PORT OF WELLINGTON.

Dominion, Volume 4, Issue 1083, 23 March 1911, Page 8

PORT OF WELLINGTON.

RETROSPECT AND PROSPECT. POLICY OUTLINED. STATEMENT BY HARBOUR BOARD CHAIRMAN. STEADY GROWTH OF BUSINESS In moving "that the statement of receipts and expenditure, statements of assets auri liabilities, ami .statement. of contracts be now signed by the chairman, as examined and allowed as required by (ho Harbours Act, 1008." at the animal meeting ot ths A\ Islington Harbour Board, held last evening, the chairman (Mr. K. rietrlicr) said:—

In November last the board had placed before it. tha sfati>tics of the year, that is, up to September 30, 1910, the end of our financial year, and the figures showed very pleasing results. ] n addition to which, the chairman had prepared a table showing a comparison of statistics for the five months ending February 28, 1911, with the corresponding period ending February 28, 1910, by way of supplement to the executive reports. Goods passing inwards totalled 435,139 tons, against 410,211 tons for the previous year, an increase of 25.19S tons, equal to G. 14 per cent., although still behind the year 1907-8, known as the boom year, of some 51,317 tons, or 10.0 per cent. For the five months' period, October, 1910, -to February, 1911, there was a total of .199,316 tons, as against the previous year's 172,687 tons, an increaso of 26,629 tons. Transhipments up to September showed an increase of over 11,000 tons, as compared with the previous year—for the five months just ended, as against the previous year, an increase ot 4252 tons. Colonial and coastal inwards an increase of 12,518 tons to September 30—for the live months an increase ot 2118 tons. Outward shipments totalled 161,265 tons, as against 150,157 tons, being an increase of 11,103 tons. For the five months" period there is an increase of 619S tons.

The wool and hemp exports for the year, 252,332 bales, an increase of ,13,771 bales more than in the previous year (wool 1592 bales, bemp 31,842 bales), being equivalent to lij-4 per cent. For the five months woo! shows a slight decrease of 1164 bales, as compared with the five months of 1909-10, while hemp shows an increase of 3127 bales. A pleasing feature is that our exports are maintaining a satisfactory position. Record Year for Coal. Tho coal handled reached 502,60S tons, as against 441,029 tons in 190S-9. This is a record for the port, and may be due in a measure to the jXeweastle trouble. There was a large increase of coal transhipments overside at the wharves, viz., 37,473 tons, equal to an increase of IG.G per cent. Coal transhipments by vessels in the stream also showed an increase of 15,336 tons. For tho five months, as will be. seen by referring to the table, the figures show an increase of 11,771 tons, in all lines, except overside at wharves,-where there is a decrease of 22,5G7 tons. The coal trade in itself conclusively proves that Wellington is most •favourable to shipping, companies, who largely avail themselves of the natural advantages of the .port, . Tonnage of Vessels. The tonnage of vessels-entering'.the port for the year totalled 2,901,371, represented by 31SG vessels; as compared with 3383 vessels, with a tonnage of 2,841,049. Tho increase amounted to 103 vessels, representing G0,32G tons. This exceeded all previous records, and it should bo noted "the board takes no credit for men-of-war, Government vessels, and other craft not engaged in trading. If this had been takan into account the tonnage would have been over 3,000,000. The five months show an increase of 55 vessels, with an increase of 54,076 tons, over the corresponding period of the previous year. Finance. Coming to tho balance-sheet and accounts, the assets of the board on September 30, 1910, were estimated at 1,109,732, as against £1,033,383, an increase of .£70,349. The total liabilities of the board amounted to £750,079, leaving a balance of assets over liabilities of ,£392,662, as against .£.343,472 16s. 6d., ail increase of <£1G,159. Tho gross amount written off for depreciation during the.year was £35,243, as compared with .£32,304. The-amount of inward wharfage has increased by .£2067, .£1324 of which is due to the increase of charges. T.S. wharfage amounted to .£22,536, an increase of <£4129. <£1718 oi' this amount represents new charge oil coal overside. Outward wharfage has increased <£1780, £99S due to the new impost. Harbour improvement rate shows a total of <£10.008; o£ this amount <£2578 is due to tlie now tariff, a net increase of <£171. Tho storage for shedding cargo before and after hours show's an increase other storages a decrease, and pressing a substantial increase. The profit and loss statement for the year shows a credit balance of <£G2IG, as compared with a debit balance of £682 of the previous year. The increased charges during the period under review was in operation for five months. Had this not been so there would have been a deficit of £1795, not duo to ail increase of working expenses, but the steady growth of the standing charges, so that it will at once be apparent that the imposition of additional taxation in May last was not only justifiable, but absolutely imperative. Sinking Fund and Loan. The sinking fund on September 30 amounted to £117,323 9s. Gd", of which <55115,566 13s.- 4d. was investments, the balance accrued interest. The fund shows an increase of <£9896 ss. 4d., from September, 1999. The board contributed £4900, the balanco ot the contribution being interest on investments. The average rate of interest was £4 10s. GUI., as compared with .£4 lis. 2d. for 1909,' and £4 10s. sd. for 190 S. In the early part of the year inquiries were mado with a view of raising a loan of <£200,000, and notwithstanding the many difficulties operating against success, such as the dock trouble and the public discussion in re alleged loan transactions in London, all of which militated against any effort in tho direction of a successful flotation, I had some very favourable offers. but declined them in'view of the possible release of the dock moneys. Fortunately the question of a loan ceased to be one of urgency 1 owing to tho passage of the Dock Bill through .Parliament. When it is necessary to approach the money market our position has so vastly improved that there should bo no difficulty in I negotiating a successful loan.

