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THE FINANCES OF CONW, Ay BOROUGH FUND DEFICIENCY CED TO REDUCED TO E2 PROFITABLE aRIDGE DEPARTMENT. Mr Hugh Parry Borough Accountant, of Con- 5ray, issued iast week lits air* tract oi the town. 3 accounts for tho \ear ended March 31st list. in tne course of his own report lie makes the fblowing observations with rcierenco to the several departments:— BRiDGE DEPARTMENT: 1H.t: LAW SLIT. Tiie year's revenue amounted W L22583-3 LA, compeared with ;j¡,.G24.t lis God iast year, and is made up of rent cii toils, £ 21/5; rent oi cot- tage, Hi iba and internist on in vestments, £17:) 75 ,> bd. The expenditure amounted io £1019 9s Set, and tne surplus to £ bofi .13, lOd, as ag'ajnst last year s expenditure oi jjso9 5" iti, ana sur- plus .i;;12¡Ó 6. bd. 'ine year s rexults, toareiore,- snow an increase in revenue oi Jblo 113 9d, ana ail m crease ux expenditure ot jocou 4s 7d. incl-uued in tiio expo&di-tiure aro two cxtra- orauiiary iteau, r1(m01j,:liiAJ k 00 lor paint- ing; urkige, and ;5JI:.G la, costs end cnarges -incurred in une High Court action j our- Ly v. Mr J. L.oyd Jones, late lessee ot "he Bridge Tods. Thesu "wo items fll:1i,e up practi- cally tt-e iucreeu expenditure. 1 no action 01 yourselves v. Mr J. Lloyd „ 1('JI as you are aware, was originally heard by Mr Jujuoe Eve,, wiietn judgment was yi\en in lavour of th.' de>fen-(ia»ni, witn costs, The del. jidant s a.mounting to ,i;¿6¿ 105 4d, were then paid. Subsequently, you ari,,Clai from this judgment, and at the hearing, c.-iore the M aster oi tne iio.ia. Lords Jusuce Fletcher 1()uJw¡, and Buck ley, 011 Wlo0 vrd February, 1310, trie deeiiSJon of Air Justice was ""c as.a,o with costs both of the appeal and in tlie court below in your favour, lour solicitor, Mr 'l'uonno.' Jones, m his report dated February 8¡;h, 19 iu, informed you mat he was filing steps to recover tne costs allowed in the action tad appeal, and .tne amount of cos1. pawl by you in the first instance, were re-pa.a to turn by defendant's solicitor. On the 1-ttii March, 19. an order was obtained ÎIil. tHe Uourt of Justice, appointing a, reveiver on your bi?:iaii to coiioot tiio bridge toiis for Uto unexpired tern; Ox tine lease. 'ihe net amouni collected • under tiie order amounted to £ loi ios Iu, and is to be paid over as tne Judge d-.rects. At tins -hue the direction oi the courts ras not been given. The surplus of j,O,)ó Us lUu has been earned io reserve xund account, and added to tho stun oi xoilo 3d ùi, standuig to tiie credit oi this aoocunt at cwniixencement oi the year, makea a toiai of f; 1.554 Us bd. Duruig the year ;1;;650 was invested* m tiie pu^uhaso ot £ (/& 15s 3d 2.2 per oanx., oonaou<iated stock brmging the total sum invested io xii'432 2& llki, or L;7 oa 4d mor-a thaai the ainount of the re- serve iiud-ti L& ddierence b^.ng tsmjxn-arilv overdrawn en the 1 reasurcr's current account. l'iie arnoum. of 2 per cent, coiisoiiduua ,o.k repneteJited by the i (354 lis bd iir,.e..v^i "l tins doae oi trse year was E3169 17s 7d. ILUIBOL'ii. rev; ..n L iv The exixMiditure for the year amounted to JB172 14s lti, iind blio revemie tu ±155 4o 9d, siiow- ing a Ü-c4icÚmcy ot jJlUT 9s 4d. inciucued in tll expenditure is the sum of E-6, 5s, being the se- cm-d' aiiiuial insta.menrt pa_ki into sinking fund fon the redeiaptiCci of harbour kallS. TLc totai ajuouiit plaoed to autking fuud at the tiose of the year is £ 74 10s. It is proposed that a iter the next instalment is paid, tnat the amount of the ftuil be applied in paying oif a. portion oi the loa.:s. A sum of £ 38 0s ild a.