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the first line would go into operation in
16 years.
Alternative methods of mass transport
have been considered. A Long Term Road Study
has been carried out by the Public Works
Department which concluded that the cost of
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the maximum road improvement possible over the next 15
years at an estimated cost of some £137
million would be inadequate to cope with the
increase in traffic.
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The Government of Hong Kong are now studying
the Freeman Fox Report especially from the
financial angle and have not yet come to a
decision as to whether the project is a
viable one. Some Government officials are
of the opinion that an accelerated road
building programme with increased charges for motor vehicle parking (to make it less
attractive to own motor vehicles) would be
preferable to the underground railway project
with its high cost and long construction
period. The Government of Hong Kong are not
likely to come to a decision in this matter
until, possibly, the end of 1971, but, when
they do, their decision will be based on the
most exhaustive investigation of the financial
and economic aspects and, should it be in
favour of the underground railway project,
we can be sure that they are completely
satisfied that it will be an economic
success.
Should the Government's decision be in
favour of construction of an underground railtay,
the contract will be a very valuable one.
For a British construction firm to obtain the
contract, it will have to offer credit terms
and it will have to obtain cover from Export
Credit Guarantee Department to be able to do this.
The E.C.G.D. wrote to the Treasury on 9
September asking for views on the political and
commercial problems which are likely to be
raised by an application for cover for this
project. The Treasury in turn have written to
Export Promotion Department asking for advice
about the project and the political situation
in Hong Kong. They are of the opinion that
a credit term of up to 20years from the
start of the project would not be acceptable but, as no approach from the Government of
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/Hong Kong
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