POWER BOARD

Grey River Argus, 29 May 1935, Page 6

POWER BOARD

TRADING SUCCESS. INVERCARGILL, May 27. The annual meeting of the Southland Electric Power Board to-day, was characterised by expressions of keen gratification at the successful trading year experienced, and the efficiency maintained at Monowai. An estimation of the rate in 1936 was forecast by the chairman (Air W. Hinchey), provided the loans conversion scheme was negotiated. The estimates recommended a reduction of the rate from seven-tenths of a penny in the pound to three-fifths, but the Board decided to grant further relief to the ratepayers by fixing the rate at a half-penny. Figures for the year disclose a surplus of ;£ 12,937. The Board’s accumulated losses have been liquidated, and the net revenue account is now in credit to the extent of £7278. In the period between March 31, 1932, and Alarch 31, 1935, the position of the net revenue account has improved by £39,191. The bank overdraft, which in the year 1932 stood at £37,590 has been repaid, and the account has a credit of £3,529. Cash reserves namely sinking fund, depreciation fund and other credit funds now total £419,050 net. Air Hinchey was re-elected as chairman. AUCKLAND, Alay 27. Out of a surplus of £45,400 the Auckland Power Board is making allto consumers absorbing practically the whole amount, announced the chairman (Air Holdsworth) at the annual meeting to-day. The maximum benefits to power users are approximately £22,000. Commercial cooking benefits by £7OO and domestic supply by £5550. The minimum charge of two shillings per month has been reduced by half. Commercial lighting benefits to the extent of £lO,OOO, special contracts by £4500 and street light by £l5OO. Mr Bartley, the general manager at the annual meeting, reported the changes in conditions would demandslight alterations in policy which were being carefully studied. During the year 90 per cent, of the dwellings and industries in the board’s area were connected. The total added load for the year was 11,258 kilowatts, while for the year the board sold 138,607,227 units, compared with 129,642,614 in the previous year, an increase of 964,613 units. Under every class of supply, there was a substantial increase Muaifc xuJLisu.libUti.or