TNAG-0770-FCO40-974-Construction-of-underground-railway-system-in-Hong-Kong-1978 — Page 26

Left:

A series of artist's impressions

of Telford Gardens:

a) public square

b) shopping mall

c) indoor swimming pool

d) cinema

左:

畫家筆下的德福花園草圖:

a)廣場

b)商場

c) 室内游泳池

d) 電影院

particularly timely for the Corporation as it allows tenders for civil engineering work to be submitted by contractors already employed on the Modified Initial System thereby avoiding the costly

re-mobilisation of management and equipment in Hong Kong. The decision has also enabled the Corporation to retain its experienced Project Management team. Civil engineering design

for the Extension is now well under way

and tender documents for the first contracts will be issued to tenderers in April of this year

with the first main contracts being let in October. The interest shown by contractors throughout the world in participating in the Extension is gratifying and a total of 117 contractors from 16 countries have been pre-qualified by the Corporation. The Corporation is in a much stronger negotiating position than was the case in 1975 when tenders were called for the Modified Initial System. At that time, the Mass Transit Railway in Hong Kong was a prospect rather than a project whereas over the last two years the Corporation has demonstrated that this considerable undertaking can proceed apace with every likelihood of completion on time and within budget. Such a situation is beneficial to both contractors and the Corporation as

construction delays benefit neither. There is also every prospect that a greater number of contracts

for the Extension will be denominated in Hong Kong dollars and placed at fixed prices or with a limit to price variation, which again, will protect the Corporation from the vagaries of currency fluctuations beyond its control.

Finance

The Corporation has been fortunate during 1977 in that financial market conditions continued to ease. Advantage was taken of the situation by re-financing at more favourable rates and terms than were available in 1975. Early in the year it was possible to arrange two Hong Kong dollar medium-term facilities totalling HK$1,250 million for seven years, one of which was arranged without a Government guarantee - a possibility that was mentioned in my statement last year. Some earlier facilities were cancelled and since the turn of the year it has been possible to

arrange with an international syndicate of bankers led by Manufacturers Hanover a 10-year facility

for US$400 million at 1 per cent over LIBOR. It is also gratifying to be able to arrange to re-finance with essentially the same banks that provided the earlier facilities thereby demonstrating their

continued confidence in Hong Kong and the Corporation.

Further consideration is being given to local bond issues and we are also examining the possibility

昂貴費用。同樣,該項決定亦使本公司可以 繼續僱用現時富經驗之工程管理人員。擴建 支綫之土木工程設計,現正順利進行中,首 批合約之招標文件將於本年四月寄發至已取 得投標資格之承建商。第一批主要合約將於 十月份批出。使吾等感到快慰者,乃世界各 地承建商對參加此項擴建工作均表興趣,來 自16個國家之117個承建商已獲得承投支綫 合約之初步資格。

本公司之磋商地位比一九七五年招標承 建「修正早期系統』時有所加强。當時,香港 地下鐵路僅爲一項展望,而非具體之工程計 劃;反之,經過兩年施工後,本公司現已証 實此項龐大之工程可以迅速進行,而且大可 按時而不超逾預算完成。此種情況對承建商 及本公司俱有利,因爲施工延誤對雙方均有 損失。本公司預算荃灣支綫的工程合約有很 多會以港元為單位,並有固定價格或有限度 幅度之價格調整,此種情況更將保護本公司 免受變幻莫測且不為本公司控制之幣值波動 所影响。

資金籌集

非常幸運,一九七七年間資金供應繼續 保持寬裕,本公司利用當時之狀況,在比一 九七五年更優惠之利率及年期下,重整部份 資金。一九七七年年初,本公司取得兩筆爲 期七年之港元中期貸款,總值達港幣十二億 五千萬元,其中一筆更毋須政府保証——此 種可能性已在去年報告書中提及。若干較早 時期之貸款已予撤銷。年初時,以漢華實業 爲首之國際銀行集團向本公司提供四億美元 備用貸款,利息為倫敦銀行同業拆息率另加 一厘,年期爲十年。本公司對能向較早時已 提供貸款之銀行再度籌得資金,亦感非常高 興,由此顯示出該等銀行繼續對香港及本公 司-

滿信心。

至於在本港發行債問題,現正在進 一步考慮中。本公司亦正研究在本港發行商 業票據之可能性。

利息支付將佔本公司日常經營費用百 分之七十左右,因此,減低所付利息乃本公 司一向以來致力的目標。

車務

一九七七年期間,車務人員之訓練日顯 繁忙,以配合明年鐵路之啟用。

本公司在超過400位來自本港之應徵者 中,選出14名委任為見習分段車務主任,此 爲地下鐵路穿着制服之最高級車務人員。在 接受一段時期之訓練後,此批見習人員會被

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