HARBOUR BOARD REVENUE.

New Zealand Herald, Volume XLIX, Issue 14940, 13 March 1912, Page 5

HARBOUR BOARD REVENUE.

A RECORD YEAR EXPECTED. REVIEW BY THE CHAIRMAN. AN ENCOURAGING OUTLOOK. ESTIMATES FOR 1912. An important statement was submitted to the meeting of the Harbour Board 1 yesterday afternoon by the chairman (Mr. J. H. Gunson), in which he gave a general review of the finances of the Board and its works programme, besides an estimate of receipts and expenditure for 1912. The statement revealed an encouraging outlook. Dealing first with general account, Mr. Gunson said that tho Board's revenue was steadily expanding,' and that there was every prospect that the present year would constitute a record in this connection. In addition to the natural increase arising from the rapidly growing trade of the port, the annual sum received in rents continued to show a substantial advance over that of previous years. Under this heading, during the next few years, even greater increases might bo reasonably forecasted, for it might be confidently anticipated that the rental to be derived from the new reclamation would be considerable.

But, as the annual cost of administration becomes heavier—due largely to increased volume of businessand as the Board's progressive policy involved increased liabilities under loan account (for which annual provision from general account must be made), it was necessary that the increase should be maintained. The Auckland Harbour Board Empowering Act, 1911, had enabled the necessary adjustments and transfers to be made. Receipts and Expenditure. Discussing the position of the general account in relation to the estimated receipts and expenditure for the current year, the chairman said there was a credit balance of £51,923 as at December 31 last. Of this sum £35,658 was required oh January 10 last for interest and sinking fund charges then due. The estimate of total receipts for 1912 from all sources was £193,473, while expenditure, including provision for interest and sinking fund charges, was estimated at £153,169, which left an estimated credit balance of £40,304 as at December 31, 1912.

Tho sum of £35,567 would be required on January 10, 1913, to meet interest and sinking fund payments, and the balance at that date, allowing for receipts and expenditure at the opening of the new year, was estimated at £5187.

Mr. Gunson drew the attention of the Board to the fact that the commitments in this account were heavy. For the current year no additional works other than those of an urgent, nature should receive consideration. The works "A" and "B" subsequently mentioned (Hobson-street Wharf and Customs-street West frontage) were pressing and might be authorised. Presuming the recommendation in regard thereto was adopted, no further liabilities should be incurred this year. No financial provision could bo made in general account for the proposed boat harbour which was under consideration. Condition of the Loan Account. In connection with loan account No. 6, the chairman said there had been disbursed during 1911, in furtherance of the Board's works, the sum of £204,700. Tho Auckland Harbour Board Loan and Empowering Act, 1908, authorised a loan of £1,000,000. Debentures had been issued for £450,000 (of which a balance of £7280' remained in hand on December 31, 1911), leaving £550,000 available for issue. This was supplemented by an amount of £15,000. Debentures for £50,000 would be taken up on the 30th inst., arid this amount would probably be exhauuted in or about July next. hi order, therefore, that the works in hand might be brought rapidly to completion and the Board's progressive policy pursued, the issue of a portion of the remaining £515,000 was recommended. The question was one which would be kept in view, and upon an opportune occasion a recommendation would be made in regard thereto. With the Board's increasing revenue, and the release in 1913 of a yearly sum of £10,500 in connection with tho 1874 loan (which, by the operation of the sinking fund established, would be discharged upon maturity next year), the Board should not hesitate to steadily prosecute its works. Cost of Three Years' Work. The estimated cost of completing the works at present authorised by tho Board under loan account was £289,345, continued the chairman. The rate of disbursement was estimated as follows: — 1912, £186,900; 1913, £77,900; 1914, £24,545: total, £289,345. • The Mechanics' Bay reclamation would not entail any permanent outlay by tho Board, other than for the Board's twothirds share of the wall at the proposed wet dock, and a small area of road formation. Under the agreement duly executed, the cost of the reclamation (with the exception noted) would be repaid quarterly by the Minister for Finance, and fair and adequate allowance would bo conceded for the use and depreciation of plant, supervision, etc.

The Contingencies Account. In the schedule to the 1911 Empowering Act the sum of £54,000 was allowed for contingencies, of which sum £8100 had been spent at that date for issuing expenses, etc. The account now availablo was £18,335. The difference was accounted for by the following items: — (1) Freeman's Bay reclamation: Increased cost .of the stone bank and of the filliniT from the Auckland Gas Company, Limited's, property. (2) Verandahs on sheds at Queen-street Wharf and Quaystreet jetty No. 4. (3) Ferry building. (4) Other works. There were several works, consideration of which had been deferred, and which the Board was now recommended to authorise, namely : (a) Hobson-street Wharf, east side, estimated cost (according to work done), £2,000; (b) Customstreet West frontage, plan No. 8460, estimated cost (with filling), £2000. Urgent Works Recommended. Hobson-street Wharf could not, at present, be used to advantage. With the early demolition of the old Queen-street Wharf, certain new work at Hobsonwharf wag urgently needed, in order that it might be utilised for larger vessels. As this wharf would probably stand for a number of years, the Board was justified in expending the amount involved. It was necessary for several reasons "(chief of which was the projected street improvement), that something should he done at the Custom-street West frontage. Members of the Board had visited the site, and considered several proposals. In view of the Board's commitments for the near future, the larger schemes proposed were not at present feasible. A plan referred to as No. B 460. was recommended for adoption. The filling would be readily obtainable from the Board's property in Customs-street West, and probably from adjacent owners.' The adoption of this would ensure to the Board greatly increased value of the allotments.. At. the same time it would clean up the foreshore at that point. Various Harbour Improvements. In regard to loan account No. 6, the works in hand, with the exception of Queen-street Wharf, had, continued Mr. Gunson, been vigorously pushed on, the reclamation work being particularly satis-

factory. The 67 acres of reclamation at Freeman's Bay, with the early completion of the north wall, promised to be finished about the end of 1913. Owing to the Board delaying the order for steel in 1910, progress upon Queenstreet Wharf had been ' alow. However, all the material required was now to hand. The structure would be brought to completion as early as possible. The question as to sheds upon the western section of Queen-street Wharf was one that must be considered. The western tide deflector was about to be commenced, plans being practically ready for submission to the Board. It would, with the completion of Queenstreet Wharf, mark a distinct further advance in the Board's scheme of harbour improvements. The Quay-street landing would be constructed as opportunity offers, but could not be completed until the wooden jetties were removed and the proposed central wharf erected. Need for Looking Well Ahead. vOf the works named in the amended schedule of the loan of £1,000,000 it might be noted that the proposed central wharf, for which £240,000 had been allocated, was now the only item not dealt with and authorised for completion. In this connection the Board should look well ahead, for the rapid development in the trade of the port would no doubt be maintained. The. question of the proposed boat harbour, comprising some 18 acres, at St. George's Bay, was important. The., matter was being considered by the clubs concerned. At an early date a recommendation would be submitted to the Board. There was no provision made to meet the cost of further author cations. In conclusion the chairman said that the energies and resources of the Board would be, for some years, fully engaged in completing the works in hand, and those at present proposed, together with the Mechanics' Bay reclamation. The statement was referred to the Board in committee for consideration.