WELLINGTON HARBOUR BOARD.

Otago Daily Times, Issue 15099, 23 March 1911, Page 8

WELLINGTON HARBOUR BOARD.

THE YEAR'S TRADE. (Pee United Press Association - .) WELLINGTON, March 22. In Lis statement at the annual meeting of the Wellington Harbour Boaid to-nigbt the chairman (Mr R. Fletcher) said goods passing inwards totalled 455,439 tons against 410,541 tons for the previous year—an increase of 25,198 tons, equal to 6.14 per cent, (although still behind the year 1907-8, known as tie "boom " year). For the five-months period October, 1910, to February, 1911, there was a total of 199,316 tons as against the previous year's 173,687 tons, an increase of 26,629 tons. Outward shipments totalled 161,265 tons as against 150,157 tons, being an increase of: 11,108 tons. For the five-months period there was an increase of 6198 tons. Wool and hemp exports for ihe year were 252,332 bales, an increase of 33,771 bates more than in the previous year, being equivalent to 15.4 per cent.—wool 1592 bales, and hemp 31,942 bales. For the five months wool showed a slight decrease of 1164 bales as compared with the five months of 1909-10, while hemp showed an increase of 3127 bales. Exports were maintaining a satisfactory position. The coal handled reached 592,698 tons as .against 441,029 tons in 3908-9. This was a record for the port, and might be due in a measure to tie Newcastle trouble. For the five months the figures showed an increase of 11,771 tons in all lines except overside at wharves, where there was a decrease of 22.867 tons. The tonnage of vessels entering the port for the year totalled 2,901,371, represented by 3486 vessels, as compared with 3383 vessels with a tonnage, of 2,841,049. The increase amounted to 103 vessels, representing 60,326 tons. This exceeded all previous records, and, at should be noted, the board took no credit for men-of-war, Government vessels, and other.craft not engaged in trading. If this had been taken into account the tonnage would have been over 3,000,000 tons. The five months' showed an increase of 55 vessels, with an increase of 54,076 tons over the corresponding period of the previous year. Coming to the balance sheet and accounts, the assets of the, board on September 30, 1910, were' estimated at £1,109,732, as against £1,039,383, an increase of £70,349. The total liabilities of the board amounted to £750,079, leaving a balance of assets over liabilities of £393,662, as against £343,472 16s 6d, an increase of £16,189. The gross amount written off for depreciation during the year was £35,243, as compared with £32,304. Inward wharfage had increased by £2067, £1324 of which was due to the increase of charges. Transhipment wharfage amounted to £22,536, an increase of £4429. Of this amount £1748 • represented the new charge on coal overside. Outward wharfage has increased by £1780, of which £998 was due to the new impost. The harbour improvement rate showed a total of £10,008. Of this amount £2578 was due to the new tariff, or a net increase of £171. Storage for shedding cargo before and after hours showed an increase, other storages a decrease, and pressing a substantial increase. The profit and loss statement for the year showed a credit balance of £6216, as compared with a debit balance of £682 the _ previous year. The increased charges during the period under review , were in operation for five months. Had this not been so there would have been a dcficit_of £1798, not due to an increase of working expenses, but to the steady growth of the standing charges, so that it would at once be apparent that the imposition of additional taxation in May last was not only justifiable but absolutely imperative. Any further delay would have been disastrous. The sinking fund on September 30 amounted to £177,323 9s 6d, of which £116,566 13s 4d was investments and the balance accrued increase. The fund showed an increase of £9896 5s 4d as from September, 1909. The board contributed £4900, the balance erf the contribution being interest on investments. The average rate of interest was £4 10s as compared with £4 lis 2d for 1909, and £4 10s 5d for 1908. The investments were promptly secured. The broken periods were very short, and the fund was in a healthy condition. The rate of working expenditure to revenue for the year 1909-10 was 59.7 per cent., as against 61.3 per cent, in 1908-9. The financial position of the board at present was as follows :— On fixed deposit £110,000, less overdraft £40,000, net fixed deposit £70,000, plus loan arranged for by monthly drawings £26,000, plus amount authorised but not floated, part of the £850,000 loan, £50,000;— total, £146,000, so that no fresh loan was likely to be required during the coming year.