C.S. 166
10
The Corporation's fare structure reflects the objective, which has been agreed with the Corporation as desirable and practicable, of 850,000 passengers a day travelling on the MIS in 1981 and one million a day not long thereafter. Approximately 50% of these are expected to be making cross harbour trips and it was, therefore, fundamental to the Board's decision that there would be, in particular, a reduction in the frequency of cross harbour bus services serving the same routes as the MTR.
11
These assumptions made by the Corporation's Board are the same as those made by the Provisional Authority and accepted by Members when deciding to proceed with the construction of the Mass Transit Railway in 1975. They have been repeated to the bankers and other financial institutions when the Corporation has raised the necessary finance to construct the railway. Outstanding debt will peak in 1982 at a total of HK$ 12, 000 M. The need to repay this debt and to meet the interest charges on it is such that revenue must accrue at the anticipated rate, which is based on these assumptions.
CONFIDENTIAL #2
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