HORAHORA DEBT

Manawatu Standard, Volume LIV, Issue 285, 30 October 1934, Page 10

HORAHORA DEBT

GOVERNMENT’S SETTLEMENT

AUCKLAND Oct. 29. Notice has been given by the New Zealand Government to the AVaihi Gold Mining Coy., Ltd., of its intention to tender payment of £212,500 for the Horahora hydro-electric works on November 1, in New Zealand currency. The board of directors of the AVaihi Company proposes to accept this as a payment on account and under protest, reserving the company’s rights to receive payment in sterling. The Horahora station is situated on the Waikato River, about 20 miles from Cambridge. It was built originally by the Wailii Company, which secured one of the few concessions to private interests over water resources in New Zealand, for the purpose of providing power for the company’s crushing mills. The first supply was delivered early in 1914. v In 1919 the plant, the total capacity of which was then 8400 h.p., was purchased by the Government, as an adjunct to the Arapuni scheme, about 3300 h.p. being reserved for the requirements of the Waihi Company. Later, with the development of the Government’s hydro-electric scheme, the capacity of the station was considerably increased by the erection of a larger dam. The payment to be made this week originally fell due on November 1, 1931, but a postponement was agreed to owing to the disturbed financial conditions at that time.