PORT HISTORY.

Dominion, Volume 3, Issue 718, 18 January 1910, Page 7

PORT HISTORY.

A YEAR'S RECORD, FINANCIAL POSITION AND OUTLOOK v ,annual' report on;^^the. year'ended • September 30,-.i9G9,- the secretary of. tho Wellington Harbour Board (Mr. 11, E. if', tuies" bayo '.;bpen'.'-: "of 4 : .-jdepression:^^in;';the. hemp'.'and fthe; by ;firo :of . tho Waterloo Quay, wool„ shed "J";. tho v<- appointment i ;.Mn:rchbink6[,' :Inst. .C.E., :as- the.board's.: engineer; cictta.commencement.:.bf ~thq.; E yans:Bay, '■ioolamation, - and extension: of- the Mira.- • mar-wharf; the cstabliiihßient, -of:- an :IT;-tijjnj hwith'}^.''the-i.boMd's^^ ~:£yatem ior .-'berthing,' : vessels; .the,yaltora< v;,; tion of' by-laws-dealing IwitH .. suburban . wharvesr the-rfetu'emeut.: of..Alr. D. ,I'. i'i Stuart;' -jr.l^A,T^'.Js,: after . years : of: -l-Tgeryioe of Sinking Fund -''-Cdmiuissioncrr -aiid tho-'.appointment .of Mr. O. S Watkins, I'H/ V A, as bis .a'Buccessor; l aud : .the;- holding.rin;-Wellington ssof-.the ourth-■ conference of-Ithe Harbours •';:/A^dati6a'<'^.N^>.Zealand. ; /'->K6ui'.-the. • point of view of revenue, the year has f .not; been so goo'di'as'.the preceding.:year. ,-- :r lVade : ivas -'dull,- :alm'ost; nil .classes of : "imports - fell',; oil, and although : exports tol.the. standard: of ; years;- hemp. suffered;a further deJ>i^S':siJ}»e.>Wter" x ix-to • August, were ..for. .'.manr-i,:-jii = eicess' f ;of; .;vfiigns : of a revival of! h-'ade,'and wuh good ptices liiig' 'fpr ,tncsliamp imports sHourd pass. . harbour'.'worfe; eiilier 'ponbriued-or .;...CB»struction and.;c-arryi 'out o 1; the fol- - lowing -.—The - Tefono - wharf,., the. - Iving s -;--.whar£ and • stores','JtKoV Clyde.,Quay--wharf st6rK J --ttelgraViiife : 3ockV,.tlie' .dredg■J Quay roclaraarian, and ;,extenston.'.' of: esa &wall-and"-culvert^Van'd,;tho -,erefjti6n : a; 3arge timber ii'ool.slied i 'adjaceut..t6-King's J-wharf.-';SA .contract:bad;been"let .for;-'a' sea ' vail and ' earthworks ; at: Miramar,;. arid. : one for the": extension": of-;, Miramar .wharf, \»qs advertised Wool Shod Fire. ;'--;;ln''connection:--\vith';the'-destTUCtionby-Vfir«:of :the;''J" ; Svo&^^^^^ Estates-that, : jtho salvaged hemp .and;tow - vas eventually sold-- by. the board,, ivith : ,tho -owner'a;* for..^£soo.';: The ---.-.cos'tsVof: -salvage amounted:. t0 and yth«' fc-the;;fir«.' aninanfed.' ; tq.-^37Qv'.VTlie^^sh'ed ; )vas. - built ' in : 1882.''-": Tho ~' building, . -plant and ; machinery;' iWere', "in'sureq, ' throngh tho: .Standard:, Firo Insurance Company, ; : Ltd;, iil hvority' of ihe firo of-; ;'. Bees ; doing .-business in Wellington for : 'i 0270, which' amount- was erfii&ally; com.muted for ,i£SOCQ. v rj; J>;;;' Loans. : • >. , : ,- Doaling ::vrith.:finance',- tho-': secretary riayi: ''In new of tho probability-.-of the : inv;tno>riear '-futtire', -' to .'exercise; some'.'portion' of the milhon ;bor- ; Towing powers acquired last year,-.it .may .. "be: of "value: again .to set .out here the present-position"' ofsthe'-,';6850,p00 epnsqlir ./.dated it^'borxofwing-;vj6^e^; : '^hiyi;.' : . : {opped ) • the board's, limit pnor to,thc -session: of ■ ;:iMfeTh6tinformation:vVVASv given:;£ullyK ; »a--page' 13.:0f the- report, of tho "late; ■.secretary and treasurer (Mr. William • Jfrguson): for .the year ended September := SO,-1907, . and tho' following, merely, serves 4o -bring' it- up to date.. Inoluded m. the : -Consohaated Loan of .£859,000 is the sum ~oi J5250,000 fc which is set,apart for tho: -■construction andequipment of tho'gravr ling dock now- being laid down. . I'or.smk-. . ing' fund .purposes-.tl)'e t\yo portions are .treated as : one loan, and the sum , of i J24800 is annutdly handed > to - the- eominjssioners half-yearly instalments. .Cartful:calculations show that the sinkang fnnd of the old loans (which lS'alJready m the'commissioner's bands—see statements ,'C - and 'l)'),- with theso half- :: -yearly contributions, and past and future: "•accumulatioiiß 'of. interest:.thereon,r-.iiYill--sufficient'' sum; to >■-redeem-the : consolidated .loan 'Qni J ofjnor to, August 28, 1946. . i."Of the 000 borrowing powers the toard has, at-present, , arranged to exerciio' iBOQ,OOO' only, leaving. to ; bo -arrangeil l for at a' later date, as the pay'f last ' tbo ; :-:amounfc:faptuallyit; raised X ; yras' ?