SHOULD INTEREST BE PAID?

Hawke's Bay Herald-Tribune, Issue 55, 20 March 1937, Page 3

SHOULD INTEREST BE PAID?

Our Own Oorrespondont.

Deposits on Tenders

itom

WAIPUKURAU, Last Night. At the meeting- of the Central Hawke's Bay Power Board "to-day, the rights and wrongs of paying the interest on a deposit that had been sent in aloag with one of the tenders, was arguod. Mr M. Ryan said that a Mr Ashby had sent in, along wf?h his tender, a cheque for £50 as his deposit. This eum was posted on January 15, and, according ro figures which Mr Ashby had supplied to him, it was banked on Tanuary 23, later being returned ahout February 20. Mr Ashby's- complaint was that he had had to pay interest amountingj to 4/2 on the £50 over a period when he had not had the use of the money. "In view of the fact that the ciosing date on which the tenders had to be in was extended," said Mr A C. Holmes, "I am quite satisfied that Mr Ashby is entitled to a month's interest on hm money. Affer all, it is cnly a Bquare deal} and he should get it. We have been technically wrong and it is up to us to rectify our mistake." Mr Holms moved that Mr Ashby's complaint be received and that interest at the bank rate be paid to Mr Ashby on his £50 as from January 23 to February 20. The motion was lost on the casting vote of the chairman, Mr A. C. Russell.