WATER POWER

Dominion, Volume 13, Issue 25, 24 October 1919, Page 7

WATER POWER

THE AUTHORISING BILL TOTAL LOAN TO BE £6,830,000

PROVISION FOR MANGAHAO

The Electric Power Works Loan Bill, introduced in the House last night, authorises the Government to borrow a sum of 010,830.000 fur purposes of electric power works. Debentures may be issued in respect of the purchase of tho Horahora electric power works from the Waihi Gold .Mining Company to an amount not oxceedinc .£'212,500. This sum is to be used in respect of. the purchase of tho works under an agreement made between the Government and tho company on October 18, 1919. Tho rate of interest on debentures issued in resneet of the Hornhora purchase is to be not lees than 5 per cent. The rato of interest on the remaining portion of the total sum will be such as may be prescribed by the Minister of c'inance. The schedule to the Bill is as follows:- £ 1. In respect of tho Arapuni electric power works 4,500,000 2. In respect of tho Mangahao electric power works 1,000,000 3. In respect of the extension of tho Lake Coleridge electric power works 257,500 i. In respect of the purchase of the Eorahora electric, works 212,500 5. In respect of tho extension of the Horahorn electric power work? 200,000 G. In respect of surveys for the Waikaremoana schemo \ 30,000 7. In respect of surveys for tho Otago scheme 30,000 ,£0,830,000 Sir Joseph Ward asked what amount was being provided for the hytlro-eleclric work*. Sir William Eraser replied that the total amount provided in tho Bill was A ! G,830,000.. He did not intend to spend that sum in one year. Authority was being taken for a period of years, and Ibis money would appear as a statutory appropriation. The'amount to be spent this year was i 600,000. The Bill covered the total liability.