PORT OF OTAGO.

Otago Daily Times, Issue 20906, 21 December 1929, Page 9

PORT OF OTAGO.

THE YEAR’S OPERATIONS,

IMPORTANT ACTIVITIES. The report of the Otago Harbour Board for the period, October 1, 1928. to September 30, 1929, tvas presented to the meeting of members last night. In a comprehensive review of the board's operations, the chairman (Mr \V. Gotv) stated, inter alia:—"The year's work has been particularly heavy, the various matters relating to the purchase of the Port Chalmers wharves, the manifold questions appertaining to our comprehensive scheme, the Leith flood, the Empowering Bill, the Ravensbourne endowment area, the revision of by-laws, and the overtures of the Chamber of Commerce in regard to our harbour facilities and dues, demanding much time and thought." The following figures (shillings and pence omitted) give the financial results of the board's work for the period named, the previous year's figures being presented for the purposes of comparison. In submi ttine them, Mr Gow stated:—"l feel sure that if you will study the abridged statements of revenue, expenditure, trade and shipping, you will acknowledge that we have just cause for satisfaction." CASH RECEIPTS.

SUMMARY OF FINANCES. As stated in previous reports, the dock department's figures are now incorporated in the general accounta but for record purposes, a profit and loss statement has been prepared, and shows that the loss on the working of the docks for the year (after giving credit for £1347 for rents of endowments, etc., and allowing for £3738 for interest, £OSO to sinking fund, and £2083 for depreciation) amounts to f7BBO. This amount, which previously, with the exception of depreciation, was the subject of a transfer from general to dock account, now automatically reduces the surplus of general account. Under the No, 1 loan account we have expended the sum of £847 19s, the principal items being coastal survey £365. and Quarantine Island rock removal £320. Under the No. 2 loan account (£350,000) the total amount expended was £115,501 5s 6d, of which f81,99P was on account of the' new dredger Otakou, including tKe first three progress payments amounting to £80,421; £19,838 was in connection with raising and extending the mole; £2702 for the extension of Victoria wharf; £2,684 for Leith canal works; and £2468 on new P shed, Rattray street' wharf.

Dunne the year two further instalments ,of the £350,000 authorised under the board's Empowering Act of 1926, were raised in London at. a satisfactory price; £50,000, the balance of the first issue of £IOO,OOO being for the carrying on of the various local works mentioned in the preceding paragraph; and £125,000, the second issue, being for the payments on the new dredge.

The statement of income and expenditure for the year just closed, after providing for interest on loans (£62,030), contributions to sinking funds (£3900), arid the setting aside of £4OOO towards the redemption of loans falling due in 1934, and after allowing for depreciation of wharves, buildings, plant, etc., (£21,250), shows a surplus of £10,718. . IMPORTS AND EXPORTS.

The following return gives the. returns of imports and exports for the past two years:

1927-28.

Totals 244,724 200,947 445,671 STATEMENT OF VALUES. The statement of values for the past two years is as follws:— 1927-28. 1928-29. Imports £4,424.786 £4.944,427 Exports 4,196,813 3,629,196 Totals .. .. £8,621.699 £8,573,023

These figures are exclusive of coastal trade, no record of which was kept by the Customs Department. STATEMENT OF LOANS.

The report uivns the following summsrv of the statement of loans at .September 30 last: No. 1 loan £498.500 No. 2 loan 230,000 No. 3 loan 200.000 No. 4 loan 100.000 No. 5 loan 125,000 v a t ,j , - ~ No. 6 loan (dock) .. 65,000 Total £1,218,800 In respect of loans Nos. 3,4, 5, and 6 sinkinc funds of £2005 9a lid, £1558 10s lid, £1285.166 Id, and £3221 10s 2d respectively, have accrued, and in respect of Nos. 1 and 2, a special redemption tund of £56,580 has accumulated.

Year Tear ended ended Sept. 30, Sept. 30, 1028. 1929. £ £ 48,336 53,193 23,361 23.929 Pilotage, port charges. 43,580 49,890 Towage, cranago, etc. ' .. 3,003 3,333 Receiving and delivery .. 10,468 11,623 21,945 22,984 150,693 164,955 15,143 13,635 ,' 165,839 178,5190 Dock department .. 8,277 4,797 TRANSFERS. 183^388 No. 2 loan account re plant for mole works 1,718 _ Outstanding coupon account (London) .. 15 173 S51 383 388 CASH EXPENDITURE. 1928. 1929. 26.775 17,970 Engineer's department .. 3,501 3,626 24.454 27,338 H.M.'s Department (Includes tugs and light12.366 12,847 Insurance (accident, lire. and superannuation) .. 4,548 4.740 Receiving and delivery 7,808 8,306 Secretary and treasurer's 5,701 5,718 1,130 2,627 Interest on lonna. (general . 86,280 . 83,180 and dock) .. .. .... 53,702 62,466 Contributions to sinking 2,150 ' . 3,900 112,138 149,516 Main sewers—progress 5,576 4,591 Roadways—part cost permanent formation .... '2,850 • 2,737 Roadways— part cost paving Wharf street 2,726 Albany Street School (new site) compensation, etc. .. '.'. .. 5,115 Port Chalmers wharves- - first annual capital 3,000 Port Chalmers WharvesInterest on purchase t795 158,708 160,074 Dock working account.. 6,332 4,018 ' 165,011 105,593 Transfer to flro Insurance 350 350 Transfers to No. . 1 loan 944 Transfer to No. 2 loan account (adjustment) — 22 TRANSFERS RE LOANS REDEMPTION. £205,000. loan ....... 5,000 __ £5,500 dock loan .. .. 5,500 - Loans '(1934) redemption 2.500 33,000 178,391 205,010

Intercolonial and coastal. Oversea, Total. Tons. Tons. Tons. Imports .. 152,646 119,754 272,400 Exports ., 82,036 45,290 127,332

Totals ., 234,682 165,050 399,732 192829. Intercolonial and coastal. Oversea. Total. Tons. Tons. Tons. Imports .. 165,343 148.191 313,539 Exports .. 79,376 52,7-JG 132.132