MIRAMAR TRAMWAYS.

Dominion, Volume 3, Issue 887, 5 August 1910, Page 6

MIRAMAR TRAMWAYS.

After having been several times ' discussed in committee, the official statement of the present financial position of Miramar tramways was laid on the table at, last night's meeting of the Miramar Borough Council, and authorised to be made public for the information of the ratepayers. Discussion of its details was reserved for a future meeting. ; On March 31, 1909, according to the revenue account, tho borough tramways wero £203-1 os. lid. to the bad. During, the ensuing twelve months the. debit increased to £1141 13s. 6d., but the proceeds of the sale of certain land, £3000, eased the position, so that the liability to the District' Fund stood ' at £1114 13s! Gd. on March 31' of tho'current year. Summarised, the statement of receipts totalled £51,168—tramway loans (£23,000 and £12,000), £35,000; improvements loaai (tramway'shelters £508, and track lighting £160), £668; land owners' subsidies, £15,500. . . The balanced the receipts, £51,168, as follows:— Tramways in borough, £26,795; tramways in city, £10,529;' road works, £11,620; shelters and lighting, £668; preliminary, expenses, £1556." The expenditure under the heading of road works is made up as under: Seatoun, tunnel and approaches, £9009; Coutts Street extension (in city), £387; Matai Road, £318; culverts constructed or widened, £486; engineer's fees for roadworks, £262; taking land (Miramar North line); £574; proportion of legal expenses, £91; proportion of first year's interest, £392; proportion of loss on sale of debentures, £41;. total, £11,620. ■ . : Preliminary expenses ' included:—First year's interest, £785; cost of flotation of loans, £150; advertising, £66'; printing, £34; taking poll, £6; clerical work, £25; preliminary report, £25; legal expenses, £182; loss on salo of ' debentures, £82; erection of shed'for material, £58; insurance of workmen, £30; miscellaneous, £113; total, £1556. _ Ont of tho expenditure on road works (£ll,62o)'there'was chargeable to tramways:— Half cost of Seatoun tunnel and approaches, £4535; Coutts-Street extension (in city), £387; culverts constructed or widened, £486; land taken on Miramar North line, £574; engineer's fees for road works, £131; legal expenses, £15; first year's interest, £196; loss on sale of debentures, £21; total, £6375. Engineer's fees, legal expenses, first year's interest, and loss on salo of debentures were apportioned. Amounts not. chaTgeablo to tramways included:— Half cost of tunnel and- approaches, £4534; Matai Road, £818; engineer's fees, £131; legal expenses, £46; first year's interest, £196; loss on salo of debentures, £20; total, £5245. Tho deduction foT 7ft. of street construction amounts to. 1428, being the cost of first-class metal and blinding only of 336 chains of tramway track at £4 ss. per chain, and represents that portion of the cost, of converting open tramway track to street track. Tho interest chargeable to tramways is thoreforo to be calculated on the tramways loans, £23,000 and £12,000, plus tho cost of shelters and lighting (£668), £35,668; less £10,529 sold to city, road works not chargeable £5215, and track conversion £1423—£17,202. Tho net sum is therefore £18,4GC, the interest on which at 4J per cent, amounts to £830 19s. sd. per annum. To this must he added provision for tho repayment of tho amount of tho loss on.the sale to tho city spread over 10 years (£2632), and to provide for this an annual sum of £350 18s. Rd. must, lie sot aside, making a standing charge with the . interest of £1181 18s. Id. nor annum. A sinking fund of 1 per cent, per milium is also a charge on the revenue account. Tho loss on the salo tn the city is shown as the . cost of connecting tho borough tramways with tho city system, and with the provision made tho debit would be wiped off in 10 years.