ELECTRIACAL SUPPLY.

Press, Volume LIII, Issue 16037, 20 October 1917, Page 6

ELECTRIACAL SUPPLY.

SPECIAL FUNDS TO BK CREATED.

(SPF.CI-U. TO "THE TRESS.") W ELLINGTON, October 19. The State Supply of Electrical Energy Bill was circulated in the House of Representatives this afternoon. The Hon. W. Eraser explained that it was largely a technical measure*, establishing in connexion with each completed scheme under the Act the following special funds in the electric supply Account: —A depreciation fund, a sinking fund, and a rcsorve fund. I The Bill provides that for the purposes of the depreciation fund to bo established under the Act in connexion with any scheme, there shall be appropriated at tho end of every financial year an amount not less than two per cent. of the capital cost of the completed works in connexion with that schcnie. No appropriation shall be made so that the balane c inthe depreciation fund shall at any tiroo exceed an amount equal to onc-cighth of the capital of the scheme in respect of which the fnnd is established. For the purposes of the sinking fund to l>e established in connexion with any scheme there shall be appropriated at the end of each financial year an amount equal to one per centum of the capital cost of the scheme, but not so as to exceed the amount of surplus profits derived from the' scheme. Any balance of profits in any year in respect of any scheme, after making provision for the charges abovo specified, shall be credited to the reserve fund to be established under the Act in connexion with that scheme.