HOROWHENUA POWER BOARD

Shannon News, 22 February 1929, Page 4

HOROWHENUA POWER BOARD

FEBRUARY MEETING. The monthly meeting of the Horowhenua Electric Power Board was held in Levin on Tuesday, fwhen there were present: Messrs G. A. Monk (chairman), C. Blenkhorn, W. E. Barber, T. G. Vincent, E. R. Bryant, A. J. Petherick, A. Seifert, and E. Morse. EXTENSIONS OF LINES. Mr H. A. Seifert wrote stating that some months age he discussed with the Engineer the matter, of extending the power supply to Makerua Plains. The settlers were prepared to pay the excess charge for the power and h'c asked for the necessary form and other information to make application. One new settler had come to the settlement. The settlers at one end would probably not come on until next year, and this Vould mean that it would not be necessary to erect a mile of lwine. —Referred to the Engineer to attend to.

The Engineer reported: “Applications have been received from six r*-. sidents in Mako Mako Road West, for current. The estimated cost of the extension of L.T. mains to serve them, is £137. The estimated revenue is £27 per annum and I would ask for authority to carry out this extension. ’ ’•—This was granted on the usual guarantee being given. (The inhabitants of Lower Raumati Beaeh (Kawatiri Estate) applied for the installations and supply of electric light to their district, stressing the growth that had taken place there. The Secretary said a similar application had been made last year, when it was found that 65 chains of line would have to be erected at a cost of £4Ol. The estimated revenue was £34 per year, most of the houses being week-end cottages at £2 a year. The Board decided then that it would extend the line provided the residents gave a guarantee that the revenue would equal 18 per cent, on the cost. On the chairman’s motion the petition was referred to the Engineer to have another canvass made of the district. FINANCIAL REPORT. The Treasurer (Mr P. W. Goldsmith) reported as follows: — (The total amount received for January was £6667 9s 5d and the sale of electricity contributed £5866 3s 10d to this total amount received. Most of the large current quarterly accounts are paid in January hence the receipts for electricity show a very considerable sum. In fact the amount is £4OO more than that received under the same head in January of last year. The cash receipts, however, are not stressed very much as to the real financial position, they do not take the place of returns which show the actual revenue earned. ' Cash receipts however, are something of a guide as to how the financial aspect for the year is standing at date and so the returns serve a useful purpose. It will be seen that the total receipts from all sources to the end of January amount to £41,129 5s 9d towards which sum electricitly, contributes £33,739 9s Id. The table which follows shows further particulars. The cash receipts are as follows (shillings and pence omitted): —

10 Months to January. Jan. 31

ACCOUNTS. The Treasurer also reported:— Accounts for confirmation. —The amount paid away since the last meeting of the Board amount to £1225 4s 9d. This sum includes the payment of £3OO to the Public Trust Office for 6 months interest on the £IO,OOO loan which fell due on the Ist February. The other large items are for salaries and wages, the latter including three fortnightly payments, total £437. An account for two miles of T.B. cable was also paid, the amount being £6O. Payments for sundry electrical installations have also been made to the extent of about £4O, and benzine accounts for about £4s.—'Confirmed.

Accounts for payment. —In connection with two of the Board’s loans (£40,000 and £20,000) half-yearly debentures fall due on the 28th instant. The amount to be paid in respect to the same is £2055 4s Bd, which is the chief item on the pay-roll for the day. The balance of £3OB 12s lid providing payment for meters, ranges, line material, motor tyres, and sundry goods and charges.—Adopted.

EXCHANGE OF DEBENTURES. The secretary reported as follows: “A difficulty has arisen over the rate of interest to be paid on the Board's

new issue of debentures to the value of £SOOO, in connection with the proposed exchange of debentures with the Central Electric Power Board. The position is that the Central Electric Power Board issued its debentures some time ago and the rate of interest payable is 5J per cent. They, of course, desire to exchange with the Horowhenua Electric Power Board for debentures bearing the same rate of interest. In the Electric PowCY Boards ’ 'Act if any Board proposes to pay a rate of interest over 5£ per cent, the consent of tlie Minister of Finance must be obtained. When approached for the necessary consent, the Minister did not deem it advisable at the present time to consent to the Board paying 5f per cent, on the proposed £SOOO loan, even when it was pointed out to him that' although this Board would be paying 5£ per cent, interest it would also on the interchange be receiving the same rate of interest on its investment. ’ ’

The correspondence was read and various aspects explained by the Secretary. .'The chairman said the next move seemed to be with the Central Power Board. The easiest way out would be for them to cancel the 5| debentures and issue others at 5J per cent. Boards are not permitted to invest their reserves in their own enterprises, and the object, of exchanging debentures with another Power Board is to achieve this actual result by legal means. Each Board would be able to use the funds it received from the other by way of loan, instead of utilising its own reserves. ENGINEER’S REPORT.

The Engineer (Mr J. A. Smith) forwarded the following report:— Since last Board meeting, fourteen new service lines have been run and extra phases run on five existing services. Nineteen poles were fitted and erected and 270 chains of wire run out. Extra phases were run on Tiro Tiro and Mako Mako Roads, and heavier cable on Mako Mako Road. One outdoor sub-station was erected at Moutoa to replace sub. at Whitauuui Scutching shed, which is being dismantled. The general overhaul at Tasman Beach has been completed; this included the running of heavier cable in order to cope with the growth of load.

The temporary transformer and lines to supply light and power to the Manawatu River Bridge and punt have been dismantled. Poles have been carted out and a start made with the erection of the Waimea Beach Road Line, v

Earth testing and strengthening has been carried out and a fair amount of tree trimming has been done, and general maintenance attended to.

£ £ Electricity 5866 33,739 Penalties .. 22 267 Installations and service lines 650 5,881 Consumers ’ deposits .. 15 115 Interest on installations 16 344 Cottage rents anti sundries .. .... .. 96 781 * i ■ £6667 £41.129