PROFIT MADE BY POWER BOARD

Press, Volume XCIII, Issue 27999, 20 June 1956, Page 14

PROFIT MADE BY POWER BOARD

£17,410 SHOWN IN NORTH CANTERBURY ACCOUNT

A net profit of £17,410 for the year ended on March 31 last was reported to the North Canterbury Electric Power Board at its meeting yesterday by the engineer-secretary, Mr A. Buckingham. Capital expenditure during the year, financed from the power fund account, totalled £11,919 and it was this which accounted for most of the year’s surplus, he said. A perusal of the board’s accounts indicated that its finances were in a stable and healthy condition, said the chairman, Mr H. T. Metherell. Particularly noteworthy was that the power fund account was in credit, which had not been the case for some years past. Revenue had increased to £183,393, with a surplus of £17,410. out of which it was proposed to finance a new house at Culverden and increased store accommodation at Rangiora.

Difficulties encountered by other Canterbury local bodies in raising loan monies had not embarrassed the board, said the chairman. Once again the board was indebted to local investors and others for their support. Further progress had been made in reticulating outlying areas, said the chairman. Many short lines involving in several cases only two or three consumers had been constructed, leaving larger groups in Amuri, Ashley and Cheviot counties yet to be completed. Before proceeding further with the Conway Flat area, the board was awaiting the results of a conference between State Hydro-electric Department officers, the Kaikoura County Council and the board's representatives.

An announcement by the Government that the gas industry was to be absorbed and co-ordinated within the electric supply industry caused some consternation amongst otherwise disinterested boards but indications that negotiations would be localised had allayed earlier fears, said Mr Metherell. The result of the Gas Industry Co-ordination Committee’s recommendations and subsequent legislation would, however, be awaited with interest.

Forseeable problems looming up, said Mr Metherell, were a new bulk power agreement with the State Hydro-electric Department in 1958, a new line to Kaikoura county, includ-

ing points of supply in Cheviot county, a new industry in the Wai* para county and new offices to relieve staff congestion and cope with tne board’s increasing business, also staff houses and men’s quarters at Cheviot. Attempts by retail traders to induce the Government to impose taxation on trading activities of supply authorities was causing some concern but the position was being watched, said Mr Metherell.