AUCKLAND HARBOUR AFFAIRS.

New Zealand Herald, Volume XLIII, Issue 13202, 13 June 1906, Page 7

AUCKLAND HARBOUR AFFAIRS.

STEADILY INCREASING REVENUE.

SOUND AND SECURE FINANCE.

CHAIRMAN'S ANNUAL ADDRESS.

The adjourned annual meeting of the Auck land Harbour Board was held yesterday af terncon, prior to the ordinary meeting, ant the chairman (the Hon. E. Mitchclson) do livered an important statement on the fi»an cjial position of the harbour, and 011 tin works in hand. Mr. Mitc'nelson said hi had to submit to members the annual re ports, statements of accounts, and return: for the year ending December 31, 1905, To: the approval of the Board, it: terms of sec (ion 182 of the Harbours Act. 1378, and it doing- so had to apologise for the late dat< at which such accounts and returns wer< brought before the Board. This, however was not in an.v way the fault of the treasure: fs: the office s-a.f, but" was d»*e to the Go vertir-iCJit auditor, owing to press .of work bem( unable to examine the books, vouch ors, etc-, until April and May. He hat again to congratulate members upon tin steadily increasing revenue of the Board as evidenced by the statements. The no •income, amounting to £76,796 7s 7d, hatmore than realised the increase which the; had predicted when introducing the new scheme of bsrV.cur works, and he had n< doubt that substantial increases would b* .maintained. The various sUitomonts rir returns accompanying the financial state ments would convince members that tin financial condition was thoroughly sounc and -secure. It must, however, be*borne it * mind that with increase of revenue tin Board had also increase, of indebtedness ant charges for interest and sinking fund, anc the general account could not, therefore, lx called upon to make any further, payment, for harbour works of an' extended charac tor, or to- provide funds to carry on ain .wOrks for which large amounts were re quired. The total receipts for 1205 amount ed to £105,633 2s 3d, and deducting balanet from 1904- and refunds showed a net incoim of £76,796 7s 7d. The net income fdr 190' was £71,903 5s 6d; there was thus an in crease for 1905 over 1904- of £4887 12s Id When it was taken into consideration thai the income of the Board in 1872 amountcc to £12,498 2s lid. some idea might, be formet of the increase of the trade and comrnerct of the port, and of the increase in, the valu< of the Board's endowments. This enablec one in some measure to foresee the groal future opening up for the Board. The pro fit upon the total year's transactions amount ed to £25,450 12s 6d, last rear's balance £24,493 Is lid: total, £49,943 14s Sd; de preciatiou written off, £29,813 7s 4d ; balance £20.130 7s Id, carried to new account. Tin additions to capital value totalled £64,20; 7s 6d; the net. value of docks, wharves, etc. at January 1. 1906, was £859,094 19s 2d The depreciation written oft' exceeded tin profit earned during the year—necessarily so—as some of the wooden structures ,wer< being removed and replaced by lerro-con crete structures. The treasurer had sub milted an approximate estimate of incomc and expenditure to December 31, 1906, which making provision for all works on genera account, would leave the Board with a work ing balance of some £17 —none too much in view of the large payments failing din early in January for interest and sinking fund. In this connection lie would like t< say that the yearly balances were growing less, owing to the general account br-ini depleted by too great an expenditure. Tin balance on January 1. 1904, was £25.530 7i 7d; January 1, 1905. £19.504 7s; and .Tanu ary 1, 1906, £18,830 5s 9d. The balances t< credit of the various accounts on Deeembei 31. 1905 amounted tc £93,827 5: lid; indebtedness, £572.275; - assets cash and estimated, £956.176 2s Id: and balance of assets, £383,501 2s Id The issue of debentures under the Auckland Harbour Board Loan and Enipowerint Act, 1904, referred to in his last report, hat been duly completed and all the bonds sold at par, bearing interest at 4-i per cent. Ii was now proposed to make a second issue ol debentures for £100.000 at 4 per cent., tenders for which would bo returnable early if. July. After referring to works in progress the chairman said a contract would shortlj be let for the construction of a concrete sea wall and reclamation, upon which offices anc 1 shops would be erected both for the accom modation of the ferry services and for let 1 ting purposes. Provision would also b< ! made in this building for the police and fin ■ brigade. He had also to tender his thanks to the members of the Board for their un i varying courtesy to him and for the loyal • support given him as chairman during the r term under reference; and he had i thank the secretary and treasurer, engineer, harbourmaster, and staff for the effective manner in which their various duties had been carried out. He then moved that the accounts submitted be approved in terms of section 182 of the Harbours Act, 1878, and that abstract, statements, and returns be duly printed and published in the usual , manner. ' Mr. S. C. Brown, in seconding the motion, said lie had to congratulate the chairman and th- Board on the very satisfactory state of affairs. He was sure they all bad reason to be proud of the strides the port was making, and they all believed that this would, in future, be the premier port of the colony. The motion was carried unanimously.