TNAG-0579-FCO40-712-Discussions-with-Sir-Murray-MacLehose--Governor-of-Hong-Kong-1976 — Page 116

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the Authority into an independent corporation will be introduced this session. Work on the first industrial estate at Taipo of about 185 acres is proceeding fast, and work should start on another of about the same size near Yuen Long next year. Two or three other large estates are being planned.

Communications

In these major developments of new towns and new areas for industry the provision of adequate communications will be crucial. To the West, in addit- ion to sea communications, which are capable of considerable expansion, there is the Tuen Mun Highway, and I hope that a proposal will be made shortly for commencing the second and final phase of that project. To the East and North, the doubling of the Lion Rock Tunnel and of the road and rail links to Shatin will be great improvements. We are now considering the continuation of these links by means of a coast road to Taipo and a thorough-going expansion of the railway. The Comprehensive Transport Study, just completed, throws valuable new light on these problems, but it will be essential not to allow ourselves to be lost in contemplation of all its complexities, but to press on with the main items I have mentioned. Clearly without them there is a real danger that much of the advant- ages of new towns and new centres for industry will be lost.

Within the urban area itself the Mass Transit Railway is making good progress. I also hope that the tunnel to Aberdeen and its connection with the cross harbour tunnel will ease conjestion on existing roads and pave the way for further development in Aberdeen and Pokfulam.

Financial Legislation

A further major field in which the Government has a part to play is in our financial system. We must not ever on any account discourage enterprise and the willingness to take risks for the sake of profits. But the growth of Hong Kong as a major financial centre has required the Government to ensure that the system is conducted with a degree of responsibility which matches our international