NEED FOR FINANCE.

Auckland Star, Volume LXIX, Issue 220, 17 September 1938, Page 15

NEED FOR FINANCE.

POWER EXTENSIONS. DIFFICULTIES OF BOARDS. (By Telegraph.—rress Association.) WELLINGTON, Friday. That this association again urge on the Government the necessity of making readily available to power boards and supply authorities supplies of loan money sufficient for carrying l out extensions to reticulation systems, and on satisfactory terms," was a remit carried at the annual conference in Wellington to-day of the Electric Power Board* and Supply Authorities' Association of New Zealand.

The remit was proposed by the North Canterbury Power Board, and Mr. A. Buckingham said power boards were experiencing difficulty in raising loan money to carry out necessary works because the State Advances Department seemed to have run short of funds and had to wait until more became available. Boards were required to place their applications for finance months in advance.

The Government was urging boards to supply electricity in sparsely populated areas, but was not helping to the fullest extent possible. The terms were not satisfactory, and at the end of '0 years the Department wanted the whole loan repaid. Sinking fund at the end of that period was only 40 per cent, however, and in order to repay a loan boards were required to re-borrow for the remaining 60 per cent.