MIRAMAR TRAMS.

Evening Post, Volume LXXX, Issue 31, 5 August 1910, Page 3

MIRAMAR TRAMS.

«■ THE FINANCIAL POSITION. PLACED BEFORE THE COUNCIL. Miramar's tramways, > being at present a non-paying proposition, have agitated the Borough Council's mind for some time past, and at last night's meeting of the council it was decided to place a financial statement before the public. The return was prepared by the Town Clerk (Mr. R. E. Bennett) in accordance with the instructions of the council. It showed the position of the tramways, on the basis approved by the council. Following is a summary : RECEIPTS. £ Tramways loans (£23,000 and £12.000) 35,000 Improvements loan (tramway shelters £508, track lightinc £160) ... . : . ..,* .„ 668 Land owners subsidies ... 15,500 Total £51,168 EXPENDITURE. Tramways in borough 26,795 Tramways in city 10,529 Roadworks 11,620 Shelters and. lighting ... ... 66g Preliminary expenses 1,556 Total £51,168 Chargeable to the tramways were I £6375, out of a total of £11,620, under the heading of roadworks, and £1556 for preliminary expenses. Engineers' fees, legal expenses, first year's interest, and loss on sale of debentures were , apportioned. Not chargeable to the tramways was £5425, mainly made up of the half cost of the tunnel approaches. The deduction for 7ft of street construction amounted to £1428, representing that portion of the cost of converting open tramway track to street track. INTEREST ON TRAMWAYS. Interest chargeable to tramways was therefore to be calculated on: — £ Tramway loans (£23,000 and £12,000) 35,000 Adding cost of shelters and lighting 668 Less sold to city ... £10,529 Roadworks not chargeable 5,245 Track conversion not chargeable 1,428 £17,202 Total £18,466 Interest on £18,466 at 4£ per cent, amounted to £830 19s 5d per annum, to which mosfc be added provision for the repayment of the amount of the loss on the sal© to the city spread over ten years The loss on the sale was £2632, and. to provide for this an annual sum of £350 18s 8d must be set aside, making a standing charge with the interest of £1181 18s Id per annum. A sinking fund of 1 per cent, per annum was also a charge on the revenue account. The loss on the sale to the city was shown in the balance-sheet as the cost of connecting the borough tramways with the city system, and with the provision made the debit will be wiped off in ten years.

ASSETS. £ s. d. Tramway in borough ... 26,794 15 9 Due from city (present value of instalments) ... -... 6,945 5 2 Roadworks for tramwaypurposes ... ... 4,947 0 0 Shelters and lighting ... 668 0 0 Preliminary expenses ... 1,556 4 5 Cost of construction with city 1,478 14 10 Sinking fund investments 2,289 13 4 Revenue account debit balance (£4141 13s 6d), less proceeds sale of land (£3000) 1,141 13 6 iT.otal .„ m .. £45,821 610

BALANCE-SHEET. Appended is the balance-sheet as at 51st March, 1910: — LIABILITIES. £ b. d. tramway loans (£23;000 and £12,000), £35,000, less expenditure cm roadworks, £6673 28,327 0 0 [mproyement l°& n 668 0 0 Subsidies towards construction 15,500 0 0 Sinking funds 184 13 4 District fund 1,141 13 6 Total £45,821 6 10

■LUtLu v j-11-j.t v -tit -ti. vy wv/ uiii> Ending 31st March, 1909. Debit. £ s . d. Expenditure, 1907-8 ... 209 11 11 Lighting, 1907-8 5 0 2 Expenditure, 1908-9 ... 785 17 0 Lighting, 1908-9 120 13 3 Interest, etc. 1,181 18 1 Total £2,303 0 5 Qredit. £ s. d. Receipts, 1907-8 244 3 6 Receipts, 1908-9 24 16 0 Balance 2,034 0 11 Total £2,303 0 5 Ending 31st March, 1910. Debit. £ 8 . d. Balance Ist April, 1909 ... 2,034 0 11 Car mileage 3,487 7 1 rickets 38 3 3. Insurance 26 13 9 Maintenance 17 2 T Lighting shelters 40 17 0 Lighting track 104 5 10 Interest 1,181 18 1 Sinking fund 184 13 4 ! Total £7,115 1 10 Credit. £ s. d. fram fares 2,957 15 5 Carriage of mails, etc. ... 15 12 11 Balance 4,141 13 6 Total ....£7,115 1 10