SURPLUS OF £ll,OOO

Dominion, Volume 32, Issue 152, 23 March 1939, Page 10

SURPLUS OF £ll,OOO

Wellington Harbour

Board

CHAIRMAN’S REVIEW

New Records For Cargo And Shipping

New records for both cargo and shipping were established by the port of Wellington for the year ended September 30 last, according to a statement made by the chairman. Mr. C. M. Turrell, at the annual meeting of the board last night.

The total cargo handled amounted to 2.354,744 tons, an increase of 1.9 per cent, compared with the previous year. The net tonnage of shipping arrivals was 4,172,595, an increase of 2 per cent. Of this, 134,164 tons represented the tonnage of cruise and tourist vessels. “The financial figures,” said the chairman, “are satisfactory so far as they go, the year’s surplus being fl 1,365, almost the same amount as the surplus for the previous year. The gross revenue (£628,241) increased by £69,492, and expenditure (£616.876) increased hv £69,299.”

The chairman added it was evident that this result would not have been obtained if the board had not taken steps to Increase its charges to meet higher wages and other costs. Because of the moderate amount of tlie surplus, it was not proposed to make any allocation to Hie special reserve fund this year.

A notable shipping occasion ‘during the vear under review was the arrival of the largest ship Hint, had entered the port of Wellington, the R.M.S. Empress of Britain, 42.34 S gross tons, said Mr. Turrell. This vessel berthed at the Pipiten Wharf without any difficulty whatsoever.

He was sure the board would be pleased with the financial and trade results. Imports of all classes had increased by 1.8 per cent.; British and foreign imports of all classes had increased by 0.7 per cent.; Australian imports had increased by 24.7 per cent.; coastal imports had decreased by 2.4 per cent.

Transhipments to British and foreign ports had increased by 11 per cent.; Australian transhipments had decreased by 9.6 per cent.: and coastal transhipments had increased by 1.6 per cent.

The figures for outward cargo of all classes remained al most jlie same as for last year. Exports to British and foreign ports bad decreased by 1.9 per cent., and Australian exports by 5 per cent.; coastal exports showed a small increase of 2.9 per cent. Timber and Coal. Importations of timber had increased by 5.3 per cent., and tlie exports of timber had decreased by 19.8 per cent. Coal landed or transhipped had decreased by 5.5 per cent.: coal passing over wharves and paying wharfage had also decreased by 5.5 per cent.: Government coal exempt from wharfage showed a slight increase, and coal transhipped overside at wharves had decreased by 19 per cent. The tonnage of oils in bulk pumped ashore showed an increase of 1 per cent.: bulk oils outward had decreased by 5.9 per cent.: and bulk oils transhipped had increased by 17.8 per cent.

"A decrease of .13.5 per cent, in the quantities of wool and skins shipped this year is shown, with a corresponding decrease of 11.4 per cent, in woo) transhipments; and 14. G per cent, in wool from shore and' rail,” continued the chairman. Hemp and tow .shipments decreased by 19.3 per cent. Butter exports decreased by 8 per cent. Cheese decreased by 5.5 per eent. Frozen meat shows a slight increase of 0.5 per cent.

On a value basis, over 38 per cent, of the total New Zealand imports. and 23 per cent, of the total exports, passed through the port of Wellington during the year. The eliairm.'iu added I tint Hie assets of the board exceeded tile liabilities by more than £2,900.000 mid the net debt liability was £401.9911 In 19-19 the board’s £199.090 loan would mature. Tin, loan was not issued on a periodical redemption basis mid .after allowing for the sinking fund neeuntulalioiis, a sum of £300.990 would have to be arranged for by the board on maturity date to repay the loan. Mr. Turrell said lie wished to thank (lie members of the board, the general manager. Mr. A. G. Barnett, mid other executive ollieers for their co-operation and assistance during the year. This had contributed materially toward the good results Sound Fnattvial Position. Mr. Chapman. M.l’.. said lie tell sure Him prospective investors could not help but lie impressed by the board’s sound financial position. There was no sounder institution in New Zealand today Himi the Wellington Harbour Board. Notwithstanding Hie ditlicuit times through which they had passed during Hie last half-dozen years, the board had finished up hist year and this year with a surplus of more Hinn £11.909. It was only a moderate sum when one considered the magnitude ot the board’s activities, bill, after all, the hoard was not in business for the sake of making profits: it was in business to serve the community.

Mr. Chapman said lie believed the services rendered by the board were deeply appreciated by its clients. It was true that last year the board had increased its charges, but those increases had been made to maintain sound finance. It was regrettable that some lines of the board's business bad shown decreases, though taken all in

all increases in Business generally were shown. ... , "I feel” added Mr. Chapman, 'tlmt the citizens of the district which the board serves and those who have money to invest will be very pleasantly surprised by the financial standing of the boa rd.” Fall in Exports. Mr. T. R- Barrel' -aid that Hie decline in exports was a serious mattei. This was the second year in which a decline had occurred. Mr. MeKeen, M.l’.. said the board was not. responsible for the decline in exports: it had uo control over the weather. The past two seasons had not been the best, for wool ami meat. That in itself had had the effect of reducing the volume of production in those two items alone

Mr. Turrell said lie did not have anv fears about production. Exports would always be maintained more or less about the same level. It was the drop in imports that, hit the board most, because decreased imports meant less revenue.

"We don't want to part witli any of our staff,” added Mr. Turrell, “but if imports are materially reduced the position naturally calls for economies in certain directions. Wo hope the reduction in imports won't be very serious.”