XN000022-1972-06-07 — Page 38

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Wednesday, June 7, 1972

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rates of charging, the revenue collected in each of them is far from

sufficient to cover costs. In each case annual costs have been calculated

on the basis approved by the Governor in Council in 1966.

"First, annual capital charges to cover land and buildings

have been worked out: for land, on the basis of a 13 year lease renewable

for a further 12 years and, for buildings, on the basis of historical costs

amortised over 25 years.

"Secondly, from these charges are deducted rents from other

users of the structures, such as the telephone exchange in Garden Road.

to this adjusted figure for capital charges is added

annual recurrent charges such as staff costs, maintenance, stores and

"Finally,

electricity.

"Total costs on this basis for all six car parks in the year

ending 31st March 1972 came to about $9,150,000, while revenue for the

usage of these car parks totalled about $6,450,000.

"There was thus an overall deficit of about $2,700,000 in that

year. Breaking down these figures into costs and revenue per parking

space per month in each of the six car parks produces the following

monthly losses per space:

Star Ferry, Garden Road

& Rumsey St. each

City Hall

Middle Road

Yau Ma Ti

$ 54 ) $124

$ 58 )

Average for Hong

Kong Island $60.00

› Average for Kowloon

# 85 ) $66.50

"The overall monthly loss per space works out at $62.50.

"This means