DEFICIT AND EXCHANGE
"The financial position of the board has been difficult, but not disconcerting," said Mr. T. B. Clay, chairman of the Auckland Harbour Board, at the 63rd annual meeting of,-the . board. The chairman added that most, of the authorities controlling large interests in ports of the world had had to draw heavily on reserves. The... ports of Auckland and Onehunga, controlled by the board, had been showing expenditure in excess .of, ■ income, but viewing. the subject comparatively, the deficit for. the. year.. ended September 30, 1934, amounting to ,£41*277,: should not create concern. "The total- revenue for the year was £343,621f*an;improvement on the previous year,;;and the expenditure, including.■ interest, sinking fund, exchange 1, .and depreciation, amounted to. £ 3541898/ •■', 'The* high fate of exchange.on London.lias''':■:.involved the board in an additional, expenditure of £12,203 during the year for remittance of interest on-loaasil'.'
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https://paperspast.natlib.govt.nz/newspapers/EP19350208.2.173
Bibliographic details
Evening Post, Volume CXIX, Issue 33, 8 February 1935, Page 7
Word Count
142DEFICIT AND EXCHANGE Evening Post, Volume CXIX, Issue 33, 8 February 1935, Page 7
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