SOUND POSITION

Dominion, Volume 33, Issue 181, 27 April 1940, Page 16

SOUND POSITION

Eastbourne Borough’s Finances Ninety-one per cent, of the rates had been collected at the end of March, said the town clerk, Mr. C. L. Bishop, at tills week’s meeting of the Eastbourne Borough Council. Outstanding rates at the end of last month totalled £2206. At the commencement of tlie financial year there was £2135 For the year just ended a total of £12,334 was struck, making a total of £14,469. Of that total £12,242 was collected (including the discount allowance of £350) and £llB was remitted and written off. After adding the 10 per cent, penalty on the outstanding rates for the current year there was a total of £2206 outstanding nt the end of the financial year, as compared with a total of £2135 at the commencement. , , Tlie following amounts were collected at similar periods in past years :—l9ol, £B2OO, 79 per cent.; 1935, £SSOO, on per cent.; 1936, £9lOO, 87 per cent.; 1931, £9510, 89 per cent.; 1938, £10,320, JI per cent.; 1939, £10,746, 91 per cent.; 1940, £11,402. 91 per cent. For the full financial year au increase in revenue in the ferry department ot over £2OOO was shown as against the amount for the previous financial year. Trading account expenditure for the year was more than £lOOO higher than for the previous year and the result of trading operations approximately £lOOO better. This improvement would enable tne amount of depreciation charge to 'be met from the profit on actual running, but the loan interest and sinking fund charges ot approximately £4OOO still have to be met out of rates. . Some difficulty is now being experienced in obtaining fuel oil for the Muritai, and the cost of the fuel has substantially increased. Sufficient fuel has been arranged for to last to the overhaul, after which, it is hoped, the position may be easier. During the year the omnibus service was augmented aud two new omnibuses costing between £5OOO and £6OOO had to be purchased. The mileage run for the full year was approximately 3(0,000, as against 270,000 for the previous year. There was a corresponding increase in the number of passengers carried. The year s total was about half a million. The revenue showed an increase of approximately £4700 and tlie expenditure was approximately £3BOO higher, making the net results of operating the service at approximately £9OO better than for tlie previous year. In view of the very heavy increase in expenditure this result must be taken as very satisfactory indeed. Further heavy increases in running costs must be expected in tlie near future aud it will be difficult to maintain the present rate of profit. During the past few years much of the profit has been capitalized in the purchase of new buses and plant. Two new buses were purchased last year, and with the nurchase of another bus now on order, between £BOOO and £9OOO will have been spent on new buses in about a year. The business as a going concern as it stands today could be valued at at least £40,000 and the only loan indebtedness is approxiateiy £6500 of the original bus loan and £6OOO new garage loan, which shows the omnibus service to be a splendid asset. Since the year ended Marell 31, 1936, the passengers carried and the revenue received have more than doubled. The running of buses was heavy during March, tlie total mileage being 6762 more than in March, 1939. Special race buses were well patronized. The ferry steamer Muritai sustained damage to her aft bulwarks amounting to £73 when she struck tlie north end of Queen’s Wharf on March 25.