FINANCIAL POSITION GOOD

Timaru Herald, Volume CXXXVII, Issue 19450, 27 March 1933, Page 8

FINANCIAL POSITION GOOD

REVIEW OF HARBOUR YEAR. .CHAIRMAN’S ANNUAL REPORT.. At a meeting of the Timaru Harbour Board on Friday, the chairman (Mr. G. T. Dawson), presented the fifty-sixth annual report, which covered the Board’s operations for the year ended September 30 last. The report stated that the credit balance at the beginning of the year in the general cash account was £693 6s. 2d., and finished with a debit balance of £1672 6s. 9d. Ordinary ships’ dues, etc., showed a decrease of £4376 10s. 7d„ as against the previous year. Rents, also, showed a decrease of £145 14s. od., but this decrease was caused by the operation of the National Expenditure Adjustment Act, 1932, and the current year would show a greater decrease. The Dredge was under charter to the Oamaru Harbour Board until 15th February, 1932. The amount received for hire for the year under review had been £5964 10s. Od. The total receipts for the year were £52,227 12s. 7d„ comprising general receipts £40,986 2s. 4d„ hire of Dredge “No. 350” £5964 10s. od., and harbour rate £5277 os. 3d. The payments for the same period were as follows: General £34,493 13s od., interest on loans £15,543 2s. 6d.. and sinking fund contributions £4556 10s. Od. Trade and Shipping. The number of vessels entering the port was 389, with an aggregate tonnage of 514,167 tons, as against 404 vessels of 542,275 tons for the previous twelve months. The number of oversea vessels calling was 50 as against 59 the previous year. Of these 50 vessels, eight were over 500 feet in length between perpendiculars. Both the imports and exports showed a decrease as compared with the previous year—imports had decreased by 12,292 tons, and exports by 9005; the total tonnage handled being 104,624 tons as against 125.921 the previous year. The number of bales of wool exported had been a record for the port, 49,955 having been sent away. The previous record was in 1914, when 49,909 bales were shipped. The year had seen the completion of the work of repairing and building up the Eastern Extension. This work, which was completed in November, 1931, had cost in all £36,217 15s. od., which sum included £BIOS 16s. Bd., for removing and relaying the tramlines on the beach and Otipua Road—the whole cost being borne by the revenue.

: As it now stood, the Eastern Mole ■ could reasonably be expected to withstand the heaviest of the southerly , seas. : Reduction of Rates. While the previous year the rate was ‘ reduced from one-eighth to one-six- ! teenth of a penny (£5277), in the year under review a further reduction of one-sixty-fourth of a penny or approximately £1421, had been made. In addition, the harbour improvement I rate of 6d. per ton on exports and im- ■ ports, amounting to approximately 1 £3340 per annum, had also been re- ‘ moved, this reduction coming into ; operation on Ist October, 1932. This • rate was imposed in 1921, and it was interesting to note that the amount it had realised was £36,745 12s. 3d., which approximated to the total expenditure on the Eastern Extension. ’ The by-law dealing with this rate had been repealed. The National Expenditure Adjustment Act, 1932, came into operation during the year, and had the effect of reducing the rents by £96B—against which the saving in interest was £1471. The Board had provided work, whenever possible, for a number of unemployed, the main part of which had been the levelling and formation of sections and streets on the reclaimed land, lifting the line through Fyfe’s land at the quarry, and oiling the plant that was now laid up. The tramline on Otipua Road became unsafe for ordinary street straffic, and it had been sealed up with asphalt. Should necessity arise, it could easily be reopened. Supply of Water to Shipping. Owing to the rates charged for water in this port, the Shipping companies were securing their requirements elsewhere, and this led to negotiations with the Timaru Borough Council, the result being a reduction in price and restoration of the former business. Wrecks of 1882. The Timaru Borough Council commemorated the anniversary of the wrecks of the City of Perth and Benvenue on 14th May, 1882, and oppor- | tumty was taken to hand over to the I Council from the Board, the old life- ! boat and rocket apparatus, to be hous- ! ed on Caroline Bay, as a memento of I that fateful occasion.

Retirements. The Board’s Engineer, Mr. F. W. Clarke, A.M.1.C.E., retired on superannuation after 24J years of faithful service. Mr. Clarke was an officer who proved his ability in all the work that came under his control, and earned the confidence and esteem of successive Boards, and also of those associated with him in his work. In his wellearned retirement from active service, he carried the best wishes of all with whom he came in contact for a happy and peaceful eventide. Mr. James McCort, having removed from the Fairiie district, which he represented for six years on the Board, resigned, and in his place Mr. Smillie, of Albury. was elected. During the year death removed two old servants of the Board, Mr. Martin Joyce, and Mr. James Ward, both of whom had seen long service, and were superannuated. Wharf Repairs. During the year the repairs to Nos. I and 2 Wharves had been pushed on. It was found that many of the piles were in a very bad state, having been there since the erection of the wharves twenty-seven years ago. The renewals were of a substantial nature, and should, when completed, leave the wharves as good as or better than when new. This work had been carried out by the foreman, Mr. J. V. Carlson, the Board having decided that, in the absence of any difficult engineering works, it would not meantime appoint a resident engineer. Conclusion. Through the difficult times that all local bodies were experiencing, the Board had reason to be satisfied with the position it was in, and despite the fact that the trade of the port in common with that of other ports in the Dominion, had been reduced, the financial position remained satisfactory. There did net appear to be anv heavy expenditure ahead, at least in the near future. During the year just closed, the chairman said he could only voice his appreciation of the support and confidence accorded to him by members of the Board, and also of their keen interest in the business that came befexe them. To all heads of departments he extended his best thanks for their continued faithful service and efficient discharge of their various duties. To the Press he also expressed thanks for their continued good work.