£15,809 PROFIT

Dominion, Volume 7, Issue 2119, 9 April 1914, Page 11

£15,809 PROFIT

ELECTRIC LIGHT FOR A YEAR "HIGHLY SATISFACTORY" H% Tho following return, a resume of thefinancial statement of the Electric Lighting Department of tho municipality for the year ended March 31, Wis its own story. It is tho most successful year in the history of the- undertaking in municipal hands ill Wellington, for not only is a handsome- surplus of £15,809 shown, but for sis months past tho price of current was reduced ono penny per unit. Not so long ago tho Mayor (Mr. J. P. Luke) inferred that tho prico of electric current might bo still further reduced and as every reduction brings a big rush .of new business, it will bo made without any loss to tho city. The years figures are as under: — REVENUE ACCOUNT. "■ The revenue account is set out as fol» lows:— 1013-14 1912-13. 4 XPrivate lighting- 4G,7<!9 -44,936 Public lighting G. 6-18 11,415 Power supply 5,204 4*7133 Halting supply 2,785 1,<568 Miscellaneous revenue ...... SGO 374 Total revenue 61,908 53,157 EXPENDITURE. 1913-14, 1912-13. Generation expenses 16,170 14846 Distribution expenses 5,31S . 6,047 General expenses C,996. 6,532 Total working expenses • 28,434 27,4.75 Interest (loans) & charges 7,133 7,13* Sinking fund ' 3,169 3,169 Depreciation ...; /,3f3 7,21)1 ■ Total expenditure 46,159 45,069 Net surplus 15,609 ' 13,148 61,968 58,157 Tlio net income from the revenue account is reduced to a net credit balance for the year of £3434, after allowing for the following special expenditure and appropriations: Alterations to_ bm3o> ings, £1775; annual amount written off preliminary expenses, £115; - annual amount written off old station plant, £5000; annual amount written off goodwill account, £5000; amount, written off cost of foreign coal in stock at -March 31, 1914, £485; total, £12,375, ' The depreciation and renewals fund account shows that the amount expended in new works to March 31, 1014, was £41,447, and the cash in hand at March 31. 1914, was £2669. Tho amount set asido for the accident fund account during tho year was £190, and £4 was paid out in accident pay,' leaving cash in bank to the amount, of £1739. • . SINKING FUNDS. During tho year £3169 was set aside as sinking fund, and this, with interest on investments and fees, brought tho total sinking funds to £24,005. CAPITAL ACCOUNT.- , ' The total capital expenditure as. at March 31, 1913,-was £228,839, to which, is added the so.a of £9591 expended during 1913-14, comprising: Buildings and fixtures, £220; now ■ station- plant, 09; extension of mains (private lighting), £2430; extension of mains (public lighting), £297; new meters, £1356; new transformers, £573.. •As £10,115 was written, off tho old station plant, .tho capital account was reduced during the vear by somo few potmds to £228,315.' Tin's is made up as.follows: Totalloans raised, £176,868; temnorary loan'from district fund,•. £10,0.00; and contribution from depreciation fund, £41,447.- . Referring to tho abovo figures this. Mayor stated yesterday that they could be regarded as highly satisfactory, as notwithstanding that'the council fed mado a red'iction in th© price ol Energy during tho ?econd half of the financial vear a surplus of £15,809 was sho-Tn as against £13,148 for the year The revenue had increased uncle* nil heads, while on the expenditure- side the cost of distribution fhowod n decrease. The general expenses had increased' a little on account of the greater volume of business done, and the high price of coal'paid during the latter period of the strike. Both the'tramway and lighting departments had experienced a most successful year, wliichwas satis* factory to tho council, its officers, and' tho public.