In 1972, the Hong Kong government authorised construction of the "Initial System", a system that roughly translates to today's Kwun Tong line between Kwun Tong and Prince Edward, Tsuen Wan line between Mei Foo and Admiralty, and Island line between Sheung Wan and Admiralty. The Mass Transit Steering Committee, chaired by the Financial Secretary Philip Haddon-Cave, began negotiations with four major construction consortia in 1973. The government's intention was to tender the entire project, based on the British design, as a single tender at a fixed price. A consortium from Japan, led by Mitsubishi, submitted the only proposal within the government's $5-billion price ceiling. They signed an agreement to construct the system in early 1974, but in December of the same year, pulled out of the agreement for reasons stemming from fears of the oil crisis.