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FINANCIAL RESULTS The following is a summary of the results (unaudited) for the year ended 31st March, 1950. The audited accounts and balance-sheet will again appear in B-l [Pt. IV] : £ £ Revenue .. .. .. .. 3,951,558 Operating-costs .. .. .. 1,825,677 Gross profit .. .. .. £2,125,881 Capital charges — £ £ Interest .. .. .. .. 1,144,424 Depreciation .. .. .. 311,758 1,456,182 Taxation reserve .. .. .. .. 224,561 Loans redemption (statutory charge) .. .. 309,382 Balance to general reserve .. .. .. 135,756 £2,125,881 Capital Statement £ £ Total capital invested .. .. .. .. 52,827,590 Less— Works under construction, surveys and investigations of new schemes .. .. .. 17,335,761 Plant, motor-vehicles, and stocks 1,938,793 19,274,554 Net operating capital .. .. .. .. £33,553,036 In this connection it is desired to draw attention to the report of the General Manager, which report is appended to this statement. NEW WORKS In this section a general account is given of the progress on new works being carried out by both the State Hydro-electric Department and the Ministry of Works. (1) Generating Plants : North Island At Maraetai steady progress is being maintained and work on the concreting of the main dam is now in full swing. The power-house is well forward and the erection of portions of the hydraulic turbines has commenced. The bridge across the Waikato River giving access to the power-house is nearing completion. The anticipated date for first operation, is April, 1952. At Whakamaru very good progress has been made with the diversion channel and the generating plant has already been ordered. At Kaitawa the placing of the sealing material continues and a stage has been reached where the flow fluctuates at about 200 cubic feet per second. It is anticipated that this figure can be greatly reduced by a continuation of the present work. At Wairakei the investigation on sources of geo-thermal steam is concentrated on a line about three and a half miles long, and six drilling rigs are in operation. Steam has already been encountered and the progress to date is very encouraging. *

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