“OUTSTANDING YEAR”

Sun (Auckland), Volume IV, Issue 958, 29 April 1930, Page 8

“OUTSTANDING YEAR”

POWER BOARD’S SOUND POSITION ALL MEMBERS SATISFIED “The year just closed will always be regarded as one outstanding in the history of the board,” was the comment of Mr. R. H. Bartley, geneTd manager of the Auckland ElectricPower Board, in presenting hi 6 annual statement yesterday afternoon. It was the last meeting of the board before the election of a new board and all the members spoke nf the great success and expansion achieved in the power undertaking. In referring to the preparation required to complete the change to Arapuni hydro-electricity, Mr. Bartley said the magnitude of the work was not , ordinarily recognised. The board had been involved in an expenditure of more than £250,000, and a charge for the future would be the maintenance of the King's Wharf steam plant, now laid up. This plant had cost more than £500,000. In the past year, the connected load had increased by 17,294 k.w., and the figure would have been larger but for the depression in New Zealand. Mr. Bartley praised the board's policy of giving financial assistance for a section of the consumers as a sound scheme. There had been difficulty, in preparing the estimates for the year, in dealing- with expenditure. This wss on account of the indefinite sum involved in the change to hydro-elec-tricity. One extremely satisfactory feature was that he had been able annually to draw attention to ttn reduced cost of production. NEW RETICULATION The chief work carried out during the year was the Brookby-Whittord reticulation, the first portion of which had been completed. A great deal o< work had been carried out in the relaying of vulcanised bitumen mains in the city. The old underground network boxes were being eliminated and replaced with feeder and distribution pillars. Mr. W. J. Holdsworth, chairman of the board, explained to the meeting the haste with which the financial returns had to be prepared owing to the earlier annual meeting made neeeesary by the election. Because of this, the board agreed to adopt the financial statements, subject to audit and revision. The principal figures, with the previous year's returns in parentheses. were: Result of year's working. surplus, £74,693 (£49,457): loan capital, aufhorised, £3,115,504 (£3,115.500); amount raised. £2,575.500 (£2,440,500); total capital expenditure, £2,998,824 (£2,768,798). Revenue account: Revenue from sale of current, £638,191 (£603,635); revenue from other sources, £6,888 £2,153); total. £645,079 (£605,7*8). Working expenses, £291,355 (£305,235); interest and sinking fund charges, £195,553 (£186,036); other capital charges, £83,576 (£65,058). All the members of the board expressed satisfaction at the board's position, and congratulated Mr. Holdiworth, Mr. Bartley and the staff on their efforts. Mr. T. Bloodworth described the year’s working as a convincing example of the success of publip ownership, and Mr. E. H. Potter said concessions made by ths board were especially valuable because they related to all consumers.