WELLINGTON HARBOUR BOARD

Wanganui Herald, Volume XXXXVI, Issue 13334, 24 March 1911, Page 3

WELLINGTON HARBOUR BOARD

FINANCIAL STATE Mi ENT. (Per United Press Association.) WELLINGTON, March 22. In a statement at the annual meeting of the Wellington Harbour Board to-night, the chairman (Mr B. Fletcher) said goods passing inwards totalled 435,439 tons, as against ,410,341 tons for the previous year, an increase of 25,198 tons, equal to (3.14 per cent. Outward shipments totalled 161,265 tons, as against 150,157 tons, being, an increase of 11,198 tons. For the five months' period there is an increase cf 6198 tons. Wool and hemp exports for the year were 25,332 hales, an increase of 3,771 bales more than in the previous year, being equivalent to 15.4 per cent. Wool 1592 bales, hemp 31,942 bales. For the five months, wool shows a- slight decrease of 1164 hales, as compared with ,the five months of 1909-10, while hemp shows an increase of 3127 hales. Exports are maintaining a satisfactory position. The coal handled reached. 502,698 tons, as against 441,029 tons in 1908-9. This is a record for the port and may be due in a measure to the Newcastle trouble. The tonnage of vessels entering the port for the year totalled 2,901,371, represented by 3486 vessels, as compared with 3383 vessels with a tonnage of 2,841,049. This exceeded all previous records, and it should be noted that the Board tabes, no credit for men-of-war, Government vessels and other craft not engaged in trading. If this had been taken into account, the tonnage would have been over 3,000,000 tons. The five months show an increase of 53 vessels with an increase of- 54,076 tons over tiie corresponding period of the previous year. Coming to the balance-sheet and accounts, the assets of the Board on September 30th, 1910, were estimated .at ,21,109,732 as against £1,039,383. an increase of 5670,349. The total liabilities, of the Board amounted to £750,07.9, leaving a balance of assets over liabilities of £393,662, as against £343,472 16s 6d, an increase of 0-616,189. The gross amount written off for depreciation during the vear was £35,243, as compared with £32,304. Inward wharfage has increased by £2067, £1324 of which is due to the increase of charges. Transhipment wharfage amounted to £22,536, an increase of £4429. £1748 of this amount represents the new charge on coal overside. Outward wharfage has increased £I7BO, of which £998 is due to the new impost. The harbour improvement rate shows a total of £IO,OOB. Or this amount £2578 is due to the new tariff, a net increase of £l7l. Storage for shedding cargo before and after hours show an increase. Other storages show a decrease and pressing a substantial increase. The profit and loss statement for the year shows a credit balance of £6216, as compared with a debit balance of £682 of the previous year. The -increased charges dnr-, ing the period under review were in operation for five months. Had this not, been so, there -would have been a deficit of £1793,-not due to an .increase of working; expenses, hut the steady growth of the standing charges, so that it wall at once be apparent that the imposition -of additional taxation in May last was not only justifiable, but absolutely imperative. Any "further delay would have been disastrous. The sinking "fund on September 30 amounted to £177,323 9s 6d, of which £116,566 13s, 4d was investments, the balance accrued interest. The fund shows an increase of £896 5s 4d, as from September, 1909. The Board contributed £4900, the balance of the contribution being interest on investments. The average rate of interest was £4 10s 6’d, as compared with £4 11s 2d for 1909, and £4 10s" 5d for 1908. Investments arc promptly secured. The broken periods are very short and the fund is in ahealthy condition. The financial position of the Board at present is as follows:—On fixed deposit, £IIO,OOO (less overdraft £40,000); net fixed deposit £70,000; plus loan arranged for by .monthly drawings £26,000; pins.amount antuoriscd but not floated (part of £850,000 loan) £50,000; total £146,000. So that no fresh loan is likely to be required during the coming year.