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HYDRO-ELECTRICITY.

POWER BOARD'S FINANCE,

NETT CREDIT £268 ON HALFYEAR'S WORKING.

A half-yearly report on the opera; tions of the Horowhenua Power Board to September 30th, together with a comparative statement of the actual and estimated income and expenditure, was presented by the treasurer, Mr. P. W. Goldsmith, at the last meeting ef the Board. The Treasurer's Review. The report was as follows: — Income. —The revenue from electricity amounted to £17,831, made up as follows:—Lighting £7566, heat and cooking £2890, power £4853, waterheaters £1571, street lighting £651; total £17,831. The year's estimate for electricity was put down at £41,260; J half that amount would therefore be £20,630. It thus appears that tho revenue for the first half-year is some £2BOO less than the £20,630 estimated. It is, however, to be remembered that the first half of the year does not, as a rule, produce as much revenue as the second half. An examination of the comparative statement will show that the only falling-off in revenue from electricity Is under the heading of "power," and under every other heading the position is quite healthy. For the greater portion of the half-year many of the flaxmills have been idle, hence .the revenue for "power" has declined. Instead of the amount being near £BOOO as anticipated, the actual amount earned was £4853. However, as the mills are now in work again, the second half of the year may pull up somewhat the return for power. The statement shows that the total revenue for the half-year was £18,511. Expenditure.—The amount paid for electricity to the Public Works Department for the half-year amounted to £6I3Q. This, of course, is a much smaller sum than would have been the ease had the work at the flaxmills been normal. So that although, through the cessation of work in the flax industry, there has been a decided fall in revenue for power, on the other hand the Board's payments for electricity have somewhat counter-balanced this loss. The total expenditure shown in the statement is £18,243, which, after providing for depreciation and all capital charges (interest, sinking fund and loan re-payments), leaves a-small credit balance for the half-year's working of £26S. Such items of expenditure as interest and sinking Fund, depreciation, 'salaries, rent, etc., are just about what was anticipated. There are other items, notably wages and transport charges, which have not reached the estimated amounts. Wages and transport are affected by the fact that, for a. fair proportion of the time, the men employed have been engaged in construction work, which means that a large share of wages are paid out of loan moneys. Conclusion. —A study of the receipts and expenditure will, I think, convince members that, taking into account all the circumstances, the first sis months' operations for the year may be considered satisfactory. Tho position does not seem at present to warrant any great reductions in prices charged to consumers. Any concessions granted must be on quite a modest scale. The outlook for the future is, however, quite hopeful, and a policy of cautious adventure may still be pursued. Comparative Statement. The principal items in the comparative financial statement submitted by the treasurer are given below.* The figures in are the estimates for the year ending'March 31st next, and consequently half of each amount should be taken for the purposes of comparison with the expenditure and receipts set forth: — Expenditure: Electricity (£16,600), £6130. Interest, sinking fund and principal re-payments (£12,757), £6376. Depreciation (£3000), £ISOO. Salaries (£3685, less loan's share £2OO, £2455), £1593. Wages (£2650), £942; Maintenance and re-newals (£400), £lO5. Transport (£1465, less loan's share £4OO, £1065), £390. Board members- (£412), £lB7. Phones, postages and insurance (£460), £273. Sundries and contingencies (£480), £272. Estimate for year, £42,072; expenditure for half year, £18,243; nett credit for half-year, £268; ' Income. Electricity sales: — Lighting (£14,100), £7866. Heating and cooking (£5660), £2890. Power (£16,000), £4853. Water-heaters (£2880), £IS7L Street lighting (£1330), £651. Totals (£38,870), £17,831. Cottage rents (£270), £136. Penalties on overdue accounts (£200), £l5B. Interest on advances to consumers (£420), £l5B. '- Estimate for year, £41,260; estimated debit balance for year, £812; income for half-year, £lß,Bll. No Large Concessions At This Stage. The chairman (Mr. G. A. Monk), in moving the adoption of the report, said he thought that the Board could probably, at this stage congratulate itself that it would come out without the debit balance that was estimated. He expected the lighting receipts to diminish in the next six months, partly on account of the Summer Time Act; but they knew that the demand for power would be considerably more—if it did not it would leave the Board with a fair-sized debit balance. The returns from water-heating and streetlighting would be the same. In the expenditure theTe would probably not be much difference from the past halfyear, except that the Board might 1 find that the maintenance . ; and re-newals were a little higher because there was less loan money being spent. ' The transport loan had l»orae mojre than its

share of the transport during the past half-year. Taking everything into consideration, hf» +h.ought the position was satisfactory; but he did not think that this was a time when any very big reductions could be given—in fact, the Board knew it was not. The motion was seconded by Mr.. W.E. Barber, and .carried. . r "

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/SNEWS19281106.2.6

Bibliographic details
Ngā taipitopito pukapuka

Shannon News, 6 November 1928, Page 2

Word count
Tapeke kupu
885

HYDRO-ELECTRICITY. Shannon News, 6 November 1928, Page 2

HYDRO-ELECTRICITY. Shannon News, 6 November 1928, Page 2

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