HUTT VALLEY POWER BOARD

Dominion, Volume 20, Issue 54, 27 November 1926, Page 5

HUTT VALLEY POWER BOARD

In the Empire Theatre, Petone, last night, Mr. A. J. McCurdy, chairman of the Hutt Valley Power Board, explained the proposal of the board to borrow £150,000. Councillor Cook, Dc-putv-Mavor of Petone, occupied the chair, 'rhe attendance was meagre, a fact which Mr. McCurdy stated indicated that the ratepayers were satisfied with the manner in which the board had carried out its duties. The board, he 'said, had in the past borrowed amounts totalling .£240,000, which had now all been spent on development work. The revenue was rapidly increasing There were now 5193 consumers taking power from the board, and the transformers were working on overload. L'hey should be in a position to carry the load of future progress. Over 18 miles of streets required wires and potos, which did not include development of new districts. They had put m up to the present 9000 poles, and had not had to remove one. The sinking fund was sufficient to moot all loans at expiry, when all charges would be paid. They were collecting as little as possible from consumers. The board had not erected lines without a guarantee of 12} per cent, of the cost from consumers. An amount of .£20,000 had been lent to assist people to instal, on which interest and sinking fund was paid by consumers assisted. They were borrowing a further £20,000 for the purpose of assisting consumers to instal ranges, which would use current in the daytime when the demand was low. The rates to consumers in this board compared very favourably with those of other boards, both in New Zealand and in the United Kingdom. Mr. McCurdy quoted figures in this connection. The board had been offered money by two Institutions at 5} per cent, in one ease and 57 per cent, in another. They would get most of the amount required at the 5} per cent, rate, and the balance at the higher rate. The money required was to be expended as follows:—For work explained in a lengthy schedule circulated throughout the district, A'6o,005; assistance to consumers, .£20.000; new areas, transmission lines, etc., .£30,000: amount reserved for future works, .£35,095; first year’s interest and sinking fund on an estimated amount of £7O,O<XI to be raised in first twelve months, £4900; total, £150,000.