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1. Since 1969, the Commissioner of Transport ("the Commissioner") has had a policy of issuing public light bus licences only in exchange for licences which had existed in respect of the obsolete classes of vehicles known as New Territories taxis and dual purpose vehicles. This was known as the exchange policy. To that policy there were exceptions. The Commissioner did, for example, grant licences to allow the start up of a public light bus service for the Peak without any exchange requirement. L