HARBOUR REVENUE

Sun (Auckland), Volume III, Issue 675, 29 May 1929, Page 7

HARBOUR REVENUE

SUCCESSFUL HALF-YEAR

j ahead of estimates r

Receipts into the Auckland Harbour Board’s general account during the six months endir>g March 31. totalled £320,024, and payments £211,022. leaving a credit bslanoe of £109,002.

This statement was made in a report submitted to the board at a meeting yesterday by the treasurer and accountant, Mr. C. F. Garratt. “0£ this sum £68,833 was applied io advance for loan works and the ac tual cash credit at the end of the half-year was therefore £40,169,” continued the report. "The statement shows very satisfactory relation to the proportion of ihe year's estimates. The receipts as previously reported exceeded the estimates by over £7,000. To this is added a saving on several items of expenditure, loan redemption expenses £2.000, maintenance £5,500. The general account is therefore in a very satisfactory state. •The interest and sinking fund is in agreement with the estimates. The imount shown was £198.000. We have paid £101,500 and the balance, £96,500, is scheduled for payment in the second half-year. •The rate of the expenditure on capital and loan works has been considerably below the estimate for the half-year. Sundry works in general account estimated at £ 17,200. have called for £ 15,064, a reduction of £1,536. Loan works estimated at £50,050 for the half-year appear in ;he schedule of payments at £39,419. These savings and deferred disbursements l)ave enabled general account to carry the loan load to the extent of £68,823. Thus it has not been necessary to issue debentures to the extent provided for in the estimates.

"We have sold debentures for £50,000, and there is indication that rhe raising of the remaining figure, £137,000, in the estimates may be left until the end of 1929. -This, of course, reacts favourably upon the estimates for next year in respect of interest and sinking fund payments. "Redemption at January 10 of £350,000 was effected . according fo schedule by new loans, £223.000. and application of sinking fund. £127,000.”