NORTH CANTERBURY POWER BOARD

Press, Volume XC, Issue 27407, 21 July 1954, Page 14

NORTH CANTERBURY POWER BOARD

£14,574 SURPLUS SHOWN IN ANNUAL REPORT A surplus of £14,574, almost the same as that for last year, was shown in the annual report and statement of accounts for the year ended March 31, which was presented at the annual meeting of the North Canterbury Electric Power Board, at Rangiora yesterday. The chairman (Mr H. T. Metherell) said that the result must be regarded as gratifying. The power fund overdraft of £3776 was lower than it had been for many years. That the £59,000 in loans raised during the year was fully subscribed locally indicated the board’s stability, said Mr Metherell. It was to be hoped that the loan' of £40,000 required this year would receive the same support. Several inquiries had already been received for stock.

In his annual report the engineersecretary (Mr A. Buckingham) said that loans raised to March 31, 1953, amounted to £442,750, which, with the loans raised during last year made a total of £502,250. Debentures redeemed at March 31, 1953, amounted to £151,619, which, with debentures redeemed during, the last year, £30,302, totalled £181,921. This left a loan liability at March 31, 1954, of £320,329. The total capital expenditure during the year, said the report, was £45,235. It was as follows: reticulation loan account, £33,655; housing loan account, £5631; power fund account, £5949. The total capital expenditure to date was £481,173, spent as follows: capital expenditure from loan accounts, £446,393: capital expenditure from power fund account, £34,780. • The report said that during the last year 53.86 miles of pole line had been added, making a total of 1170.5 miles; and 231 consumers had been added, making a total of 5801.