"TRANSITION PERIOD."

Auckland Star, Volume LXX, Issue 126, 31 May 1939, Page 21

"TRANSITION PERIOD."

HARBOUR FINANCES. STATEMENT BV TKKASCI!ER. "Having regard to import restrictions and interest on loans restrictions, March and April may be considered to lie a transition period as regard* the board's finances, and the full effect of subsequent revenue-reducing factors as offset to the very favourable returns of the first half of the current year may not be observable for some time," stated Mr. ('. K. Garrett, treasurer to the Auckland Harbour Board, in commenting on the financial position at the end of.the half-year 011 March 31, at a meeting of the board yesterday. The receipts during the six months in the general account amounted to ££HH.I.Vi, this s - ;m including the third instalment of £;il."•"><) from the Xaval Department in connection with the Calliope dock agreement. Payments had amounted to £274.002. In the loan Recounts the sales of debentures amounted to £IH(H> (works) and ■t2ti.Koo (redemption), a total' of i!2B.(i<>o. This necessitated further advances from the general account of £4Cm7 to balance the payments 011 loan works. The total advances from the general account to loan accounts at March .'il were £121.501. and it was expected that the greater portion of this would lie liquidated in time to meet the July demand for interest and sinking fund, by the new issues of debentures now to be made.