THE WATERFRONT.

Evening Post, Volume LXXIX, Issue 13, 17 January 1910, Page 8

THE WATERFRONT.

HARBOUR BOARD'S OPERATIONS. ANNUAL REPORT. To-day a very lengthy report— the history of the Harbour Board for the year ended 30th September, 1909, and for other years — was submitted to members at the annual meeting. The leading features (shipping, revenue, sinking funds, and other matters) were announced by the chairman (Mr. T. M. Wilford) a few weeks ago, and other items covered by the report have appeared in The Post recently. "The year," states the secretary (Mr. H. E. Nicholls), "though lacking in the events of prime importance which characterised the previous year, has not been without its own difficulties and interests. The outstanding features have been the heavy decline of imports ; the depression in the hemp and timber trades ; the deI struction by fire of the Waterloo-quay j wool shed 'J' ; the appointment of Mr. James March-banks, AL Inst. C.E., as the .board's engineer ; the commencement of the Evans Bay Reclamation, and extension of the Miramar Wharf ; the establishment of an Appeal Committee; the installation of the Morse signalling system in conjunction with the board's night signalling system for berthing vessels; the alteration of bylaws dealing with suburban wharves; the retirement of Mr. D. T. Stuart, F.1.A.N.Z., after 20 years of service, from the ofJSce of Sinking Fund Commissioner, and the appointment of Mr. 0. S. Watkins, F.N.Z.A-A., as his successor; and the holding in Wellington of the fourth conference of the Harbours' Association of New Zealand." i FINANCE. The summary and analysis of the boara's gross revenue for the year ended 30th September, 1909, shows that the revenue has fallen from £176,709 to £165,422, a decrease of £11,287 as compared with increases of £20,178; £14,033, and £16,012 in the three preceding yearly periods. "This serious fall is almost entirely owing to the depression in the import trade which has prevailed throughout the year," reports the secretary. The total receipts of the board from the start of its operations on Ist October, 1880, to the 30th September, 1909, have been £3,260,993, of which £1,040,014; have been loan moneys. Deducting ■ £350,000 loan moneys borrowed to repay loans maturing in 1907 leaves the net receipts for the 29 years at. £2,910,993. Of this total revenue receipts represents £2,184,069; capital refunds, £36,910, and loans £690,014. Of the revenue receipts £169,736 represents the sum received during the past year. The expenditure for the 29 years has been £3,160,493, or, excluding loans repayment, £2,810,493 of which £1,634,349 has been spent on working account, £1,110,- ! 279 on capital account, and £65,865 set aside as sinking fund. Tha fignMb for the pasl year have been: Working account, £132,710; capital account, £103,734; sinking fund account, £4900. The board's public debt on 30th September, 1909, amounted to £688,000, whilst the expenditure on capital account (after deducting refunds) up to the same date has amounted to £1,073,369, the difference of £385,369 having been provided out of revenue. The sum of £385,316 has been written off the assets during the 29 years as depreciation. "REVENUE MUST BE LARGELY INCREASED.'* ,' "There will be *io lack of pressing and important questions to occupy the attention of the board during the corning year," remarked Mr. Nicholls. "Amongst the most important are the questions of finance and loan flotation. The coming year will, it is hoped, see a. revival in the import and hemp trades, and the continued prosperity of the other branches, but it will be unwise to trust to this alone. The inevitable j growth of the standing charges for interest, sinking fund, and depreciation, j consequent upon the very large capital i expenditure to which the board is committed for graving' dock, Evans Bay j reclamation works, "Waterloo-quay re- i clamation, etc., which works cannot be j interest-producing for some years to j come, make' it evident that the time haa arrived when the board's revenue must be largely increased. How this can best be done without unduly taxing the various interests affected is the most immediate question for the board. The question of loan flotation is also one which must shortly be settled. If possible arrangements should be made for' the raising of the money by instalments, so as to minimise as far as may bte the loss of interest on unexpended moneys." DISCUSSION DEFERRED. The attendance at to-day's meeting comprised Mr. T. M. Wilford (chairman), the Hon. T. K. Macdonald, Messrs. R. Fletcher, C. W. Jones, J. G. Harkness, C. E. Daniell, M. Cohen, F. G. Bolton, and J. W. M'Ewan. . j At the chairman's suggestion, it was agreed to defer discussion of the report | till the monthly meeting on 27th JanuI ary. Mr. Wilford remained that the accounts had passed the Government Audit Office, without " tags " of any kind. "In these days," he remarked, " that is worthy of notice." The chairman and other members of the board gave hearty praise to the good work done by the secretaiy (Mr. Nicholls), who was granted a month's holiday. mm^ mmmmmmm^^ mmm^ mm The uncertain nature of the weather of yesterday has at last given way to something definite, in the matter of light warm showers this forenoon and atternoon. The report from the Meteor* ological Office to-day is to the effect that the barometer is falling everywhere, and that a continuance of unsettled and cloudy weather, with" rain, may be looked far generally. Rain is reported this morning from Otago and Canterbury. A Press Association telegram from Nelson states : — "The water question is very accute. The supply is deem-^ ed to be shorter than the daily requirements, and there are many complaints- from the high levels. After to-day street watering and garden hosing will cease temporarily. The sky is cloudy, and an early change in the weather is hoped for."' The first examination conducted by the New Zealand Society of Accountants, the body formed under the provisions of the New Zealand Society of Accountants Act, 1908, will take place in the four chief centres in October of this year. This examination will, in all probability, (supersede the examinations previously held by the Institute of Accountants and the Accountants and Auditors' Association. Full particulars and copies of the syllabus may bo obtained on application to Mr. Ernest W. Hunt, secretary, No. 158, Bton-street, Wellington. Messrs. Kennedy Macdonald. Ltd., will sell by auction to-morrow nt 2.30 o'clock, at. their Exchange Lane l Mart, a small I farm property situate at Taylor's Pass, | near Blenheim, in the Marlborough dis trict, consisting of some 200 acres of what i« described as fir6t-class agricultural land. The sale is by order of the owner, now resident in London, and the property is for absolute sale. The firm also insert particulars of a sale of household furnishings and piano, contents of a gentleman's residence, removed to their rooms, to be held on Wednesday next at 1.30 o'clock. The firm ateo advertise a sale of 600 volume* of books in their room* on, Friday evening next at 7.30.