HYDRO-POWER.
SUPPLY FOR MARLBOROUGH. (SPSCIAL TO "THB PJSBSS.") BLENHEIM, November 20. The financing of the Waihopai power scheme, which it is estimated will cos'b £300,000, was the subject of a report to the Power Board by the chairman (Mr B. F. Goulter), and Mr WrJ. Girling, M.P. They recently interviewed the Prime Minister, but Mr Massey said the Government could not assist in raising mbney at the present time, and he referred them to Mi" B'uckleton, general manager of the Bank of New Zealand. Mr Buckleton' recommended the Board to raise the £•50,000 or so which would, be required for expenditure locally in the first year of the works, by means of £SOOO debentures, which could be lodged with the Board's* bank as security for money advanced) by way of overdraft, and which could, when opportunity offered, be sold. This would give tlie Board an opportunity of looking around for the balance of its money. He considered that there would be no difficulty iu arranging a credit in London for the purpose of the materials and machinery required there, bub owing to tho adverse rate of exchange- it would be inadvisable to float a loan on the English market at present, as it would cost one way and another about three per cent, to get. the money out to New Zealand.
The Board appointed a committee to make arrangements for the raising of such sums as the .Hoard would! require in the initial stages of the works, by means of debentures. It was suggested that these might be offered for sale in Marlborough. The Board appointed Messrs "Vickerman and Lancaster, of "Wellington, its engineers to draw the plans and supervise the erection of the works. It was agreed that the firm should be paid a commission of 5 per cent, on the cost of construction, with a proviso that their total commission should) not exceed £IO,OOO, but to this sum a bonus of £ISOO will be' added if the actual cost of construction does not exceed the estimate of £242,000.
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Press, Volume LX, Issue 18236, 21 November 1924, Page 12
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340HYDRO-POWER. Press, Volume LX, Issue 18236, 21 November 1924, Page 12
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