TNAG-0097-FCO40-133-Construction-of-a-Cross-Harbour-Tunnel-1968 — Page 290

TLX. HKG 312

THE CROSS-HARBOUR TUNNEL CO., LTD.

GENERAL MANAGERS &

SECRETARIES : WHEELOCK MARDEN & CO., LTD.

12TH FLOOR, UNION HOUSE, HONG KONG CABLE ADDRESS : SEATUNNEL TEL. 2 21111

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香港隧道

the equity capital of the Company subject to Legislative Council approval (which will be sought when it can be shown that (a) the project can be carried within an approved budget, at present fixed at HK$280,000,000 (£17.5 million) and (b) the balance of the finance is available). The Hongkong and Shanghai Banking Corporation have agreed to take up 10% of the equity capital, subject to participation by the Hong Kong Government.

有

限公司

Two well known firms of U.K. Consultants, Messrs Scott Wilson Kirkpatrick & Partners and Freeman Fox & Partners have been continuously engaged on this project since 1960. Careful site investigations have been carried out, and model tests have been made at Wallingford. The most comprehensive traffic study ever undertaken in llong Kong was made by the Road Research Laboratory of England. Their report stated that the tunnel would have an extremely beneficial effect on Hong Kong's economy and the savings to all classes of the community would be considerable. It showed that the economy of the Colony was being stifled through the present inadequate link provided by the Ferries and, with the tremendous economic growth in the Colony, the tunnel was urgently required. Just by way of illustration, the present fare for a harbour crossing by four persons in a 12 h. p. car is HK$3.80. The approved fare structure for the tunnel (on which all forecasts have been based) would reduce this to $2.50, a saving of nearly 35%. There would be corresponding economies for commercial vehicles and the man-in-the-street who is not a car owner would be able, once the tunnel has been built, to move from his place of work in Hong Kong to his home on the other side of the harbour by bus. This will ease the congested housing conditions which now exist in parts of the Central District of Hong Kong, and the Kowloon Peninsula.

TENDERS The tunnel is a prestige project and world wide interest has been shown by contractors from North America, Japan, Europe and the United Kingdom. Tenders closed at the end of February and are now being evaluated both from a technical and financial point of view, and several are within the acceptable financial limit.

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