The New Zealand Times. THURSDAY, MARCH, 20, 1924. WELLINGTON PORT

New Zealand Times, Volume LI, Issue 11783, 20 March 1924, Page 6

The New Zealand Times. THURSDAY, MARCH, 20, 1924. WELLINGTON PORT

Hearty congratulations are due to the Wellington Harbour Board and to citizens generally both on the increased business done by the port during the past Harbour Board year and on the greatly-improved financial position of the board. The reports submitted by the various officers of the board at its annual meeting this week are all of the most excellent character; and the statement of accounts is particularly satisfactory. It shows, indeed, that, after making full provision for sinking fund, reserves, and other charges, and maintaining the property of the hoard at the recognised standard of efficiency, there was a net surplus on the year’s working of £11,997, as compared with a net surplus of £3418 for the previous year. The total income last ' year was £366,273, as against £347,644 for 1922, showing an increase of £17,629; while the expenditure for the year totalled £353,275, leaving the net surplus above stated. The actual working expenditure showed a decrease of £1270; but interest charges have increased by £3744, owing to loan flotations the year before, and depreciation chargee also increased by £2856. On the other hand, the payments to special insurance funds have been diminished *by £2524. The assets of the board total no less than £2,016,481, showing an excess over liabilities of £903,928. In short, the chairman of the Harbour Board (Colonel G. Mitchell) was fully justified when he stated, in the course of his annual address, that, by reason of the wise and provident guidance and administration of previous boards, and the loyal and oblo services of splendid officers, the board stands to-day in one of the soundest and most prosperous positions of any public body in the Dominion. Indeed, as the chairman declared, not only is our port provided with the most modern structures and appliances, but it is in the soundest possible financial position, and, because of wise counsel and sound administration, is able to maintain the lowest port charges in New Zealand. The reorganisation and classification scheme, recommended by the investigation committee the year before, has been successfully put into force. Both the hoard and its chief engineer (Mr James Marchbanks), who became also general manager to the board under the scheme, are to be heartily congratulated upon the fact that the new organisation is running so smoothly and efficiently, and that it has resulted in a saving of £7OOO per annum.

The storekeeper’s department, which is now responsible for buying the whole of the requirements of the board, including stationery, is also working satisfactorily, and has effected considerable savings. The commitments of the board with regard to works already in hand or authorised total £285,000. Thene is also a prospective liability for providing an oil wharf, estimated to coot some £50,000, making a grand total of £335,U00. Of the £285,000, the Thomdon sea wall and reclamation account for £130,000; but the board’s payments in regard to this work are not expected to be very large during the current year. The Pipitea wharf accounts for no less than £109,000 — wharf store £44,500, hydraulic and low-pressure piping £3OOO, asphalting £6OOO, hydraulic capstans £2500, inside and outside cranes on wharf and in shed £53,000 —and It is expected that the greater part of this expenditure will occur within the next eighteen months. While the exten. sions to the Miramar wharf, which will have to bo met this year, are estimated to cost £26,000; and the reconstruction of the Queen’s wharf £20,000. The board, however, has bor-

rowing powers up to a million sterling, of 'which only £250,000 has been exercised up to date; and it is proposed to raise as required a further £250,000 to provide the balance of funds needed to meet the prospective liabilities of the board, the funds at present available being the sum of £95,000 on deposit and depreciation funds accruing to the amount of about £25,000 a year.

These commitments are undoubtedly large; but, in view of the very satisfactory financial position of the board, and especially of the surplus of upwards of £900,000 of assets over liabilities, they are certainly nothing to be alarmed at. So far from affording evidence of a tendency towards undue extravagance on the part of the board, the works already in hand and authorised simply go to show that those guiding the destinies of the principal port in the Dominion are exercising wise forethought and looking ahead in order to be in a position to cope with the needs of the future—not so very far away, we trust—when, owing to the stabilising of the position in Europe, and the consequent renewed and increased prosperity of the Mother Country, New Zealand’s biggest and best customer, the growing trade and industry of the Dominion will make still greater demands upon the port of which Wellingtonians have good reason to be proud. The chairman, we hold, rightly claimed that the board is maintaining a policy of sound and prudent development, and that the works in progress to-day are not only necessary for the port and for the economical handling of ships and cargoes, hut are equally necessary for the city and the Dominion. The deputy-chairman (Councillor H. D. Bennett) did well, however, to urge caution with regard to future commitments, and to express the hope that during the next twelve months members would consider very seriously any expenditure of a capital nature submitted to them. There is no doubt whatever that the process of reorganisation which the whole world is at present undergoing must affect to a greater or less extent the trade of every port and of every country; and, while it is true that New Zealand, being a producer and exporter of foodstuffs and of raw materials, is not likely to be affected to the same extent as countries which depend upon the export of manufactured goods, it is just as well that, not only our local bodies, but the Government as well, should proceed cautiously for a time until the economic reorganisation of the world is well in train.

Happily, signs are not wanting—notably the wonderful recuperative power shown by Germany, the prompt stabilisatipn of the franc, and. the better prospect of an amicable solution of the reparations problem—that the situation in Europe is getting well in hand. There is little doubt that, given the opportunity, the league of Nations could deal as effectively with the position of Germany as it is already dealing with'' the difficulties of Austria and Hungary; especialy if America will only throw in her full weight on the side of the League. And onoo the rehabilitation of Europe is in sight, the effect upon the trade and industry of the whole world, especially of those countries which have foodstuffs and raw materials for sale, cannot but be most beneficial.