LOSS OF £16,000

Evening Post, Volume CXXI, Issue 141, 16 June 1936, Page 10

LOSS OF £16,000

AUCKLAND CITY TRANSPORT

HIGH EXCHANGE RATE

A deficit of £16,187, compared with a deficit of £8351 last year, is shown in the balance-sheet for the year ended March 31 of the Aucklarrd Transport Board, which was presented at the annual meeting of the board yesterday (states the "Auckland Star"). There were large increases in both revenue and expenditure; £20,036 was paid as currency exchange.

The chairman, the Hon. H. G. R. Mason, said in his report that the revenue for the year ended March 31, 1935, had shown a slight improvement over that of the previous two years, and he was pleased to report that the revenue had continued steadily to improve. The total revenue for the year, £544,824, was an increase of £22,139 over the previous year. The year's expenses at £561,010 showed an increase of £29,974.

After payment of interest £112,111, sinking fund £25,532, and other payments, there was a deficit of £.10,187, compared with a deficit of £8351 last year. This deficit of £16,187 included the sum of £4042 payable by way of redemption of portion of the board's loan indebtedness. Of the £397,800 of debentures included in the A.T.B. Loans Conversion Order, 1934 (No. 2), issued in July, 1934, £25,200 matured and were paid on April 1, 1935, and provision was made by the board jointly with the sinking fund commissioners to redeem another £15,800 maturing on April 1, 1936.

Overseas exchange, which very seriously affected this local authority, remained throughout the year at approximately £24 10s against New Zealand. The sum of £20,036 was paid as* currency exchange last year in meeting the board's London interest bill of £81,103. The report then reviewed the position regarding the board's liability to pay in sterling the interest on the 5 per cent, and 5} per cent. London domiciled debentures o£ the Auckland City Tramway Loan, 1919 (£1,250,000), and mentioned that an appeal would be made to the Privy Council.