HYDRO-ELECTRIC SCHEME.

Taranaki Daily News, 15 January 1921, Page 4

HYDRO-ELECTRIC SCHEME.

- URGENCY OF EXTENSIONS. - IHE FINANCIAL SIDE. A reply has been received from the Minister of Finance declining to permit the New Plymouth Bqrough Council to increase the rate of interest upon the unsold debentures of the hydro-elec-tric loans. In commenting on this the general manager (Mr. F. T. Bellringer) states, in Ins monthly report: —“The Minister appears to be under an entire misapprehension of the position, for he states that on account of the present stringency of the money market the construction of only urgent and important public works should be considered, and that the works for which the loans were authorised do not appear to him to be of a very pressing character. “The position was clearly placed before him in the council’s application, and even if this were not so. a moment’s thought would have disclosed to him that these works .are of a very pressing character and of the utmost importance, not only to New Plymouth, but to the whole of the Taranaki provincial district. They are of greater importance than several of the Government’s own hydro-eleetric works, for which the Minister is finding the necessary funds, there being a greater population per square mile in Taranaki than in any other province in New Zealand. It seems hopeless to attempt any dealings with the Government by correspondence, and I would recommend that a deputation be appointed to proceed to Wellington to interview the Minister at the earliest possible moment.”