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WEDNESDAY, FEBRUARY 29, 1984
HE SAID LION ROCK TUNNEL TOLLS HAD NOT BEEN REVISED
SINCE 1975, AND PRESENT REVENUE FROM GOVERNMENT-OPERATED TUNNELS DID NOT EVEN COVER OPERATING COSTS.
HE PROPOSED THAT THE CHARGES FOR ALL VEHICLES USING THE TUNNEL SHOULD BE $2 WITH EFFECT FROM APRIL 1 THIS YEAR. THIS WILL MEAN THAT CHARGES FOR SMALL LORRIES, LIGHT BUSES AND SINGLE- DECKER BUSES WILL BE INCREASED FROM $1.50 TO $2, FOR PRIVATE CARS FROM $1 TO $2 WITH NO INCREASE FOR DOUBLE-DECKER PUBLIC OMNIBUSES AND LARGE LORRIES. THE YIELD WOULD BE AN ADDITIONAL $14 MILLION.
THE ABERDEEN TUNNEL WAS NOT UTILISED TO FULL CAPACITY AND ANY INCREASE AT THIS TIME MIGHT POSSIBLY CREATE AN UNACCEPTABLE RESISTANCE FACTOR. WHEN THE OPERATIONAL PATTERN HAD BEEN FULLY ESTABLISHED HE WOULD RECONSIDER WHETHER THE EXISTING CHARGES FOR THE ABERDEEN TUNNEL WERE STILL APPROPRIATE.
REFERRING TO DEPOSIT-TAKING COMPANIES, SIR JOHN NOTED THAT IN 1983 THE LICENCE FEES FOR BANKS WERE INCREASED BY 50 PER CENT. THE FEES FOR REGISTERED DEPOSIT-TAKING COMPANIES HAD NOT BEEN INCREASED SINCE 1978 AND THOSE FOR LICENSED DEPOSIT-TAKING COMPANIES NOT FOR TWO YEARS.
THE SITUATION HAD NOW IMPROVED SUFFICIENTLY FOR THERE TO BE
A REVIEW OF DEPOSIT-TAK ING COMPANY FEES.
FOR LICENSED DEPOSIT-TAK ING COMPANIES, THE INCREASE WILL BE FROM $100 000 TO $150 000, WITH PROPORTIONATE INCREASES FOR LOCAL BRANCH, OVERSEAS BRANCH AND OVERSEAS REPRESENTATIVE OFFICES.
SIR JOHN ALSO PROPOSED THAT LICENCE FEES FOR AN OVERSEAS BRANCH OR REPRESENTATIVE OFFICE OF A BANK INCORPORATED IN HONG KONG. AND FOR A LOCAL REPRESENTATIVE OFFICE OF A BANK INCORPORATED OUTSIDE HONG KONG SHOULD ALSO BE INCREASED BY 50 PER CENT AS THEY WERE NOT COVERED LAST YEAR,
THE INCREASES WOULD TAKE EFFECT FROM APRIL 1. SIR JOHN STRESSED, HOWEVER, THAT THESE PROPOSALS ONLY PARTLY RECOVERED THE EROSION THAT HAD TAKEN PLACE SINCE THE LAST REVISIONS AND THE INCREASING COST OF THE OFFICE OF THE COMMISSIONER OF BANKING AND COMMISSIONER OF DTCS.
+ IF THE FULL INDICATED INCREASES HAD BEEN APPLIED, IT WOULD HAVE BEEN NECESSARY FOR EXAMPLE, TO INCREASE THE FEES FOR REGISTERED DEPOSIT-TAK ING COMPANIES FROM $30 000 TO $110 000. I RECOGNISE THAT SUCH INCREASES IN FEES WOULD BE TOO GREAT AT ONE STEP.+
THE PROPOSED INCREASES IN FEES IN 1984-85 WOULD YIELD AN
ADDITIONAL $7 MILLION.
SIR JOHN SAID THAT LAST YEAR AFTER A LAPSE OF FOUR YEARS HE HAD INCREASED FEES FOR BUOYS AND ANCHORAGES. TO BRING THESE FEES MORE UP-TO-DATE, HE PROPOSED THAT THE FEE FOR CLASS A BUOYS BE INCREASED FROM $1 500 TO $2 100 A DAY, CLASS B BUOYS FROM $1 000 TO $1 400 A DAY, IN-HARBOUR ANCHORAGE FEES FROM $14 TO $28 A DAY AND OTHER ANCHORAGE CHARGES FROM $4 TO $8 A DAY.
HE ESTIMATED