BOROUGH OF WANGANUI.

Dominion, Volume 4, Issue 1112, 27 April 1911, Page 7

BOROUGH OF WANGANUI.

(i_—,— FINANCES FOE THE TEAR.' IBy Tdcgntbh.—Special Correspondent.! Wanganui, April 26. . The Town Clerk's annual report for the year ended • March 31 states that the total receipts of the Wanganui Borough Council were ,£95,616, and the expenditure .£97,198. Tho debit ■ balance at the close of the year was ~£12,314, of which temporary • loans accounted for ,£11,895. The saving of interest by adopting ■ the: latter method of meeting the overdraft was £150. The opera liouse returned a net nrofit of -.£221 after paying working' expenses, interest, and sinking fund. The tramways returned a profit of £325 after payment ;of similar charges, and tho debit on account of tho tramways is now reduced to £263. A sum of £2823 was transferred from the general account to meet a deficiency in the water supply account,- but, as against this, '■ £2000 of' gasworks profits wore transferred to the general account in relief of rates. The annual, report of the municipal gasworks for tho 'same period as abovo stated. that the profit on the .year's working amounted to £7209 (<;qunl to 11 per ' cent. ■on capital). After payment of interest and sinking fund, a net profit is left of £3080—a record since the council took over the works, and especially satisfactory considering that, in accordance with the policy inaugurated this year, an amount of £2499 was spent on works out of revenue that was formerly paid for out of loan. The total amount contributed from the gasworks profits to the relief of rates since the municipalisation of the plant now stands at £13,900. .The annual report of the tramways engineer states that, generally speaking, the system is in good order anil condition. The cars will require overhaul this year, and part of the track will also require attention. The engineer points out that, in the keeping of accounts, no provision is made for depreciation, and that the accounts do not therefore show the true position. This, he points out, is owing to the books having to be kept on a system designed to meet the Government requirements, the result being that they are often working in the dark. He recommends that a separate set of books on strictly commercial lines be kept, in addition to those required by the Government. He also urges the establishment of an insurance fur.d to meet possible claims for compensation for accident from members of the public, and suggests that an amount be annually set aside for this insurance fund at least equal to tho premium which insurance companies would require for this .class of accident.