TNAG-0422-FCO40-468-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 99

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established under a special Ordinance.

This Corporation is to be

independent of the Government in the sense that it will not be a

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Government department - but will, at least initially, be owned entirely by the Government. The capital structure of the Corporation will, of .

necessity, have a very high loan gearing but the Government intends to take an equity position in the form of a cash subscription, land

Later on, the and expenditure so far charged to public revenue.

public might well be invited to subscribe further equity capital.

Sir, as I have said a firm decision has now been taken to

proceed with constructing the first four stages of the Mass Transit Railway. This is an important decision which will ultimately affect, in one way or another, every member of the community. More immediately, it will affect a number of Government departments which will be involved

in the planning and co-ordination required prior to the commencement

effort

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of construction.

I can assure honourable Members, that every

will be made to ensure that such planning and co-ordination will be undertaken 'effectively; to ensure that appropriate arrangements will

be made in time for the financing, construction and equipment of the Railway; and, above all, to ensure that the Railway will be constructed with the minimum possible degree of disruption and inconvenience to the

ordinary life of the community.

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