Estimates-1962 — Page 257

6. SALT WATER FLUSHING SUPPLIES

(a) Interest @ 31% on Capital Advance

Expenditure incurred during the year ended 31.3.60

($5,765,757).

Accumulated expenditure from

1.4.58 to 31.3.59

($2,324,565)..

Add: Interest for the year 1958/59

$201,801

81,360

81,360

364,521

(b) Sinking Fund Instalments assumed invested @ 31%

(1) Expenditure for

1958/59

$2,324,565

redeemable 25 years.........

$ 59,681

(2) Expenditure for

1959/60

$5,765,757

redeemable 25 years....

148,030 207,711 572,232

615,844 7. PROFIT FOR THE YEAR 1958/59

$22,895,724

Explanatory Notes :

$28,224,383 $22,895,724

$28,224,383

(1) As it has been decided to proceed with the Plover Cove & Hebe Haven Integrated Scheme, Capital Expenditure in connection with preliminary investigations incurred during the 1958/59 financial year, previously included under New Plant, is now shown separately. Capital expenditure on this major project does not yet attract sinking fund charges and it has therefore been excluded from the sinking fund calculations,

(2) The Salt Water Flushing Supply is intended to be self-financing when fully operative. In order that adjustments may be made to the salt water rates, if necessary, the expenditure and revenue in connection with this scheme are shown separately.

(3) Irrigation works are not part of the Water Supply System and expenditure in connection with this scheme will no longer appear in the Waterworks Operating Accounts. Adjustments have been made in respect of expenditure previously incurred.

(4) The cost of water supplied free from 287 standpipes erected in the resettlement areas, villages and streets cannot be estimated accurately and is not, therefore, shown in the Accounts.

255