THE HARBOUR BOARD ACCOUNTS.

Auckland Star, Volume XXXIV, Issue 89, 15 April 1903, Page 4

THE HARBOUR BOARD ACCOUNTS.

The financial statement of the Auckland Harbour Board up to December M last has had to wait several months for the Government audit, but has now at last been formally passed by the Board. The results of the Harbour Board' 3 operations for the last year may be fairly described as very satisfactory. The income for the year amounts to £02,721, showing an increase over the previous year, of £5434. The increase in total revenue for the same period is £89G8, an amount which, the chairman stated, far exceeded the increase in any previous year. We have already called attention to the unprecedented rise in the Customs revenue, winch has increased by at least £01,000; and these two returns together are a fair indication of the prosperity of the Harbour Board and the steady growth of Auckland's sea-borne commerce. '■

The total profit made by the Harbour Board last year amounted to £20,331. There was a balance from the previous year of £19,466; and, writing off £13,875 for depreciation, the Board is able 'to carry forward to the current year a balance of £25,918. But the Board has already a large programme of harbour works on hand, and it is estimated that, by the time the works now authorised are completed, there ■will be a. debit balance against the Board of over £000 for the year. This is in itself a small matter, and the Beard's income is amply large enough not only to provide sinking fund, as well as interest on loans, but to meet all charges for. the upkeep of ordinary works. J3ut over £ 30,000 is needed for the completion of the Calliope Dock, and though the Board has just been advised to apply to the Admiralty for the first instalment of the subsidy now dve —at the rate of about £1400 a year —it cannot claim the full £5000 per annum till the shear legs are completed. We have previously pointed out the, loss which has been incurred by including this interminable pieoe of work in - the original schedule; but it cannot be helped now, and the Board must pay heavily for its remi§sne3s in this particular for some time, to come. It is clear, however, that, in spite of the financial 'success which the Harbour Board can justly claim for last year, itflrill be impossible to extend the

present scheme of works or enlarge our berthage accommodation, and improve our facilities for discharge and without following the course suggested by the chairman and floating another loan. ;

As far as the Harbour Board's financial position is concerned, there seems to be no good reuson why they should not borrow for necessary works. The assets of the Board are written down at over £800,000, and, though the accumulated loans amount to over £480,000, the great and growing trade of Auckland, and the increasing revenue of the Board, would seem to justify a further appeal to the money market. The plain fact is that we cannot afford to stand still in the matter of harbour improvements, much less to lag behind our Southern competitors. Our present wharfage is inadequate to. the requirements of our trade; and in the matter of cranes and other appliances for discharging and loading, we are woefully deficient. At the same time we must admit that if our harbour works were to be conducted in the future with the same want of system and economy as in the past, we would not be inclined to support any offensive scheme of works without very careful consideration. However, the Board has done at last what it should have done years ago, and has appointed an engineer of experience and repute, who will in future direct and supervise our harbour works; and under the new regime we hope to see our commercial advantages improved after a manner very different from the casual and extravagant fashion in which they, have frequently been administered heretofore. Much will depend upon the ability and skill of Mr. Hamer; but with caution and ecomomy duly exercised the prospects of the Harbour Board are bright enough, and we trust that they will spare no efforts to ensure for Auckland that commercial pre-eminence among provincial centres which our unrivalled natural advantages justify us in claiming.