HARBOUR BOARD

Dominion, Volume 18, Issue 149, 18 March 1924, Page 8

HARBOUR BOARD

ANNUAL MEETING FINANCIAL POSITION STRONG

f The annual meeting of the Harbour Board was held yesterday. Mr. G. Mitchell (chairman) presided, and! there were also present: Messrs. Al. Welch. H.' A. Bennett, J. G. Harkness. 0. J. B. Norwood, D. J. McGowan, T. R. Barren, C. M. Turrell, and Captain McArthur. The chairman moved: “That the statement of receipts and expenditure, statement of assets and liabilities, and the statement of contracts be now signed by tho chairman as examined and allowed as required by section 100 (2) of The Harbours Act, 1923, and .that the respective reports of the general manager and chief engineer, secretary and harbourmaster for the year ended September 30, 1923, be printed.” Mr. Mitchell said that tho financial improvement shown in tho annual report on the year’s work reflected the general prosperity of tho country. By wise and provident guidance and administration by former boards and the loyal and able services of splendid executive officers the board stood in one of the soundest and most prosperous positions of any public body in the Dominion, and probably throughout the British Empire._ After making due provision for sinking fund, reserves, and other charges, and maintaining the board’s property to the recognised standard of efficiency, the year’s working showed a net surplus of £ll.999, as against £3482 last year, and £3428 in the year 1921. While the income increased by, £17,692, or from £343,664 in 1922 to £365,273 last year, the working expenses were reduced by £1270, This, said Mr. Mitchell, was a splendid testimony to the efficient services of the general manager and his staff. A Sound Position. The principal assets of the board were as follow: Special sinking fund, insurances, and reserves, £317,298: in hands of sinking funds commissioners, £311,376; board’s wharves and properties, £1,387,807: total, £2,016,481: assets over liabilities, £983,928. It would be seen, said the chairman, that not only was the port provided with the most modern structures and appliances, but was in the soundest possible financial position, and by wise counsel and sound ' administration was able to maintain tho lowest port charges in the Dominion. Imports had increased from £9,63-1,000 last year to £12,196,000 this year, while exports increased from £12,428,000 to £1.5, ■ 428.000. He expressed regret that the margin of exports over imports was not much greater, for although excellent prices had generally obtained for all exports, they only showed a margin of £2,500,000 over imports for the whole Dominion. As their public and private interest bill could not be short of £7,000,000 annually, the Dominion’s trading account for tho year would, therefore, show an apparent adverse balance of £4.500.000. It was doubtful if they had yet regained a true sense of money value or learnt to live within their income. Development of the Port. There had been a tendency in some country places, continued the chairman, to charge the board with over expenditure in extending and develop--ing the port. Such statements were made without knowledge of facts. They were trustees of New Zealand’s principal port, and any want of foresight by those guiding her destinies would have a serious effect on the commerce and prosperity of the wlicle Dominion. The board was maintaining a policy of sound' and prudent progress. The works in progress were not only necessary for the port, and the economical handling of ships and cargoes, but they were equally necessary' for the city and the Dominion. Principal amongst these were the. Thorndon sea wall and reclamation, which would mean more to Wellington than any other work in recent years. -The Pipitea -wharf store—-probably 'the finest in New Zealand —was well on its way to completion, and when finished would greatly • increase tho efficiency of /the port. Outside and inside cranes must of necessity be provided. There were also extensions costing £26,000, to the Miramar wharf, which the contractor was proceeding with; and tho reconstruction of the Queen’s wharf-, Thera was also a prospective liability of providing an oil wharf at a cost of £50,000, making a total of £335,000, of which £120,000 was in hand. . and it was necessarv to get, authority to raise a further £250.000 as required. Administrative Savings.

During the year reorganisation and classification reconiended by the . investigation committee was put into force, by which Mr. Marchbanks took over his duties as general manager. The organisation was running smoothly and efficiently, and had meant a saving of £7.000 per annum. The storekeeper has been made, responsible for the buying of the. whole of the requirements, including stationery, of the board. This department was working most efficiently and. had meant a considerable annual saving. Reduction of Charges Impossible. A revision of the by-laws was being undertaken. During the year a committee investigated the question of reducing the board’s charges, but, after most careful enquiry, it was found that no general reduction could bo made. It was pointed out that, besides providing the best services obtaining in any port in New Zealand or Australia, the charges of the Wellington Harbour Board on both ships and goods were the lowest in the Dominion. Tractors and trailers had come generally into use for the transport of goods on wharves. They had proved verv economical in comparison with the old system,, and very much more efficient. During the year the question of a more reasonable, policy of centralising shipping into main ports has been discussed. Mr. Mitchell said he was convinced that such a policy would mean greater port and shipping efficiency and make lower port and sea freight charges possible. Only bv the greater use of main ports could the improvements in appliances and facilities for the quicker and more efficient handling of ships and cargoes be justified. Need for Caution. In second the motion, Mr. 11. W. Bonnett expressed pleasure at the very satisfactory position tho board was. in financially, mainly caused by the improvement in prosperity all over the country. However, he thought it was necessarv for the board to act very cautiously during the next three years or so. While ho believed there was going to be financial trouble and. shortage of money, he did not think it would apply so much to New Zealand as to other countries which went in largely for manufactures. Still, upon the question that it was not wise to go in for very large financial expenditure in the near future without careful consideration they were all agreed. Ho thought thev should seek for an amendment of the Act to enable their trading accounts to bo put in a different form, especially those relating to the employment of labour on the wharves, so as to show clearly whether the shipping companies were paying

a fair share of the expense involved. He congratulated the board upon emerging from the year so satisfactorily. " Tho motion was carried. The chairman considered they should suggest an amendment to the Harbours AcCto enable the annual meeting to be held at a time and date more suitable to the country members.