GOOD PROFIT SHOWN

Taranaki Daily News, 13 April 1935, Page 7

GOOD PROFIT SHOWN

POWER BOARD ACCOUNTS DISTRIBUTION OF LOAN MONEYS. The annual accounts of the South Taranaki Power Board, tabled at the meeting of'the board at Hawera last night, disclose a profit of £341 Is Id from sales of stock and group wiring operations, while the income and expenditure and net revenue accounts show a profit of £4674 6s 6d from all sources. The main items of expenditure during the year were: Purchase of electricity from Public Works Department £5632, generation of electricity £3124 17s Id, maintenance of all lines, transformers, meters, plant, equipment and buildings, including dost of meter reading £2007 10/ sd, management and general £4082 14s 9d, testing, inspecting and canvassing £774 12s 9d, discounts allowed £5660 14s 3d, election expenses £3 18s, interest, 'sinking fund and depreciation £13,618 7s lid, unauthorised and" other expenditure £2BB 13s lid, total expenditure £35,193 9s Id. Revenue was derived from the following sources: Sales of current £39,049 6s' 7d, profits from trading account £341 Is Id rents £307 8s 7d, interest received and sundries £169 19s 4d, total revenue £39,867 15s 7d. The net revenue account shows. that £lOOO has been written off preliminary expenses account, £lOOO off goodwill account, £lOOO has been transferred to the general reserve account, £lOO to stock depreciation reserve account and £lO9 7s 4d to bad debts reserve account, leaving a balance of £3855 15s lid to be carried forward to next year’s accounts. The capital account discloses that of the original loan of £187,500, loan moneys to the extent of £182,572 3s 2d have been raised. Of the loan of £40,000 authorised by the southern portion of the board’s district (originally the outer area) an amount of £20,010 7s Id has been raised. Capital expenditure on reticulation etc. has absorbed £195,696 8s 8d of these amounts, leaving a balance of £6886 Is 7d available in. stocks, sundry debtors for financial assistance advances and cash. The capital expenditure for the year was £13,255 17s. The general balance-sheet of the board Is as follows: Liabilities: Amounts raised by loans, less loans repaid, £198,372 4s 9d sundry creditors £2095 Ils 3d, statutory and other reserves £40,963 19s, total £241 431 15s. Assets: Net amount expended on works £195,696 8s Bd, stocks on hand £5191 16s 7d, sundry debtors £2423 7s 2d, investments of reserves £29 243 13s 6d, cash in hand £4(l, cash at banks £8836 9s Id, total £241.431 15s Estimates of revenue and expenditure as follow for the year ending March 31, 1936, were approved: Revenue: Sales of current £38,600, rents £250, profits from trading £2OO, interest and sundries £l5O, total revenue £39,200. Expenditure: Cost of power £9200, maintenance of lines, transformers, meters, buildings and other maintenance including cost of meter reading £2900, management and general £4BOO, canvassing and testing £760, discounts £5200, interest, sinking fund and depreciation £14,300, sundries £lO4O, total expenditure £38,200. The board had more than carried out its promises to the ratepayers made when it took over the existing concern, said Mr Murdoch. A total of 99.83 per cent, of charges over the five years had been collected, leaving only .17 per cent or £360 as bad debts. Congratulations to the chairman and those associated with him in making the report were expressed by Mr. E. Long.