AUCKLAND TRANSPORT BOARD

Otago Daily Times, Issue 22908, 16 June 1936, Page 10

AUCKLAND TRANSPORT BOARD

LOSS ON YEAR'S OPERATIONS

HEAVY PAYMENT FOR EXCHANGE (Per United Press Association) AUCKLAND, June 15. A deficit of £10,187, compared with a deficit of £8351 last year, is shown in the balance sheet for the year ended March 31 of the Auckland Transport Board, which was presented at the annual meeting of the board to-day. There were large increases in both revenue and expenditure. Tlfe sum of £20.036 wa« paid as currency exchange.

The chairman (Mr H. G. R. Mason), the Attorney-general, said the total revenue for the year, £544,824, was an increase of £22,l39 Aver the previous year. The year's expwises at £501,010 showed an increase of £20.074. After payment of interest (£112,111), Kinking fund (£25,532), and other payments there was a defu-it of £10,187. This deficit included the sum of £4042 payable by way of redemption of portion of the board's loan indebtedness.

The report reviewed the position regarding the board's liability to pay in sterling the interest on the 5 per cent, and 5| per cent. London domiciled debentures of the Auckland citv tramwav loan of 1910 (£1,250,000) and'mentioned that an appeal would be made to the Privy Council.