HARBOUR BOARD.

Sun (Christchurch), Volume VI, Issue 1588, 17 March 1919, Page 9

HARBOUR BOARD.

THE ANNUAL MEETING. The forty-second annual meeting of the Lyttelton Harbour Board was held i to-day, there being present—Messrs A. Kaye (chairman), F. Horrell, J. Storry, S. K. Sleigh, H. B. Sorenson, Geo. Scott, W. J. Walton, E. J. Howard, J. J. I Graham, T. A. Blaekley, T. D. Boag, Dr. I Thacker, M.P. and the Hon. E. Moore, M.L.O. | The chairman in his annual address said that the year had been a financially ; lean one, especially during the last six nionths, due to the exceptional lack of I tonnage calling at the port, consequent j upon the ravages and demands of the war, combined with the effects of the influenza epidemics throughout Australasia. Thanks, however, mainly to the i excellent returns shown in the stores ' results, the general and special renewal accounts closed with only a d-encieney of £520 8/2, as against twelve months ago. The graving dock had just about paid working expenses and no more. The Sailors' Homo had a good record, as the amount received for the year for board and lodging has been £707 18/4, as against £449 12/10 for 1917, and no special grants in aid had been required to carry on this institution. This result was largely due to the capable management of Mr Patterson, the late superintendent.

A pleasing feature of the accounts was the improvement of £3447 17/6 in the Special Renewal Fund Account, which now stood at £21.091 1/8. It was very important for the future financial interests of tho board that this fund should steadily be built up, as, though the wharves, dredges, tug, dock, etc., were, broadly speaking, in excellent working order, yet deterioration never stops, and repairs, renewals and replacements must take place as time goes on. During the past few months several interviews and discussions have taken place with tho railway authorities regarding the improvement of tho facilities for passengers to and from the ferry steamers. Though some minor details had still to be finally arranged, yet they were hopeful that when all the alterations were completed the result would add much to the comfort of travellers landing and boarding these steamers from day to day. One of the side issues of the epidemic has been the very infrequent call at Lyttelton of the Sydney liners, which, for some time past had been, more often than not, turned round at Wellington, thus adding to the congestion in the stores there, delaying the deliveries and increasing the cost to consignees here and incidentally to consumers, also inferentiallv losing a certain amount of benefit to" the Port of Lyttelton. Probably this had largely been unavoidable, but it was to be hoped that the local steamship companies would soon have more of their steamers set free from war work, so that this trade might speedily resume pre-war conditions. Mr Kaye congratulated the members of the board's Christchurch staff on the arrangements that had been made for the improvement of the office ae-

commodation, which had been more or less inadequate for over 20 years. He moved that the accounts as balanced and audited to December 31, and certified by tho Controller and AuditorGeneral, b% adopted, and that the reports and statements be received. Dr. Thacker, M.P., seconded the motion. He did not agree that the epidemic had caused the trouble in regard to the congestion at Wellington and the transhipment trouble. Unless the Lyttelton Harbour Board bestirred itself, they would have Timaru Harbour getting ahead of them, and attracting shipping that Lyttelton could not. BEPORT AND BALANCE-SHEET. The annual report and balance-sheet for the year ended December 31, 1918, was presented. It stated that, taking into account the disorganisation of shipping, due to the war, the board revenue had remained fairly satisfactory, though this was substantially due to the good returns from the board's stores. The earnings for the year amounted to £63,562 9/2, or £3835 16/2 more than during 1917. The wharfage returns showed a decrease of £678 14/7, due to a falling-off of 42,075 tons in the quantity of goods passing over the board's wharves.

The value of exports from the port of Lyttelton was £3,225,428, a decrease of £700,813. There was an increase in the value of imports, which were £3,781,115, an increase of £537,254. The number of vessels that entered the port during 1918 was 1841, a decrease on the figures for the previous year of 142. The total tonnage- was 1,128,900, a decrease of 274,558 compared with the previous year. Tjje board's assets exceeded its liabilities" by £507,773 10/-, an increase of £13,365 1/2 for the.year. The Profit and Loss Account showed that after allowing for all running costs, maintenance, repairs, dredging, interest on loans, contributions towards liquidation of £200,000 loan, and depreciation on the board's properties, there was a credit balance of £3054 5/7. The balance in the Sinking Fund Commissioner 's Account was £108,543 9/8. The average rate of interest now earned by the fund was 4.88 per cent. Assuming that the rate reached 5 per cent., as was likely, the fund would amount to upwards of £IBO,OOO at the date of repayment (1929), while the board's indebtedness would be only £BO,OOO. The balance of receipts over expenditure in connection with the grain stores was £1287 14/(i, or £920 14/7 more than was necessary to cover interest and depreciation on the value of the stores. The credit balance on the cold stores was £1291, or £435 15/9 more than that required to cover interest and depreciation. The value of the board 's properties was £023,810 17/-. The chairman's motion was carried.