^li^,oo6.f;"ln.;-'ordCT,ttejpv i ; jng fund from' accumulating tb ;.niiwieldy. • dimensiois, all-the ..debentures are ißSued' subject .to - repaymont .: by half-yearly .^drawings.^|.'-'Wbon\.dfiwii';tliey'-b^nie"ttei- - property - of tho commissioners of smk- - lug f upds,: to .whom tho: interest ;will conv tinue to bo ipaid ;until all. the - deben'..tares- are ;in,;their: hands, or until. they; ,-vliaye;. sufficient i.'funds.vfqr Jbeir : '. v redenip-;' ;:;tioni 'i 'I V: ;; : l , "The -Wellington. Harbour Board dates : for ; -;th ! o:'payiiientjriterest - on'all i its ; debentures .arev,half-yearly l :.ou ;tho 28th' days of February and August."- ;Tho following stat'6ment;;'shows:_the ' position'; of. the board's loans:' at . September -. 30, ?issued, ; V.:Sepfember.: $0,'vX909,' ,£tißs,oo9; :: arriount of annual'; inter&tiiorii sold! to- '>.: -"J59;115; ri atrio.Unt ■ of Annual InteresVon iiffioo,ooo,s'when;iftll ; de-,-bentnres sold, i 93,875 i "'sinklnß Fund. ~ :'ti'AtSeptember.': 30;-;-BOO,*".'tiid' ! sinking ; fund:, amounted,;.to.?; J100,657-,: r 6s.-;-.0d.,: :as it represented bK.,. ; inyesfenents,-and'" in i ad- - dition to , <£7G0;175r.5d.; of.rintar.est. • accru-. ;.-,.iiig, ..bn't., ri6{:;diie,*,bn 1 that'':date;;-, Tho; ;; i£9soi ,9s.' 10d; ; tho: aniount' , ' ! of'j£37,92'i / 14s? - 4d.,l at • -■which: it; stood ,:oil ;of:-which: siim : ----the .'-: board - contributed ; ing- made. ujr-'oi.'- interest- on inveytnients. •'The raterot;interests- pn the-; inip.etoents. attS«p.tQmbko3o,:/li)09; ; -wasi -.'.lls-.' 2d.-,-::as):compared with <£4 10s. sd.' at'.Septomber;Bo, 1908. ,'As bitlierto it he' -;i.un(l tias at; com-; , pound interest-, - the idle.- amounts havt, ingr .been- .trifling,' :'a'ri'd 'for?"very short -.'periods. ; y ' ■ Claims Paid. 'Vi-'Kbe.- daims; : paid t by .-.the.--:board ' for jigoo.da dun9g.>,tberpa{it.-; twelve ::,Bmqunted',. < ls. -id.j. ~ opihpared with -i.153 and X 193 during, the two pro--yioos • years,.tho .683 Js'.'.'.ld:,; ; the. :6um.:-of <£32 17a. 9d. ,>_vas duo to accidents; ji£9:;3s,. lld.- .to -loss- of goods; 16s, 31d, to pilfering ,_and 12s 6d. to errors by -board's j employees." : ;-the.ryear : aro.als^),,g-iven- in .. ' : A-nsummary ,-of- thesiJ.was at zthe •_meeting,,-:o£ jthe. - board - on Novoinber c2it and .pubUsbsd-m.'i'liij Dostimov. iii^ri-;vNi(idlls--vSuirtEM.'i>r;;IMiii9r]ss::ii,-j1Miii9r]ss : :ii , -jl 1 s .VQUId; again j-draw;. a{tori'tion-.'.tb - the. fact; ; last-7three annual rethatfHoT largo I'iri'crcaso'"of; coal' iitronshipped-. L ojersid6';.at~whai;«s' iileaps ItHe berths. 'At i i c'p're»iitfc(^'-' l ß®'.<{w^ith~payß;no : yhari- ' .•ag'e, ; .nor a?e ; I th6.,'bulks l .charged.berthage wharj. ,or-along-ride; a :vessel .;at .a. wharf. :' .I,would sug- ; abilityof; - ohifgingi;'ai',wbijrfage; Jtate oil. jpoal; transhipped overside at wharves, arid r;;!:;-.>What the »Si)lpplng ConlributfS. Tho receipts-—from -v.' the: ' ;.ina^^s>;department,' i .-includirig: berthage,. 'Tate, adjnßtcd-'by ''ainounts ;duo-..t0 ; the' board at. the beginning and ond of the ' f pprio'cl, amoanted •;to' ,'-.£23,717, <as • coinpared with.iie23,22B in" the preceding year, il'he-^working, «xperiditure,' : adjusted; ;tiy, amounts duo by board at' beginnings arid '.end; of period,." totalled J14535, ; ; as. ooiripared -in -the previous-verfr, . leaving a surplus : as; against .-,£18,756 3'in;.-;tne r -.preceding period. ; ,The. . capital . expenditure ' of. • the . depart-' merit was .E477, leaving • a;net "balanco "of : .£18,405, as 'eoinparod with preceding, year . of ;i,16,957. "'lf -to thlS'grqss 'balttuca of' £18,105-' from . harbour-iuaster's' -'depart- ■: inent and berthagq-rate.'-is' added :tho re-; ..venue from harbour improvement l rate ...(J57259).we get. a ■ total of je25,6W,' which ',-KprtMnt9the. : direct'c()ntribution-=onthe part of the. sbippjmg Jtowarcfs 1 the •'staiid- ; ing: charges: .'for nianagenient, : 7emking : -fund;f'and-depreciation on tho -■'wharv(is-' and ::raciliti€s,-jprovided . for* its use. • The harboiir; iinprdvenicnt .rate re; - ccipts,. adjusted by; amounts duo to board r;';at.' : beginnlng;an(J.;:e.nd '.of : period,:' totalled '•;'iE72s^.: £is against 5^(932;, ;,;t.{he\;ipreceding . .Vy«ar,':a) decreaseV.px 5 - fall-' ainj. os,in'-;:the.-impott.,trade,.of; the port;

