TAUPO HYDRO-ELECTRIC SCHEME

Taupo Times, Volume I, Issue 34, 3 September 1952, Page 1

TAUPO HYDRO-ELECTRIC SCHEME

Progress Of Reticulatian BALANCE OF LOAN MONEY The chairman of the Taupo Town, Board, and also of the works committee (Mr J. Story), reports that good progress is being made with tho reticulation system for the distribution of power when the generating plant is ready for action. A total of 190 poles will be required, including the anchor poles. These are all at hand, and the contractor for the reticulation work reports- that 50 poles are already in the ground. He is pleased with the class of country he has to deal with, as its easy nature enables quick progress to be made. Practically one-fourth of the distance has been covered — namely from th© top of Earthquake Gully to within. 17 poles of the powerhouse itself. Problems of Finance As reporated in the Times last week the chairman and deputy-chairman (Messrs J. E. Story and J. D. Swan), visited Wellington" last week to discuss, among other matters, thes question of obtaining the balance of the loan money required to complete? the work. — £37,000. The loan market, they found, was still very restricted, and leading institutions were disin« clined to favour advances at the low interest rate of 3^e%. The situation still remained difficult even when the Government sanctioned an increase in the rate to 4 %. This was the situation as explained to a special meeting of the Town Board 011 Friday last, on the retum of its representatives from Wellington. In the circumstances, they said, they were fortunate to be able to obtain a loan of £5000 through the agency of one of the State Departments, with an assurance that as bills for the hydro-electricity scheme fell due from time to time, hnanfcial resources would be made available to enable these to be met. The Loans Board concurred with the arrangement that the new rate of interest, at 4%, should be paid.