HYDRO-ELECTRIC SCHEMES.

Manawatu Herald, Volume XLI, Issue 2046, 25 October 1919, Page 3

HYDRO-ELECTRIC SCHEMES.

LOAN BILL INTRODUCED,

The Electric Power Works Loan Bill, introduced in the House on Tuesday night, provides for borrowing n sum of £6,830,000 for the purposes of- electric power works. Debentures may be issued in respect of the purchase of the Horahora electric power works from the Waihi Goldmining Company, to an amount not exceeding £212,500. This sum is to be used in respect of the purchase* of the works under an agreement made between the 'Government and the Company on October 18th, 1919. The rate of interest on the debentures issued in respect of the Horahora purchase is to be not less than 5 per cent. The rate of interest on the total snqi will be such as may be prescribed by the Minister for Finance. The schedule to the Bill is as follows; (1) In respect of the Arapuni electric power works £4,500,000.

(2) In respect of the Mangahao electric power works, £1,600,000. (3) In respect of the extension of the Lake Coleridge electric power works, £257,500.

(4) In respect of the purchase of the Horahora electric power works, £212,500.

(5) In respect of the extension of the Horahora electric power works, £200,000.

(6) In respect of surveys for the Waikamnoana scheme, £30,000.

(7) In respect of surveys for the Otago scheme, £30,000. Total, £6,830,000. Sir William Fraser explained lie did not intend to spend the sum in one year. Authority was being taken for a period of years, and the money would appear as a statutory appropriation. The amount; to he spent this year was £600,000. The Bill eovered the total liability.