The- berthage rato in-like manner dc-creased-.from JC7S2G. to '47135, a.declinc of •£B9l, explainable by the si\uie reason."

: Sources of Receipts. "The summary: arid analysis '.' of ' tile board's ''gross. revenue -for the year, endedSeptember SO, 1009,' shows that, the revenue 'has fallen iram .0170,709 to <£165,422, 'a decrease, of : <£11,287. as; cornPared ivith increases ; aiid'4l6,ol2-in the' three-preceding ycarly periods.!' - This serious fall is .almost entirely.: owing, to the depression, in the ijnport trade which - has prevailed; throughout the year. The diversion.'of oyer 10,C00 tons, of : coal fj/oin ' tho chargeable to the freo list,- owing to the taking'over of the Wellington' and-Ufajiawatu: line' by: the Government, - accounts -jtho' loss 'of oyer. 4500. of revenue , to the board "j but! apart from this;' the'falling off in imports and. the . shrink-ago nf inward: harbour'.'improvement.'- rate, -berthage rate; etc.,' fully with -: tho one' important' exception. of hemp, been in aV-satisfaotory;.condition,' but from the point of .view of the board's revenue- they/do; not redress the balance of .the account; the bulk being; either - shipped direct;' from' railway ;truck,- or, overside vessel,' and- paying (jilly siipence per ton wharfage.' • ' • : ; j

