Dairy Company Pays One-Third Of Whakatane Harbour Wharfage Revenue

Bay of Plenty Beacon, Volume 12, Issue 5, 9 December 1947, Page 5

Dairy Company Pays One-Third Of Whakatane Harbour Wharfage Revenue

A point made by the chairman of the Whakatane Harbour Board, Mr W. R. Boon, in his report to the annual meeting of the Board on Friday was that over one-third -of. the Board’s total wharfage revenue is paid by the Rangitaiki Plains Dairy Co. This, he said, was a fact not generally realised, particularly by the business community, and the retention of that account played a very important part in keeping the Board’s finances in a sound position.

During the year under review, Mr Boon said, wharfage receipts had increased by £BOB 19s 8d to £4,234 12s 4d. With progress of the district and the town going on at the present rate he added that he saw no reason why -the revenue should not soon be back to' the 1936 peak level of £5,500. The year ended with a credit balance of £4,371 5s 8d of which £2,417 7s 5d comprised the Endowment Account. It would be remembered that this fund was created through the sale of the post office site to the -Government, the Supreme Court directing that the purchase money received from the Crown had to be expended in the purchase of additional lands or'access to the Board’s existing endowments. Total receipts for the year including rates were just under £IO,OOO. All items of expenditure remained stable with the exception of works expenditure, which increased by £2,873 3s. Reclamation and river training accounted for the increased expenditure which stood at £3,743 3s 2d. The Board had repaid its Capitalised Interest Loan of £2,700 and in 1950 Conversion No. 2 Loan of £11,700 would mature. Indications were that the sinking fund investments with the annual instalments would provide sufficient funds to repay this loan at maturity. Also £22,216 had been repaid of the Board’s £64,300 Conversion No. 1 Loan, which would be fully repaid in 1962. The current annual charge for interest and sinking fund was mow reduced to £4,921 6s. J Mr Boon concluded with thanks to the members of the Board and to the staff for their co-operation and efficiency., Chairman Re-elected Mr Boon was unanimously reelected chairman. Reassuming the -chair, he said he appreciated the honour and would do all in his power for the development of the port, which now ranked 17th in New Zealand as regards the tonnages handled. Members present at both the annual and ordinary meetings were Messrs Boon, H. W. Brabant, . W. Hunter, C/McKenzie, A. L. Richardson, R. Ruddiek, C. T. Smith and H. G. Warren.