POWER BOARDS’ LOSSES
OPERATIONS IN WAIROA. ACCUMULATED DEFICIT, £15,000. Gisborne, June 13. Details of the heavy indebtedness of the Wairoa Electric Power Board were given in the annual' review of the board’s operations presented by the chairman, Mr. E. H. Glendining. It showed that the accumulated deficit now stood at almost £15,000. Tire report stated: “The balance-sheet discloses a loss on the year’s working of £4617, as compared with a loss of £3755 for the previous year. The greater loss made during the past year is due to the falling-off in" the sales of electricity, a loss on the trading account, and extraordinary expenditure involved in repairing damage caused to power lines and equipment by the earthquake on September 16. The accumulated deficit in the net revenue account now stands at £14,947, as against £10,330 at March 31, 1932.- No rate was levied by the board during the year to provide for reduction of any part of this deficit.” The year’s transactions of the showroom and wiring department resulted in a trading loss of £353 _and the board has decided to cease trading.
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Bibliographic details
Taranaki Daily News, 17 June 1933, Page 7
Word Count
183POWER BOARDS’ LOSSES Taranaki Daily News, 17 June 1933, Page 7
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