£2.5m. Loan Offer For Road Tunnel

Press, Volume XCIX, Issue 29221, 3 June 1960, Page 10

£2.5m. Loan Offer For Road Tunnel

A tentative offer of £2,500,000 of its authorised loan of £3,250,000 has been received by the Christchurch-Lyttelton Road Tunnel Authority. “The offer is on very satisfactory terms and the authority expects to be able to complete the arrangements,” said Mr W. S. Mac Gibbon (chairman of the authority) after a meeting yesterday. “If arrangements are completed, it will leave the sum of £75.0,000 to be offered for subscription by the public of Christchurch as the money is required.”

Arrangements for the completion of the £2,500,000 part of the loan were left by the authority to Mr Mac Gibbon and the deputychairman (Mr R. A. Witbrock).

The brokers are the Wellington nnance firm of Francis, Allison, Symes and Company. Expressing pleasure at the advancement of the financial arrangements for the building of the tunnel, tenders for which are expected to be called before the end of this year, Mr MacGibbon said the authority to raise the loan of £3,250.000 was gazetted on April 9. Negotiations for the raising of the finance had been proceeding for many weeks.

The authority discussed the offer with Mr J. H. Francis in committee for 45 minutes.

The full report by Mr Francis had been received too late for circulation among members, Mr Mac Gibbon said when the authority met. Some of the report contained references to extremely delicate negotiations. “We will be making a report to the press immediately we come out of committee,” said Mr MacGibbon. “Mr Francis has to return to Wellington this afternoon and I suggest that we go into committee straight away to hear his report. We hope to make a very pleasing report after the meeting.”