HARBOUR FINANCE

Hawke's Bay Tribune, Volume XXIV, Issue 77, 13 March 1934, Page 3

HARBOUR FINANCE

REDUCTION OF DEBIT STATEMENT FOR THE YEAR. CHAIRMAN’S REPORT. A reduction of £1227 19/2 in the debit balance of £30,472 12/4 with which the Napier Harbour Board began the last financial year is disclosed in the chairman’s annual report of the activities of the board. The chairman (Mr T. M Geddis) said at the annual meeting yesterday morning that a strenuous endeavour had been made to administer the board’s affairs on the most economical and prudent lines, and the result would be gratifying to both the board and the ratepayers, especially when it was found that no rates were struck during the past 12 months. In his report, Mr Geddis stated: "In presenting for your consideration the annual statement of accounts for the year ended September 30, 1933, 1 desire to refer briefly to the board’s finances and various important activities during the period under review Bearing in mind the economic depression through which we have been pass ing, a strenuous endeavour has been made to administer the board’s affairs on the most economical and prudent lines, and a perusal of the accounts dis closes that, whereas the board com menced the year with a debit balance on the cash account of £30,472 12/4, the year’s efforts resulted in a reduction of the amount by £1227 19/2, which must indeed be gratifying to both the board and the ratepayers, especially when it is realised that no rates were struck over the district during the past twelve months. After allowing for a special overdraft of £28,500, sanction cd by the Minister of Finance after the earthquake of 1931 on account of abnormal expenditure required, the ex cess of cash assets over liabilities amounts to £3335. "Up to the present the £28,500 has been bearing bank rate of interest on overdrafts, but legislation has been promoted and passed by Parliament which now authorises the board to con vert this overdraft into a loan, nego tiations for the raising of which are at present in hand. The statement of income and expenditure reveals that the loss on the year’s transactions amounts to £5609 5/-, whereas last year the corresponding account showed a loss of £10,042 12/9, a considerable improvement therefore being disclosed. “The effect of the National Expenditure Adjustment Act on tho board’s revenue during the year was ns follows:— £ s. d. Credits, being refunds on interest payments .. 1215 10 9 Debits, being loss on rents 992 9 7 Balance in board’s favour £223 1 2 "During the year the board has given its full support to the Hawke’s Bay Rivers Board and has co-operated with other local bodies in the proposal for the diversion of the Tutaekuri river at Powdrell’s Bend to the sea at Waitangi, and has agreed to contribute the sum of £15,000 as its share of carrying out this important work, which will, it is claimed, produce farreaching benefits to much low-lying country, including the vast area of endowment land which the board has under its control. "The diversion of the river should promote further settlement, and reduce to a minimum the periodical flooding of great areas of valuable land. The spirit of co-operation and goodwill that lias permeated the negotiations in regard to this important undertaking is a matter for congratulation, and it is to be hoped that this same spirit will continue to manifest itself among local bodies in the future in all problem? which they are called upon to handle.”