Brighter Picture Of Tunnel Finances

Press, Volume CIV, Issue 30941, 23 December 1965, Page 1

Brighter Picture Of Tunnel Finances

A brighter picture of the Christchurch-Lyttelton Road Tunnel Authority’s finances was given by the chairman (Mr R. A. Witbrock) yesterday than that he gave two months ago. when it appeared that Cashin Quay would not be fully in use so soon.

The general manager (Mr L. H. Wilson) had given figures showing a record month for November, but the December figures again showed an upward trend, Mr Witbrock said at the authority’s meeting.

To 7 a.m. yesterday vehicle toll revenue showed an increase of 21.6 per cent on the same 21 days in November and an increase of 38.8 per cent compared with the same 21 days of last December.

“Both motor-car and commercial traffic have shared in the increase, but commercial vehicle tolls show an increase of 122.6 per cent on last year and 403 per cent on last month,” he said.

The total number of vehicles had increased by 29.2 per cent on last year, and the average a day for this month had been 3254, compared with 2518 last year and 2808 last month. “While these figures are seasonal. an upward trend has been apparent throughout this year, and we will be in a good position to meet commitments which fall due from March 31, 1966," Mr Witbrock said. “This is because of the surplus brought forward from the previous year when interest was charged to capital and met out of loan monies."

The year ending March 31. 1967, would be crucial, he

continued. Total outgoings of operating costs and interest would then have to be met from revenue, but it appeared that the improvements at the port were now making more cargo available to road transport, and this would help the authority’s finances. “It is as well to remember that every load of cargo carted by road transport relieves the railway waggon shortage and provides rolling stock which can be used to better advantage than for cargo storage and will help to relieve the congestion which has hampered commerce and industry for the last 30 years,” he said. The Lyttelton Harbour Board deserved congratulations for the improvements made so far, and the Union Steam Ship Company for the provision of the first drive-on steamer-express.