AUCKLAND HARBOUR BOARD.

Auckland Star, Volume XXIII, Issue 14, 18 January 1892, Page 4

AUCKLAND HARBOUR BOARD.

ANNUAL MEETING

The annual meeting of the Auckland Harbour Board was held at noon to-day, to receive the annual accounts, a sommary of which was published in our last issue. There were present Messrs Niccol (in the chair), C. V. Houghton, T. Henderson, J. Butcher, E. W. Alison.

The Chairman moved, in accordance with the Act, "That the accounts now submitted be allowod, and siened as correct."

Mr Houghton seconded the motion

The Secretary, by request, read the following lebter from the Audit Department : —" Memorandum for the Controller and Auditor-General.—l have the honour to forward you by this mail the balance-sheet of tho Auckland Harbour Board for the year ended Slat D9ceu_ber, 1891, and inform you thab my examination has been most minute and exhaustive. Every item of receipt and expenditure was examined and found correct. The system of check over all clashes of receipt and expenditure appears to De most complete, and the socretary, Mr Brigham, exercises a thorough personal supervision over all monetary transactions, and see, that the books are always posted close up to date. The accounts, although nocessarily very voluminous, are very clear and easy of comprehension, on account of the admirable system of account-keeping obtaining in all branches of the ofiice. Tho modo of remitting moneys to London to meet interest on loans is particularly good, and might with considerable advantage bo adopted by other locai bodies of a similar class. — (Signed) E. O'Haka Smith, Audit Inspector."

The Chairman said thab, of course, was satisfactory both to the Board and Mr B'righam,

The motion was carried unanimously, and it w&3 agreed thab an abstract of the accounts should be advertised.

The chairman, in his review of the proceedings of the Board for the past yoar, referred in complimentary terms to the promptitude with which the annual accounts had been prepared and audited. It was pleasing to find that the Board's revonue from ordinary sources was steadily and surely growing, by the gradual expansion of tho trade of the port, following naturally upon the increased settlement upon the laud, and a proportionate addition tq their imports and exports. Thai): loan moneys were now all expevided, with the exception of £100,000 balance of the loan of 1886, which their Board had resolved not to raise, and then accounts in future would all consequently appear under the heading of " Gsneral Account." A sum of £6,500 had beon placed on fixed deposit and was understood to be ear-marked for renewal of the eastern tee of the Queen-street Wharf, but he would urge upon the Board the importance of setting apart annually a sum equal to five per cent, on the estimated value of the wharves to be devoted to renewing and extending the wharves. During the year ib appeared the wharves had depreciated £4,381, or nearly 5 per cent, of their estimated value in 1890, while £4,850 had been expended in repairs and additions, and their value new stood at £84,000. The sum of £4,400 should therefore bo transferred from the general account to the special account during this year, and the practice should be rigidly adhered to in tha future. The Chairman strongly urged the necessity for the adoption of some modified system of the planking and blocking of the wharves. Hitherto sufficient care had not been taken to avoid the rotting of the timber used in the structure. He deemed it to be his duty to sound a note of warning against the rapidly growing evil of allowing the whole drainage of the city and suburbs to bo poured into fche harbour, without any attempt at-purification. Tho. evil was only in its infancy, but should be grappled with before the vaatness of the subject and difficulties arising from acquired rights rendered it almost impossible to handle it. They had a splendid harbour, a beautiful city, and no effort should be wanting to preserve these In their natural purity and attractiveness. Anticipations that the enterprise of the Board in providing the Calliope Dock would secure for Auckland the position of being the head-quarters of H.M. Navy in this colony were being realised, and if the Dock did not prove a direct source of revenue, they had the satisfaction of knowing that it was an important factor in obtaining solid advantages for the city from the presence in harbour for a considerable part of the yoar of some of H.M. ships. The chairman ulso spoke of the need of a better supply of fresh water at Calliope Dock, and said that unless the Borough of Devonport at once undertook what was already their duty the Board would be compelled to take some action in the matter. He also advocated the placing of a light on Rangitoto beacon. Referring to the financial position of the Board, the Chairman said the fall of 3 per cent, on Auckland Harbour Board debentures, reported by cable a few days since, had no significance, being morely the normal condition of the market immediately after payment of the half year's interest on January 10th, the stock gradually rising again as the time for next half-year's interest approached. It was inconceivable that any person acquainted with the financial condition of the Board, and the geographical position and physical features "of Auckland Harbour, could possibly entertain any doubts of our present prosperous state or future prospects. Probably no harbour in the world was more richly endowed, both with natural advantages and material wealth, than Auckland, The whole sea frontage of tbe harbour, on both shores,, extending for upwards.of ten mile's,' was held by the Board 'in fee simple ;> _nly ; a tithe of this had been utilised or leased, and the present value was-,-, flSe.ti down by experts at '£25Q|0OQ. The portion leased produced £_2,_oo.per annuml was covered with substantial brick buildings. A considerable area in the heart of tho city was now ready leasing, and it was safe to assume that the value of these endowments would in twenty-five years have doubled or trebled th.ir value. They had ample dock and wharf accommodation far in advance of present requirements, all in good order and being consequently added to and improved, their reserve waa steadily growing, while their expenditure was lese than it was five years ago. Their present staff and appliances were ample for a very much greater volume of trade, then charges on goods and shipping were only about one-half ot what they were authorised j by law to levy, and they were being reduced from time to time. Although empowered to borrow £500,000 he had only found it necessary to raise £400,000, and had decided not to float the revenue £100,000, while the sinking fund had already reduced the Board's indebtedness to £374,700, a process which was still going on. Lastly, a glance at the statement of accounts showed an excess of assets over liabilities of about a quarter of a million, and while their liabilities were daily lessening, the value of their assets was surely increasing. It only remained now for him toplaceon record his entire satisfaction with the manner in which the officers of the Board continue to dischargo their duties and to thank member* for their uniform courtesy and consideration while he bad occupied the chair. Mr Houghton moved the adoption of the chairman's report, and that it be printed with the accounts and circulated. Mr Alison seconded the motion, Daying a high compliment to both chairman and secretary lor the satisfactory position which the Board now occupied. Tha motion was carried unanimously, and this brought the meeting to a close.