i Increases and Decrensos. : :■ ''Inward .-wharfage .has,: decreased from <£50,174 to'-£4-1,093, a decline'of <t'tjUHl, and transhipment , wharfage has . fallen .offnearly, - JC700,., a"; loss hardly counterbalanced'' by ah increase in outward, wharfage. o£ 'JG46S.Cranage has-fallen from:. : t6 ; <£3G80,: ;a ~loss';: of' .JlOlO. Harbour. iraprovesnint .rate has' deolinedby _<2fw3, and berthage rate by ~ JS39I. Weighing, marking, examining, arid cart-, age. all show decreases. Ovcrtimo labour - has declinedJfrom .1'5115',t0.i:3483,:a of; . .£1632, arid thp : for, shedding cargo before, nnd 1 after- hoiiri 'bas fallen from>C32B9.|to jjlS9l,*■ a-.deoreiTso : 6f--jei29BV-i arid all other'storage'show's- a-decrease of ■ • Slight ■ decreases' hi've ' also, occurred in bond reiit,-; weighbridge . charges;' and water.' supplied-.'lo shipping; and .aserious, falling ,off in rental of real, estate, the figures being _i3SOG; -as sgauist -i £4218;'; On* the*, other hand,-, pressing has | increased -by . - wool 'exhibition.':! charges by .CH08; rent of • offices and storesv,iEl9B; -and interest-'on flied deposits by '<£GO9. . TherG can bo no doubt that with the recovery of the., import market in the-' near future - the, 'reveriuo qf the board will regain its bnoyainoy.i.- • r 'The statement shows, .tliat , <€9560 .was derived from . sources Mother ; than: •; 'pay-' raents - either by vessels or ori merchandise as compared.iwith:^<£93B6 and-iB7OO in: th6:'two .previous .yearly.Vp'eriods; -thatthe'gross,.revenue derived from importer's • -.and: exporters - for - the various service's set out in the tsblo amounted' to «670,G40, as compared with and in, th«two; priftr: years, arid'- that';the gross r-e----.venue derived from" shipping-•"■was'.-^80,2a2r -,^<Ampared-^tliv'^sn'i»nd^(i;2!M;'|n the -years 1907-3'-and I9OC-7 respectively." -. 'Tho cbpar'd's' public;.debt' on' September' 30/ 1909, ! :ariiounted to''^6Bß,ooo;,'whilst th&- , expenditure . on capital account (after deducting refunds),' up ■' to J thesaiiie >■ date hiss;amounted]to of £385,3fi9 ha-rii]g' been provided- out of revenue.: The' sum -of- ;£385;310,has been .: ;wriUen'.off' the. assets during' the : 29 .-years a>j' depreciation. - --.;' :-- ■; ' -

Profit and Loss. Tho profit and .loss statement for. the elided'.'gspteinb'er:'3o,'^;l9oE?, r shows;:a small debit balance on - the ; working .account of ,£682. This is inainly duo'to the. unusual : fill - in": imports, .;arid ; tho 'cbiisO" quont shrinkage' of.' TPveiiue' - froni ~ in:: wardfwh&rfage,:^'storage;', improvement.rato.bcrtliagerato,'etc,' Tins-, deolinp, of V rsveiiueV is.' concurrent -with >a steady -inijreise'; of . interest Fand/deprecia-. tiob; ,due ;tp' tbp 'board's' growing,, capital factors;; and: not to any undue increase bf -workiug ex--s'enditure 'tl(«:;debit balance' is due;' The ' revenue; declined; by:over:"#ll ! ,00Q, the.worjtihg expenses,' 'dospte.'iiiiavoidable increases ..in' certain;.;iteinv':e.g.,',.tbP .rises inMrages arid. salaries" sanctioned; iii'; 1908 (^178); to loss .oyer "!'! - Shedand • tP; Vpr¥Wi«rifor-5-accident : insurance, (,£219), have. ..'declined: ~in -a quicker, ratip ,(;htin tho revenue, /aiid; were. less.Vljy . tbaii/ in ' the • J'S- 2 ?:P r Pyißg';tliat.; diia cconomy has been observed.;. v ,Had the volume:.6f,,trade beeii up,j,to the.-1.007-6 .level,; .tho:. working.' ac- ■ •a-; small-.fireditr .lialaticc,:.despite : the;.large-, growth pfijthe. standing,-charges, , t to tha 'position- of :,thp graviug.- dopk .loan 1 sho\Vs'tha,t\pf. ,the:;lM.rrowing-ppttei's'of:';,£2so,ooo, tho suni of JE3O,M9 has been sp&nt up to'September 30. 1303, leaving : :S2l9,-isl.car-' ;

