TNAG-0426-FCO40-472-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 27

Kung Sheung Daily News (17.12.73) pointed out that the good news may have several stimulating effects on Hong Kong's prosperity.

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A long-term investment of 5,000 million dollars proves that foreigners are well aware of Hong Kong's economic potentiality and have strong faith in her future. The huge project would create employment opportunities, increase the volume of building material transactions and activate the entire economy of Hong Kong. But most important of all, it would serve as a stimulant to the local people, many of whom have become pessimistic and depressed about the prospect of Hong Kong.

The underground railway is undeniably an essential means to solve traffic congestion. If we could make a speedy decision and advance the date of construction, we might be able to avoid problems caused by the rising cost of building material, wages, etc. which could prevent the project from materialising.

Ming Pao Evening News (12.12.73) said that some people believed that the announcement was made sooner than expected because the authorities wanted to boost the stock market.

Four papers expressed their views on the Government's choice of consortia.

Both Hong Kong Times (13.12.73) and Truth Daily (14.12.73) were somewhat surpriscd that the Hong Kong Government should have preferred a Japanese consortium to a British ono despite her "special relations" with Britain.

Hong Kong Times believed that this was mainly because the Japanese consortium had proposed better terms, "but it could also be interpretted that Britain's power of control over Hong Kong is gradually weakening, or that Britain has less faith than Japan in the future of Hong Kong," it said.

Truth Daily described the Government's decision as being "independent, un- influenced by the Foreign and Commonwealth Office in London, and unbiased."

The paper said, "The remaining questions are: what went wrong with Britain this time, and to what extent will Hong Kong be influenced by Japan in future."

Ming Pao Evening News pointed out that according to some people, the authorities Famel to nord the contract to the Japanese consortium because they wanted to make a deal with Japan to ensure that Hong Kong would get sufficient raw materials from her. "There is certainly a point in this kind of speculations," the paper said.

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The communist paper Hong Kong Evening News (13.12.73) quoted some economic exports as saying, "If the Hong Kong Government decides to let a Japanese consortium. build the underground railway, it would be a silent protest against London." paper agreed that for the sake of Hong Kong's future she really needed people who dared to go against the tide.

Modification of Industrial Land Policy

Four papers came out in support of the Government's plan to modify the industrial land policy.

Truth Daily (13.12.73) described it as "a dose of cardiotonics" for the people of Hong Kong. "Dow Chemical's investment in a polystyrene plant proves that Hong ong is still a place worth investing in and a place where people can make money from," it said. Besides, the presence of a polystyrene plant could save Hong Kong's plastic industry from a crisis caused by the shortage of raw materials, it pointed out.

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