HARBOUR FINANCES.

Dominion, Volume 3, Issue 675, 27 November 1909, Page 4

HARBOUR FINANCES.

'The statistics 1 as to the working of tho port for. the , year onded September 30; as given by tho Chairman of tho Harbour Board at . Thursday's meeting, were treated in . tha discussion . that T followed their production as being upon the'/whole satisfactory. , We take leave to say that they are not/ satisfactory, and we suspect, from the emphasis with which Mr. Wilford recommended- caution; as the right accompaniment of progress, that he is not really vory pleased himself. For somo 'time' the Board, has;led almost a hand-to-mouth existence:/. there - have been surpluses, but . surpluses dangerously small, and almost , the last word of tho late secretary,. "Mr. Ferguson, was. a warning that the finances of the Board should be made more secure. 'The year under review has 'closed; with a, deficit, due very largely to tho general shrinkage of • trade. At almpst overy/i point the year's figures , contrast very, unpleasantly with the corresponding figures; of /the 'year / l?07-8.;/'Th'e exports showed an inoreasd, but a/smaller increase than ini the/preceding years; there-was a decrease of 10.7 per cent, in tho imports; the timber handled fell away by 44.12 per cent.; the rovenne dropped . by £l 1,000The real meaning of the 11.2 per ccntdeerea'se in 'the total tonnage of , goodß dealt. from 631,049 tons

to 560,398 tons—can bo best' understood by comparing tho .actual tonnage .with-what the tonnage would have been if tho imports : and exports liad respectively increased by 12.4 per ccnt. and 6.8 per cent, (the increases recorded a year ago). Wc should have had a total tonnage .of 701,217, as against an actual tonnage of 560,398. The real chcck is thoreforo one oi 20 per cent, It is all very well to talk ot unforseen. shrinkages; Harbour Board finance should make Bomo , allowance for unforseen things, or it is unsound.' The General:, Government has for years past violated the first canon of prudence in acting " as if fine days would' never cease," and it,is paying the, penalty in an ombarrassmont, which is opening the eyes,of tha, public..> Tho Harbour Board has been doing a somewhat similar thing, although it is only fair to .say that it has como out of a year of bad times less badly,-comparatively, than the Government, and! this although it must be more directly blown ujjon by ajny gale of adversity that may intrude upon it. We trust that the ■ present. deficit: will cause a salutary alarm in the minds ,of those who realise tho great extension obligations ahead of "Progress with caution " iS an ideal tion, but it is plain unsentimental' prudence that should be the-only, watchword of the port , for years to come. We .may note that, the present situation .supplies ,an unanswerable : argument against the adoption of a auack franchise that will oncourago demagogy in port administration and its attendant-ruinous plunging in tho name. of " democracy." , ~ ,■ >.