I).—1

XII

Hydro-Electric Developm ent. Graph showing Total Capita l Invested.

Hydro-Electric Development. Graph showing Annual Revenue.

OPERATING RESULTS. Lake Coleridge. Though there has been a very considerable increase in the capital investment during the year, the financial results for the year have been very satisfactory. They may be summarized as follows : — £ Capital investment .. .. 1,538, 5C>9 Revenue .. .. .. .. 150,239 Operating-expenses .. .. .. 30,728 Balance .. .. .. £119,511 This balance has been used in paying interest charges, and a 2-per-cent. depreciation charge, leaving a profit on the year's working of £26,250. This has been paid into the Sinking Fund Account. This scheme now has a Depreciation Fund of £142,594 and a Sinking Fund of £35,443.