AD HOC
THE FACILITIES COMPRISE AIR TRAFFIC CONTROL EQUIPMENT, RADAR EQUIPMENT, AND POSTAL MECHANISATION SYSTEMS. THE GROUP WAS BRIEFED ON THIS SUBJECT ON OCTOBER 23.
NEW COINS AND BANK NOTES TO BE ISSUED
ONES
REPLACED
EXISTING COINS AND BANK NOTES WILL BE GRADUALLY BEARING NEW DESIGNS STARTING FROM EARLY NEXT YEAR, GOVERNMENT ANNOUNCED TODAY (TUESDAY).
WITH
THE
CHIEF
OUTLINING THE ARRANGEMENTS AT A PRESS CONFERENCE, THE EXECUTIVE (DESIGNATE) OF HONG KONG MONETARY AUTHORITY, MR JOSEPH YAM, SAID: "AS THE EXISTING COINS AND BANK NOTES BEAR REFERENCES WHICH WILL BECOME INAPPROPRIATE TO THE STATUS OF HONG KONG AS A SPECIAL ADMINISTRATIVE REGION (SAR) OF THE PEOPLE'S REPUBLIC OF CHINA, THEY NEED TO BE PROGRESSIVELY REPLACED AND WITHDRAWN FROM CIRCULATION.'
THIS IS SPECIFIED IN THE SINO-BRITISH JOINT DECLARATION.
/THE DESIGNS
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