HYDRO-ELECTRIC POWER.

Taranaki Daily News, 20 December 1920, Page 4

HYDRO-ELECTRIC POWER.

COST OF THE EXTENSIONS. SUBSTANTIAL INCREASES. Reports the General Manager to to j night's meeting of the New Plymouth Borough Council: i This work came under the fullest review during the month. The 2>o3itioa Was, briefly; as follows: The amount spent and liabilities incurred to date in connection with scheme E2, now undei construction, amounts, in round figures, to £60,000. The total estimated co«i of the work was given in November 1018, as i.'40,000. In January, 1920, th< estimates were revised, and certain additional work included, the estimatei being finally increased to £112,000. Ir October, 1020, the estimates were again revised, and the cost set down as £IOO,OOO. The Council deemed it advisable under the circumstances to allow a further margin of £12,000 for contingencies, bringing the total estimated cost to £172,000. Of this the ratepayers had already authorised the raising -of £112,000, and a further poll wa's taken on the Ist instant upon a proposal to raise the balance of the £OO,OOO required. Prior to. the polls a pamphlet was ißsued to he ratepayers giving a description of the works, detailing the position as above and setting out the estimated finanela position when the work is completed and the whole of the output sold this disclosed that when the £72000 loan was submitted to the ratepayers it was estimated that when scheme j& was completed and the output sold the annual profit, after making liveral allowu!!Tn '"'depreciation and renewals, would b, £l3 800. In view of the great cease m the estimated' capital cos th» could not be now realised, and fie«l, figures were submitted , . ±0042 The vote of the ratepayers was "rtt.nit c r nciUfldatß^ing on the 13th instant a resolution was carried requesting the consultmg engin! ZLi eXpiain the rea ' aons °f abnormal increases.