^o appears in liie expenditure for legal charges in conn^cliotn with a lease of the forCdÜoro granted to you by the Crown, and for preparing a licence to take gravel. Umfortiii'-ately, the has not been ab-e to disposa of any quantity of gravel during' the year, and the antic.ted revenue from this source has not been reuitaed. Thf exixaiMliiture tor the previous year ,s jEi82 Ills 7d; revtaiue. £ ol 3s lOd; dcliciency, £ 121 9s 9u. At tiie oommenocujent oi the past year the axx>uni'uhwed deficiency announced to £ 113 ids 2d, to which is added the deficiency of L107 9s 4a for thU year, making a total dehtit of ;t,221 Si 6d. Io wards this sutn, you ,s ferred jS50 from the borough fund, tnus reduc- ÍDg it to E171 8s od, and a iurther cum of £ 50 towarcio this object, is provided for in tiie cur- rent year's estimates. The total imjx>. ts and export during the year roaevc-u 4856 tons, as against £ 5661 during the previous It w ill be observe^! from remarks thai the expenditure, apart from extraordinary ohaegen such as legal costs, and sinking fund Gharg'-s, is ooeisid'crably more tltaji tiio revenue I from existing trade. In view of the develop- ments of industries in tiie neighbourhood. it is anticipated that greater iusj will be made of the harbour in future, and tha-t the revenue will be JoneiUerably increased. BOROUGH FUND: DEFICIENCY REDUCED TO £ 266. The revenue, which mckkied a borough rate of 5d and a library rate of Id, amounted to £ 3428 13,; 4d, and texpen-cii tute to £ 3261 3s 3d, tdww-ri, a surplus of i;167 10s Id. ',fne figures for tJle prervious year were re- wpecuveiy :—Revenue, £6Üt16 8s 2d; p2S'J5 17s 5d; surplus, £ 260 10s 9d. The sttrpiua ui iJ167 10b Id has been LLI)pllc-d in leduooig idw debit balance or £ 433 i4s Ud on thi6 account at commencement of the veaj, tiwreby leducuig it to £ 266 4s 6d at the (;.ose I of tiie year. The ioUowing statement show" the reduction hi the on borough fund during the, past eight yoar.s: -At 31st March, 1902, £ 4098 19s 5d; 1903, B-5273 10s 4d; 1904, JB2502 17s; 1905, £2223 10s lOd; 1906, £ 1407 18s 7d; 1907 £ 327 14s; 1908, £ 714 5s 6d; 1909, £ 433 14s 9d; 1910, £ 266 4a 8d. From the foregoing figures it will be seen that the revemte for the year shows an increase oi i;542 5s 2d, a.nd the expenditure an increase oi £ 455 5s lOd. The principal items showing an increase in revenue are --Town Hall Account, E32 19: 3d; Ca»tae Account, £ 56 6s 5d; Morfa Aocouirifc, £ 170 16a 2d; Town WaJJs Acücunt, JB12 lis 3d; Grak-el Pit Account, E51 Os 1J; aii4 Rents, etc., Account, £ 12 17s Sd. j. ne totaj r&iip ts froni the Morfa a^ncjiited-t to JE1207 17s 4.d. as acrauist £ 1037 Is 9A h", T noils year, and tne expenditure M 4s 4d, as aga.;ast £ 990 9s 2d. The increased expenditure was incurred under the following aocounts-Castle, 8s 5d, .vllioh includes a ccntrilruion of £ 36 towards the kinds of the newIv-estabLshed "North Advertisirtg Board;' To wn Walis, for repairs, £ 34 16,; Sd; Town Hail, £ 57 19s 4d, for adapting late offices for county court jnirj>oses; £ 74 lis 5d expended on new Municipal liuikbngs over ainount of loans sanctiioned; £ 106 10s 6d loan oiiarges in re^icet, of the new Municipal Buiid- and JB94 15s 2d increased expenditure on Morfa aecotsnt. Duriitg the yelu- the Municipal Buildings were completed at a total expenditure, inciud- ing fui.isshiDg, of £121;; lis 5d. The loans w-not.ioiied and borrowed for the-e purposes in tiie piev.ous year were:— £ 1140, and the excess expeaiujture of JE74 lis 5d is charged to his year's revenue. Duril, the year the final instalment in ^pect of loan £ 700 for erecting latriiuis on ilhe Morta was paid. CASTF.K RECEIPTS STILT, INCREASING. Notv, ir.hstanding that the concession made by you Ji allowing reeLxleii'.o of the borough free a.dmi.:>,õ;011 to tbo Castle carik; into force during e't,, the receipts have not ciecreased but ba-vc caasiderabiy increased, as is shown by the "g statement 1902-3, £ 396 12s bd 1903-4, £ 380 lis 7d; 19^4-5, £ 398 Is 3d; 1905-6 £ 437 K>s od; 1906-7, £ 486 13j Id; 1.907-8, £ 408'3s 4d- 1308-9, £ 3o6 lis lid; and 1:909-10, J3422 15s lOd. GENEiiAL DISTRICT FUND: OLD LOANS CLEARED. The income for the year ar.