INTEREST-FREE LOAN.
POWER BOARD’S CONTRIBUTION. On the motion of Air P. G. Guy, seconded by Mr W. G. Shannon, the Manawatu-Oroua Power Board yesterday decided unanimously to lend £IOOO free of interest to the Government for* the duration of the war and for six months afterward. In moving the, motion, Mr Guy said it was only right that the board should take such action. . • Mr Shannon, seconding the motion, remarked that if the Allies did not win the war everything would he lost. This loan would, assist in some measure to win. The chairman (Mr J. Boyce) expressed the opinion, on being asked for information by Mr J. A. Nash, that such a loan might embarrass the hoard in its expenditure for the current year. , _ , . The engineer (Air AV. A. Waters) said it was problematical whether the board would even he able to do new work because of the lack of materials. Copper now was up in price by 52 per cent. .„ Mr Nash said he would like to see the loan made if the board possibly could assist. Air J. Hodgens, M.P., asked the beard to consider its turnover (estimated receipts this year being £129,-' 000) in the light of what its taxation would be if it were a private company. What would it pay in taxation? It paid nothing now. The motion was carried without further discussion. -
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Bibliographic details
Manawatu Standard, Volume LX, Issue 164, 11 June 1940, Page 8
Word Count
229INTEREST-FREE LOAN. Manawatu Standard, Volume LX, Issue 164, 11 June 1940, Page 8
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