WELLINGTON NOTES.

Hokitika Guardian, 2 March 1925, Page 4

WELLINGTON NOTES.

WELLINGTON LIAR HOUR HOARD

(Special to “Guardi-Mi”.)

WELLINGTON, February 27

It is safe to assert tliat the Wellington Harbour Hoard ranks as one of the hast managed local bodies in New Zealand. The services of level headed sound business men have always been available, and this is particularly true of the past. Rusiness methods were early introduced into the management of harbour affairs, and the Board has been singularly fortunate in the selection of its principal executive officers. Efficiency with economy have become traditions, and from every aspect the Wellington Harbour Hoard is a credit to the city and the district. 'I he Hoard concluded a very prosperous year on September 110 last, lor the com closed with a handsome credit balance of £37,323. a record in the history of the Hoard. This is the surplus of revenue over expenditure, and dilleis from the Government's surplus, for the Hoard’s surplus is arrived at after making all the provisions that a sound, well-managed business organisation should make. The revenue for the year under review amounted to £333,070, as compared with £31)5,273 the previous year, an increase ol £07./07, or just about 18 per cent. The expenditure totalled .£385,017, as against £353,273, an increase of £32,3372. The surplus in 1023 was £II,OOB and for 1022. £3120. The total assets of the Hoard amount to £2,100,422, and the net liabilities to £1,117,407, showing an excess of assets over liabilities of £082.085. The Hoard has been con-

•stun tlv providing increased berthage and other port facilities, and at the present time the works actually m hand or immediately to lie started approximate £350,000. The present undertaking will add 1000 ft. to the wharl frontage, giving a grand total of wharf frontage of 25,840 lineal feet, or nearly 5 miles of berthage, besides which the Thorndou sea wall will provide 2709 ft. of deep water breastwork accommodation. The Hoard will no doubt consider the question ol reducing port charges while increasing facilities, and this is very desirable, for il Wellington is to hold its position as the distributing port of the Dominion, its-port charges must bo sufficiently low to attract shipping. ACCOUNTANTS: THEIR VALUE. The Accountants of New Zealand have been holding a convention in Wellington this week. and business and pleasure have been well combined. Some very striking and able addresses were delivered by many of the older men, and .Mr .lames 111-own of Dunedin, took for his theme the elevation of the status of the profession as a whole by making a high standard of professional knowledge and personal character nr. the basis of admission. It will lie freely conceded that the status ol the accountant has improved very considerably in recent years, and as .Mi Brown observed, whatever the nature of the business his place is vitally important. Not only is he entrusted with the preparation of the chart, hut he is held to he mainly responsible for Unsafe pilotage of the ship of commerce through intricate and tortuous channels. His place in commerce involves a responsibility quite apart from the discharge of bis professional duties, he must strive for tin- maintenance of commercial honour and integrity. Besides all this the accountants have a great deal still to accomplish. In passing it may he mentioned that quite a number of women are entering the profession, not by backstairs hut by hard study, and passing the necessarv examinations, and equal pay for equal work does not obtain so tar as the women are concerned. AY li v should this be so'r Then again the presentation of balance sheets ol public companies calls for reform. Perhaps the accountants may nut he aide to bring si.mil, reforms without legislation, hut if lhey begin an agitation on the matter it would soon receive close public attention. There is scarcely a balance sheet that is issued to-day that lias the items fairly set out so that the average shareholder can understand the position. In most cases a deliberate effort is made to conceal essential facts. In some balance sheets the general exp-iises, provision for had debts, depreciation and what not are lumped together, and not even a Philadelphia lawyer could make head nor tail ol it. hi other balance sheets the profits alone are given, and there are no figures to show what the disbursements were and in what directions the money was spent. Then again most companies create reserve tends hut these ar-‘ more or less fictitious, for they are invested in the business and their character ns a reserve is lost. Is it not possible to point out in the balance sheet that the reserve funds nrcjnvosted in the business where this is actually the ease. Accountants and auditors would do a very real service to the great body of investors if they would concentrate on improving the balance sheets in the direction of furnishing more details. BANKRUPTCIES.

The year lias com me need with a had bankruptcy record. The insolvencies in January numbered 17, as compared with 37 in December and 37 in January of 1923. The January figures are larger than in any previous January except for the first month of 1923, when there were 39 insolvencies. The figures are for the whole Dominion. Farmers were again the principal contributors to the month’s bankruptcies, there being 11 against 13 in January 1923, 15 in January 1923. and 16 in January 1922. Since the beginning of 1922 to the end of January 1925, there were 527 bankruptcies of farmers.