AUCKLAND TRANSPORT BOARD

Otago Daily Times, Issue 22269, 23 May 1934, Page 12

AUCKLAND TRANSPORT BOARD

DEFICIENCY IN ACCOUNTS. (Special to Daily Times.) AUCKLAND, May 22. The deficiency in the Auckland Transport accounts for tbo year ended March 31 amounted to £15,737, and a deficit of £11,634 is estimated for the current year. These figures were disclosed at a meeting when the estimates for the year were under consideration. “ The deficiency for the year,” said the chairman (Mr J. A. C. Allum), “is made up almost wholly of book entries necessary, to provide the annual writings oil on account of works already carried out and actually paid for in former years. Although budgeting for a deficiency in the current year’s working the board is not imperilling the cash position, which is quite satisfactory. The board’s policy is to give public service at cost, and it is difficult to meet the unexpected and abnormal addition expense of the London exchange and sales tax without raising the fares, which the board does not propose to do. In the estimates for the current year provision has been made for the sum of £20,463 for exchange on loan interest to bo remitted to London, and the estimate of the cost of material to be purchased is increased by approximately £5300 for exchange, and approximately £llOO for sales tax. The total of these expenses is £26,863, and this additional expenditure can be met only by exercising the,utmost economy in every direction, as 66 per cent, of the board's total loans is domiciled in London. The interest reduction resulting from legislative action in the Dominion affords the board relief to the extent of approximately £BOOO only. In the estimates provision has been made for the payment in full of London interest at rates ranging between 5 and 6 per cent., which in the present circumstances arc unduly high rates. Every endeavour will be made to convert these loans on terms more in keeping with the existing conditions. In this connection I should like to point out that while the board desires lower rates of interest there is no doubt that the British investor wishes longer term loans, and I have always been of the*, opinion that it is on this basis that negotiations should take place. This opinion is confirmed by my late experience in London, when lenciing institutions holding tramway debentures offered a reduction in interest of 5 per cent., provided the term of the loan was extended by five years. Although the board ia budgeting for a deficiency, no opportunity will be lost to reduce the expenditure and to ‘obtain additional revenue. AUSTRALIAN STOCKS IN NEW YORK (United Press Association.) (By Electric Telegraph—Copyright.) NEW YORK, May 21. Commonwealth —Fives, 1955, £94 10s; 1957, £94 12s 0d; 44,'£92 6s. New South ■ Wales are not quoted. Queensland sixes, £IOO 10s; sevens are not quoted. LORNEVILLE STOCK SALE VALUES EASIER. (Special to Daily Times.) INVERCARGILL, May 22. All yardings with the exception of fat cattle at Lorncville stock sale to-day showed a big falling off compared with last week. The market for cattle and sheep showed no change, and if anything prices for fat sheep and cattle were poorer. Fat Sheep.—Good quality wethers realised up to 24s 6d, and lighter weights from 20s Cd to 225; prime quality ewes, up to 18s 9d; good quality sorts, 15s to 16s Cd; and freezing ewes, round about 14s. Fat Lambs. —All classes realised round about schedule rates. Good quality sorts sold from 25s to 26s 6d for heavy-weights, and light and unfinished 20s to 21s 6d. Fat Cattle.—There was an extra large yarding of fat cattle, and again there was a big percentage of aged and unfinished cows. Prime quality heavy-weight bullocks realised up to £6 17s 6d; good quality, £5 10s to £6 ss; light-weights, down to £4; prime heavy young cows, up to £4 12s 6d; good quality, £3 5s to £4 ss; aged and inferior, down to £1 15s; prime handyweight heifers, up to £4 10s; and lighter weights, from £3 5s to £3 15s. WORLD RECONSTRUCTION STATE INTERFERENCE CONDEMNED.

Professor Gustax Cassel, of the University of Stockholm, who delivered the Cob. den lecture before the Royal Society of Arts on May 10, advised resistance to the economic leadership of governments. He said the so-called planned economy, due to the mismanagement of the world’s monetary system, threatened to end in economic dictatorship. Government interference was world-wide. The uncontrollable process of cumulative protectionism wag bound to result in national isola. tion and the deterioration of civilised life. The parliamentary system was overworked and was even corrupted by the burden of controlling the economic life, hence the dictatorships. The best way of planning would be to reconstruct the social order based on economic freedom and individual responsibility. The first step should be to adopt the monetary programme Britain had submitted to the Economic Conference, implying internal strengthening and external widening of the sterling bloc. The gold standard had proved inferior to a, well-regulated paper standard like sterling. PUBLIC TRUST OFFICE BUSINESS IN APRIL. Estates of a value of £456,984 were reported and accepted for administration by the Public Trustee during the month of April. The total value of the estates under administration by the Public Trustee on March 31, was £60,760,493, as compared with £59,757,449 on March 31, 1933, a net increase of £1,003,044 (after allowing for estates closed during the year). Grants of administration made by the court in favour of the Public Trusteco numbered 138 for the month. During the month 306 new wills appointing the Public Trustee executor were deposited for safe custody with the Public Trustee by living testators, and in 306 cases existing wills on deposit with the Public Trustee were redrafted, or codicils to wills were prepared, at the request of testators to provide for changes in their plans for distributing their estates. The total number of wills now held in the Public Trust Office is 81,572. BENDIGO RISE AND SHINE GOLD MINING COMPANY, LIMITED. The Prospectus of the above-named Company is now issued and it deals with a solid and profitable type of investment worthy of careful consideration. Applications for a copy of the prospectus may be made to any member of the N.Z. Stock Exchanges or to the interim Secretaries, C. S. 6. Aitchison and Stewart. Public Trust Building, Dunedin.—l2/5/34.