“HEALTHY POSITION”

Sun (Auckland), Volume II, Issue 579, 4 February 1929, Page 12

“HEALTHY POSITION”

WAITEMATA POWER BOARD’S CREDIT POLICY JUSTIFIED "A healthy position,” was the term applied to the finances of the Waitemata Electric-Power Board, when the financial returns for the nine months ended December 31, 1928, were presented. Mr. J. W. Hayden presided. Through a consistent policy of putting in revenue-producing power lines, the board, which came into existence only three years ago, has increased its business considerably. The revenue account for the nine months ended December 31, 1928, showed a credit balance of £6,359. For the nine months ended December 31, 1927, sales of current totalled £38,141 10s 3d, and for the nine months ended December 31, 1928, £49,132 Os 2d, an increase of £10.990 9s lid. After paying all expenses,* interest and sinking funds, and assuming the board would place an extra £2,000 to the credit of the Devonport £40,000 loan sinking fund, the estimated surplus for the year ending March 31, 1929, would be £5,839. Together with the present surplus of £10,123. the board would have a credit balance in the revenue reserve account at March 31, 1929, of £15,962. It was decided that the offer of the borough of Birkenhead, and the town districts of Glen Eden and Henderson to collect officially, and the offers of the town clerks of Northcote and New Lynn to collect unofficially, any moneys tendered by the board’s consumers for payment of accounts, ; be accepted, the board to pay a commission of 1$ per cent. Reference was made to the impending departure of Mr. E. G. Skeates, who has been a member of the board for a considerable time. A resolution of appreciation of Mr. Skeates’ services was passed and the secretary instructed to forward a copy to Mr. Skeates before his departure for England.