LOANS FOR HYDRO-ELECTRICITY

Manawatu Times, Volume XLIX, Issue 3394, 9 July 1926, Page 12

LOANS FOR HYDRO-ELEC-TRICITY

HAM? A MILLION POUNDS. RAISED BY THREE POWER BOARDS. The Auckland Electric-Power Board has accepted an oilier of the Band of New Zealand to raise the sum of £250,000, the second instalment of the authorised loan of £050,000, in London. Interesct will be at 5 per cenit, and the price of the issue will be £97. The date of maturity ,and all other details of the loan, will bo the same as for the first issue, namely, 20 years. Expenses will absorb approximately 4 per cent., the cost of the loan to the board working out at about £5 11s Sd per cent. Inquiries in London showed that the offer was a good one, and the Power Board was recommended not to postpone acceptance. The board is now awaiting the consent to the loan of the Minister of Finance. £170,000 FOR BAY OB PLENTY. Opitiki, Monday. A poll taken on Saturday by the Bay of Plenty Power Board on a proposal to borrow £170,000 for reticulation and tlie financing of consumers was carried by 437 votes to 137. A three-fifths majority was thus easily obtained. Members of the Power Board mot to-day and appointed Messrs. Vickcrnian and Lancaster, of Wellington, engineers to the board. COMPLETING THE TARANAKI. SCHEME. ELTHAM, Monday. The Taranaki Power Board’s pro-

posal to raise a loan of £75,000 to complete the hydro-electric scheme was carried at the poll of ratepayers to-day by 392 votes to 61. Full power is expected to be available by Christmas.