SOUND FINANCE

Wanganui Chronicle, Volume 80, Issue 306, 27 December 1937, Page 5

SOUND FINANCE

AUCKLAND HARBOUR BOARD LARGE SURPLUSES REPORTED. AUCKLAND, Dec. 22. A very favourable position for the financial year ended September 30, 1937, was reported to the Auckland Harbour Board yesterday by the treasurer and accountant, Mr. Garratt, The balance-sheet showed assets amounting to £5,685,314 and liabilities £2,710,435, leaving a surplus of assets over liabilities of £2,974,879. The statement of cash receipts and payments included £440,861 ordinary revenue, and £37,413 as the first instalment of the agreement with the Navy for the receipt of £101,780 in regard to the Calliope dock, together with sundry items, makig an aggregate of £630,460, payments totalled £567,856, leaving a surplus of £62,604. The revenue account, as distinct from cash transactions, revealed an increase of income over expenditure of £40,625, the total revenue being £460,523, made up of £455,340 harbour due from the Waitemata account and £5183 from the Manukau account. The estimated cash receipts for the year ending September 30, 1938, include the following items: Balance October 1, 1937, £62,604; harbour dues, £440,000; and second instalment Calliope dock agreement, £32,617, Those, together with smaller items, make a total of £565,766. That figure is offset by the following items of estimated expenditure: Interest, exchange, sinking fund and principal instalments on all table loans, etc., £221,700 part redemption expenses, £29,000; works commitments, £54,130; and maintenance and working expenses, including retrospective wages, £182,600. The balance at September 30, 1938, is estimated at £59,036. Not included in the above items of expenditure are the following works, which have been approved in principle, but yet have to be authorised; Modernisation of Ferry Building, £6000; stevedores’ gear store, £40,000; new workshops, £10,000; eastern boat harbour, £6000; plant and machinery, £2500; launch engine, £2000; and de-’ velopment of old dock site, £lOOO. The estimated receipts under the loan account, for loan works already in progress, total £98,000. Allowances for expenditure for harbour works include £42,000 for the Hobson wharf, £37,000 for cranes, girders and dredging at the Central wharf, and smaller items to an aggregate of £83,150. The estimate of revenue and expenditure for the year ending September 30, 1938, provides for £447,000 revenue, £414,700 expenditure; a credit balance of £32,000. The financial statement and the estimates, with an amendment allowing for the wharfage charge on bulk motor spirit and kerosene to be reduced to 2s 6d a ton, were approved.