CITY TRADING

Otago Daily Times, Issue 21774, 13 October 1932, Page 10

CITY TRADING

DEPARTMENTAL REPORTS THE HALF-YEARLY RETURNS INTERESTING COMPARATIVE FIGURES The town clerk (Mr G. A. Lew in) submitted the following statement dealing with the profit and loss accounts of the trading departments for the half yen'ended September 30, 1932, to tbo meeting of the City Council last night:— The comparison with the figures for the .corresponding half of the previous year is as follows (shillings niifl pence omitted) :

WATER DEPARTMENT. The Water Department’s revenue from rates has been reduced by £502 for the half year, consequent on tbo reduction in the rateable values of the city by £45,000 as compared with the previousyear. The revenue from special supplies and sundries has also decreased by £BSB, making a total drop in the revenue of £1420. The working expenses show a decrease of £5lB, but this is almost wholly due to the fact that there was no expenditure on Deep Stream survey Diis year, as against £474 iu tbo first half of last year. The charge for interest is increased by i £483 consequent on the issue of the balance of the waterworks extension loan last year, and the charges for renewals and depreciation arc increased Py £391. The total expenditure therefore shows an increase of £350, which, added to the decrease of £1420 iu the revenue, makes a -reduction of £1776 in, the net profit. GAS DEPARTMENT. The revenue of the ! Gas Department shows a drop of £2028 as compared witn the first six months of last year. The decreased output of gas accounts for £BB2 of this amount, and the revenue from residuals and sundries also shows a decrease of £1146. The total working expenses arc reduced by £1445, of which the reduced quantity of coal used accounts for £lOl3, The charges for interest, depreciation and renewal fund have increased by £742. ’ The total outgoings show a decrease of £703. ELECTRIC DEPARTMENT. The revenue df the Electric Department shows a decrease of £IB3B, -but against this the working expenses have been reduced by £2807, and the charges for interest, Depreciation and Renewal Fund have also been reduced by £2004. The total reduction- in the outgoings is therefore £5471, and this has enabled the department to show an increase of £3032 in its net profit. The reduction in interest is due to the department’s 0 per cent, loan of £184,000 having fallen due on March 1 last, of which £159,000 was renewed at 5i per cent, and the balance of £25,000 was paid off out of Sinking Fund.

1 TRAMWAYS DEPARTMENT. The revenue of the city tramways has fallen bv £2007 as compared with the ■first half of last year, but there have been reduction's in the outgoings, amounting to £4988 thus leaving an improvement of £2980 in the final results. Working expenses have been reduced by £3272 dbe partly to the fact that the first half of last year did not have the advantage of the 10 per cent, cut in wages till Interest has been reduced by £1341 due to £27,500 of loan having been repaid out of Sinking Fund in March last and the balance renewed at 5-i per cent, as against 0 per cent, paid previously. The payment of £375 per half year for accident insurance has now been cancelled as the fund has grown to such an extent as to be self-supporting. MORNINGTON TRAMWAYS. Mornington tramway revenue shows a decrease of £290, but on the other hand, the working expenses have been reduced by £241, and the interest charge is reduced by £59.

E.OSLYN TRAMWAYS. Roslyn tramways revenue has decreased by £l5O, but the expenditure is practically the same, there being a reduction of only £8 on the total outgoings. The result is a loss of £i7 as compared with the profit of £7l for the first half of last year. ' '■ MOTOR BUSES. The revenue ,of the motor buses managed to hold its own, there being an increase of £ll for the half year. On the other hand, there have been substantial reductions under each heading of expenditure. the total reduction amounting to £IO4O. This enabled the buses to show a profit for the half year of £291 as compared with a loss of £760 for the first half of last year. Amalgamating the figures of the four .departments shows that there have been reductions iii the total revenue amounting to £7749, and that there have been reductions in the outgoings as follows: Reduction in working expenses £9,508 Reduction in interest 2,123 Reduction in depreciation and renewals 475 Total reductions .. £12,100 This leaves a net improvement of £4417. The report was received.

19112. * R . r, ;; AVater 10,77a •1,000 ■1.770 Gas 7.(181 0.358 •1.323 Electricity .. . • 20,271! 23,000 73.032 City trams (loss) COO 2.010 72,080 Mornington .. .. 878 OS! to Itoslyn 71 77 *148 EustS (loss) . .. 700 201 •1.051 33.302 42,780 74.417 ' * Decrease. t Increase.