OVERDRAFT
'New Zealand Press Association'
AUCKLAND, July 25. Investment in Auckland Electric Power Board loan issues in the June quarter was not enough to meet even current spending on extension and upgrading of reticulation. the general manager (Mr A. S. Don) said today. Stock and debenture sales for the quarter had totalled only £199,730. against expenditure of £325.000. This forced the board to advance a further £125.270 from the power fund to balance
the loan account at June 30. Mr Don said there could be little prospect of any significant recovery from this serious financial situation while the board’s return to investors was completely unrealistic at between 4 7-8 per cent and 51 per cent. The board would have to rely on a bank overdraft to cover a cash deficit of £965.124 when it paid its bulk power bill of £1,623.500 for the June quarter.
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Press, Volume CVI, Issue 31121, 26 July 1966, Page 3
Word count
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145OVERDRAFT Press, Volume CVI, Issue 31121, 26 July 1966, Page 3
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