ITEMS OP INTEREST IN POWER BOARD AFFAIRS

Manawatu Times, Volume LIV, Issue 6812, 16 January 1929, Page 2

ITEMS OP INTEREST IN POWER BOARD AFFAIRS

In the budget of news which Mr, W. A. Waters, engineer to the ManawatuCroua Power Board, supplies to tho board members each month, appear tho - following items of interest:— The installation of. .time-switches oa electric hot-water systems is being extended by the Auckland Electric-power Board, consequent on steady-supplies-of switches coming to hand from overseas. So far about 85 per cent, of the hot-water systems installed have timeswitches set to cut off between 4 p.m. and 7 p.m. ’ , Tho Loans Board are apparently insisting on Powor Boards getting a 17i per cent, return heforo loan money/ can be spent on new lines. AVaikaremoana power is expected to take up some of tho load from Manga* hao this week. The turbine at. Waikaremoana which is installed is 25.000 h.p. 1 Tho first installment, amounting to £56,800, of the Christchurch City Council’s roading loan of £220,000 will not bo required until January sth next, but already the City treasurer (Mr. J. Anderson) has.accepted an offer to take £20,000 worth of. 51 per ceiit. debentures on that date. An offer has been -received to purehaso-.--£IOO,OOO worth of debentures at 51 per cent, but was turned down, .the. council having decided not to pay more than 51 per cent. .. .. The Government Loans Board advised the Dannevirkc • Power ... Board that it had sanctioned the raising of £49,000 of the proposed loan of £60,000 for carrying 1 out new works, but declined to sanction £II,OOO. This amount represented the estimated cost of erecting 23 miles of possible 6600 volt lines included in the application. The Loans Board had reduced the rate of interest, as it considered that in the present state of tho market for localbody loans it might be possible that a guaranteed revenue of at least 17 per cent, would be required in order -to meet operating costs, and that it would be in the interests of the Power Board to have the term of .the guarantee: extended to ten years.—The. matter of preparing the details of. the loans for submission to tho ratepayers —probably during the May elections —was left to the finance committee.