DILEMMA OVER ASSET

Hawera Star, Volume L, 10 January 1931, Page 8

DILEMMA OVER ASSET

POWER BOARD’S PLANT

“We differ from any other power board in that we have an asset that we do not wish to replace,” said Mr P. H. Smith at a meeting on Thursday of the Waiiganui-Rangikik'ei Power Board, when the steam plant was under discussion. “According to the law, we cannot write off an asset, but must set aside money as though we mean to replace it. We will never replace the steam plant, and had arranged to write off £6OOO a year, but we actually have to set aside £9000.”

“They arc making us save money against our will,” said Mr W. Morrison.

“Yes,” said Mr Smith, ‘but we cannot. use the money to extend out business, but must save it for a purpose for which it will never be needed. There will be an interesting point for somebody to clear up later on. ”