RUN AT A LOSS

Evening Post, Volume CI, Issue 150, 25 June 1921, Page 6

RUN AT A LOSS

THE WELLINGTON TRAMWAYS

DEBIT OF £1280 LAST YEAR.

According to the report of the independent auditor to the City Tramways Department (Mr. A. E. Clarke), there was a loss on the working during the year ended 31st March, 1921, of £1280 7a. The report is as follows :— "I have audited the balance-sheet, of the Wellington City Corporation Tramways as at 31st March. 1921. There is a net balanoe from the tramways revenue account of £6483 13s lid, against which there has been written off :

leaving a loss for the year's working of 51280.75. ■ . The accident insurance fund now stands at £19,093 Is 9d, as against £19,----964 9s 8d as at 31st March, 1920. The reduction in this fund is caused by the compensation paid on account of the Pine-street accident in January, 1920. "The renewal and reserve funds have been credited with the usual amount allowed by statutory authority, namely, £12,609. The Tenewal fund , has been debited with the re-laying of the tracks in Conrtenay-plaee amd Lambton-quay, I .aad ' also for the renewal of the electrical plant in the power station. The balance standing to the credit of-this fond at 31st March, 1921, was £74,342 7s Id. The balance standing to. the credit of reserve fund at 31st 'March, 1921, was £46,811 3s 4d. ■ . "I have at various times cheeked the "stocks of tickets at the end of four-y weekly periods, and at the actual stock-, taking at 31st March, 1921, and they agreed with the ticket register. "I have not verified the sinking fund securities, but have compared them with the amount in the books of the Sinking Fund Commissioners. All the sinking' I fund securities are verified by the.GovJ nni.ment Auditor and myself at a later date." '■'..' STATEMENT BY THE MAYOR. The MayoT\(M.r. R, A X. Wright, M.P.) | .elated to a reporter that he regretted exceedingly. the : fact that the tramway figures, as testified by the auditor, showed an actual loss on the year's working ■ of £1280. It had to be remembered, in considering' these figures, that the increased fares had not been operating long enough during the financial year dealt with to make much impression on returns. Since. Ist April the tramways' manager (Mr. W. H. Morton) had in- ■ formed him that, whilst the position was not a. strong one, the trams were just about holding their own, and,'with the, prospect of getting coal a. little cheaper." it ■. was hoped that at the year's end they wonld come out with a small credit instead of a debit balance.

£ e. d. Balance from power supply (net revenue account) ...... 4512 8 2 War pay allowances 123 18 0 Retiring allowances*.;-. 22 16 8 Contribution to sup. fund ... 1667 18 4 Tramway Band subsidy 52 0 0 Annual amount of 4 'per cent, written off preliminary expenses 1384 19 9