HUTT VALLEY POWER LOAN

Dominion, Volume 20, Issue 57, 1 December 1926, Page 14

HUTT VALLEY POWER LOAN

RATEPAYERS’ POLL TO-DAY. The Hutt Valley Power Board’s proposal to raise a loan of £150,000 will be submitted to a poll of ratepayers today. The money, which it is proposed to raise in sums as required, is to be allocated as follows: —£60,000 for urgent works in sight, all of which are considered revenue producing; £30,000 for new areas, with guarantees of a revenue equal to 121- per cent, on cost of construction; £35,000 for future developments, expected within three years; £5OOO for first year’s interest and sinking fund; and £20,000 to assist new consumers to instal electric light, and new and present consumers to instal electric ranges (over 300 ranges have already been, connected up). This £20.000. together with £20,000 already similarly advanced to consumers, will provide its own interest and sinking fund, and administration charges, and this will not be a charge on the revenue account. . . “The growth of the activities, has been phenomenal,” states the chairman of the board. “On March 31, 1925. there were 1356 consumers, on March 31, 1926, there were 3592, and to-day there are over 5200. There were over 200 applications lodged for permits during tlio month of November this year: 102 per cent, more units of current were sold this vear from April to September than (lining the similar period in 1925. The revenue is also buoyant. The power fund account shows an increase over estimates at the rate of £lO.OOO for the vear, and is still increasing. The revenue is fifteen shillings per consumer per annum better than that, of last year. The board has attained third position among power boards in the

number of consumers (5200). with a capital expenditure of £264,000. The others are: Southland 6200, capital expenditure £1,650,000; and Thames V alley, 6120, capital expenditure £700,000. Both of these power boards have had to levy rates to make good deficiencies, but tne Hutt Board has not had to do so, and its financial position is so secure tnat there is no likelihood of such a Uyng happening—even if it did have a deficiency in revenue, it can call upon non- ' consumers adjacent to distribution lines to pay an ‘availability rate o enable it to make good. For the convenience of ratepapers employed in Wellington polling^boottis are provided at the Hutt County Office, J 6B Lambton Quay, and at the Eastbourne ferrv office. Purchasers of Hutt Settlement, St. Ronan, and other estate sections have been placed on the ratepavers’ rolls by the vendors, to enable them to vote. Polling hours are 9 a.m. to 7 p.m., and the result is expected to be known about 9 o clock tonight.