HYDRO-ELECTRIC POWER.

Taranaki Daily News, 15 May 1920, Page 11

HYDRO-ELECTRIC POWER.

MONEY FOR DEVELOPMENT. USE OP ENGLISH CAPITAL. The possibility of English capital being used for hydro-electric development in New Zealand was referred to by Messrs Gauvain and: McLeod, engineers, in a recent report to the Thames Valley Electric Power Board.

The engineers stated that they were introduced hv Mr T,. Birks, Chief Government Electrical Engineer, to Lieut.-Col. J. B. Dodge, representing a large English financial house, members of the London Stock Exchange. Col. Dodge said he was examining the prospects of the Australasian colonies with regard to the possibility of his principals arranging the financing of suitable schemes. They had large financial interests in Canada particularly with the Canadian-Pacific Railway. Their idea was to allow of British capital being used to develop the industries within the Empire, instead of foreign capital being brought in to do so, lie instanced a certain case in Australia where a foreign house was to have control of the output. This arrangement was not likely to be altogether to the Empire's advantage. Asked as to the terms upon which the money could be obtained, after being toid that the Power Boards Act limited the amount to per cent., Col. Dodge said he thought suitable arrangements could be made. The British Government was doing something in regard to this trade. I development, and he thought tnatI ters could be fixed up all right. | Power Boards appeared to him specially suitable for recognition in this way. So much less oil would be needed for the country than would otherwise be the case, and so much money was retained in a I British country. The rate of exchange would benefit.

After discussion as to how the different boards could be supplied with money, Colonel Dodge had stated that if all the boards could go together as one body for a large sum the position on the London market would be so much better than if each board went separately for several smaller amounts. The engineers accordingly advised the board to confer with the other power boards on the matter. Thoy had arranged that, with the consent of the various power boards they could cable Mr. Gauvain to call on the Hon. Lionel Guest, one of the principals of the firm, to get full particulars of possible financial arrangements.