GREY POWER BOARD LOSSES

Hokitika Guardian, 16 August 1927, Page 4

GREY POWER BOARD LOSSES

Deporting to the Grey Power Hoard the chairman 'Mr ,). V> . Greenslade, gave figures showing that the i’oss during April, May, dune and duly this year totalled £(>39. The loss during tin' twelve months ended March 31. 1 <;27, was €52(51 Is fid. If the same ratio is maintained, the loss lor the twelve months ending March 31, 1.928, will be £lOl7. making the total £BlBl Is fid, plus revenue outstanding on March 31. 1528, say €ISOO, a grand total of £OSBI Is fid. This is after allowing for capitalising interest' and sinking fund on the €25.000 loan and a percentage of wages, salaries, etc. “By special legislation, *’ said tho chairman, “ we are ali'owed under the Act to he overdrawn on March 31,1928, to the amount of €IO,OOO, and if wo can safely assume that the above-men-tioned figures will mareriali.se, then wc will be enabled to carry on without calling on the ratepayer's, and in these times of stress, if this can Ire avoided, I consider it is advisable 'that every m.-ans should ho taken to accomplish this cud. No allowance ita.s been made for any unforeseen decrease in revenue or increase in expenditure. Under these conditions, ii is absolutely of importance that on ry avenue should Tie explored in the endeavour to curtail or lighten the burden on the revenue account, ft is for tire hoard to eon-

:•filer ways and means to accomplish this end, otherwise there is no certainty that, the hoard will lie able to get through another year within its legal limit.”