A story in Monday's issue incorrectly stated that Government was building a $1.7 million cruise ship terminal at Ordnance Island. The correct figure is about $1 million.

St. George's Mayor the Wor. Henry Hayward is hoping to announce some major revenue-raising initiatives at a town meeting on Wednesday night.

He said on Friday it was too early to say what they would be because he was still in discussions with Government.

The Corporation of St. George's revenue base has steadily diminished over the years as Government took over its earnings from ships berthed at the Ferry Reach oil docks and ships at anchor in St. George's Harbour.

Mr. Hayward noted Government had pledged substantial amounts to the Old Town this year, including $1.7 million for a new cruise ship terminal, $50,000 for the position of Town Manager, thousands of dollars for repairs to Hunter's Wharf, and $200,000 for a new fire engine.

It had also lifted a ceiling on the Airport wharfage tax and increased the amount St. George's receives from ships using the oil docks.

But St. George's needed at least $200,000 more a year in additional revenue, he said.

"We have not reached the point where our annual revenue is such that it can properly support the running of St. George's,'' he said.

The Corporation desperately needed to hire two-three more workers, he said.

The town's roads were reflecting the staff shortage, he noted.

The Corporation had also paid the entire $300,000 for repairs to the Ordnance Island bridge.

Mr. Hayward said he had put forward a number of proposals to Government but had had no firm commitments yet.

Talks on the revenue issue have been going on for three years.

He hoped to have good news at Wednesday night's meeting though, he said.

Also at the 8 p.m. meeting, talks will be given by Boston-Bermuda Cruising on the new St. George's ship and by the National Trust, the Chamber of Commerce and St. George's Preservation Authority.

Mr. Hayward last week announced he had been negotiating with Government for new tax arrangements for the past six months.

He was responding to Corporation member Mr. E. Michael Jones' call for the dismantling of the Corporation to give town residents releif from the double tax burden.

Mr. Jones also called on Government to provide an immediate $500,000 cash injection to help the town's tourism role, either for Town promotions or for "fixing up'' its tourist attractions.

As an example, Mr. Jones, who lost his bid to be a St. George's North UBP MP in the October 5 election, said the Corporation needed 97 street lamps to replace existing ones but Government had said lamp replacement was a Corporation responsibility.

Mr. Hayward had agreed a larger tax base was needed, but he didn't agree with Mr. Jones' position on the Corporation.

"I think it's a step in the wrong direction,'' he said. "My feeling is that there is no way the Government can run the town more efficiently than the Corporation.''