HUTT VALLEY POWER BOARD

Dominion, Volume 21, Issue 194, 18 May 1928, Page 7

HUTT VALLEY POWER BOARD

YEAR’S OPERATIONS REVIEWED

MR. W. H. P. BARBER THE NEW CHAIRMAN

Satisfaction with the result of the year’s operations was expressed by the chairman (Mr. A. J. Hobbs) at the annual meeting yesterday of the Hutt Valley Electric Power Board. The number of consumers, he said, had increased by 24 per cent. The'estimated revenue from current for the year was £59,500 and the actual sales totalled £58,947 175., which sum would have been considerably exceeded but for the shortage of power during the exceptionally dry summer. The expenditure was well within the estimates, and the amount carried forward to credit of net revenue account, after making substantial provision for depreciation, was £6696 19s. 2d. Loan money expended during the year totalled £45,271 15s. 6d., as compared with £38,934 the previous year. The total capital expenditure to date was £295,767 3s. 3d., leaving a balance available of £28,232 16s. 9d. of the £324,090 raised at March 31 lost. A further £60,000 was being raised this current year, which would exhaust the total of £414,000 authorised, with the exception of £30.000. Accrued sinking funds and payments on account of loans amounted to £9131 Is. Bd., and the total depreciation reserve was £10,435. “I think that on the whole,” added the chairman, “the board is in a fairly financial position, but it must be remembered that very heavy standing charges for interest and sinking fund and depreciation have to be met’ annually, and any reduction in charge as a whole is not at present advisable. Matters that I would suggest should receive consideration are (1) the reduction of the minimum charge from 10s. to. ss. where two meters are installed: (2) the reduction of the muchdiscussed minimum charge in the Porirua district; and (3) the inauguration of a scheme of superannuation for employees.” In conclusion, Mr. Hobbs expressed his thanks to the members of the board for their help and loyal support during his term of office, and to the officers and members of the staff for their help and assistance and for the w,-’; they had worked at all times in the Jr erests of the board. 1 Consideration of the balance-sheet was deferred until the next meeting. Mr. W. H. P. Barber was elected chairman for the ensuing year.