ROAD TUNNEL FINANCE
Loans Board Inquiry
Investigations into figures for the financing of the ChristchurchLyttelton road tunnel were begun in Christchurch yesterday by Mr A. K. Brown, secretary of the Local Authorities’ Loans Board. The application for permission to raise a loan of £3,500,000 by the Road Tunnel Authority was deferred, and after a big deputation to Wellington, it is being reconsidered.
The figures of the Road Tunnel Authority and those of the Treasury and the Ministry of Works, acting as technical adviser to the board, are at variance in some respects. Mr Brown yesterday discussed the sets of figures with departmental representatives and, in the afternoon, with Mr F. G. K. Gilchrist, secretary of the Road Tunnel Authority and a member of the special committee which prepared financial tables in support of the loan authority application.
Before Mr Brown returns to Wellington to make his report to the Loans Board, he will meet members of the Road Tunnel Authority. No time for the meeting had been arranged yesterday.
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Bibliographic details
Press, Volume XCVIII, Issue 29060, 24 November 1959, Page 14
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169ROAD TUNNEL FINANCE Press, Volume XCVIII, Issue 29060, 24 November 1959, Page 14
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