POET OF WELLINGTON

Manawatu Standard, Volume LX, Issue 118, 17 April 1940, Page 8

POET OF WELLINGTON

IMPOSING CARGO FIGURES. CHAIRMAN’S REVIEW. The report and statement of accounts of the Wellington Harbour Board lor the year ended September 130, 1939, which came before the recent annual meeting of the board, show that the total cargo handled through the port, inwards and outwards, amounted to 2,362,420 tons, an increase of 7675 tons over tho previous year’s record tonnage or .3 per cent. | Tho chairman (Mr M. A. Eliott, oi , Palmerston North), in his address to the board, dealt with some of the most important items of its work : —Tho : total cargo handled through the port: showed a small percentage increase, o\ er the previous year’s record tonnage, he said, but the tonnage of arrivals was slightly less. British and foreign imports decreased by 1.4 per cent., Australian imports increased by 7.2 per cent., and coastal imports increased by 11.1 per cent., the total increase of all classes being 4.3 per cent. Transhipments to British and foreign ports showed a decrease of .14.9 per cent, and coastal transhipments decreased by 16.1 per cent., while Australian transhipments increased by 6.3 per cent. There was a small increase, amounting to 2.8 per cent., in outward cargo shipments, with a decrease to British and foreign ports of 1.3 per cent., an increase to Australia ol 9.2 per cent., and a 4 per cent, increase, in coastal exports. There was an ah- | normal increase in the amount of tim- j her imported, the increase being .'<s per cent. This can be, to some extent, accounted for by the construction of the Exhibition and other building activities. “It is difficult from the coal figures to come to any conclusion, as they appear to vary from year to year,” Mr Eliott proceeded. “Nevertheless com-j mere.ial coal passing over the wharves shows an increase of 10.5 per cent. I |The tonnage of oils in bulk pumped ashore shows an increase of over 6 per cent., with a 7.7 per cent, increase in outward bulk oil. There was a fairly substantial decrease in hulk oil transhipped. It is gratifying to find that the quantities of wool and skins handled through the port show an increase of 18.2 per cent. On the other hand there was a drop in the butter exports of 14.8 per cent., and cheese i decreased by 9.3 per cent.; hut this is compensated for to some extent by an increase in frozen meat of 6 per cent. COMMANDING POSITION. “The shipping arrival figures for the year are still maintained at just over four million net tons, which figure keeps the Port of Wellington in a commanding position of the ports of New Zealand. On a value basis 23 per cent, of the total exports oF New Zealand went through the Port of Wellington, and 38 per cent, of the total imports. This is clear evidence of the importance of tho port in the trade ol this Dominion. “The financial results show a surplus of £13,465 4s 4d, which is not large considering the magnitude of the board’s operations, but it must be remembered that the board makes no profits. It is given statutory powers to provide an efficient service for the I handling of ships and goods. Its finanIrial policy is, therefore, to provide these facilities and at tho same time 1 to only charge to tho merchants, primary producers, and shipping interests sufficient to allow for a safe margin after having already made prudent provision for reserves and contingencies. The excess of assets over liabilities is over two million pounds, and all tho special funds have been well maintained. The hoard’s net indebtedness is now only £421,319, or £39,929 less than last year. In connection with the loan of £400,000 which matures m 1940, the board had no difficulty m raising this sum partly by renewal and partly by issue of fresh debentures. The term of tho renewal loan was 21 years and the rate of interest 41 per cent. The cost of flotation of the loan was less than 0.4 per cent., which, I think members will agree, is indicative of tlie strong financial position of the board. In referring to the excellent financial position of the hoard I feel it necessary to pay tribute to past members and early administrators, who have laid down the sound foundations by which we are now benefiting. The provincial Centennial celebrations and the opening of the •Exhibition occurred j after the end of the board’s financial year, but I think I could mention that the board, in contributing £IO,OOO to the share capital of the New Zealand Centennial Exhibition Company, and financially helping the various provincial memorials and celebrations, and in other ways has done its part in assisting to mark tho anniversary of the founding of the province of _ Wellington, one hundred years ago.”