Chamber reports $46,000 deficit

Press, 6 November 1984, Page 6

Chamber reports $46,000 deficit

The Canterbury Chamber of Commerce has a $46,000 deficit. The annual accounts which were presented at the 125th annual meeting of the chamber yesterday showed a deficit of $19,793 for the year ended July 1984. A deficit of $26,216 was carried over from the previous financial year, bringing the total deficit to $46,009. The chamber had an income of nearly $231,000, which came from subscrip-

tions, trade, and other support services. It had direct costs of more than $68,500 and overhead expenses totalling just over $183,000. The balance sheet showed that the chamber had liabilities totalling $39,613 and assets worth $39,042, a deficit of assets over liabilities of $571. The newly elected president of the chamber, Mr Martin Jolly, said after the meeting that the size of the deficit was not of concern.

Chamber of Commerce staff had been working very hard during the year on a new trade data base system. The work had been done at the expense of cash generating services that the chamber usually offered. The data base was expected to pay off the deficit ’‘in the not too long term,” he said. The chamber has invested about $lOO,OOO in the system over the last two years. It holds a profile of informa-

tion on the business and trade interests of individual companies, which is then available to New Zealand or overseas firms wanting to establish trading links. Mr Jolly said the chamber also hoped to sell the software for the system overseas. A deal was already being negotiated with the first customer. Earlier, Mr Jolly told the meeting that it had always been a problem to fund organisations such as the

Chamber of Commerce. It was not getting any easier, because of the increasing demands for money from organisations and the lack of funds available from businesses. However, the Canterbury Chamber would have a good future with the data base; which would be a cash generating system. Firms would not object to paying for the service because it would cut costs in market exploration and development.