H—4s

of erection as at 31st March, 1949, the Commission has appropriated a further £lO,OOO this year from National Administration Fund (see Section (e) ) to Buildings Reserve, making a total of £75,000 in that account. In accordance with the policy initiated in 1944-45, the Commission has again charged the National Administration funds of ports where buildings have been erected with a " maintenance " levy of 5 per cent, on the original capital cost to cover depreciation and major repairs and maintenance. For the year ended 31st March, 1949, these levies amounted to £2,943. After provision for depreciation (£1,625), administration charges (£73), and maintenance (£153), the balance of £1,092 has been transferred to Accumulated Funds, making a total of £2,642 available as at 31st March, 1949, to meet future repairs and maintenance charges on these buildings. (c) CONSOLIDATED (VOTE, " LABOUR AND EMPLOYMENT ") FUND (See Appendix, page 94) The parliamentary grant from Consolidated Fund (vote, " Labour and Employment ") was £17,230 for 1948-49, an increase of £l5l on the 1947-48 appropriation. " Salaries " show a net increase of £786, mainly due to a rise in total of Commissioners' and Members' fees through the appointment, as from 6th December, 1948, of a parttime Authority in addition to the full-time Commission. " Travelling-expenses," on the other hand, show a reduction of £635. The net expenditure provided by way of charges on grants from Consolidated Fund for the nine years period 1940-49 now aggregates .£113,953, or an average of £12,661 per year. The estimated net expenditure for 1949-50. is £17,160. (d) CO-OPERATIVE CONTRACTS FUND (See Appendix, page 80) The Co-operative Contracts Fund total income is still increasing, and at £3,231,082 for the year ended 31st March, 1949, is £291,626 greater than the total income for year -ended 31st March, 1948. This increase is accounted for, firstly, by a greater volume of shipping and cargo handled, and, secondly, by the increase in basic rate of wages. The total number of contracts for 1948-49 was 4,179, an increase of 52 (or 1£ per cent.) on the total for 1947-48, and cargo handled amounted to 5,737,597 tons, which was 174,702 tons (or 3 per cent.) greater than 1947-48. The basic rate of wages was increased from 3s. Bd. per hour to 3s. IOJd. per hour as from 14th February, 1949, with corresponding increases in co-operative contract rates. Profit-earning income at £2,816,405 represents 87-16 per -cent, of total income, as compared with 85-69 per cent, in 1947-48 and 82-61 per cent, in 1946-47. Net profit at £325,680 is £40,149 greater than in 1947-48 and is equal to 11| per cent, on profit-earning income as compared with 11| per cent, in 1947-48. Profit distributions and grants total £303,170 for 1948-49 and are £22,454 greater than for 1947-48. This represents 93-09 per cent, of net profit, as compared with 98-31 per cent, in 1947-48. The balance of £22,510, or 6-91 per cent, of Appropriation Account has been added to accumulated funds, which at 31st March, 1949, total £62,760. The percentage assessment for administrative costs at £40,388 is £3,645 greater than for 1947-48, but, as in that year, the whole of the appropriation of £lO,OOO to Buildings Reserve has been made from National Administration Fund (see Section (e)). Both " debtors " for contracts, &c., and " deposits " against the working of overseas vessels show a decrease on 1947-48 figures —the former by £21,441 and the latter by £29,312. (e) NATIONAL ADMINISTRATION FUND (See Appendix, page 83) The sources of income of this fund remain the same as for 1947-48, but the rate of National Administration Fund levy was varied by Order No. 65, which reduced it from Bd. per paid hour to 6d. per paid hour as from 4th October, 1948. .

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