THE WAITAKI ELECTRIC POWER BOARD

Otago Daily Times, Issue 22285, 11 June 1934, Page 12

THE WAITAKI ELECTRIC POWER BOARD

to THE EDITOR Sir,— At the Power Board meeting on May 29 “ Ex-Employee’s ” letter . received their first public mention by ,a member of the' Power Board. “ ExEmployee” has already stated that any inquiries addressed to him to the care of the Daily Times Office by Power Board members or others will be answered id the columns of your paper. It has been suggested to members that they disprove my assertion that a trading loss was experienced by the board for the year ended March 31 last. In a speech at the annual meeting Mr M’Diamid stepped boldly into the breach and acted as apologist for the board. He attempted the hopeless task of showing that “ Ex-Employee ” was wrong, butmade a dismal failure of the job. He said “ attempts had been made to show that a profit of £1719 was due only to a compulsory reduction of interest on loans.” He further said that £BOO was the measure of economies in staff reductions, etc., and the position was otherwise improved by £I7OO. Strange to say, these figures are approximate to those used by “ Ex-Employee,” so that Mr M'Diarmid is standing on boggy ground when he uses them. And I challenge him to, prove that the interest reduction for the year ended March 31, 1934. was not at least £lßl9 and the declared profit £1719, after economies of £BOO. As a matter of fact, a newspaper has published that for the portion of the year affected these economies amounted to £292; the chairman's estimate was nearly £BOO for a full year. Thus, estimates, prepared for the year 1933-1934 were not nearly maintained. I ask this question: Will the £BOO in staff economies be reached this financial year? I repeat two other "questions: What was the number on the staff in Mav. 1933? What is the number in May, 1934?

Here is another of the promised bullets: In the balance sheet for the year ended March 31, 1932. the amount of interest On loans was £9637 14s od. For the year ended March 31, 1933, it was less by £lOlB 12s lid, thus making the interest debit £8619 Is 7d. Yet the figure in the balance sheet is £8585 2s 7d. Why the discrepancy? Possibly the explanation is simple, but “ Ex-Employee ” admits he is bamboozled. Then it has been published several times that “the further interest reduction ” for the year ended March 31, 1934. was £Bl9. As I calculate it, the amount standing in the latest balance sheet should be £7760 2s 7d. I presume this is correct, and hone it does not show the discrepancy existing on the previous balance sheet. In conclusion, I wish to state that I was never dux of the Oamam North School, nor was I ever a pupil there. Moreover, I have never participated in a shooting drive at Hakataramea.—l am. etc.. Ex-Employee.