RICCARTON ELECTRIC SUPPLY.

Press, Volume LIX, Issue 17937, 4 December 1923, Page 7

RICCARTON ELECTRIC SUPPLY.

PROPOSED EXTENSION.

A mooting oi" R'iceartott ratepayers to discuss the question of raising an additional loan to extend and improve tho reticulation throughout the Iticcarton borough was held last night in the Town Hall, the Mayor (Mr A. I>. Ford) prosiding over fourteen ratepayers. The Mayor eaid tho meeting had been, called for tln> purpose of laying before the electors of tho borough the question of raising an additional loan of £6OOO to extend and improve tho electrical reticulation. Ho reviewed tho growth of tho Council's electricity business. In they had etarted in a very small way, and in a few years' t-imo had made such progress that they, had surprised themselves. The loans which had been raised to date were 1917, £3300; 1918, £650- 1919, £1000; h'-A>, £160; 1«21 £IOOO, making a total of £6OOO, which was the limit of the Council's borrowing capacity under the Lake Coleridge Power Act, and if they wanted to borrow any more, tho sanction of tho ratepayers would l>o necessary. The system had paid very well indeed, and to givo some idea of how it had grown, he quoted the following figures showing the yearly revenue during the time tho schomo had been in operation:—l9l7, £210; 1918. £780; 1919, £1100; 1020, £1190; 1921, £I9G2; 1922, £2IM2; 11KS, £3048. But tho time had arrived when tliev' must extend, and to do this more capital was required. l<\>r some considerable time past tho Council had been using tho profits for capital expenditure, but this was not a satisfactory, w«iy„ because it meant that the Council had to keep on making profits, and consequently tho price Avas kept up, therefore they proposed to raise a ltmis of £SOOO for tho extension work.

Cr. A. E. Steore, chairman of the Eleetricity Committee, said tho Coiyicil hadreeeived several applications in connexion with all-electric houses in which fireplaces had been dona away with. It had & live eor/ice to a portion of tho Waimairi County which had joined up with the borough. Tho Council was purchasing direct from the Public Works Department and intended to erect a sub-station in Puriri street, where the power would bo retransmitted. The demand for increased voltage was continual. He urged tho ratepayers to vote for tho loon. It was proposed to pay tho first year's interest out of the revenue. A rate would have to be struck as security for the loan, but it would never bo called up. The Biccarton electrical businoss was a profitable undertaking and he was sure they were all proud of tho lighting system. There was a number of people using electric meters and tho powjgr was very cheap. Ho produced figures supplied by householders who had kept a tally showing tho weekly cost qf ironing, cooking and heating. Tho prices in Biccarton compared favourably with rates in other places. Thq Mayor said tho present system was not capable of transmitting the powor that the people wanted. There was no reason why the new loan should not earn as much as the last one. Tha present system was eaxning sufficient money to pay interest and sinking fund on, the new loan. Already there was a nutnber of industries in Biccarton including three well established timber mills, and it was probable that another one would be situated in the borough shortly. Two of the biggest flour mills in the. Dominion and extensive seed cleaning machinery were located in the borough. In unswor to a question the Mayor said the 'term of the loan had. not yet " been decided but it would be discussed by the Council. Probably the term would be ten or fifteen years, the interest 5£ per cent, and a sinking fund of 1 per cent. Mr J. Staples moved that the proposals be stating that tha electricity undertaking seemed to be) a profitable business, and that the Council could not erpect to get extra revenue without the expenditure for extensions. The borough had been rather anxious to 1 get the new area in to Biccarton and it would ill-become the ratepayers to put a "blister" Oil the residents of the new airea who had agreed to come into tho borough. Mr B. H. Rankin seconded the atoj tion, which wan carried unanimously. The poll will be taken. 01* Thursday, January 24th,