SOUND PROGRESS

Sun (Auckland), Volume III, Issue 667, 20 May 1929, Page 11

SOUND PROGRESS

WAITEMATA POWER ; BOARD MEETS SUCCESSFUL YEAR “None of us was optimistic enough to forecast that during the year just closed we should be able to pay all working expenses and capital charges and carry forward a surplus of £6,924.” So said Mr. J. W. Hayden, chairman of the Waitemata Electric-Power Board, in presenting the annual report and balance sheet at the first meeting of the new board this morning. Prior to the re-election of Mr. J. W. Hayden to the chair, Mr. A. Main, secretary of the board, acted as chairman. A hearty welcome, was extended to new members, who suitably replied. The chairman’s honorarium was fixed at £250 a year. The annual report disclosed that the total revenue for the past year was £08,287. The estimates brought down in April, 1928, provided for a total revenue of £ 59,500 gross, so that the board exceeded this figure by £8.787. The gross revenue receipts for the year ended March 31, 1928, were increased by £13,095. The net revenue a consumer last year from 0,018 consumers was £8 14s 3d. compared with £8 3s 7d for each consumer for 5,572 consumers the previous year. The average increase of 10s 8d a consumer was pleasing, particularly in view of the fact that reductions totalling £3,685 were made to consumers in their lighting charges. “The estimates for this financial year which have been adopted by the board provide for a gross revenue from sales of current of £70,000, and although I am of the opinion that this estimate is a safe and conservative one, nevertheless it must be remembered that reductions in charges made this year, together with the deletion of the 5 pe.r cent, charged to New Lynn consumers as an outer area, will naturally offset a«ny anticipated larger increase,” said the chairman. “Our estimates were based on 500 new consumers for the year, and it is pleasing to note that during the month of April 87 new consumers have been connected". LOAN MONEYS The total loans authorised, including the liabilities of the Hevonport electricity loans, were £301,000, of which £344,200 had been raised, and £339,785 has been expended. On April 1, £19,273 was available for future extensions. The new board will have to deliberate before December, 1929, on the question of seekingauthority to raise another loan. The following districts have been reticulated during the past year: County; Taupaki district, Huapai, llobsonville airdrome, Helensville outer districts, Kaukapakap a- Kan oh i, Oratia, Nihotapu. North Shore: East Coast bays, Greenhitlie. FUTURE POLICY “By sound administration we have succeeded in bringing the board’s financial position to a very excellent condition,” said the chairman. “Nevertheless wo will have to exercise a very prudent and cautious policy during the next two years. The payable unreticulated areas in sight are limited, and it will no doubt be found that we will have to give serious and continuous deliberations to further developing our present domestic and industrial loads.” At the conclusion of the meeting the chairman extended an invitation to members of the board to be his guests at luncheon at the Waitemata Hoi el.