WANTED—£100,000

Sun (Auckland), Volume III, Issue 815, 8 November 1929, Page 10

WANTED—£IOO,OOO

WAITEMATA POWER BOARD LOAN PROPOSALS ADDRESS AT ALBANY East year a reduction of one penny : a unit was made in the lighting i charges bv the Waitemata Electric - i Power Board. This represented an j a nnual saving of £3,700, while during the current year other reductions, totalling £2,500 a year, had been « made. , __ . This statement was made by Mr. J. W. Hayden, chairman of the A\ aite- ; mata Electric-Power Board, at a meeting held in the. Coronation Hall, Albany, last evening. in connection j with the proposals to be placed before the ratepayers of the uitemata j Power District on November 27. re- * quiring a loan authorisation ot j £IOO,OOO. Mr. Hayden was accomI panied by Messrs. M. E. Thompson ! and A. E Greenslade, members of the i board, and Mr. F. J. H. Wilson, I engineer. Mr. F. E. Powell presided. A policy of first reticulating the closely populated areas and the more profitable sources of revenue, and then extending to the more sparsely settled portions of the power district, had been followed, said Mr. Hayden, who said the board was anxious to carry the benefit of electricity throughout the G 27 square miles of the board s tenitory and anywhere a payable load was offering. A prudent financial policy had been followed, and strong general, reserve, depreciation and sinking funds had j been established, aggregating £42.2 <2. No loan money was being used for the new office accommodation, which was being provided for out of reserves. FUTURE EXTENSIONS A loan of £IOO,OOO was being sought to provide for future extensions as further areas became payable. Though only £30,000 was actually required at present. £ 100.000 would provide for years to come and avoid many expensive polls. The sanction of the Local Government Loans Board would have to be obtained before the balance of £70,000 could be borrowed and the interests of ratepayers would be carefully guarded by the requirements of the board that the money was required for legitimate work before it could be used. Ratepayers could be assured that no portion of the special rate that would < be formally struck as security for the ; loan would ever be collected. On the motion of Mr. Hooton, seconded by Mr. Char man, Mr. Hayden j was thanked for the address and support was accorded to the loan pro- j posals. ——