YEAR’S WORKING

Southland Times, Issue 21770, 27 July 1932, Page 7

YEAR’S WORKING

P. & T. DEPARTMENT.

SATISFACTORY RESULTS.

(Per United Press Association.)

Wellington, July 26.

Results regarded as highly satisfactory have been achieved by the Post and Telegraph Department, considering the difficult conditions of the past twelve months.

The net revenue to March 31, excluding interest on investments, amounted to £3,636,392, compared with £3,647,507 for the previous year. The expenditure was £2,244,566, against £2,800,647 last year. The drop in expenses was marked. The surplus of the total cash receipts over payment was £920,664, compared with £402,772 for the previous year. Decreased work reflected itself in the expenses which dropped by £556,081. The revenue for the quarter ended June 30 was £972,319 and the expenditure £533,304. After deducting £46,250 due to the Stamp Duties Department, and £136,500 interest on capital liability, and making sundry adjustments the cash surplus for the quarter from which provision has been made for depreciation is £274,723. Although much has been said of the wholesale relinquishments of telephones, the figures are illuminating. For the year to March 31, the net loss was 2.9 per cent, of the whole., Up to the end of last month the loss was 3.89 per cent, which is considered very satisfactory, as there is always less business in the winter time.