XN000022-1993-07-21 — Page 33

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WEDNESDAY, JULY 21, 1993

THE SAVINGS TO IMPORTERS ARE ESTIMATED TO BE SOME $90 MILLION IN 1993/94 AND IN EXCESS OF ONE BILLION DOLLARS OVER A PERIOD OF FIVE YEARS.

THE AVL ON FOOD IMPORTS WILL BE KEPT AT THE FLAT RATE OF $5 PER DECLARATION.

THE REDUCTION WILL HAVE THE EFFECT OF REDUCING THE GOVERNMENT'S SUBVENTION TO THE TRADE DEVELOPMENT COUNCIL (TDC) AS THE SUBVENTION IS CALCULATED BY REFERENCE TO THE NET AVL COLLECTED.

HOWEVER, THE REDUCTION WILL NOT CREATE ANY DIFFICULTIES FOR THE TDC GIVEN ITS SUCCESS IN GENERATING ITS OWN INCOME, MRS IP SAID.

SHE SAID A SIGNIFICANT ADDITIONAL AMOUNT WOULD BE MADE AVAILABLE TO THE INDUSTRIAL SUPPORT PROGRAMME, ABOUT $180 MILLION IN 1994/95.

THE PROPOSED REDUCTION OF THE AVL ON IMPORTS AND THE CONSEQUENTIAL REDUCTION OF THE SUBVENTION TO THE TDC AS FROM 1994/95 WAS FULLY SUPPORTED BY THE TDC. REPRESENTATIVES OF THE BUSINESS COMMUNITY AND INDUSTRY LEADER, AS A MOVE THAT WOULD BENEFIT TRADE INDUSTRY, SHE ADDED.

AND

AMENDMENTS TO CROSS HARBOUR TUNNEL BY-LAWS PASSED

THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) PASSED A RESOLUTION TO AMEND THE CROSS-HARBOUR TUNNEL BY-LAWS.

MOVING THE RESOLUTION, THE SECRETARY FOR TRANSPORT, MR K Y YEUNG, SAID THE CROSS-HARBOUR TUNNEL (AMENDMENT) ORDINANCE 1993 ENACTED ON JUNE 30 ENABLED THE CROSS-HARBOUR TUNNEL COMPANY LIMITED TO INSTALL AUTOMATIC TOLL COLLECTION EQUIPMENT, AS APPROVED BY THE COMMISSIONER FOR TRANSPORT, AND TO MAKE BY-LAWS TO REGULATE THE USE OF

SUCH FACILITIES.

HE SAID THE AMENDMENTS NOW BEING MADE TO THE BY-LAWS, WHICH COVERED SUCH MATTERS AS THE ISSUE OF ELECTRONIC TOLL PASSES, ACCESS TO AND PASSAGE THROUGH AUTOTOLL BOOTHS, AND SIGNAGE, WERE NECESSARY THE DAY-TO-DAY OPERATION OF THE AUTOTOLL SYSTEM.

FOR

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