MUNICIPAL TRADING

Otago Daily Times, Issue 23637, 22 October 1938, Page 14

MUNICIPAL TRADING

HALF-YEARLY ACCOUNTS PROFITS REDUCED BY NEARLY £12,000 LOSSES ON TRAM AND BUS SERVICES The profit and loss accounts of the Trading Departments of the City Corporation for the half-year ended September 30, 1938, disclose a reduction in profits and an increase in losses totalling £11,912 I4s 9d. The Gas Department alone shows an increase on the profits earned for the corresponding period last year. The profits of the Electric Power and 1 Miting Department were'reduced by over £SOOO, and the city tramways and buses and the Roslyn tramways all showed losses. The Mornington line showed a reduction of £ls in profits. The figures for each of tiie departments, with the figures for the corresponding period of last year in parentheses are as follows: Water Department.—Profit of £5369 19s lid (£5554 6s 2d), a decrease of £lB4 6s 3d.

Gas Department.- Profit of £7059 15s 5d (£5324 17s 8d), an increase of £ 1734 17s 9d. Electric Power and Lighting De-partment-Profit of £30,288 6s 8d (£35,466 12s 9d), a decrease of £5178 6s Id.

City Trams.—Loss of £3623 11s 2d (profit of £4232 17s lOd), a decrease of £7856 9s. Buses.—Loss of £5Bl 2s 7d (loss of £278 12s 10d), a decrease of £302 9s 9d.

Mornington Trams. —Profit of £423 11s 4d (£438 11s Id), a decrease of £ 14 19s 9d.

Roslyn Trams. —Loss of £ 1000 16s 2d (loss of £BB9 14s 6d). a decrease of £lll Is Bd.

The total figures show the profits for the half-year just ended to be £37,936 3s sd, compared with £49,848 IBs 2d for the corresponding period of last year and representing a decrease of £11.912 14s 9d.

The balance sheet and other statements of the Dunedin City Sinking Fund Commissioners for the year ended March 31, 1938, show that the total amount of the funds at the close of the year was £498,836 6s sd. The increment for the past year averaged £4 3s per cent.