HARBOUR BOARD FUNDS.

Wairarapa Age, Volume XXXII, Issue 10219, 21 April 1911, Page 5

HARBOUR BOARD FUNDS.

QUESTION OF SURPLUSES

At' the meeting of the Wellington Harbour Board on Wednesday, Mr Fletcher moved the following moti6n: (1) That a special fund be established in connection with the Board's finances. (2) fhat the sum of £3IOB, being one half-.|6f the surplus shown in the profit and loss statement for the year ended September 30th, 1910, pluW a sum equivalent to six months' interest on the above amount, be set aside an a nucleur. of such special fund to provide for the contingencies mentioned ; in section 172, subsection 1, of the Harbours 'Act, 1908. (3) That such moneys shall be invested in the name of the Board in such securities as the Board shall from time to time approve. (4) vThat when a surplus occurs in any year hot less than 50 per cent of such surplus shall be placed to the credit of the special fund. Mr Dar.iell remarked that the motion wa". practically for the creation of a third sinking fund. The Board, by its expenditure out of revenue, had built up an asset which was now worth over £1,200,000, an amount which was £400,000 above the Board's liabilities/ The sinking fund to-day amounted to £116,000,, and he admired the forethought of the men who in the past had been responsible for creating so big an as?et that in another twentyfivoyears the Board would, at ife pre-sent-rate of running, owe nothing." The .whole harbour works would be free of debt. The chairman: I'm afraid that's a , sanguine view. What about ne- r loans? Mr Daniell suggested that the Board ought not to go on paying so i: w.h for permanent works out of revenue. He notio?d that wool was to be penalieed further so that the Boa-d could !go o r i \\\-<j.. It *.'•(• fund was largi\ I the Bo \<"i vould rot. be able to resist the defends i-f hfiri labourers and others v. ho wn •.<»»•• concession s ! The Board should reduce its charges instead of piling up funds for other generations to spend. After some further discussion the motion was carried.