£5000 Loan (or Dannevirke Power Board

Manawatu Times, Volume 62, Issue 22, 27 January 1937, Page 2

£SOOO Loan (or Dannevirke Power Board

FOR RETICULATION PURPOSES. The chairman (Mr. M. O. Grainger) reported at yesterday's monthly meeting of the Dannevirke Power Board that it had been found necessary to borrow £SOOO for reticulation purposes, and ho was pleased to state that .the board had been able to obtain money at 31 per cent. The finance committee recommended that the offer be accepted. Ho moved: That the board take the necessary steps to raise the money. Mr. J. Elder seconded the motion. Mr. H. P. Horne: Is the money required for new work? Tho engineer (Mr. F. O. Dovlin) Toplied that the money would be used in reticulating new lines. Mr. Horne suggested that the board take into consideration the question of giving from the loan some assistance to farmers requiring the current. The chairman: You mean by breaking the Public Works Act! Mr. Horne: Wo have power to assist them out of loan money. The chairman replied that tho board could only give assistance out of revenue and not from loan money. Mr. J. Elder: Wc havo no option in the matter. Mr. A. H. It. Gillespie acquiesced. Mr. Horno repeated that he hoped the board would be able to assist tho fanners, even if it could only be done out of revenue. The secretary: That is the only way you can do it. The chairman said Mr. Horne's suggestion would bo taken into consideration.

Tho motion was carried acd a resolution was also passed accepting the offer of the money at 3$ per cent.