TNAG-0770-FCO40-974-Construction-of-underground-railway-system-in-Hong-Kong-1978 — Page 216

GR 325

PRIORITY

CYPHER CAT A

FM BTC HONG KONG 090906Z

HKKI

MAD 1978

40.31

INDEX

مله

TAY Taken

- SAS

23

UNCLASSIFIED

COMMERCIAL IN CONFIDENCE

See Part

TO PRIORITY E C G D TELNO EXCED 9 OF 9 MARCH 1978

INFO PRIORITY DO T (FOR PERM SEC., CRE4 AND OPG), MANILA (FOR

BUCKLEY PS TO HRH THE DUKE OF KENT), KUALA LUMPUR (FOR WILKS),

F.C.O.

FOR BIRCH.

YOUR EXCED 8 OF 3 MARCH.

FOLLOWING IS TEXT OF PRESS RELEASE TO BE ISSUED BY MASS TRANSIT

RAILWAY CORPORATION TOMORROW 10 MARCH.

BEGINS

THE MASS TRANSIT RAILWAY CORPORATION ANNOUNCED TODAY THAT IT IS

TAKING UP A TWO-YEAR OLD OPTION WITH THE BRITISH FIRM, METRO- CAMMELL, FOR 70 ADDITIONAL CARS.

THIS OPTION WAS NEGOTIATED WHEN THE MTR PLACED ITS ORIGINAL ORDER FOR 140 CARS FOR THE MODIFIED INITIAL SYSTEM IN 1976, AND WILL ALLOW FOUR-CAR TRAINS WHEN DELIVERY OF THE ADDITIONAL

CARS IS COMPLETED BEFORE 1982.

ANNOUNCING THAT THE CORPORATION IS TAKING UP ITS OPTION WITH METRO-CAMMELL, AN MTR SPOKESMAN SAID THAT IT HAD BEEN NEGOTIATED ON A FIXED-PRICE BASIS PAYABLE IN HONG KONG DOLLARS, AND THAT DISCOUNTS HAD BEEN AGREED WITH METRO-CAMMELL.

'FAVOURABLE FINANCIAL TERMS SUPPORTED BY THE BRITISH EXPORT CREDITS GUARANTEE DEPARTMENT WILL ENABLE THE CORPORATION TO PAY

FOR THE CARS IN HONG KONG DOLLARS, THE CURRENCY IN WHICH THE CORPORATION WILL BE EARNING ITS REVENUE WHEN THE RAILWAY BEGINS OPERATIONS NEXT YEAR,' SAID THE SPOKESMAN.

/IT IS THE