-Kxinted to £ 5549 18s 9<i, as aga-uiot £ 5282 4s ild hist vear. £ 42^ 18s 3d of !ih is amount was the proceeds of the distrid rate levied at 4 in ihe L-, as against --37 23 lOd levied at 3s lOd last year. The expenditure amounted to £ 5939 15s 3d, as £ 5566 13s, uiu-kiog a dedicrt of zIo89 j.os 5d on year's working, as a"'aiasrt a deiicit of £ 284 8s Id last year. After deduct- ing the surplus of £ 73 9s lOd, which stood to the credit. of the fund at the commencement of the year, the net, deficiency is reduced to 1;316 6s 7d. The pruxspal items aocoicnting for the in- ci-ea«><>d expecditiure are:—House scavenging ac- count, £ 119 14s; sanitary account, E29 19s 7d • contribution to Joint Water Board, £ 245 fu, 5d; mid repayment to L. and N.-W. Railway COlll- of £ 95 3s 2d, being amount of district rate overpaid in 1903-9, as the result of a re- ckx-tirm in the assessments of tl:e company's properties. On the other hand, the following •ooouri'S show a reduced exfxsiiditupe:— Sowe- ^» stables, £ ^4 3s 4d; higliways, £ 49 2s 5d; and ma/rket and fa.irs, £ 17 3s"4d. On the income side the increase of je267 136 10d is made up of the following Pro- c&e*k of increa»d rate, £ 151 5s 5d water gargs8. £ 70 17s 3d; and sundry small items, 1-hlrlH? the year, works of private streets improvement wero carried out at Can neck Park 1 est < cost of EZW 14.. 7d. Ilis sum has boon apportioned upon the frontagers, and since the 1 close of the year £ 275 17s has been paid. Preliminary expenses in connection with Albert aaid Victoria Drive private street works, amounting to U4 lis 6d, were aLoIÛ incurred, and the outsiancbrtg sum in respect of Marine Crescent Improvement was rediuoeid by £1 155 lid. Final instalments of the following kerns were paid off during tlie year:—The original loan of £ 5,000, borrowed in j.879 tor p'urcl:ng L1w un- dertaKing of tiie Co.ilway Water Works Co:n- P«Uiy. Ltd., the first loan borrowed tor sewerage works, amounting to- £ 2,000, borrowed in 18/9; tlie loans of for purchasing fire 'ingine; and .i&U for load roller, borrowed m 189D. I Un capital aa:>ouUT-" £ 822 13s 2d was ex}>end>3d en water ercumsians, £ 227 13 7d for pm- vidmg public lamps, and £ 13 5s m couioccDioii with the (jryffin-road foctway. The Local Gove.ntnK"¡, Board's J.1(tio:ns to borrow ior tiivae purposes have bccui ob.aiii'.rd, and jeans of £ (i0 and £500 for water works and pubi-e iightJng purposes rcei/oclively were iiego- t.atod during the year. GAS U LG LLANDUDNO JUNCTION EXIENSIUN. The expenditure oi; C. enue account aiiioumed to 13s. -t-d as X'i,948 4s 4d; the income to £ 4,400 as against 6s iCd, ajxi t.he gi-osii pr-nt vo i:1,001 7s 4d, as against £ i_,204 is oj iu tiie ptt-v.ous peeur, or an increase oi f;111 5s i uci. iiie grctes proiit has been carried to net revenue account, wnii £ 66 19;; bd, proiit on ga6 cookers aocounr, makiiig a total 01 £ 1,448 65 JJ. After Ü1¡¡J.rg!ng the aoccomt Vi.