HYDRO-ELECTRIC LOAN.

Taranaki Daily News, 15 March 1921, Page 4

HYDRO-ELECTRIC LOAN.

PLEA FOR HIGHER INTEREST. PREMIER APPROVES SIX PER CENT SUBJECT TO RATEPAYERS’ APPROVAL. (By Wire.—Parliamentary Reporter.) Wellington, Last Night. ~ Mr. S. G. Smith (Taranaki), accompanied by Mr. R. Masters (Stratford), has made further representations to the Government regarding the New Plymouth power scheme. At the opening of the session Mr. Smith stressed the importance of the works, which are to supply current to a large area of Taranaki, and the urgent necessity for their early completion. The cessation of work at this juncture would retard the progress of tihe district and involve a heavy loss. Mr. Masters pointed out that the chief electrical engineer had told the Taranaki Progress League that the one hope of obtaining hydro-electric power quickly for the district was to concentrate on the New Plymouth scheme. The question was national as well as provincial, and every facility ought to be given the council to complete its work. Subsequently Mr. Smith was advised that if the council obtained the consent of the ratepayers to the payment of interest at the rate of six per cent the Prime Minister would be pleased to approve of the loan being raised at that figure. At last night’s meeting of the New Plymouth Borough Council the following telegram from Mr. S. G. Smith, M.P., was read: “In reply to representations on your behalf am advised that subject to obtaining the consent of ratepayers to increase the interest to 6 per cent, the Prime tyfrnister will approve you offering that figure for raising the loan.” It was decided to defer any further action pending the receipt of official information.