Power Board’s Work During Pasl Year

Manawatu Times, Volume LV, Issue 6866, 24 May 1932, Page 4

Power Board’s Work During Pasl Year

REVIEW BY RETIRING CHAIRMAN “While rosults have not been as satisiactory as hoped, still having passed through a second yoar of the depression and having provided interest, sinking fund and depreciation, tho loss on the year’s working must be regarded as satisfactory,” stated Mr. J. A. Nash, M.P., retiring chairman, in his annual report to members of the ManawatuOroua Power Boa\l yosterday. “Being the seventh year it was not necessary to provide the whole of the depreciation, and as pointed out on previous occasions, the debit balance, £6715 16s Bd, is to bo reduced by 14 yearly tcductious. It must bo remembered that, during the "of Tdjjer unit was made in lighting "charges, Id per unit on motors and the minimum charge was reduced from 53 to 4s del. SIS-Phjeftt iu-.makiug the reduction was due to the saving made in the exchange on remitting money to Australia; further tho revenue fell due to consumers' economy owing to the difficult times. “The total revenue for the year from sale of current was £76,840, compared with £7S,B3G 0s lOd last year, showing a drop of £1996, particulars being as follow (the previous year’s figures in parentheses):—Lighting, heating and cooking, £31,551 6s lid (£32,670 9s sd); water heaters, £7465 ISs 5d (£7316 15s 6d); industrial and miscellaneous motors, £BOB3 16s 6d (£8832 13s 6d); milking motors, £12,506 3s Id (£14,442 4s 7d), community lighting, £220 4s 2d (£233 lSs Sd); street lighting, £826 16s 2d (£SI7 ss); bulk power, £16,182 ,15s Id (£14,522 17s 2d). Total, £76,540 Os 4d (£78,836 0s lOd). “Tho amount received for exchange on interest totalled £3568. Prolit on trading, £227, fell by £l3l. This is to bo expected as very little new reticulation was carried out and naturally sales in reticulated areas were restricted owing to tho times. The total revenue under all headings was £Si,OSO 5s 7d. On tho expenditure side interest on loan increased by £IOB3, while our sinking funds, loan redemption and depreciation increased by £767. Purchases of current increased by £1741, while our operating expenses, which include £437 6s 7d free gift lamps, and £l2B 10s Sd increase by rents, were reduced by £467. The total expenditure being £82,658 4s 2d and after providing the full depreciation as already mentioned tho loss on tho year’s working was £1607 IBs 7d. “New connections for the year are as follow:—Street lights 3, water neuters 73, electric ranges 35, milking motors 63, miscellaneous motors 113, industrial motors 18. The total number of consumers is 4621. Tho total connected load is 17,695 kilowatts. “The total loans raised to date arc £510,000 and the balance still available under-the original loan is £40,000. The total sinking funds and Joan repayments ere £60,214 3s 9d, leaving a public dekt fund of the amount invested in the depreciation fund account is £5966 16s lOd, making the total reserves invested £69,151 0s 7d. “The capital expenditure for the year was £5955 19s 4d, as compared with £19,487 13s iOd for last yoar. The unexpended loan money in hand at March 31 was £67 4s sd, and the advance to power fund was £5143 11s od, making a total of £5210 15s lOd. Before any further extensions are made it will be necessary to raise a further loan.

“Revonue and purchase of current.— 1925-26, revenue £29,592 Ss lOd, percentage of revenue paid for power 26, purchaso of current £774S (is 9d; 192627, £41,200 10s 3d, (31), £12,751 10s; 1927-28, £50,531 0s 3d, (32), £16,150 13s 10d; 1925-29, £60,309 15s 3d, (36), £21,880 16s lOd; 1929-30, £71,503 0s Sd, (39), £27,580 Is 7d; 1930-31, £75,836 Os lOd, (37), £29,846 18s 6d; 1931-32, £76,840 0s 4d), (41), £31,587 11s 4d. “During the year we have constructed eight miles of new line, making a total of 600 miles; in addition we have had to provido for increased loads on existing lines, material recovered from this source being used ou new lines. “The total salaries and wages for the year under all headings was £10,446 4s 4d, compared with £12,675 15s 9d last year. The total cost of transport for the year under all headings was £2007 11s lOd, compared with £2209 16s 6d last year. “It is satisfactory to note that on the £76,840 for sale of current the loss on bad debts amounted to £6O 9s lOd. “In conclusion 1 desire to express my thanks to the members of the board during tho past year for their co-oper-ation and help in promoting tho board’s interest. One and all wore, imbued with tho one idea, namely, to give the best possible service to the consumers and to supply the requirements at the lowest possible price. I also desire to thank the staff for their co-operation. '■