Assess and Liabiliiios. -The"-total a*sscts :of tbe'- lxjard at-.'Sep-- : tember '30,-'-1909,are 'set-'downrat :.i01,O3!),- ! 383; : ; pf which .£113,057, represents .'-'.cash'' assets j >£107»427j sinking' fund in the hands tif: the .cqmniissioiiersj ..inoluding. accrued .interest- fon investment's; ? accrued'' interest on fixed .deposits';, 'i£D33; accrued' rent on goods in Queen's bond; JC2GO6 value of hoop -'sfoel 'and stiids in' stock ; - ; : : .J:),559;as tbe 'yaluft 'pf ; wharves, sheds,: buildings, plant; iand.macbinory; Ji236,593 : as walls) ;. ; "iei7,510 .for.?, the.: valuo -,of :- ; ]ease- : holds, rights -and : sundries,and ■for;tho;dook. ! ,: r Th« total liabilities of ;the' -board ; .at, September ,"30...1a5tv amounted to, of which .C6BS.OOfl 1 was. for public' ,dont;;,'j£s7!!B liabilities - ;onf^working. ac-. couiit.' and X 2112 a ,liability to lljramar. Borough Council tp' meetpairmeiits to the Bay, and Seatbun : Whams;- The balance, of. assats,over-liabilities: stands ,at i 73;; as compared with •' - £333,177'- at end •:of. previous yeair,.. »nil'i'nprease; of \,£io;29G,' a; result which ■ c>s fairly, jbei called:'satis-, factory; Avhen : ,ithe dullness, of/.trade dnr4 iug: the iyear.iS;.taken;:intp : .;cpnsidbratioii.

.- f • Depreciation. • • "The. -gross' amount- written off "for depreeiation- amounted" .to . 373, 'or,; dei. ducting:4so69 special.' depreciation;on ac-count-of :'J'.'Shed-fire; JJ32.30-1, as' compared.- with ;• 429,259, and - J229.093 ,in • the two- :preyfous -years.'. 410',207 for repaits and maintenance : leaves" 422,-, 037, as, the:,true nit depreciation,;or 3.82 tholtotal; depreciablft.-.'assets (^5r6,809).,:..' i rhero can ;l» no-.doubt that ,thi? is not 'pf plant .and'Hiuchinery included in tho. assets. Thet'o should bo at least "a five ; per, cent;•'averse;- gince the" board's foundation,' i 5355,310. has boeii.jwritten off tQX depreciation,, the _>ybole of which sum has been spant "on "hew renewals,. and maintenance... i-'tY.,-;:; . ; > The Future,

~. Thoro will-'be; no -laok 'of pressing and important questions to occupy- the:- atten--tiph. of,' tho-boiird-during the '-'coming year,": c'oiitiniies ; .Mr.' f Nicholls.'. /'Amongst the%ost important "art: the" questions of nn'ai?co: and ■' Ipiin' flotation,.- ■' The -.'coming yofir will, it )Sr hoped,- soo-a revival in the Jimpoi't -and- henip trades, and the cpji tinned prosperity of .theother"branches, .but.- it' will bp/iinwisei 1 - to ! trust: to this alpne.' .iTho inevitable gro.wth-;of" : the standing, charges' for - interest,-: sinking fund,;::and'.deprepiationr'opnsequent-upon ihe; .very ■ large'.' capital- expenditure • : to : which' the board is committed for"! grav- ' ing; dock, Evans -Bay reclamation works; -Waterloo Quay' reclamation, fetci; ; which works cannot ! . be interest-producing ! for some years to come, "makb (t .evident that the. time has arrived .when. the board's royenne'must be,largely increased. - How ;this} can: .best be., done without' .unduly taxing the , various . interests affected is the. most -imjTKkliato "question'.'Jor . the .board,. The question of "loan flotation is also one which ; must shortly be settled. If possible arrangements should be made ■for '.the-raising of tho mouey.'byjristalments, so as to minimise a3 far as may : be ;the: loss.;;pt (interest' : on unexpended moneys. The consolidation of I thp .boa : rd's, by-laws :is another matter:of ■ importance, - which : should not; be longer; dplayed.- '.rThe supply, of copies irunning sbort,; another , reprint -. has just, been made, bvt "only enough 'copies, were printed'' to -cafry,.'on' {pr.: about .'.twelve months.: - Oiviiig;.to the pressijre:'of other business,' it- has. not. been found .'possible during.:tbp post year to ijiake. an. aotnal start, the increase: of. "pmoe ~ Plans are, however, -in .-hand,, and it:;is : ; expected; that; the coming year wjll see the work coinnience<l.". ' ' ' , ,