Port economics

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Monograph

Identifikator:: 173564191X

URN:: urn:nbn:de:zbw-retromon-111718

Document type:: Monograph

Author:: Cunningham, Brysson http://d-nb.info/gnd/1055472266

Title:: Port economics

Place of publication:: London [usw.]

Publisher:: Pitman

Year of publication:: 1926

Scope:: IX, 134 S

Digitisation:: 2020

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. Port revenues

Collection:: Economics Books

PORT REVENUES OI Payment for the services of divers and divers’ gear requisitioned by shipowners and others for the purpose of inspecting the under water portions of ships’ hulls. Charges for lighterage and towage. Rates paid for the use of dock lines of railway. Charges for testing ships’ chronometers, etc. LOANS As a considerable portion of the receipts of a port authority has to be devoted to the payment of interest charges on capital outlay, it may be appropriate in this connection to allude to the subject of loans. For the purpose of creating and providing accommoda- tion at ports, whether in the form of quays, basins or docks, it is generally necessary for the authority in question to obtain funds in the form of a loan or series of loans. A port authority is at liberty to borrow money on the market to the extent of its statutory borrowing powers, as laid down in the particular Act of Parliament under which the works are carried out. Choosing as favourable an opportunity as presents itself within the period available, the authority issues stock or bonds, which are taken up by the public, generally through underwriters and brokers, at stated rates of interest. For smaller undertakings, an advance or overdraft may be obtained from the bank, or bills may be issued redeemable at short notice. Having obtained its capital in this way, the authority must take steps to meet its obligations as they arise in regard to the interest payable on the stock or bonds, and at the same time must provide a Sinking Fund to pay off bonds and other commitments as they mature! These are financial matters which must be dealt with by the accountancy branch of the service. 1 A Sinking Fund is the accumulation of amounts set apart annually for the purpose of paying off a loan at the end of a period of years. In addition toa sinking fund, a reserve fund is frequently maintained to meet contingencies which may arise.

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