IMPROVEMENT OF £2720

Taranaki Daily News, 9 November 1935, Page 9

IMPROVEMENT OF £2720

OPUNAKE HARBOUR FUNDS RATES REDUCED BY 25 PER CENT. PROGRESS OF PAST THREE YEARS. NO LONGER IN DEBT TO BANK. A marked improvement in the financial position of the Opunake Harbour Board was shown at the monthly meeting of the boatd yesterday, when the treasurer submitted the annual balance-sheet showing that during the past three years the cash position had improved by £2720, while in the same period the rate had been decreased by over 25 per cent. The position regarding the collection of rates was also satisfactory. Members expressed appreciation of the manner in which the treasurer had handled the affairs of the board, particularly in the collection of rates. The credit balances in the various accounts at September 30, 1935, \ totalled £1473 12s Id as compared with a debit balance of £1285 12s Id at September 30, 1932, reported the treasurer, Mr, C. N. Thayer. That improvement, he considered was due to some extent to the reduction in interest charges but as against that the rate had been reduced from 1 25-32 d in £1 over the town area and 19-32 d in £1 over the country area for the year ending April 30, 1932, to 1 5-16 d and 7-16 d in £1 for the year ending April 30, 1936. In addition the amount of £743 had been paid to the sinking fund from the sale of assets over and above the annual instalments.

The most pleasing feature during the past year had been the liquidation of the debit balance in the harbour fund account, which three years ago was £1273, and as a result the removal of the board’s indebtedness to the bank. A review of the rate position showed that for the year ending September 30, 1932, the outstanding arrears amounted to £1847 16s 2d. For the year just ended the amount outstanding was £750 12s. Of that amount £361 was owing by natives, leaving £389 owing by Europeans. Of that amount £235 was owing for the year ending April 30, 1935, in respect to which no drastic action had been taken. ®

The position of reserve rents had also been greatly improved during the past three years. The arrears at September 30, 1932, were £126, while at September 30, 1935, they were £6B. The whole financial position and the state of outstanding accounts could be regarded therefore as very satisfactory and he hoped during the coming year to achieve more success as regarded the collection of native rates. The assets under loan works in the balance-sheet were still over-valued, but they had been reduced to a reasonable figure and they could be finally adjusted when all saleable materials had been disposed of. He had provided for five per cent, depreciation on the dwelling, that being the first time such provision had been made.

Mr. Thayer thanked members for their consideration and especially for their unanimojis support and approval of his actions in the collection of accounts.