HARBOUR FINANCES.

New Zealand Herald, Volume LVII, Issue 17444, 14 April 1920, Page 8

HARBOUR FINANCES.

OPERATIONS- DURING 1919. INCREASE IN THE REVENUE. EXPANSION OF TRAFFIC. The 48th annual meeting of the Auckland Harbour Board was held yesterday. Mr. H. D. Heather presided and the following members were also present: — Messrs. H. H. Adams, J. S. Bond, E. J. Carr, T. B. Clay, G. R. Hutchinson, W. B. Leyland, H. R. Mackenzie, J. B. Teasdale, W. Wallace, and M. H. Wynyard. The only business was the adoptisn of the board's accounts. The balance-sheet showed that the board's assets were "valued at £2,914,651 7s lid, including cash in bank and in hand amounting to £120,020 4s . 7d, sinking funds in hands of commissioners £155,051 18s lOd, and lands, dock, wharves, vessels, etc, £2,559,180 16s 2d. The liabilities totalled £1,760,079 13s 3d, the chief item being loans amounting to £1,717,954 6s. The balance of assets over liabilities was therefore £1,154,571 14s Bd. In reviewing the work of the board during the last year, tho chairman stated that with the cessation of hostilities trade had begun to resume its natural channels. The shipping outlook had considerably improved, and would be better if it were not for the delays in the discharge of vessels at ports in Great Britain. In the Waite|niat a Harbour the inward shipping for 1919 showed an increase over the 1918 returns of 307,863 not registered tons, while the goods passing over the wharves showed the following increases:lmport, 93,765 tons; export, 22,329 tons transhipment, 5305 tons. Revenue and Expenditure. Mr. Heather said the revenue for the Waitemata Harbour for 1919 had amounted to £211,113, an increase over the 1918 figures of £22,589, after taking into' account the proceeds of investments of reserve funds. The principal items of revenue had been —Dock and slipway dues, £5589 8s 6d; goods wharfage, £62,48017s 6d ; harbour improvements rate £27.988 10s lOd; pilotage, etc., £10,533 lis; port charges, £7129 19s 2d ; rents. £33,382 2s 3d; storage of goods, £17,806 19s sd; towage, £3707 2s; Admiralty subsidv, £5000. The expenditure for 1919 had totalled £155,326, which was £6009 over the figures for the previous year. The chief items of expenditure were: — Maintenance and working expenses, £62,535 17s 7d, interest on various loans, £76,219 10s Id. The net surplus amounted to £25,659, which had, been credited to the renewals and contingencies reserve.

Improvements to the Port. During the year the board considered the question of further accommodation for shipping and goods, and a Bill was passed giving power to borrow £1, for harbour improvements. The board immediately decided to proceed with the erection of the Hobson Wharf, the road ing of Freeman's Bay reclamation, and the construction of the eastern reclamation. The operations had been considerably handicapped, however, by the difficulty in obtaining cement, shingle, and steel. The board also decided to place on the market the balance of the 1908 loan, namely, £150,000, and the debentures, which were subject to interest at 5J per cent., were selling readily. This amount was "earmarked" for the equipment of Central Wharf with sheds, cranes, etc. The question of tariff had also been considered, and it had been decided to abolish the Harbour Improvement rate which had been rmnosed as a war measure — to substitute certain increases in port charges, pilotage, and goods wharfage. The Manukau Harbour.

Regarding the Manukau Harbour, Mr. Heather said the revenue was slightly less than in 1918*, and the trade returns showed a. falling off. The income totalled £4190 13s 9d, and the expenditure £3166 16s—a credit balance of £1025 18s 9d. The Manukau Bar had shoaled to such an extent that the board decided to have it surveyed. Certain changes in the leading lights and Deacons had also been made. Mr. Heather concluded bv acknowledging the assistance accorded him by the members of the board, the heads of departments, and the staff as a whole. He moved that the accounts for the year ended December 31, 1919. be adopted". The motion was seconded by Mr. Mackenzie and carried.

Before the members dicoersed reference was made to the expeditious manner in which the. accounts ha.! been prepared after the close of the financial year, a-id to the very satisfactory financial position ih which the board stood.