POWER BOARD'S GROWTH

New Zealand Herald, Volume LXII, Issue 18945, 17 February 1925, Page 11

POWER BOARD'S GROWTH

SCOPE OF OPERATIONS. NINE MONTHS' FIGURES. REVENUE BEYOND ESTIMATE. A report of the activities of the Auckland Electric Power Board for the three, months ended December 31 was presented to the board yesterday. The report contained the following information, the figures in parentheses being those for the corresponding three months of .1923:—New customers' applications, 1990 (1924); new customers connected, 1494 (1252) ; total number of customers, 6347 tons (3451 tons) ; units generated, 11.451,580 ( 6,665,480) ; units sold, 8.965,742 ( 5,160,049); station cost per unit generated, ,515 d (,603d). A financial statement for the nine months ended December 31, 1924, was as follows: —Income, £244,645 (£153.050); working expenditure, £111,245 (£71,199); interest and sinking funds, etc., £124,838 (£76,616); balance to date, £1.6,088 (£4435),- cash at bank (power fund account), £94,154 (£49.262). The chief engineer, Mr. R. H. Hartley, reported that- from the nine monthly statement it would be observed the expenditure compared very favourably with the estimate presented to the board at the beginning of tho year In the ease of the revenue, it would U< noted that it would exceed the revenue estimated. Ail items of expenditure were normal as compared with the previous quarters. The statement showed a net profit of £16,088, in eluding £4003 brought forward, the net amount for the nine months being £12,084 8a 6d. That showed a decrease in the net. profit as compared with the halfyearly statement, which was accounted for by the receipts from the summer quarter, which were always less than for the winter quarter. Also wages had been increased, duo i-o additional staff, and an allowance of £<3276 had been made as overcharge on the traction meters. It would appear that the profit shown in the statement would represent closely the position for the year's working, as added revenue would be received from street lighting, and expenditure would be slightly reduced, due to improved methods of coal handling. Those combined factors should prevent any alteration in the position for the coming quarter. The estimated figure given to the hoard at- the beginning of the year as a surplus was £ISOO. and, commenting on the statement and the position generally, it could not be regarded as other than satisfactory. The chairman, Mr. W. J. Holdsworth, said the position was very satisfactory. It, had been forecasted that by the end of the board's year there would be 20,000 customers, hot at present there were already 21,000. That was exceedingly good going, remembering the difficulties the board had been up against. Moneys had been transferred to the loan account from the general account, and the board would be compelled to get money from England to repay the general account and to finance schemes oi operation. The rate of exchange had so far prevented money being brought from England. The period reports were adopted and the chief engineer's report was referred to the Finance and Legal Committee.