POWER BOARD.

Press, Volume LX, Issue 18014, 5 March 1924, Page 4

POWER BOARD.

SPRIN GS-ELLESMERE. A special meeting of the Springs-ElJes-merc Electric Power Board was held on Monday evening. Present—Messrs John Cunningham (chairman), H. Neave, R. T. McMillan, J. C. Free, J. W. Kime, a. EC. Roweli, J. S. Simpson, J. Henley, Geo. Maginness, F. Ijangdalo Hunt and <T. W. Kingan. Mr H. Neave, as chairman of the Finance Committee, submitted a detailed statement of the revenue and expenditure. The Board required, this year, 11 2-3 per cent, on capital oost of lines to cover interest 4nd sinking fund and general deficiency. As the factor of maintenance would increase, it was considered that a 12$ per cent, charge on capital cost would have to be made to make tho scheme pay. •* Mr Maginness contended that it was mandatory, by the Power Boards Act, to charge 20 per cent. .... The engineer 'said that Mr Birka (chief electrical engineer), and Mr McGibbon (district electrior engineer), had informed him that it was compulsory to charge 20 per cont. Members considered that 20 per cent., which would bo for five years only, wou.d not be so good as would 12J per cent, for all time. ' , . Further discussion on financial matters was adjourned until the next ordinary meeting, the secretary, in the meantime, to procure an interpretation of tho Act dealing with the 20 per cent. Discussion took place in regard to offices and a house for the engineer. The chairman- moved, and it wa& earned, that the Board build a house on its section in Leeston for the engineer. The offer of the N.Z. Farmers Co-op. Assn. of offices was further considered, and a committee was appointed to go into details awj, report to the next meeting.