Power Board Expects Profit Of £11,000

Northern Advocate, 23 May 1941, Page 3

Power Board Expects Profit Of £ II,OOO

Estimating sales at £85,000, compared with the £87,000 realised during the past year, the Nortn Auckland Eiectric-i-ower Board expects a profit of about £II,OOO by the end of the next financial year. Estimates, suomitted to the annual meeting of the board in Dargavilie yesterday by the secretary (Mr. S. P. Day) were as follows: — Expenditure

Power Purchases: Cost of power from P.W.D., £28,335; second point of supply, £875; total, £29,010. Distribution: Transport and wages, £1275.

Repairs and Maintenance: Mains, street lights, buildings, general, £3775. Management and General: Working costs, £5725. Special Charges: Bad debts reserve, £suo; loans repayment reserve, £ 850; extension subsidy reserve, £2000; unauthorised expenditure, £450; general, £850; total, £4650. Discount to Consumers: £7215. Capital Charges: Interest and principal repayment on loans, £25,939. • Balance at March 31. 1942, £17,658 0/9. Total, £95,247/0/9. Income Balance at April 1, 1941, £6561/0/9. Sales of Electricity: Lighting, heating and cooking, power, public lighting and water-heating. £85,000. Rents: £220. Profits from installations, sales of materials and appliances: £2250. Interest from loans to consumers, and from fixed deposits, £1216. ■ Total: £95,247/0/9.

Explaining the estimates, the secretary said that the figures were conservative and there was every reason to expect that the revenue would be exceeded..

Replying to a question regarding transport and wages, he said that the figure provided only for transport and wages against revenue, such as for meter-reading.

In reply to another question, he said that income-tax was charged against the Public Works Department on profit made on supplying to the power boards.

The report was adopted without further discussion.