ARAPUNI COSTS

King Country Chronicle, Volume XXVI, Issue 3449, 24 November 1932, Page 5

ARAPUNI COSTS

THE YEAR'S OPERATIONS. PAYMENT OF INTERET CHARGES. "Work on all sections of the remedial measures decided upon, following* the report of Professor Hornell, was continued at Arapuni throughout the year," stated the Acting-Minister of Public Works, the Hon. C. E. Macmillan, in the Department's statement submitted to the House of Representatives on Tuesday "The works carried out appear to have been quite succesful- in preventing any further movement in the block of country, the tilting of which was the prime cause of the station going out of action in 1930. "Since the close of the period a leak developed through the lining of the headrace into the porous drainage system below, but it was possible to locate it and effect repairs without closing down the station. "The plant has been considered as under construction during the year, and the operating account has been charged with interest for the year only on such of the lines and substations as were in operation conveying or using power from Horahora or other nower stations connected to the system. "The financial position may thus be summarised: — £ Capital investment (total) at end of year 4,496,087 Revenue . . 161,884 Operating expenses .. .. 115,003 Balance £46,881 "The balance has been used in paying interest charges, but, not being sufficient for this purpose, leaves a deficit of £40,554 on the year's operations after providing for depreciation. The reserve accounts established in connection with the scheme now show that £211,010 has been credited to depreciation and £59,160 to sinking fund."