POWER BOARD YEAR

Wairarapa Times-Age, 30 May 1939, Page 9

POWER BOARD YEAR

SATISFACTORY FINANCIAL POSITION OUTSTANDING PROGRESS RECORDED. SECRETARY-MANAGER’S REVIEW. (“Times-Age” Special.) ‘lt has, of course, been obvious from the returns submitted month by month that the financial result of the year’s operations would be satisfactory. The final figures disclosed by the balance sheet fully confirm this.” stated the secretary-manager of the Wairarapa Electric Power Board (Mr. George Brown) in his annual report presented at the annual meeting today. "In almost every other respect, the year was one of outstanding progress, and must result in a further consolidation of the board’s satisfactory posi ■ tion. The new method of metering and charging for domestic supply has proved advantageous to both the board and the consumers. It has made possible a greatly extended use of electricity, and with further amendments from time to time, is going to be one of the main factors in* future development.

“After making full provision for the repayment of loans and for depreciation, the final net profit for the year was £6648. Of this, £3OOO has already ben appropriated for and expended on capital works. The revenue exceeded the estimate by £7544 and the expenditure exceeded the estimate by £1902. The capital expenditure last year amounted to £19.489 and exceeded that of any year during the past eleven years. The Loans Board had authorised the raising of a further loan of £25,00 for construction work.

During last year, the board, said Mr Brown, had added considerably to the route mjles of lines, the increase being greater than for many years past. Additional transport and equipment had to be provided to deal with this work.

COMING YEAR HIGHER WAGES AND AWARD RESTRICTIONS. MAY CAUSE REORGANISATION. ‘‘There is every indication that the current year will be a successful one and a busy one. Higher wages and award restrictions are going to create problems which will probably necessitate a good deal of reorganisation,” Mr. Brown stated. “The difficulty in obtaining labour is already making it 'lmpossible for the installation department to give that prompt service which we aim to give and are generally able to give. Unavoidable delays have been, and are being experienced, and it appears likely that this condition will continue. Higher interest rates will result in an extra addition to our annual charges. The prospects of load development will be influenced by the import restrictions, especially if there is any shortage of ranges. “The board’s finances are, however, on a sound basis, and many of the difficulties which we can anticipate will most likely be balanced by compensative advantages and the final result for the year should be satisfactory. “Last year the board’s operations were conducted without any serious trouble. A large volume of work was put through and there was increased activity in all departments. "I am again pleased to be able to refer to the loyal and efficient service rendered by the staff. ' It is a pleasure and a privilege to be associated with them. I also wish to draw attention to the satisfactory relations which have existed with the various Government departments and the co-operation and assistance we have received from them,” said Mr. Brown.