"PLEASING READING."

Auckland Star, Volume LIX, Issue 120, 23 May 1928, Page 5

"PLEASING READING."

HARBOUR BOARD FINANCES.

SURPLUS OF £2,217,438.

POLICY OF PROGRESS.

"It is most pleasing reading." This observation, made at the adjourned annual meeting of the Auckland Harbour Board yesterday, by Hon. E. W. Alison, was indicative of the general satisfaction felt by the board at the healthy position of its finances as revealed by the annual statement of accounts for the year ended September 30, 1927.

The figures reflect steady progress during the past 12 months and remarkable development over a period of years. In 1894 the assets of the board totalled £676,100, and there was a surplus of £308,900, whereas to-day the figures are £5,027,300 and £2,217,438 respectively. Commenting on the satisfactory position, the acting-chairman (Mr. M. H. Wynyard) stated that the amount of last year's surplus was the more impressive, when it was remembered that the plant had been well written down, including the sum of £32,893 on account of the sheerlegs at Calliope dock, which had been discarded by the Admiralty and were unsalable. A close scrutiny of the balance-sheet convinced one of the soundness of the board's finances, he Sa -Vl' , L ° an work 9 h ad been proceeded with during the year, a sum of £97,512 being represented by new construction. Amongst the larger works undertaken was the construction of the new Devonport wharves, which were nearing completion. The loan indebtedness amounted to £2,837,600, £100,000 of this being redeemed on January 10, 1928. Jo anß to date brought the total to £2,875,000, while sinking funds at January 11 last amounted to £448,700. Proposals were now before the board whereby the sinking fund would be greatly strengthened, and a definite policy, having as its objective the redemption of loans within the reasonable life period of the works, had been outlined. These proposals would give greater confidence in the board's securities, which were already in marked favour with the investing public. The revenue account revealed a very satisfactory position. The operations on the Waitemata Harbour Yielded a gross revenue of £385.925, which, after providing for general expenditure, £298,022. and depreciation. £31,624, allowed transfer of £56,278 to the credit of the appropriation account. Sinking fund and insurance reserve, intended to render the board's position thoroughly stable, absorbed £39.205. There then remained the gratifying surplus of £17,074. The position in regard to the Manukau Harbour, however, was somewhat different, the revenue of £7483 being insufficient by £3307 to meet the full requirement. The consolidated revenue account, nevertheless, still showed a surplus on the year's working of £13,866.

In moving that the acting-chairman's report be received, Mr. T. B. Clay complimented Mr. Wynyard on the very explanatory way in "which he had presented the position of the accounts to the board. It was very gratifying to notice that the board had a surplus of over £17,000, and its finances were very sound. Hon. E. W. Alison also referred to the soundness of the board's position. He said it was pleasing to find that the policv of the board had been one of steady progress and on improvement lines. He trusted that the prudent policy of the past year would be continued in the future. The report was received.