HARBOUR FINANCE.

New Zealand Herald, Volume LIX, Issue 18040, 15 March 1922, Page 8

HARBOUR FINANCE.

ESTIMATES FOR THIS YEAR.

WORKS TO BE UNDERTAKEN.

SMALLER REVENUE EXPECTED. The estimates for the coming year were reported to the Harbour Board yesterday from a special meeting of the board in

:ommitt<?e. Accompanying them 'was ■eport from the secretary detailing th present state o! the finances. Tho gross receipts for 1921 wei £293,167, which exceeded tho estimate b £75,073, but showed a decline of £376 ja comparison with the receipt* in 1921 Ilio expenditure was £290,798, which wi £12,277 less than tho estimate, and £237 ess than the receipts, the balance to l Jrought into the new account being ther fore increased to £124,702. Receipts i Sie present year aro estimated at £239,101 v reduction of £54,062, while expenditui s estimated at £304,217, an increase < E13.419. Owing to the estimated d iciency in revenue of £65,112, the balanc it December 31, 1922, is set down a £59,590. Maintenance and working e: senses aro estimated at £108,000, pract rally the same as last year's expenditure 3iit the provision for interest and sinkin fund, £126,700, shows an increase on pa] nents in 1921 of £25,239. The secretary report states that against tho balance ( £59,590, there will be a liability < £53,000, representing interest and sinkin fund charges due on January 10, 1922. Following are details of the propose expenditure out of general account o works:—Western Wharf, £8000; ston srusher, £7500; Calliope Dockyard, oran track and paving, £500; bcow, £2600 Di'o driver, winch, £1600; electric craw Irefund to loan account No. 6), £34,767 hedging, £8000; tar macadam plant C 1950: motors, grab, compressors, etc. B1650; contingencies, £5000; total work! C 60.767. Other charges: Reserves, insnrana stc, £6550; war memorial museum second instalment, £1700; appeal t Privy Council, £500; total, £8750. Central Wharf Equipment, The account for loan No. 6 shows tha ;ho amount in hand on January 1 wa £91,832. Expenditure on Central What ihecU and equipment is estimated a 5107,100, and on Quay Street gates ani ences, £8500, leaving a "debit c 824.767, which will be required to b idvanced from the ge.eial account. Thi rill exhaust the loan of £1,000,001 Luthorised by the ICOB Empowering Act Jetails of the proposed expenditure oi he Central Wharf equipment show th< /lotment of £96,000 for electric cranes 28600 for sheds, and £2500 for electrii nstallation, water, etc. Concerning loan account No. 7 it H ncrely stated that the Auckland Saving: iank agreed to renew this loan o !60000, so the matured debentures wen ailed in and fresh ones bearing interest t 5J per cent, were issued. The secretary stated with regard tc 3im No. 8 account, that the balance o: he third issue of debentures amounting o £40000, was available, and it was xpected that no difficulty would be ex erienced in disposing of the fourth issue f £50.000. If, however, the engineei pent all that he anticipated during the ear, further issues amounting to £200,001 rould require to be made. He asked foi 3200,000 for Princo's Wharf, £32.000 foi Eastern Breakwater, £23,000 for Eastert Reclamation and £18,000 for Onehungi Wharf, dredging and piles. These items with loan issuing expenses £6878, refnnc to general account £2122, and a balance at December 31 next of £8000, made i total of £290,000. For the Manukan Harbour account, i was estimated that maintenance, workin] expenses, etc., would absorb £4000, whil< there was a refund to the general accoun of £300, making a total of £4300. . Additional Revenue Required. In conclusion, the secretary stated thai the board's loan indebtedness (including I the £50,000 being issued) amounted to I £2.175 000. involving an annual payment of £126.300 for interest and unking lands, and this was increasing every year. The expenditure on the works authorised by the 1919 Empowering Act was to have been spread over ten years, but at the rate money was being spent, the loan would be exhausted by 1924. To cover these additional payments for interest and sinking fund, the board would require additional revenue each year amounting to £21,000. In reporting the estimates the deputychairman, Mr. H. R. Mackenzie, suggested that all work not of an urgent nature should stand over or be deferred. Provision must be made for Prince's Wharf and the eastern tide deflector. The need of an export wharf was apparent to everybody, he said. With this wharf, together with freezing and cool stores to be erected on it, speedy loading would be assured, and produce wou'd be delivered on board in the best possible condition, enabling higher prices to be obtained to the benefit of the whole Dominion. He recommended that this work should be put under way as soon as provision could be made for it. Provision of Railway Connection, Railway connection with Prince's and Western Wharves would need to be kept in view. This connectioif would probably mean the bui ding of an embankment in a direct line from the Ferry Bui ding to the Western Wharf. If a swing bridge were provided it should be no detriment to the tenants concerned. As considerable negotiations were necessary - with the Railway Department, City Council and the tenants, it would be advisable to come to an agreement with all parties concerned far ahead of the work being started. Provision would also need to be made for new launch landings. The haibourmaster urged the comp'etion of the western tide deflector for convenience in the berthing and handling of ships. In view of the' suggested work* ahead, it would be provident to lease no land that might be required for th» 'development of the port. On tho motion of Mr. Mackenzie, th# estimates as amended in committee wer» adopted and referred back to the board in committee.