"MIS-STATEMENTS"

Wanganui Chronicle, Volume LXXXIII, Issue 19840, 14 May 1927, Page 6

"MIS-STATEMENTS"

THE TRUE POSITION HARBOUR BOARD FINANCES Drawing the attention of the meeting to the fact that during the recent election campaign various statements had been made which he said, called for denial, Air A. G. Bignell, chairjnan of the Wanganui Harbour Board, last evening placed before fellow members figures concerning receipts and expenditure. “Briefly,” said Air Bignell, the position of the Board is as follows: — “For the seventeen years ended December 31, the surplus of ordinary receipts amounted to £40,454, to which must be added amounts received as compensation for the surrender of leases, etc., £2,589 making a total of £43,043. “The expenditure was—repayment of overdraft at January 1, 1910, £6,025, capital expenditure £21,127, making a total of £27,152. There is therefore a credit balance in hand at December 31, 1926 of £15,891.

“Summarised, the position is that over the period of 17 years all charges, maintenance and interest, and sinking fund payment, (with the exception of the first year on each loan) have been made out of the Board’s ordinary revenue, and at December 31, 1926 a credit balance remained in hand of £15,891.

“ It is interesting to note that during the seven months ending April 30 Last, the revenue has been sufficient to meet all charges without having recourse to the Revenue Fund.”