¡;n £ i,uco 13" cki, rcpa-J'nient of loans, £ 592 13s 8d kneixist on loans, ana £ó3 l<i> lOd income tax, thoi e is a net, cieuuit kyl -hc, year s working ot £ 291 10" bd, as against a net dctioit last year ot 8-S U. In tnu loan charges for this year tl1øl');s J,.l1 iucrouoe 01 lOd. (Ji this sum, x;lu8 2s lid bceaine due under a deed for re-arranging dat„v> ior paying loan charges to tiie Blackburn Ln.kiJiun'ropic jcuriirl Socioty, and by which wiree unsealments of various loans were paid in course 01 tiie year, ll this re-arrangement had not tn.rn-ti p.a.oe, the not deficiency ior the yoar wotdd have been £12¿ 10s bd. xne Conway Gas Act, laOJ, empowering you lo supply gad wiuivai portions of tiie parishes of Liang'ysieniji ana LieoiiweQct, and for or pur- H"l,,iH'{l tiie royal assent on the 25'h May, 1909. I. nder the of this Act, you have powers to borrow i,õ,OL\) fca- main extensions, £ 2,500 tor gas stoves and meters, and for paying 1-1 of obtaii.img the Act, the sum required for tha.t purpose, a.Ld, with fho approval of the Local Government iioard, sticii further sums as you may require for wc-rking capital, or ior any of the purposes of the Act, or cf the Conway Gas Ordsur, 1880. Thie Aw ai-x) gives extended ;x>wers le.ating to nuances aIad particularly to me powers of borrowing, winco shall not be rest lifted by Sec. 234 of the P'IlD!io lloahh. Act, lift D. as in calculating the amount wh.oh may bo t>Girrowed under t.ha. Act, any sums borrowed Conway Gas Act, 1909, shall not be rccivoijed. As a result of the powers conferred1 by this Act, four nit. "••s of gas mains wore ia-id and extended to PenyLx>at and Syeixiant-road a.t a xotal cost of £1,6:00 7s 4d, and £ 499 3"" bd was spent, in meters aJd stoves. The iiumoeir of consumers were increased by 259 and 214 addi- tional cookers fixed'; 55 on the hire purchase sys- tem, and 161 cr.i the installation system. Gas was connected to Cue extended area on the 3Cili Novem h-r, 1309. The make of "gas was 23,626,000 cubic feet, an increase of 2.46cfCv0 cubic feet, and the sales, 2o,0r7,600 cutiic feet, an increase of 1,355,000 cubic feet. Rcviewmg the t.ra.Dsaci.iaJ.S for Ihe year and I.,av.n.- regard io the increased rrurnbür of oon- sumers, I anticipate an. early [>rc4it on the undertaking amd tho preseait dctkat wiped out. During the next four years several lcaeie will be- oome extintguisned, tiie aam;ai charges in res- pect of tbeee amountrng to clotse upon £500. GA RESERVE FUND. The interest on this aocouat amounted to Lb 1 4d, and Lawigitt the total to £ 300 5s 9d. in with your ingructioDs, HtC costs of tiio action, Wood v. Vuunae!ve&, amounting to £93 125 3d and wruoh is yet out in the axoaiut, was charged to this fund, Leavrng a credit balance of E201 13s. Owùlg- to the low iiricei of stook, steps La ve been takcin to redeem the amount required to meet this expenditure, arbd, the amount invested, na-meiy, £ 300 5s 9d, is represented by £ 647 16s, 2 per cent. consolida- ted stock. GAS COOKERS' ACCOUNT. During the year 55 cookers were lot out on hire puix-hase system, and 161 an the in.stailakiaii system. 1 he f'xpcnd,toi.¡r-o in connection with tiie hire purchase system amounted to £ IS3 193 Id, and the charges to purohasears amounted to 1;237 Is 7d. The balance to the credit of his ac- count has been transferred to net revemie a^xxmnt. As the stoves imdor the lll- stallation system, the ex; irwii.-iAro is dhaxged to capital account, under toe provisions of the Gas Act. The total 000kars let out on hire purchase is 414, and* the cost to you lias been £ 1,763 8s 5d, for which the purchasers have been charged £1,815 7s lOd, At the close of the year iiidtaJmeaits amounting to £ 1,106 16s 7d had been paid, leaviag i;708 lis 3d outstanding. REVENUE EXPENDITURE AND INCOME OF ALL DEPARTMENTS. Expenditure. Lnoome. £ d. £ s. d. Bridge 1619 9 8 2258 3 6 Harbour 172 14 1 65 4 9 Fund (kas Lib- rary Rate) 3330 13 4 3138 3 3 Bom' Advertising 35 17 7 25 0 0 Libraries 156 1 1 156 18 6 District Fuoo oixi Pri- vate Streets Works 6275 1 3 5880 13 4 Gas Department 5041 5 4 4645 2 7 16681 2 4 16169 5 11 CAPITAL EXPENDITURE OF ALL DE- PARTMENTS. The following statement gi ves the captital ex- penditure during tho year of all dopart-ments:- Borough Fund—New Municipal Buiidmgs, £1071 9s 8d. D;.f„r,ct Funci—Water Works, 1;822 ^13s 3d; public lighting, £ 227 12s 7d; Gyfiin-road ""footway, £ i3 5s; total £ 1063 10s 9d. Gas Under- taking—Extensioms, 1;1655 17s TdI; meters and stoves, £ 499 6: 6d; costs of Conway Gas Act, £375 0: Od; total, £.30.30 Os lOd.