TRAMWAY FINANCE.

Press, Volume LXIV, Issue 13227, 22 September 1908, Page 5

TRAMWAY FINANCE.

| —:—l-# raj. MONTH _REVENUEACCOUNT. ' A SUBSTANTIAL LOSS. Tho tramway revenue account for £iv four -reeks ending September 13th, 1308, was presented at the meeting of the Tramway Board yesterday. Tho figures for the correejpondiirg period of I I.st year wore also given. The st_tonvent was as follows:— ' 1907. 1808. _ a. d. £ s. d. General receipts .. 5907 15 10 5371 13 3 ( ( jeratine _xbe_d_hire 4204 4 0 4517 13 1 _\"_t prc£t * .. 1703 11 20 1454 O 2 Deduct I„ier_"*t a_d Si—kin, s Fund .. .. 1»3 6 2 1597 16 0 _._•;> reciation .. iHO 6 8 10ff2 9 1 .Tire aod Accident Reserves .. 69 1 6 59 14 2 Loss .. .. -"95 2 6£-205 19 1 FINANCIAL POSITION TO DATE. Tho following is a summary of the financial position to date, tho Board's financial year commencing on April let: — Loss. Profit. £ a. d. £ a. d. April lrt to 2<St_ .. 413 4 8 April 27th lo May 24th £473 3 2 May 25th to Ji.no 21st 493 12 9 June _*..__ to Ju.y 15th 773 2 3 July 20th to Augr. ICth 152 610 Aug. 17th to Sept. 131ih 12C5 19 1 £30"_6 4 1 £418 4 8 DeScie-cy to date .. .. -20.0 19 5 Tho Chairman (Mr A. W. Ueavcn) said that the receipts for the last fourweekly period wero slightly more than what they wero last year, while the operating expenses had gone up very largely, tho increase being under tike heading repairs and maintenance, there were ono or two items, however, which the F,in_meo Committee wero looking into. The interest paid, owing to the raising of the additional loans, had also increased. THE SINKING FUND. An opinion was received from tho Board's eolioitor, Mr T. G. R_ssc_l, as to whether the • amounts written off ehch year for maintenance and depreciation could bo treated as sintking hinds, with the obligation to pay tho same to the Sinking Fund Commissioners. Under tho Christchurch Tramivay Digtrict Act, 1906, the Ijpard was bound to provido a _• per cent. sinJ.ing fund per year upon its loans. That was the statutory minimum, but under section 26 of the Local Bodies Loans Act, 1901, tho aniounit of tho sinking fund was whatever annual amount th© Board might havo agreed wiifh loans contracted prior to its special Act to pay. So long as the amount agreed upon, or the minimum under the Act of 19*06 wae paid to the Sinking Fund Commissioners, no funds of the Board could bo interfered with. The Board might accumulate whatever reserves it chose, or write off any sum in its own discretion it considered necessary far maintenance and depreciation. Such reserves or accumulations wero not si_kinig funds, and might he dealt with by tho Board m any way it chose.