HOROWHENUA POWER BOARD.

Shannon News, 18 December 1925, Page 3

HOROWHENUA POWER BOARD.

DECEMBER MEETING. The monthly meeting >oi the'Horowhanua Electric Power Board was held on Tuesday. Present: Messrs. G. A. Monk (chairman), W. H. Gunning, A. A. Browne, A. Ross, W. E. Barber, C.'Kilsby. Mr J. A. Smith, Board's Engineer, and Mr T. R. Overton, consulting Engineer, were also present. EXTENSION OF SERVICE. A letter was received from Mr IL Akers accepting the Board's terms for the installation of electricity on his estate" via Hume's road at Linton. These were the payment of 75 per cent, of the supply lines, estimated at from £l2O to £l3O, and a guarantee of £l4O a year for five year s in revenue for power supplied. He expressed the hope that the installation would be complete by the beginning ot February. The secretary/ said the work would be gone on with without delay and power would be given by the date desired.

INTEREST ON SINKING FUND. The Public Trust Office advised an increase in the rate oif interest. As a result of the successful progress of the office in, recent years, combined with the exercise of strict economy in expenditure it has been found possible to increase the' rates of interest allowed on certain classes of funds held in the* Common 'Fund of the Office. From the Ist January next the interest allowed on Local Body Sinking Fund and Superannillation Fund will be increased one-quarter per cent. This, is a .substantial concession to those local bodies who haive entrusted funds to the Public NTrustee for investment. —Received. ■ , : LIGHTING LEVIN DOMAIN. The secretary • reposriteid r having, with', the. Engineer, arranged for the Combined Sports Bodies, which .ask-, ed whether the Board would, supply, ■pules, lights and material for lighting the Levin Domain, to have this ■' done on- the following terms: (1) That the Levin Borowgh Council as the Domain Board, a.uithorusc in writ--ing the work to be. done, (2) that eitner the Borough QounciL or some on her person or persons of repute guarantee to-repay the Board for its .outlay; (3) that the sum' of £25 be paid within a month oif completion of the work and ithe balance in instalments on or before March 31, 1926; (4) that the Dunklin Board be re- ' sponsible for the'electricity used, accounts for which would be rendered bi-monthly. The s eci;etai'y said the .Borough Council had given its consent to the work being done and the Mayor of Levin had given the secretary his . personal guarantee for the repayment of the money expended. The action of the ' Secretary and Engineer in making these arrangements was confirmed. . TWO MORRIS TRUCKS -.PURCHASED" The Finance • Gommititec reported: A,s directed by the Board the members of the Finance Committee took immediate steps to purchase motor trucks and' with the Engineer and -ei'reniry met in Wa.ikanae the day after the Board meeting and inert by appointment the Wellington agent o.f L the Moms truck and inspected the chassis of a one-tar truck brought from Wellington for the conimjittee's inspection. Alter careful examination and many 'enquiries the Committee were satisfied that- the trucks offered would' serve the purposes required by the Board's work. It was decided to place an .order through Mr Sawtell for two Morris one-ton trucks, Mr Sawtell to take tire Board's two present i trucks, allowing £llO for them. The price to be £3lO per truck, including self starter, speedometers which cost approximately £6 in consideration of two trucks being ordered are to be supplied at least at half cost. With regard to building the truck bodies, the Engineer was directed to get prices for the work. The arrangements for the delivery of the trucks were left to the Engineer and Mr Sawtell. For the further information of the Board, subsequently prices for truck bodies were received, from makers in Wellington, Palmerstori and Levin. Eventually the tender of Adam Burgos, Ltd., at £53 10s per truck was accepted. At date ome truck has been delivered and is in Palmers-ton in the hands of- the body, contractors: The report was adopted, (the chairman remarking 'that the Board was getting the bodies lkvillt- for' the amount it was receiving for the old : trucks.

TREASURER'S REPORT. Tito Treasurer reported:— £BO,OOO Loan from .A.M.P. Society. —The next half yearly interest on this loan is due in Sydney on the 21st instant, consequently the amount £•2,200 is amongst the accounts to be passed at this meeting. The third year's Sinking Fund in connection with this loan amounting to £BOO is about due and. must soion he paid to the i'uhlic Trustee. The rate of exchange to Sydney at date is 7s 6(1. per cent. Second Loan of £40,000 from > the Government Life Insurance Department—On the Ist, instant the last instalment of this loam, amount £2OOO, came duly to hand. The interest accrued on" the loan amounted to £903 Us Id, and this sum' being deducted from the instalment reduced the amount paid into the Bank to £IOO7 5s lid. . New Loan of £2o,ooo.—Since the last meeting of the Board all formalities iii connection with the raHsing of this loan were complied with, the debentures were signed and handed over to the solicitors of the Government Life insurance Department, and £15,000 of the loan monies have since been paid to the Hoard's ac-

count at the Bank. The balance of the loan under the agreement is payable iiit the end of February, lees the, interest on the £15.000 to that date. The half-yearly repayment of debentures in connection wath this loan will fall due on the 28th day oFebruary and the 31st day of August iu every year. The amount of each half-yearly debenture is £6<B. 8s 00. Receipts—Since- last meeting f 9<B Ims been collected for installations and servioe lines', and £1698 for the supply of electricity and for motors granges. The receipts from April Ist to date for power sales, and ranges and motors halve been £10,206 Expenditure tor the Month and Accounts- for Payment—On the pay roll for the day the largest amount is for the interest already mentioned viz £2200 due shortly m Sydney. Hard drawn hare copper caMe account for over £llOO, poles lor £oio whilst T. B. Gable, water heating elements, ranges, meters, fuses benzine and tyres each account loi a very considerable sum. 'lite total including the interest on loan comes to £5240 installations—The amount owing to the Board is approximately £hy 000, about two-thirds of which is in the advances to consumers ledger, and is consequently bearing interest. The report was adopted. The chairman wished the members of the Board the compliments of the season. The work of the Board had - 011 eon emoothly .during the year and he thanked the members for, their attention to business. He included the staff end press in his felicitations. "