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to meet its expenditure' in short, to operate without financial subsidy. It is believed that the growth rate already achieved and projected and the require- ment of an average fare of 2.50 in 1983 prices compared with the actual average fare in 1980 of 31.90, demonstrates that financial viability is within reach and could well be achieved in 1933. Such an achievement is probably only possible in Hong Kong but could, however, be endangered by an isolated decision to subsidise bus or other transport fares. In these circumstances it would not be possible for future ITR fares to reflect reasonable cost increases between 1930 and 1983 and this would have the inevitable result of the Corporation requiring a sub- stantial annual Government subsidey to supplement revenue.
13.
A significant development that will be available at the beginning of April this year is the introduction of stored value tickets. During 1930 and. 1931 the Corporation has progressed from 'single ride' to 'multi ride' tickets allowing 10 or 50 journeys on the same ticket. In April it should be possible to introduce stored value tickets of $25, $50, $100 and $200 denominations. The automatic fare collection equipment deducts the appropriate amount for any ride taken until the ticket value is completely used up. On the last journey the passenger in all probability will obtain a bonus since a journey of greater value than that remaining on the ticket can be undertaken. These stored value tickets also have the facility to allow different fares for the same journey in. peak and off peak times.
14.
The Corporation's intention in 1981 is to raise fare by 20g on all journeys to give new fares of $1.20, $1.70, $2.20, $2.70 and $3.20. The new single ride fare structure which will apply throughout the day is shown in Figure 2.
15.
At the same time the Corporation intends to offer cheaper off peak rides for passengers by using the stored value facility for discounts. The amounts charged in off peak times will be $1.000, $1.50, $1.90, 32.40 and $2.30 which give discounts of between 20g and 40% from the revised single ride fares. These off peak discounts will only be available for passengers using stored value tickets and the amounts deducted in peak times will be the same as the single ride fares. The higher value stored-value tickets will also be sold at a discount on the following lines :
/Ticket Value
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