HUGE SUM INVESTED

Sun (Auckland), Volume III, Issue 724, 25 July 1929, Page 10

HUGE SUM INVESTED

HYDRO-ELECTRIC POWER LOSS ON YEAR’S WORKINGS Press Association WELLINGTON, Wednesday. The Minister of Public Works, the lion. E. A. Ransom, at the opening of the Power Boards’ Conference today, quoted some interesting figures in connection with hydro-electrical development in the Dominion. He said the total capital in Government developments was £54,607,505. The Lake Coleridge scheme showed a revenue of £186,963, operating costs being £30,131, giving a balance of £156,532 for the 12 months ending at March 31, 1929. The balance had been used to pay £76.612 interest and £29,847 depreciation, leaving a balance of £50,373 profit, which had been paid to the sinking fund. LOSS ON YEAR The Horahora scheme showed a loss on the year of £15,291, largely due to dislocation of the plant during the fire and by flooding and silting after the Arapuni diversion. Horahora showed a revenue of £135,511, operating costs of £76.231, the balance of £59,280 being required to pay £ 53,045 interest and £21,527 depreciation, showing the less mentioned. This and the sinking fund of £ 11,280 had been held over | until profits were available. There ; were accumulated profits of £32,415.; and that would have to remain as a charge on the Horahora scheme. UP TO EXPECTATIONS In fairness to Mangahao, it must be said that the scheme had come up to all expectations. The revenue was £114.148, and operating costs £34,344. leaving a balance of £79,804, which had been required to pay interest £ 135,358. depreciation £42,714. and insurance £99. A total of £178,171, representing a loss of £95,367 for the year. The gross revenue was £186.713, but this was reduced by £72.563 owing to power purchased from outside.