OTAGO HARBOUR BOARD

Dominion, Volume 8, Issue 2386, 16 February 1915, Page 7

OTAGO HARBOUR BOARD

DEFICIT ON DOCK ACCOUNT. We are in receipt of a copy of the annual report of the Otago Harbour Board for 1914, which was adopted at a meeting held ' last week.. In the course of his remarks the chairman (Mr. H.-.E. Moller) said:—"The year under feview is one which has developed important national changes, and at its close we find ourselves still engaged in loyal injunction with the Motherland and Sister Dominions in maintaining tho prestige of the Empire.' At the outbreak of hostilities we recognised that tho continuance of our oversea trade could only be assured by the control of the trade routes by our Navy. That this could be done we had every fconfidence, but still we were necessarily compelled to recognise that the regular course of trade must, for a period at 'east, be dislocated. This has eventuated somewhat, but I am happy to say not to such an extent as some anticipated, and it gives me peculiar pleasure to bo ableito present to you such a favourable statement of revenue, trade, and shipping. In our calculations for the ensuing year, we are endeavouring to take a moderately optimistic outlook, and I am hopeful that we shall be more than warranted in this by the year's results. It seems to me particularly desirable that ail operations for the further development and utility of the port should continue, though this of necessity will require our ■ seeking from tho ensuing Parliament authority to issue a further loan. " Continuiug, the report says that the statement of accounts of the dock department shows a- deficit of £2530 10s. 2d., towards the reduction of which the Union Steam Ship Company is liable for £1000, leaving a net deficit for the year of £1530 10s. 2d. The accumulated deficit prior to this was £7,380 175., which, with tho net deficit for 1914 (£1530 10s. 2d.) brought the total to £8911 7s. 2d. Against this, however, the board paid during 1914 the sum of £4000 (£2OOO really belongs to 1913), leaving a net deficit at Deoember 31, 1914, of £4911 7s. 2d. This amount now stands as a charge against tho harbour fund. The amount received from dock dues during 1914 amounted to £3681 ss. lid., rents from endowments £1391 6s. 6d., ' electric light £600 Bs. 4d., electric crane and sheerlegs £801 145., Slip dues and other sources £331 17s. lOd. To the total ordinary receipts amounting to £6806 12s. 7d. has to be added tho board's contribution of £1000. The ordinary expenditure for salaries, wages, repairs, coal, stores, interest, sinking fund, and other charges amounted to £10,293 4s. lid, .