TWO PUBLIC BODIES

Otago Daily Times, Issue 22268, 22 May 1934, Page 11

TWO PUBLIC BODIES

TO THE EDITOB. Sir, —It would seem that the identity of " Es-employee " is a bit of a mystery to the powers that be. By keeping my ears open and my tongue silent 1 hear the street rumours. To stop a few I announce that I am entitled to the nom de plume I use, but I do not referee football matches, am not lame, have Dover grown sweet peas on my land, yet T am able to compare balance sheets and study figures with leisure and wisdom. It is, indeed, a compliment t» in/.

former letter of the 10th inst that no comment or repily has yet appeared in your columns. It would therefore seem that my statement that the Power Board for the year ended March 31, 1934, made a trading loss is to go quite unehaljengea. Surely something for me to crow about! But did the Power Board members know this? Did the minority member* know this? If they did not, and they care to write to " Ex-employee," >care the editor of the Daily Times, I ghall be pleased to enlighten them. In hia annual report the chairman mad© a very full statement. It read very well. He told us that " the extra interest reduction on the loans" for the year was £875, but he refrained from telling the ratepayers that the 20 per cent, reduction in interest was made in two stages of 10 per cent., each over two years. Therefore the interest reduction the previous year was also £875. In presenting his report he should have known quite well that it was necessary to add these figures together to raaks the reduction of interest £1750 for the year just ended. Did he make a mistake? But if my statement remains unchallenged, what then? lam fairly intelligent, out I am hardly to be blamed if I wonder. Did the year show a profit? Did the year show a trading loss? If a trading loss was experienced for the year, to what extent was that nice item "reserves" called upon to turn that loss into a profit on the balance sheet.

But figures again: Saving of interest, £1750; economies, say, £1000; total, say, £2750. ProHt, £1719. Now, is the difference a loss or a profit? In comparison with those of the "Waitaki Electric Power Board, the affairs of the Borough Council seem to be flowing on smoothly and from time to time progressive moves are made by the various departments. The water race framings have been greatly improved, the gardens and baths have been enlarged, many new roads have been formed and tar-sealed, town maintenance has been kept down, the Gas Department hau had a successful year. For three or four years in succession the present council,' composed mostly of business mejj with only three years' council experience, anxious to win their spurs, have reduced the rating burden. This in face of lower rents and a greatly reduced valuation roll. The rates have in that time been reduced by Is Id in the £, making Oamaru now one of the lowerrated towns. In fact, it will be impossible to make the. rates a great deal lower, as the bondholders will not allow it. . .

It is a strange corollary that some of the members of the Power Board are the same old gentlemen who used to handle the affairs of the borough. Possibly at next election these old gentlemen will retire and make room for men, plenty of whom are available, similar to those who have quietly, efficiently, and without rancour or quarrelling, so improved the financial position of the borough and saved the ratepayers' purses many thousands of pounds. Let us hope so.—l am, etc., Oamaru, May 15. Ex-employee. Other Letters to the Editor appear on page 1 2.