A STRENUOUS YEAR

Dominion, Volume 14, Issue 152, 23 March 1921, Page 7

A STRENUOUS YEAR

FORT’S PROGRESS REVIEWED

ANNUAL MEETING OF HARBOUR BOARD

The annual meeting of the Harbour Board was held on Monday. Thera were present: Messrs. J. G. Harkness (chairman), J. W. M’Ewan, R. A. Wright, M.P., C. H. Chapman, C, J. B. Norwood, W. Cable, C. E. Daniell, M. Welch, and Captiyn C. M'Arthur. £ In moving tho adoption of the balancesheet asi audited, the chairman said that the year had not been without its difficulties, acompanied by much anxiety as to the futuib. It was only by tho exercise of sound judgment, a clear perception, of the general trend of events, and a “united pull together" on tho part of employers and employees, that they could hope to return to those conditions whioh made for mutual success ■nd- prosperity.

’ The Finances.

The board’s finances, said the chairman, were not as satisfactory as could , be desired, for the year showed a deficit of .£6663, whioh would have been worse but for the marked improvement in business in the later month of the year. The loss had not, however, affected the general stability of the board’s funds. • The assets now exceeded the liabilities by £758,982, compared with -£737,912 in 1919. This was an encouraging sign, notwithstanding the fact that .£l3O, WO had been borrowed and added to the loan ■ account, and £28,810 written off for depreciation. From the board’s point of view, perhaps the most important was the Special Reserve Fund, created to meet lean years. The credits to this fund amounted to £62,351, an increase of £17,587. Its accretions in the coining year might not equal the past. The sinking funds in connection with the consolidated loan of £850,090, now stood at £246,334, .an Increase of £15,869 for the year. The redeemed debentures totalled £60,800. as mrainst £50,600 as at September 30, 1919. The amount annually Received for rents reached £12,370 in 1920, an increase of £lBlB over the previous year’s amount. This was especially gratifying, as indicating that the lAnd not required for Harbour Board purposes was being leased and becoming a source of revenue. Various Activities. In regard to the reclaimed land, the streets at the Te Aro reclamation had been completed, and sections available for leasing sub-divided. Most of the land had been leased. At the Waterloo Quay reclamation it was not proposed to lease further portions of land at present. A large warehouse had been erected during the year, and freezing works were in course of construction on one of the sections.

The principal work now in hand was the Pipitea Wharf, which, when finished, would be a decided acquisition. The progress made during the year had been slow. Steel was on hand for making a further 225 piles, and when cement was available these would be made. It is anticipated that if material was forthcoming good progress would be made this year. The next important work in view was the Waterloo Quay breastwork. Plans hpd been prepared providing for r Quay 925 feet long and 45 feet wide, to be built of reinforced concrete-. This quay would provide safe berthage accommodation in a convenient situation. Tenders were called for this work, but none were received, due possibly to the uncertainty of obtaining supplies and labour. Probably later on, when conditions had improved, tenders would be again invited and the work proceeded with. Of the minor works in hand, there was the construction of a repairs and maintenance store, which was intended for the storage of all the board’s stores and maintenance material in one control depot. In common with other works its progress had been delayed, but this difficulty would he overcome in the near future.

Some progress had been made with negotiations during tho year in connection with the Thorndon reclamation though no practical work had been done. There was no reason why an announcement should not be made shortly that an agreement between the Railway Department and the hoard had been arrived at, and that the preliminary steps to the prosecution and carrying out of. the work would 'be proceeded with when tho Government desired.

Loan Flotation.

The reception given by the public to, the .£250,000 of the million loan, authorised by section 11 of the Wellington Harbour Board Reclamation and .Empowering Act, 1908, was disappointing, .the total sum obtained to date was •£136,800. Recent legislation which had compelled local bodies to pay income tax direct to the Dominion Government on behalf of debentures payable to the bearer had had serious effect in limiting this source of obtaining capital for development work. In view of the high rates of interest now prevailing, a local body’s loan, which was limited to 5} per cent., w,as not regarded at the moment as a profitable investment.

. Owing to difficulties already mentioned, the important works undertaken in the further development of the port facilities had been delayed in construction. The bulk store at the base of the Taranaki Street Wharf was practically finished during the year. Provision was made for overhead electrical travelling cranes for handling goods. One of tho cranes had been installed and the second was expected to arrive shortly. It would afford ample storage accommodation for some time to come at that part of the ■Waterfront. The approximate cost of the structure would ire £16,000. In the power-house a 250 h.p. Babcock boiler had been erected, which was ordered in 1919. Unfortunately the duplicate pumping engine, ordered at the same time, had not yet been received. Extra power was urgently required during busy tiroes, and when erected would rejxiy the outlay. Concluding, the chairman paid a high tribute to the value of the services rendered by the secretary (Mr. 11. E. Nicholls) and other executive officers of tho board. Thorndon Reclamation. In seconding the motion, Mr. Daniell referred to tho delay over the Thorndon reclamation works. Both the Railway Department and the board were to blame for the delay. Mr. Wright commented upon the loss made on the year’s working, and in view of the present outlook he urged that tho hoard would have to be extremely careful in. its expenditure during the ensuing year. Other members congratulated the chairman and tho executive officers on the reports tabled. The motion was carried.