ELECTRIC POWER.

Taranaki Daily News, 24 October 1919, Page 5

ELECTRIC POWER.

MONEY FOR NEW WOHKS. TO BE SPENT THIS YEAR. (By Wire.--Own Correspondent.) Wellington, Last Night. t , The Electric Power Works Loan Bill, 'introduced in the Home to-night, provides for borrowing to a sum of £6,i 830,030 for purposes of electrio power works. Debentures may be issued in respect i of the purchase of the Hora Hora eleotric power works from the Waihi Goldmining Company to an amount not exceeding £211,500. This sum is to be used in respect of the purchase of the works under an agreement made between the Government and the company on October 18, 1919. The rate of interest on debentures issued in respect of the Hora Hora purchase is to be not less than 5 per cent. The rate of interest on the remaining portion of the total sum will be such as may be prescribed by fclio Minister for Finance The schedule to the Bill is as follows: (1) In respect of the Arapuni electric power works £4,500,000. (2) In respetc of the Mangahao electric power works £1,000,000. (3; In respect of the extension of the Lake Coleridge electric power works £237,500. (4) In respect, of the. purchase of the i Hora Hora electric power works £212,500. ' [ (n) In respect of the extension of the | Hora Hora electric power works j £200,000. i (8) In respect of surveys for the Walkareraoana scheme £30,000. i (7) In respect of surveys for the Otago scheme £30,000. Total £0,830,000. Sir William Frnser explained he did hot intend to spend the sum in one year. Authority was being taken for i a period of years and the money would I as a statutory appropriation. | fhe amount to be .spent this vear was j £600,000.. The Bill covered the total •liability.