“Conservative” Estimates

Press, Volume CV, Issue 30975, 3 February 1966, Page 8

“Conservative” Estimates

It was expected that shipping entering the port and the cargo passing over the wharves would be similar to that of the previous year, the secretary - manager (Mr A. J. Sowden) said in his estimates for 1965-66 presented to the Lyttelton Harbour Board yesterday.

Income was estimated at £846,350, compared with £724,891 for last year. The increase was because of recent increases in the crane Charges and pilotage rates. Demurrage charges on cargo remaining in the transit shed were estimated to produce £2600.

Expenditure should also be similar, apart from increases occasioned by the rerecent harbour board employees’ award. The spending on mobile cranes showed an increase. Although the total dredging expenditure would be similar to last year, the Canterbury would be used more extensively on maintenance

dredging and the Petraki to a lesser extent on maintenance. The harbourmaster’s de-

partment showed an increase because of the appointment of another pilot and a berthing master. A new heading, cargo services, appeared for the first time, and expenditure on it was estimated at £22,000. Loan expenditure from the port development loan account was estimated at £531,500 compared with £745,772 last year. Loan charges were estimated at £471,000 this year, £432,000 in 1967 and £722,000 in 1968. It would be necessary, therefore, to consider raising conversion loans either towards the end of the current year or early in the new year,' Mr Snowden said. There was an increase in exports, and surely Lyttelton would bet its share, and at the same time there were increasing imports, said Mr B. G. Barclay. “Was the estimate conservative?”

It was good practice in estimating not to be optimistic, said Mr E. Brophy. “We hope for more cargo, but it would be foolhardy to take it into the estimates.”

Mr Snowden agreed that the estimates were conservative. He said one could not be optimistic, as anything could happen. Import restrictions could be put on at a moment’s notice, and trade would be affected.