MIBAMAR TRAMWAYS

Evening Post, Volume LXXIX, Issue 76, 1 April 1910, Page 3

MIBAMAR TRAMWAYS

REPORT SUBMITTED TO THE COUNCIL. LOSS OF EIGHT HUNDRED POUNDS. A report on the financial position of the Miramar tramways was presented to the Borough Council last evening. To use the words of the Mayor (Mr. C. J. Crawford), "the pith of tho whole thing is that our tramways (tho Miramar line), inking into consideration the period of three year*, have made a lo» of £829." Councillor M'Leod asked if this was exclusive of interest ! The Mayor eaid it included interest. The report referred to Mated that it had been prepared to as to show the results of the working from the opening of the lino to date. In ascertaining the capital cost of the tramways the amount expended by the tramways engineers, and certified to by them an the actual', coot of construction, had been taken, and to this had been added tho amount of the improvement loan expended for the benefit oi tho tramwAyi on the tram. way shelters. £506. Included in tbe Amount was the cost of straightening the line on Broadway. The tramway-, capital account, therefore, while showing tbe whole expenditure on tramways, only showed tbe tramways as an asset at a price which might be realised if it were desired to sell the tramways within the borough, in the name manner as the portion of the line within the city was sold. The cost of the road works and the cost of the Seatoun tunnel had not been includod. THE SEATOUN TUNNEL. The Seatoun tunnel woe included in the loan proposal for the establishment of a ferry service at an estimated coct of £10,000 (including other small items), and coo Id not be ronxidered as a tramway asset. The track arc lighting was not included in the tramway statement. In the city the tramway department charged the street-lighting account with the cost of the arc lighti, and the cost was borne by the general rato. The amount expended out of the tramway loan on the »treetf> ovei which the trams ran was £12,632 (including Seatoun tunnel £8802). The cost of installation of tho track arcs was £480. The annual cost of lighting streets along the tramway routes vrat. for 1909-10, £247 12n lid, including Seatoun tunnel. The annual cost of Hgnting the tramway shelters was £30 6s 6d. The figures in tUe statement were suostantially correct, and the details showing the manner in which the figures were arrived at could be given ns coon as the basis on which the statement was prepared was approved. FINANCIAL DETAILS. The revenue account for the borough tramways was stated a» follow: — Debit, running loss, 1908-9, £761 ; interest, 1908-9, £1075; running loop, 1909-10, £714 ; interest and sinking fund, 190919, £1314 ; total, £3864. Credit, running gain, 1907-8, £35 ; balance (being "net running low to date) £38^9 ; total, £3864. Balancc-tlieet, 31st March, 1910.— Liabilities : Loans £23,881, subsidies towards construction £15,500, sinking funds £239, district fund £3829, loss subsidy towards running cost (£3000) £829; total, £40,449. Assets: Tramways £27,302, City Council £10,529, lees instalments paid (£705) £8424, preliminary expenses £1549, finking fund investments £2345, net running lof=s £3829, less subsidy (£3000) £»29; total, £40,449. The Mayor observed that tlic loss for the three years as above referred to was met out of general rate, and much of it had been "mopped up" by sale of land. Councillor Bowie pressed for the in- j elusion in the balance-sheet of the second loan. He did not think the balancesheet sufficiently explicit. The second loan should be included in the statement. There was £12,000 to be accounted for. Of tiita the Seatoun tunnel represented £8000. Where was tho other £4000 T Councillor Brodie moved that the statement be typed and copies furnished to councillors, to be diseu«sed at next meeting. Councillor Bowio objected to thin being done, unless reference were made in tin* statement to tho second lonn to which he had called attention. There was, he urged, a discrepancy of £12.000 in the statement. Thin should certainly be rectified before it wa« ciiculatcd foV discussion. The Mayoi said Councillor Bowie would be quite in order in saying the report was not absolutely correct. But was that so? Councillot Bowie insisted upon the total tramway loans being included in tho balance-sheet, »o as to show how the council stood. Councillor Brodic's motion to have tho statement circulated in its present form wa« lost, nnd an amendment by Councillor Bowie to have the particulars of the loans to which he referred included, was carried. Tho subsequent business relative to the statement was taken in committee.