IMPORT CUTS AFFECT PORT REVENUE

Press, Volume CI, Issue 29742, 8 February 1962, Page 11

IMPORT CUTS AFFECT PORT REVENUE

The restriction on imports would result in a loss of revenue from crane hire and wharfage charges for the Lyttelton Harbour Board, the treasurer (Mr A. J. Sowden) reported to the board yesterday when he presented estimates of income and expenditure.

Wharfage charges were the main source of income. Mr Sowden said an estimate had been based on the assumption that the same number of vessels would call at the port, but the time they occupied berths would be reduced.

It was estimated that one result of the import restric'4 ons would be a reduction of £3400 in crane drivers’ wages.

Mr Sowden estimated that the port development loan expenditure for the year would be £528,300. So that the work on the harbour extension could proceed without interruption, it would be necessary for the board to fill its current loan and raise at least another £300.000 before the end of the financial year.

Along with other local authorities, the board was finding difficulty in raising loans, mainly because of the tightening of credit control, the rates of interest being paid by the Government on its loans and the high yield to investors in Government stock bought through the Stock Exchange. The estimated expenditure of the board for its financial year, which ends on September 30. was put at £641,290. compared with an actual expenditure last year of £688,360.