POWER BOARD FINANCES.

Shannon News, 31 August 1928, Page 4

POWER BOARD FINANCES.

COMPARATIVE STATEMENT OP RETURNS. A table was presented by the Treasurer at the last Power Board Meeting, showing the units sold and the revenue earned from the Bales of electricity for the first four months of the present financial year, as compared with the same,period in 1927. The , report was. as follows:

There is a decrease in the returns for power ,as compared with last year, which is accounted for by the fact that most of the flaxmilla have not as yet commenced the season's work, Totals may be summarised as follows: Four months revenue,—l927 £11,615; 1928 £11,173; decrease £442. The particular services providing decreases or increases are shown in the return as under:— DECREASE. £ Power, 16.58 per cent 576 Meter Rents 100 p.c 566 Gross decrease ....' £ll3l INCREASES. £ Lighting 4.14 p.c 201 Heating 18.82 .p.c 296 Water-heaters 24.07 p.c. .... 201 Street lighting % . 1 £699 Nett Decrease 3.80 p.c £422 It will be seen that the units sold for lighting have reached 8d per unit. In fact the exact figue is 8.04 d per unit, as against 7.96 d per unit last year. There is also a slight increase per unit for the heating services.—l.79d per unit for 1928, 1.74 d per unit fo--1927. The increase in the returns of 18.82 per cent seems satisfactory. The returns from water-heaters show that £2Ol in excess of last year's revenue has been received, .which is an increase of 24.07 per cent. l With reference to the power service it will be seen that, although for reasons before stated there is a decrease in the revenue, yet the return per unit sold has increased by over sd, the actual figures being 2d in 1927 and 2.58 din 1928. The units' used for. power during,these four months under review are less by. 146,000 units than for the same period twelve months ago, and for this reason the Mangahao account with the Board has been a lesser sum than in 1927. Street lighting has been stationery, there being only £1 difference in revenue in the two periods now contrasted. ■ Meter rents, of course, last year, swelled the revenue 'in these four months by £566. This source of revenue has now dried up. On the whole the return, although showing a decrease in revenue for the first four months of otir present financial year, is not a discouraging one," because, with the exception of returns from power, the other services Show fairly steady advances as compared with the previous year. Cash Receipts for July. The Treasurer further reported as follows: During this month the sum of £5440 5s Id was rceived from all sources, including £4421 for electricity (including most of the quarterly accounts to 30th June last) and £843 for installations and serviee lines. For the time of the year the receipts are fairly good. Unemployment in some parts of the district have made the payment of accounts by some of our consumers a very difficult task. In fact, there are more small accounts in arrears just now than has been the case for a considerable period. With the advent of busier times and work again, doubtless things will right themselves. The following table is interesting as showing the cash receipts for the first four months of the year (cash receipts, not revenue earned): —

Accounts.

The accounts paid since the last meeting of the Board amount to £l2Bl 4s fid. This sum ineludes three fortnightly payments of wages amounting to £402 12s 7d, salaries for July £307 ss, five tons copper wire £455 8s 9d, benzine and oil £44 17s lOd, installations £33; also sundry payments for railway freights, insurance premiums, and miscellaneous accounts. On the pay-roll for the day, some 29 vouchers total the sum of £2383 9s sdj Of these accounts now presented for payment, the first one on the list accounts for most of the money, viz., £2035 4s Bd, being for two half-yearly debentures falling due on the 31st inst. in Tespect to loans

from the Government Life Insurance Office, Loan A £40,000, and Loan C £20,000. Other accounts include those for live miles of T.B. cable £l3B, motors, pump and meters £6l, and Levin 'Borough (rates) £sl. In moving the adoption of the report, the ehairman said that the Board had recognised all along that anything that would upset the flaxrailling industrywould probably have an effect on the Board's affairs. Unless the mills could get going in the near future ii looked as though the Board might have a year in which the very greatest care would have to be exercised and one in whieh no reductions could be given. The, reductions given last year, amounting to £2OOO, were having an effect today. In the first four months of last

year the Board collected £566 in meter merits; this year they did not exist. Taking everything into consideration, however, he thought that the position was satisfactory; and with care, and

the hope that the mills would soon be able to start, on conditions which would allow them to at least pay their way, it might be reckoned that the remainder of the year would be fairly satisfactory. It was very gratifying to know- that the domestic load and the dairy farmers' custom was even on the increase and helping to build up a sound business. The motion was seconded by Mr. Vincent and the report adopted. Accident Insurance. The Finance Committee recommended that the common law.cover for the Board's engineer be increased from £IOOO to £2OOO at a cost to the Board of about an additional amount of 7s per annum; and that the Board contribute 50 per cent of the premium of a general personal accident insurance policy as set out in letters from the State Fire and Accident Insurance Office; cost to the Board about £4 10s per annum. The recommendation was adopted.

July. April-July £ £ 14,342 106 Installations and service lines ... 843 2,376 Interest on Installations 71 \ 164 Consumers' deposits 14 51 Bent and sundries 68 199 £5,440 . £17,240