Power Board to Raise £l00,000

Sun (Auckland), Volume 1, Issue 81, 27 June 1927, Page 9

Power Board to Raise £loo,ooo

NEW LOAN PROPOSAL ELECTRICITY EXTENSION THE Waitemata Power Board today considered the new loan proposal and decided to proceed ' for a sum of £IOO,OOO. In a report brought down the chairman stated: —“I urge members to authorise the flotation of a loan of £BO.OOO at the meeting on Monday next, which should be sufficient to cover future operations to December, 1929. I estimate the requirements as follow: For extensions authorised: Kaukapakapa £7.000 Hobsonville £3.000 Titirangi £I,OOO Henderson Valley £1,500 Devonport £3,000 £15.000 Expenditure to the end of year £13,000 “In making provisions for 1925-29 I have to be guided by knowledge of the board’s district and its present policn. There will be Brown’s Bay, Glenfleld and Albany and further extensions in Titirangi, Oratia. Henderson Valley. Taupaki, Kaukapakapa as well as extensions and consumers’ services. This will amount to a minimum of £25.000. probably £30.000, a year/ To be on safe ground the amount of the loan should be £80,000.” Since making the estimate out. said Mr. Hayden in the board meeting today, he had regretted that he had not made the estimate for £IOO,OOO. Mr. W. Leighton proposed that the board be given authority to raise £IOO,OOO. Mr. H. Day, who is also chairman of the Waitemata County Council, opposed the proposal. The county had nothing to encourage it to support another loan. Mr. M. E. Thompson opposed going for a loan until a definite programme was in hand. After a long discussion the proposal to proceed for a loan of £IOO,OOO was carried.