XN000022-1988-12-15 — Page 6

THURSDAY, DECEMBER 15, 1988

5

EXCO REJECTS CROSS HARBOUR TOLL RISE APPLICATION

THE EXECUTIVE COUNCIL HAS TURNED DOWN AN APPLICATION CROSS HARBOUR TUNNEL COMPANY LIMITED TO INCREASE ITS TOLLS.

BY THE

YEAR, IN USERS BY

THE COMPANY'S APPLICATION, SUBMITTED IN APRIL THI EFFECT PROPOSED TO REPLACE THE PASSAGE TAX LEVIED ON TUNNEL CORRESPONDING INCREASES IN TOLLS. THE PROPOSED INCREASES RANGED FROM 25 PER CENT TO 100 PER CENT.

SITUATION OF

A GOVERNMENT SPOKESMAN EXPLAINED THAT THE PROFIT THE COMPANY HAD BEEN CAREFULLY EXAMINED AND

IT WAS SHOWN THAT THE COMPANY'S ANNUAL PROFIT HAS ALWAYS WELL EXCEEDED INFLATION THEREFORE, THERE HAS ALSO BEEN A GROWTH IN REAL PROFITS.

AND

"THE COMPANY'S PROFITABILITY, IN TERMS OF THE ANNUAL RATE OF RETURN ON SHAREHOLDERS FUNDS, HAS BEEN CONSIDERABLY BETTER THAN IT PREDICTED WHEN THE PROJECT WAS PLANNED, AND THE HIGH RETURN IS DUE ΤΟ THE RAPID INCREASE IN PATRONAGE RATHER THAN AS A RESULT OF ANY ADDITIONAL SHAREHOLDERS' INVESTMENT, THE SPOKESMAN SAID.

H

RC BUDGET FOR 1989-90 PROPOSED

THE REGIONAL COUNCIL IS ΤΟ SPEND $1,589.8 MILLION IN ITS PROVISION OF VARIOUS SERVICES TO RESIDENTS IN THE COUNCIL AREA IN THE 1989-90 FINANCIAL YEAR.

THIS WAS ANNOUNCED BY THE CHIEF TREASURY ACCOUNTANT OF THE REGIONAL SERVICES DEPARTMENT, MRS MARIA YIP, WHEN SHE PRESENTED THE COUNCIL'S 1989-90 ESTIMATES OF REVENUE AND EXPENDITURE AT THE FINANCE AND ADMINISTRATION SELECT COMMITTEE MEETING TODAY (THURSDAY).

"AS IN PREVIOUS YEARS, THE MAJOR PART OF THE ESTIMATED EXPENDITURE WILL GO TO THE MORE MUNDANE ENVIRONMENTAL HYGIENE SERVICES, ONE OF THE COUNCIL'S STATUTORY FUNCTIONS AND MAIN CONCERN.

"THE DRAFT ESTIMATES IN THIS RESPECT WILL BE IN THE REGION OF $621.6 MILLION, SUBJECT TO THE APPROVAL OF THE FULL COUNCIL, MRS YIP SAID.

NEXT IN LINE IS THE PROVISION FOR RECREATION AND CULTURE ACTIVITIES WHICH WILL TAKE UP $513.4 MILLION OF THE TOTAL EXPENDITURE UNDER CONSIDERATION.

/"NATURALLY, THIS