As will bp scon by the figures produced the rates of working expenditure to revenue for the year 1900-1O was 50." per cent, as against 61.3 per cent in 19.18-9. The Administration has been prompted with a keen desire to be economical ami at the same time to maintain the efficiency and prestige of the port. I believe that end has been achieved and the result cannot be but gratifying to members of Uic board and the public. The financial position of the board at present is as follows:— £ On fixed deposit 110.000 Less overdraft 40,000 Net fixe'l deposit 70,000 Plus loan arranged for by monthly drawings '.. 20,000 Plus amount authorised but not floated, part of .SS-iO.OOO loan 50,000 HC,OOO So (hat no fresh loan is likely to lie required during the coming year. I think yon must agree with me I hot (he financial position of the board is souiid and inosi satisfactory. On assuming tlio chair in February, 1010, (he question of the tariff was of immediate urgency, in fact an absolute necessity, as at the end of I he previous year (he board. had found itself with a failing revenue and a. deficit over Hie year's opcralions. The adjustment' of the charges was a difficult one, and the duly nnnleasar.t. as it always is to impose additional taxation. However, i| |in»| f-, be faced; the question was duly considered by myself and executive officers ami at the March meeting of the board I submitted a new schedule of charges, and members recognising tie seriousness of

Ibo position, it: was at once .unanimously ' adopted and came into force on May 1, 1910. Future Policy. In regard to the futuro policy of the board, uiay I say a word or two, if we are to profit by the cxperieuco of the and that, is the safest, way to guide us. iu the future, the coming year should ajfain be marked by prudence, caution, ami careful adininislration. The finances ol the beard, as I have shown, arc in a thoroughly sound condition-rl believe better than they have ever been before. We have got clear of that iucubus, the dock, anil a good deal of washing-up lias been done. Alter consultation with the engineer I have had prepared a list of works, that, in our opinion should be undertaken with the possible expenditure to be incurred between now and the end of the year. They are as follow:— Estimated Possible Expenditure 'from March 1 to. September 30, 1911. £ Liability in respect of contract for. works, including supervision, etc., and Queen's Wliarf renewal 4^210 Queen's Wharf addition 1,(100 Wool Jetty repairs and rebuilding 8,200 Kenewing nnuitz mefal 2,509 Electric cranes ",T" shed, including inspection and erection ... say 2,400 Electric lighting and fire service, hydraulic jiggers, erection of wool presses, and erection of . accumulator "J" shed say 1,250 Dredging and filling of Waterloo Quay reclamation say 8,500 Koad formation, etc., Waterloo , Quay 500 Sewage drainings, Waterloo Quoy reclamation 3,000 Koad formation, drainage, protective work, and acquisition of laiul at Jliramar say 6,850 New transhipping office and alterations to urinals, etc say 400 Installation of electric lighting ~ Plant : say 10,000 Alterations to .Ferry waiting-room' and enlargement of luggage siore -i 250 ■ <£94,0"0 ■J'o which may bo added the proposed Jock wall. It will bo seen b,r a glance at the document placed in your hands the probable ; expenditure totals' ,£94,060. The moneys available to meet this, as I have already shown, amount, to 000, leaving a balance of .£51,940 to 1)0 us-ed as the board may direct. There are a ■ number of other matters that should receive tha attention of the new board, and I aiii strongly of opinion that the foremost of those is the" question of superannuation. • This matter has received honourable-'mention on a number, of occasions, but that is as far as it has advanced. By an Act passed some three years ago local : bodies are empowered to set up such'a fund, and 1 think an actuarial report should be obtained and all the necessary data furnished to the board as parly as possible, in order to give effect to and establish this desirab.le fund. In Conclusion.In conclusion, I want to say (hat the lines adopted by mc on assuming the chair, particularly in regard to conferring with my executive oflicers. viz., the secretary, enginejr. and harbourmaster, in dealing with the business coming before the board, has been productive of the lest results. The' work of the year has given much anxiety; it has been of the greatest importance, ancl in manv respects arduous, requiring constant attention. The dock problem, which was a question of vital interest- not only to the port, but to the city as well, has been solved,.and I believe the solution is a most satisfactory oile. The revenue has been built up, r.ml in this connection may I suggest to the board a matter which, I think, would be worthy of its best consideration, viz., the question of establishing a reserve fund by setting aside, say, 50 per cent. o£ the surplus of any one year, which in this particular year would mean .