REDUCED EXPENSES

Hokitika Guardian, 27 July 1932, Page 5

REDUCED EXPENSES

•P. AND T. DEPARTMENT, ’ ' -'. WELLINGTON, July 26; ■Results regarded as highly satisfactory havff been achieved'by the P. and T. Dept., considering the difficult conditions of the past twelve months. The net revenue to March 31st,' excluding interest, on investments of -depreciation money amounted to £3,636,332, compared with £3,617,507 the previous year.' The expenditure! was • £2,274,566 ag-ainst/£2,800,647' last year. The drop in iexperiscis was marked. r The surplus the total cash receipts over payments was £920,664,’ compared with, £402,772 in the previous . year. Decreased work reflected itself in the expenses, which dropped by £556,081. The revenue for the quarter ended June 30th, was £972,819, aind the expenditure £533,307. After deducting £42,250 due to Stamp Duties Department; and '£136,500 interest on capital liability/ and making sundry adjustments, the cash surplus for the quarter, from which provision has to be made for depreciation, is £274,723. , Mthough much has been said of wholesale relinquishments of telephones, ’ the figures are illuminating. For the year to March 31st, the net loas was 2.9 per cent, of the whole. Up to the end of last month the loss was 3.83 per cent., which is considered very satisfactory, as there is always less business in the winter time. . .