— £ 5165 Is 3d. LOANS NEGOTIATED. I>ui\ng the year tho folio-,ving loans were negotiated:—General District iouad: £ 500, bor- rowed at 35 per cent, for lniblic lighting pur- I"; and £ 770, borrowed at 3 per ceir;. for or-ki of water supply. Gas undertaking*: 1, 5W, borrowed at 3j per cent, for extension of 4 ir,iiins; borrowed at 3 per cent, for pur- chase d meters and stoves; and £875, borrowed at 3 por oent. for defraying costs of obtaining 4 Gas Act, 1909, lIJali: ing1 a total of £ -?645. LOANS OUTSTANDING. At the commenc«3!ment of the yoar the balance of outstanding loans amounted to £ 35,602 0,. iUd; borrowed ciiurmg the year, £ 4646; total £40,247 ¡ 0s 10cL Repi.d during the year, as shown uader tiie various accounts m the a bet i act, £:æ49 2d. Balance outstanding at tiie end of the year, -iaoluding liarbotu- loans, i;37,397 8s Sd. In cs/rnoctioii with cOiiic of ihe loans, as pre- viously stated in my report, the dates of paying tile instalments were re-anaiiged so :18 to fail due on two spec .lie dates. This necessitated too p<tyRi€!tit in some instances of three instaimaata during the yoar. It will be notiocd' from my p,-e- vicus remarks that this arra-hgemesit affeettxf t-ho ags undiwrtaking lo tire extent of B169 2.i lid; it ais,o necessitated an increase in the kww charges of the Borough f und of tb6, and of tiie General District Fund of £ 104. AGGREGA TE BALANCE SHEET. The aggregate balamoe shoot gives the liabili- ties and assets of the kho Oirporation accotmts, aind a perusal of tiie abstract shows that the total expenditure of the Cor[K>rat..<;n. for ail purposes amounted to E21,646 3a 7d, audi the income m- cluding loans to £ iiO,814 5s lid. THE AUDITORS REPORT. At the etnd of the volume the following report by the auditors ^Messrs Waj-msloy, Jones and Co., Chester), appears: — "We have all pleasure 1::1 reporting that we have compicted the audit of the accounts of the Corporation, including the bridge and liarbcmr aoooumte, for the year ended 31st March, 1910. "Vouchors have been produced to ua for & payments ryiade during the year, and we have found the same to be duly authorisied by the orders of the Council. We ha-ve also examined the subsidiary books of tJw. different departments, and have rotund that all moneys received by the officials have been duly paid over to tho Trea- surer. "The transactions of the year and tho position of tiio various funds are dtxtrly set forth in the abstract of account*, and are further explained in your Borough Accountant's report. "On pago 11 of the Borough Aeoounitant'a re- port a statement is given of the revenue, expen- diture, and income of all the departments. Ex- cluding from the statemeats tbefigoures relating to the Bridge, we observe that the cxpeexiiture. has exceeded tie income by the sum of 24150 10s 3d. "It will also be observed, that, in the aggro balance sheet tho net cash balance due to the Treasurer were £ 3.534 19- 8d, as against £1,851 2d in the previous year. "The growth of trio indebtedness to the Trea- surer is -ati.r.butabl, to i,his deficiency, also to the operations 011 capital account, as certain balances in liw-ILi. at th", comnienoerueni of the year have been expemdod upon the se^vej-ai purposes tor wiiich the a.mounts were borrowed. "Weare plotted to i'cjx>rt tlKVt the usual care lias been bostovsexl on all work covered by our audit."





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