£3108; this would make provision for, and could be operated oil in lean years. I sincerely "hone that I tho time will shortly arrive when the I extra charges or at least some portion ot them which had to be imposed twelvemonths ago, may be reduced or removed altogether. That tha board is in a strong position to-day there l can be no doubt, and I submit it is o. matter for congratulation. The _ evidence all points to a steady expansion of business in the coming years. I have confidence in the future of the port, but our watchwords should bo sound finance, a prudent and progressive policy of development, with economy ancT efficiency. I desire to place on record my appreciation of the executive officers of the board. Tho secretary, Mr. Nicholls, is exceedingly cohscicntious and painstaking, our engineer, Mr. Marclibanks, is an invaluabb officer and able administrator, and the harbourmaster, Captain Johnston, is most zealous in thd discharge of his duties, ancl at all times jealous of the honour of the port. MEMBERS' REMARKS. CARE IN'THE FUTURE. Mr. C. E. Daniell, in a short speech, 1 said that the personal devotion ot the chairman to tns business of the board during the past very trying year was creditable to u statesman su'en as he had shown himself to be. The speaker also spoke on behalf of the interests of the staff in the matter of holidays, and favourably reviewed other features of the' board's work. Air. M. Cohen trusted the board's return to prosperity would not find them ready to jump into a hole again by spending i money necessarily or unnecessarily, simply because they liked to spend it. He joined with ilr. Daniell in his admiration of the way in which the chairman had carried out his duties. Mr. i\ Ci. Bolton passed similar remarks. He referred to legacies detailed by the chairman which the present board had had to lake over from, tlie old board, and which had, to a largo extent, crippled them for the past three years. He also dwelt upon the need for caution in the future. He eulogised the work of the staff for the excellence, and comparatively small cost, of the administration. Mr. J. W. M'Ewan, alter congratulatory remarks, spoke about the l'ctoue wharf. Petono had done a great deal towards getting tho wharf, and in time its existence would be justified. . If the board would hand over the foreshore rights to the Hutt Valley, arrangements could be made whereby the whole of tho cost of the wharf could be made good to the board. He would make this oifer. (Laughter.) He hoped the chairman would bo again returned for Wellington city. Mr. H. C. Tewslcy hoped that whatever was done in the future care would be taken that full value was received for expenditure. They should strive to make Wellington the cheapest working port in the Dominion. Ho would like to see a Reserve Fund established; and any surplus funds should be ear-marked for some certain purpose. He advocated the establishment of a Superannuation Fund. Whole-hearted service, such (is was given by their harbourmaster,' for instance, should be recognised in this way. (Hear, hear.) Mr. Tewsley also spoke of the good ''strong" men tiicy had around them as officers. Mr. W. C. Hildreth thought the new board should be congratulated on the comparative small difficulties it would have to face. As to those.white elephants —he referred to Clyde Quay and Petono Wharves—they had to carry their big babies until they became of use to them". This, however, was a matter of past history. He, like other members, congratulated the board on its chairman and officers. Tho chairman, in replying. Tetiiriicd thanks for the kind remarks about his chairmanship- Mr. M'Ewan had referred la the widening of Taranaki Street AVliarf, and tliis-mattcr had received the attention of himself and the Engineer. The cost would be gon? into early in the financial year, and a report submitted. Mr. M'Ewan liad also spoken about the foreshore at Potone, but be knew that what lie suggested was absolutely impossible. (Laughter.)

The adoption cf Die report arid balanceslicel was carried.