LOANS FOR POWER BOARDS

Press, Volume LXXIV, Issue 22508, 16 September 1938, Page 7

LOANS FOR POWER BOARDS

RESOLUTION MASSED BY CONFERENCE (»aXM 4SSOCMTIOI TU.ICUUK.) WELLINGTON. September 15. “That -the association again urge on the Government the necessity of making readily available to power boards and supply authorities supplies of loan money sufficient for the carrying out'of extensions to reticulation systems and on satisfactory terms,” was a remit, carried-at the an«ual conference in Wellington to-day of the Electric Power Boards and - Supply Authorities . Association of New ' Zealand.. . ; . The remit was proposed by the North- Canterbury Power Board. Mr A. Buckingham said the power boards were experiencing difficulty in raising loan money to carry out necessary works because the State Advances Department seemed to run short of funds and had to wait until more became available. Boards were required to place their applications for finance months in advance. ■ The Government was urging boards to supply electricity in sparsely-popu-lated areas, but was not helping to the fullest extent possible, he .saidj Terms were not satisfactory?, and at the end; of >lO years . the department wanted thei whole, loan repaid. The sinking fund ait the end ,of that-period was only 40' per ’cent.,' however, and to repay the loans boards' were required to reborrow for the remaining 60 per"cent.. > . .. ? ; ! .- ; <