HARBOUR AND FINANCE.

Dominion, Volume 4, Issue 1136, 25 May 1911, Page 10

HARBOUR AND FINANCE.

* REDUCED CHARGES ADVOCATED. p f ' °? he l is , a number of the Harbour Board who has ideas of his own upon the subject of finance. He 1m otten contended at past meetings that harbour-charges might with advantage bo reduced, and a corresponding reduction made in tho sums set aside annually for depreciation. Last evening Mr. Cohen inaugurated a new board year by giving notice- of the following resolution, which will no doubt inspire a brisk discussion at the next meeting of the board — With the object of substantially reducing the charges recently and allegedly temporarily liuposed-aud as the practice ot executing new works out of revenue is unwise and unnecessary—and, farther, seeing that the sinking funds under present processes will extinguish the board's indebtedness in something like thirty years, leaving the present assets of the board unencumbered—and, . further, that a readjustment of the extent and manner in which amounts for depreciation are provided, may enable the board to carry this.into operation—the following resolutions bo given eil'ect to as an initial step: (a) That the maimer of writing -off sums for depreciation bo altered from that now prevailing.' That such alteration bo effected as hereunder indicated; or in such manner as will have similar result. ; (b) That the depreciation and maintenance accounts be kept separate and distinct. ' (c) That the sum written off for depreciation be. a reasonable percentage on tho revenue classes of the board's depreciatory assets, and that, when the aggregate amount is ascertained in each year, such sum shall be transferred from revenue to the credit of the Depreciation Fund in cash. (d) That such cash depreciation fund be available for renewing such assets as have been under contribution to tho Depreciation Account. (e) That in the meantime such depreciation fund account be credited with, current interest, either by Die board, who may use it for the extinguishing or reduction of overdraft; or may be invested i from time to time in the same manner as the Sinking Fund of the board. (f) That all new work involving an expenditure of more than bo constructed entirely out of loan moneys. (g) That a maintenance account, of the usual character in such institutions be kept with the object of keeping the board's machinery and other like assets up to their fullest capacity of usefulness, and that such aggregate maintenance account bo annually debited direct to profit and loss account, before the net profits for the year be ascertained. —— ——h