THAMES VALLEY POWER

Matamata Record, Volume XIX, Issue 1789, 7 December 1936, Page 7

THAMES VALLEY POWER

BOARD’S DECEMBER MEETING

The Thames Valley Electric Power Board met on Tuesday, Mr. J. Price presiding. The board will not hold a meeting in, January, the next meeting being in February. Electricity for Tokoroa “ Poles should be arriving about the end of the year for the Tokoroa section,” said the engineer in reporting on new lines. “It will probably be about the end of January before work can be commenced. An endeavour will be made to have the whole .work completed before the winter sets in.” The manager said a few of the guarantee forms had to be completed by the settlers concerned before such work was started. “It is quite a good proposition,” said the engineer in reply to Mr. Pohlen’s question as to whether the extension of the power lines to Tokoroa would pay the board. Conversion of £350,000 Loan The total costs in the conversion of the loan of £350,000 domiciled in London on which the board had been paying 6 per cent., totalled £1176 17s 6d, made up as follows: Perusal and preparation fees, Public Trust and State Advances Corporation, £531 ss; commission Bank of New Zealand in the payment to bondholders, London, £621 12s; printing and advertising, £24 0s 6d; total, £1176 17s 6d.

It was necessary to find the sum of £1312 5s 5d out of revenue to make up the total of £325,000. Only 5-12ths of a year’s sinking fund was paid the Public Trustee, which necessitated paying this amount out of revenue.

On the motion of Messrs J. F. Mayn and J. Pohlen, the board placed on record its appreciation of the work of the manager (Mr. R. Sprague) and other executive officers in carrying through the conversion of the loan without undue expense to the board. Lower Charges to Consumers The manager stated that he had discussed with the chairman and engineer the matter of the board adopting a policy with reference to reduction in charges to consumers. A report tions would, be supplied to members for-the February meeting.

Loan at Low Interest

The , amount of £BO,OOO of loan money has now been .. paid over to the board's account, stated the managed, the rate of interest. being 3i per.cent on a 25-years’ redemption period, commencing on December 1, 1936. The completion of this loan had been most satisfactory.