TRAM FINANCE

Star (Christchurch), Volume LXVI, Issue 20281, 16 April 1934, Page 7

TRAM FINANCE

£19,026 DEFICIT FOR YEAR. Report to Board. REVENUE RESERVE FUND NOW USED UP. A deficiency of £19.026 is shown by the revenue account of the Christchurch Tramway Board for the year ended March 31. 1934. The Works and Traffic Committee reported at a meeting of the board to-day that the earnings of the trams and trolley buses during the year totalled £174,522, and operating expenses came to £124.560 leaving a balance of £49.962. From this sum, a deficiency of £5471 from previous years was deducted, less a proposed transfer of £2550 from the reserve tund, leaving a balance of £47,041. Commitments for interest (£45 581) sinking fund (£1857) and renewals (£18,629), totalled £66,067, resulting in a deficiency of £19,026. The Petrol Buses. The petrol buses account showed a defioency of £952. Earnings amount£4B9l° 81 ’ and °P era ting expenses £4821 Provision for interest and sinkmg fund totalled £912. The report added that last year the revenue accounts were balanced by using £18,690 J5S* tbe avenue reserve fund. Onlv £2550 of the reserve fund now remained and it was proposed to use this balance to wipe Off part of the old revenue wo b ‘lll ‘if 40471 • The year therefore w ° uld h ?ve to carry £2921 of a former ;" deb ‘ edn f s; ' „ But against this, the y ear had benefited by the loan conversmn process to the extent of £12,932 which included interest amounting to £5543 on tramway debentures held bv depreciation fund commissioners and loan conversion tables enabled the commissioners to waive. The account had not yet been discussed in detail by the committee. It was now submitted for the information of the boa r d alld n °t for final adoption The accountant and his staff were entitled to credit for getting out the profit and loss account of such a large undertaking in five days after the year closed. The chairman (the Rev J. K. Archer) stated that details of the board's account would be submitted later, and the report was received without discussion.