TO REDUCE CHARGES.

Dominion, Volume 4, Issue 1210, 19 August 1911, Page 6

TO REDUCE CHARGES.

HAEBOTJR. BOARD FINANCE REFORM

Pursuant to notice, Mr. Maurice Cohen (of Palmerston 'North) will move at tic next meeting of tho Wellington' Harbour Board:—"That with tho object of substantially reducing tho charges recently and allegedly temporarily imposed, and as tho practice of executing new works out of revenue is unwise and unnecessary —and further seeing that tho sinking funds under present processes will extinguish the board's indebtedness in something like thirty years, leaving -the present assets of the board unincumbered, and further that a radjustnieuf of the extent.and manner in which amounts for depreciation aro provided, may enable the board to carry this into operation, tho following resolutions bo given' effect to as an initial step:—

That tho rnauner of writing, off sums for depreciation be altered from that now prevailing. That such alteration bo effected as hereunder indicated;, or in such manner ns» will have similar result.

That tho depreciation and maintenance accounts bo kept senarato and' distinct.

That the sum written off for depreciation bo arrived at be a reasonable percentage on tho several classes of the board's depreciatory assets, and that, when the aggregate amount is'ascertained in each year, such sum shall be transform! from revenue to tho credit of tho donreciation fund account i in ens-h.

That such cash depreciation ■ fund be available for renewing such assets as have been under contribution to tho depreciation account from time, to time.

That in the meantime such depreciation fund account, be credited with current interest, either by tho board, who may use it for the extinguishing or Teduction of overdraft, or may be invested from time to time in the snmo manner ;is the sinking fund of the board.

That all new work involving an expenditure of more than .£ be constructed entirely out of loan moneys. That a. maintenance of the usual character in such institutions be kept, with tlio object of Tenoning the board'i machinery mid other like fi=?ots up to their fullest capacity of usefulness, and that such ntrgr?catp maintenance anmvnh be annually debited direct to profit and loss account before the net profits for' tho yoar be ascertained.