LOSS OF £500 A DAY

Dominion, Volume 38, Issue 278, 23 August 1945, Page 8

LOSS OF £500 A DAY

Position Of Harbour Board

Though the AVellington Harbour Board's anplication for authority to increase its charges hud been heard a mouth ago, the decision of the Price Tribunal was still Doing awaited, said the chairman, Mr. H. AV. Price, at a meeting of the board last night, "AA’c are losing now at the rate of f 3500 a week, or £5OO a day, and nultll'ally we expected an early decision from the tribunal to enable us to adjust our finances,” he said. “Every day’s delay must mean an added loss. /‘Our financial position now is that at the end of this month our current account and our fixed deposits will have vanished, while we must draw on our reserves account for £28,000. This reserve account has been built up to provide for contingencies and for expenditure on capital works without recourse to overdraft or loans.” In replv to a member, the general manager, 'Mr. F. AV. Reed, said he had been advised b.v telephone that the tribunal bud not been able to come to a decision in time for the meeting, but hoped to do so within the next few days. In reply to Mr. A. M. Macfarlane, Mr. Price said that there would be a considerable time lag between receipt of the tribunal's decision and the effective introduction of such new rates as might be decided on. A member: Nothing retrospective for us 1 “Surely it should not take the tribunal a month'to make its decision,” said Mr. R. L. Mucaiister. A loss of £5OO a day, with the board’s accounts in their present position, was a grave matter. He suggested that the board should write to the Prime Minister and send a telegram to the tribunal.

The board's powers to raise money on overdraft were definitely limited, said Mr. W. Appleton. The board’s bankers had no legal authority to grant a sufficient overdraft to enable the board to carry on for any period. “In the event of the tribunal’s decision being against us, we should call a special meeting to consider what further action should be taken,” said Mr. M. A. Elliot. “We can’t just drift on.” On the suggestion of the chairman it was decided to adjourn the meeting till 11.30 a.m. ou Tuesday to avoid calling a special meeting.

“I can’t say any more beyond expressing my extreme disappointment that the tribunal’s findings are not here —and it has been an expensive •J-mppointment,” said the chairman.