ELECTRIC LIGHT

Dominion, Volume 11, Issue 21, 19 October 1917, Page 8

ELECTRIC LIGHT

JSET CREDIT TOR YEAR .£16,258. Tho Electric Light Department of the city's trading services stands out as the first in importance on the capital invested. Whilst the tramways return eliows a net credit of ,£12,863 on a capital of nearly ,£BOO,OOO, the Electric Light Department shows a net credit balance of £16,258 on a capital expenditure of .£227,370. "The following statements 6how tho summarised financial results 'of the business Bone for the year ended March 31,' 1917, with comparative figures for the preceding year:— £ ■ £ 1916-17 1915-16-Revenue 79,472 67,623 TTorking expenses 34,722 28,508 Capital charges 18,158 18,198 Net surplus 26,592 20,917 Position of Funds. "Depreciation and Renewals Fund — 'The amount to the credit of the account i"s now £67,776, of which sum .£50,4*0 has beeu expended on 'new works in the development of the undertaking, the balance, £17,306, being represented by cash at the bank. "The Accident Fund account is now in credit to the extent of .£2507, the whole of which sum is represented by cash At tho bank. Tho fund was started eight years ago, the nucleus of the fund being 'created by -a transfer of .£750 from the electric lighting icvenue account, the corporation having therefore made a. clear gain to dato of .£1,757 by its system of serf-insurance. - <"Phe Electric Lighting and Public Lighting Loans Sinking; Funds totalled ,£37,73(1 at March 31, 1917. Of this amount .1:31,089 has been invested by tho commissioners, anil the balance ,£3617 was available for investment at the beginning of t-ffe current year. "Capital Account—The expenditure on new works during the year amounted to £5932. After allowing for the amounts written off old station plant, goodwill, and preliminary expenses, the total capital expenditure now stands in tho balance-sheet at .£227,370, built up nut of the following: funds:-Loans, £176,900; contributions from Depreciation Fund, £50,470; total, £227,370." —— '