WELLINGTON’S HULK

Evening Star, Issue 18255, 20 April 1923, Page 4

WELLINGTON’S HULK

ANALYSIS OP OPERATIONS. IPkb United Pesss Association.] WELLINGTON, April 20. Tho unaudited balance-sheet' of the Corporation Milk Supply Department was presented to the City Council last night by Cr Norwood, chairman of the Milk Committee. The liabilities were shown as £117,329 6s 9d, including sundry creditors £11,744 4s, and depreciation £14,233 14s 4d. The assets, which failed to balance tho liabilities by £2,919 4s 9d, included freehold property, £.36,245 6s 2d; plant, £30,742 17s lid; motors and accessories, £6,143 11s 3d; carts, £4,212; horses and harness, £823 5s 2d; tokens and machinery, £2,266 14s 9d; cans, bottles, and crates, £13,190 2s sd; stocks, stores, etc., £2,935 11s 2d; sundry debts, £3,273 17s 2d; cash, etc., £304 9s lid; office furniture, £650 3s 76.^ Cr Norwood said the balance-sheet disclosed the true condition of the department’s finances, and was not merely a document prepared to give a favorable impression. The department had previously accumulated reserves, so that to-day it owed an actual debt of only £2,919 14s 9d. It had provided out of working account large sum for the various reserves, and so as to be quite sure that the department may be in a. sound position, the sum of £14,000 had been allocated to depreciation ; £4,701, for instance, off the cans, and considerable sums off the motors and plant generally. All items of plant not on a sound footing would thus be put there. Replying to the discussion, Cr Norwood said that he hoped the council would -not stop short of making its supply the best in the world. It should aim at greater purity and more and v more economical working. The department since it had begun, in addition to paying full interest, had found £42,000 on its working account. He mentioned that breakages of bottles had not been 25 per cent, of what had been anticipated.