LOAN OF £8OOO

Press, Volume LXXVIII, Issue 23589, 17 March 1942, Page 3

LOAN OF £BOOO

* APPLICATION TO BE MADE BY POWER BOARD The Ashburton Electric Power Board decided yesterday that at the next meeting it would take slops to apply to the Local Government Loans Board for permission to raise a loan of £BOOO for general purposes for a period not greater than 2: years at an interest rate not exceeding 4 per cent. The chairman (Mr E. F. Nicoll) mentioned that during the board's existence it had paid back loans and debentures to a total value of £BO.OOO. Last year the board had paid back £IO,OOO, while raising £BOOO. This was one of the few years in which the board had really paid its wav. Mr Nicoll said. He also mentioned that the board’s sinking fund at present contained a credit of £IB,OOO. > Mr H. J. Crothers asked if it was advisable for road lights in country centres to be left burning all night. Mr H. G, Kemp (engineer) said that the only things which had to be avoided were sky glow and the visibility of lights from the sea. He considered the lights complied with the regulations. The financial statement showed that revenue for last month was £5935, an increase of £l3B over that of February last year. Revenue for the 11 months to the end of last month totalled £65.011 compared with £60,276 in the corresponding period in 1941.