SMALLER DEBIT IN THE HARBOUR FINANCES

Wanganui Chronicle, 17 October 1950, Page 4

SMALLER DEBIT IN THE HARBOUR FINANCES

Position Better Than Estimated The financial position of thfr Wanganui Harbour Board had improved somewhat and at the close of the year’s operations the deficiency in the receipts and payments account amounted to £2500, compared with an estimated deticieney of £5912, said the manag-ing-secretary, Mr. I. Iledditch, when presenting a statement of accounts for the year ended September 30, 1950, at the monthly meeting yesterday. "This is considerably better than anticipated when the estimates were first framed,” the secretary added. Receipts (not including rates) totalled £31.948, compared with £46.855 in 1949, when £18.240 was received by way of Government subsidy. During the past year, however, no subsidy had been granted to (he board. Expenditure for the year was £33.852, as against £48.240 In 1949, when provision was made far paying hire on the Westport dredge Maui amounting to £12,359. Items of receipts wh’ch exceeded last year’s figures were: 1950 1949 £ £ Wharfage and *11.1.R. 19,681 16,822 Ship dues . . 1323 1178 Pilotage ....... 1150 1076 ♦Harbour improvement rate. Cargo handled at the. port during the year amounted to 87.637 tons, as

against 80,928 tons the previous year, an increase of G 709 tons. "Provision was also made during the year for the board’s new. dredge, and in (his instance a sum of £2952 had to be found for transportation costs of the vessel from Leith to Now Zealand, in addition to an amount of | £1233, which was required to meet a i portion of the purchase price, there not being sufficient, funds in the Kai--1 one dredge sale account,” the secrei tary stated. i "There still remains approximately £10,009 which will have to be provided for during the current year. The I final amount owing has not yet been ! determined, as several adjustments re- | quire to be made before finality car be reached. "I would like to draw members’ r/'tention to the matter of the financial' I position and it will bo incumbent on I | the board to exercise the greatest economy in order that the accounts may be balanced, and the present bank overdraft considerably reduced.” i The cool stores department had operated satisfactorily during the year, the receipts amounting to £14.366. as compared with £11,758 in 1949. Buildings had been well maintained and a considerable sum, £1447, was expended on this work, i "A surplus of £l5OO remains in the | account and I would suggest that this ! amount be transferred to the fund j account.’’ the secretary added. i "I would suggest that an approach be made to the Treasury in order to : ascertain whether the balance of the : dredge account, could be spread over . two years. Similar were ' mad? for the Kaione when the vessel | arrived in Now Zealan <. This agree- i ment was with the Admiralty,” the secretary added. I The report was adopted.