HARBOUR FINANCE

New Zealand Herald, Volume 78, Issue 24144, 10 December 1941, Page 8

HARBOUR FINANCE

SMALL DEFICIT SHOWN LARGE ASSET SURPLUS MANY WORKS DEFERRED A comparatively small deficit of £6414 was revealed in a statement for the year ended September 30 presented to the Auckland Harbour Board yesterday. Revenue, £469,500, was only £I4OO below that of the previous year. A surplus of assets over liabilities of £3,482,816 was shown in the balancesheet, compared with £3,284,679 last year. The assets surplus was described by the chairman, Air. Hendry Luke, as highly satisfactory. He said that in the coming year a number of desirable works would be deferred on account of the war.

The report o> the treasurer and accountant, Mr. C. F. Garratt, showed that total receipts for the year were £545,320, including harbour dues totalling £467,129. Payments included £201,847 for interest and sinking fund and redemptions, £218,873 for maintenance and operating expenses, £8495 for war disbursements, and £84,812.f0r works, the balance carried forward being £1.1,783. Loan . expenditure amounted to £94,059 lor the export wharf. Possible Revenue Reduction

The estimates for 1941-42 provided for the possible reduction of revenue by £34,500, but for interest, sinking fund and operating expenses at full schedule similar to the previous year. The provision for capital wofks was £76,750, plus loan works, including the export wharf, at £200,000. This would be met by sales of debentures now being issued by the board. Tho report added that, notwithstanding the heavy commitments and reduced revenue the estimated deficit would be only £35,400, which was comparatively small when related to the surplus of £3,482,816 in the balancesheet.

Reporting on the estimates for expenditure on works, the superintendent and engineer, Mr. 1). flolderness, said the export wharf should bo proceeded with as rapidly as the supply of materials, equipment and labour would permit. The bulk import wharf, which would normally have _ been recommended for some expenditure, should, he thought, be deferred. Some progress would, however, be made on this wharf by depositing spoil dredged from the berths and approaches to the export wharf. Satisfactory Position

The reclamation from Halsey Street to Nelson Street was making substantial progress, and except for the war, a start on the reinforced concrete breastwork to- form the seaward boundary would have been recommended, the report added. Under the circumstances, this should be deferred. The completion of the new workshops and store won Id require £28,250, and a further £15,000 would be required if it was decided to construct a bonded warehouse for the storage of goods to be removed from transit sheds. Work at the Orakei and Westhaven boat harbours would require £9OOO. The chairman, Mr. Hendry Luke, expressed satisfaction with the accounts. He said the greatest care had been exercised in compiling the estimates. t The accounts and estimates and the report of the superintendent and engineer were adopted.