HARBOUR BOARD

Evening Post, Volume CVII, Issue 66, 18 March 1924, Page 2

HARBOUR BOARD

ANNUAL STATUTORY MEETING.

The annual statutory meeting of the Wellington Harbour Board for the purpose of receiving the accounts was held at noon yesterday. There were present Messrs. G. Mitchell (chairman), C M. Turrell T ;r. Barren, J. G. Harkness, O. J B. Norwood, D. J. M'Gowan, H. t" ?m e5 M- W- Welch. and Captain i. r M'Arthu»\ The board's engineer (Mr. James Marchbanks), who was .some months ago appointed general manager of the board, to have jurisdiction over and to be responsible for the co-ordination and efficient management of all the board's activities and properties, reported that a reduction had been effected in the number of tally clerks, storemen, and permanent hands from 203 to 176 The permanent employees of the traffic manager s.department had been classified, into three grades, and it was believed that a saving of about, £7000 per annum would result from the change and-econ-omies effected. The registered tonnage of all vessels other than warships which arrived at the port during the, year was 2,816 104 tons, as compared with 2.692.425 tons during the previous year. Dealing with the financial results of the year's operations, which were reviewed by the chairman in Ins address, Mr. Marchbanks said that the total estimated assets of the board now stood at £2,016 431 whil» the liabilities were £i;i12,555, leaving a™c.e 00 01 assets over liabilities of £905,928, an increase of £44,356 for the year It appears to be necessary to provide additional funds to meet a'considerable portion of the board's liabilities. The board had borrowing nowers up to £1,000,000, of which only £250,000 Had been exercised to date. It was desirable that steps be taken 'to issue say, £150,000 of debentures durinn- the next twelve .'months to provide the" balance of funds to meet, the prospective liabilities of the board.