HARBOUR ACCOUNTS

Wanganui Chronicle, Volume 80, Issue 248, 19 October 1937, Page 12

HARBOUR ACCOUNTS

REVIEW OF PAST YEAR A DRAFT BALANCE-SHEET COMMENT GN THE FIGURES. A draft balance-sheet covering the operations of the Wanganui .Harbour Board during the past year was placed before a meeting of the board yesterday, and was accompanied by a report from the managing-secretary (Mr. W. J. Gardner). Mr. J. Siddells, a member of the board, commenting on the figures, said that the finances did not augur well for the future, and suggested a comprehensive report be prepared setting forth the financial policy to be followed. “What of the future?’’ was the question asked by Mr. J. Siddells regarding the financial position of the board. He stated that at the present time the board was in a position which did not compare favourably with that of previous years, and he would like to have some indication as to the prospects. He was alarmed at the shortage of tonnage which had made itself apparent in the past few years, and was not satisfied with th trend. Under the circumstances he would like to see a special report on the finances prepared. Mr. W. Morrison said that the picture was not as gloomy as Mr. Siddells had painted it. The depression during the past few years had been responsible for boards in other centres finding themselves in circumstances similar to those of the Wanganui body, and he was of the opinion that the future would hold better prospects. The railway and road services had done much to rob the harbour of its trade, but nothing could he done in the face of this. It was the shipping the port was handling at the present time that it must hold. As for preparing a report of the future prospects of the board, it was practically impossible, and he considered that the managing-secretary, Mr. W. J. Gardner, had done good work in preparing the statement as he had done.

Mr. W. J. Gardner pointed out that it was the duty of an executive officer to place the figures before the board for their consideration, and his work ended there. As for estimating what lhe future might hold, that would be putting something in writing that he could not substantiate.

“Generally speaking, the acccounts show a saving on the estimates and an improvement on last year’s figures,” stated Mr. Gardner in his report. “On the general account the board estimated to receive £38,610, and the actual receipts were £38,674, an increase of £64 over the estimated amount. The receipts for last financial year were £37,055, therefore this year’s receipts are £1619 in excess of that year. The main items of increase are wharfage £21,963, as against £20,722, an increase of £1241; harbour improvement rate, a new item, £1282. The other items of receipts are maintained and in the majority of cases show increases. The wool store account figures are below those of last year by £619, being £2055 as against £2674. The reason for this is that last year, owing to the increased price for wool the accumulated stocks of wool were disposed of. On the expenditure side, the board estimated to spend £25.467; the actual expenditure was £23,964, a saving of £1503 on the estimates. The items showing the largest savings are:—

“There are several items estimated but the works were not carried These would represent £450. The wool store shows an excess of expenditure of £219 over the estimated sumf; this is accounted for by the increased costs for wool bands and wages. The remaining savings are spread in small sums over the various items. “The expenditure for .last year amounted to £18,642, some £5322 Jess than the sum spent this year. As the iecommissioning and the operating of the Kaione cost £6878, the difference is more than provided for in this item alone. “The debit balance at lhe commencement of the year was £17,116,

and at the end £20,478. Against this sum, however, there are outstanding rates and accounts amounting to £19,489. Having regard to the various difficulties met with during the year, I thing it may be said with confidence that the board’s year has not been an unsatisfactory one.

“Dealing with the cool stores department, the credit balance on this account at the end of the year was £1094, as against £9lB at the beginning, an improvement of £176. The receipts were estimated at £11,229, but actually amounted to £10,367, a deficiency of £862. The receipts for storage amounted to £9601, as against an estimated sum of £10,500, the actual receipts for last year being £9828. Although a drop has been experienced, approximately the same quantity of produce was handled, the explanation being that there have been more West of England shipments, where the period of storage is shorter, and towards the end of the season the dairy produce was shipped more promptly than in the previous year. On the expenditure side, it was estimated that £11,229 would be spent, but actually only £10,190 was expended, a saving of £1039, thus mere than counterbalancing the deficiency in the receipts. The main items where the expenditure was lower than the estimated amount were: Wages £225, repairs and maintenance £167, contingencies £2OO, and lighterage £298.

“The value of the sinking funds on October 1, 1936, was £38,415. During the year debentures to the value of £5BOO were redeemed and cancelled, and the value of the accumulated sinking funds at the end of the year was £39,868. Taking into account the debentures redeemed, these funds show an improvement of £7273 for the year; of this amount the board’s funds provided £5788, the balance representing interest earned. “On the loan account the board has spent £5241, in anticipation of the £15,000 to be borrowed, which leaves an amount of £9759, plus Government subsidy available for the completion of the mole work. “The cargo handled shows an increase for the year, the summary being: —Imports, 1936-37, 105,135 tons; 1935-36, 96,234 tons; an increase of 8901 tons. “While the exports show a decline of 1,686 tons, the reltives figures being 46,844 tons for 1936-37, and 48,530 tons for 1935-36, this is accounted for mainly by the large quantity of wool which was railed from Wanganui instead of being shipped through the port.”

Soundings taken by the harbourmaster (Captain F. E. Naylor) during August disclosed the following depths: At entrance, 19ft. 6in., 16ft. 6in., lift. 6in.; mole ends to Castlecliff Wharf (beacons line D), 19ft., 16ft., lift.; Castlecliff to Town Wharf, 12ft. 9in., 10ft. 6in.; in berthage at Town Wharf (to pile 24), 14ft. 10in.), to pile 33 13ft., 10ft. 9in.; gas wharf, 14ft., lift. 9in.; Imlay Wharf, 12ft., 9ft. Gin. (all high water ordinary spring tides, high water neap tides, low water ordinary spring tides, respectively). The harbourmaster's report was received at yesterday’s monthly meeting of the board.

Estimated. Expended. Saving. Kaione . £7250 £6878 £372 Bucket Dredge e £2250 £2052 £198 South Spit ... . £-100 £240 £160 A saving on these items of £730