RAISING OF LOAN

Northern Advocate, 2 July 1935, Page 9

RAISING OF LOAN

N.A. POWER BOARD WHOLE AMOUNT OFFERED INTEREST 31 TER CENT. “LIFTING" PERIOD FIXED. The North Auckland Power Board has accepted an oiler of 4221)7.000 at I)<i per cent, interest, with the? upiil'tlnK spread over a period of four years. The board will have the right to pick up the money in amounts according to requirements. The loan proposal, to raise this sum of money was carried at the recent poll conducted by the board for the reticulation of the board's area. , The whole question was discussed in committee at a meeting of the board held in DargnVillo yesterday. The chairman, Mr J. A, McLean, submitted a lengthy report upon his visit to Wellington to interview the chairman and secretary of the Loans Board and Mr Kissel, engineer-in-charge of the Public Works Department, and this also was discussed in committee, portions of the report being subsequently released together with the announcement that the offer of £297,000 at 3J per cent., had been accepted. After dealing with the question of raising the loan, the report went on to discuss the terms of the contract to be made by the board with the Public Works Department for a supply of electricity. The report stated: — “We later oh saw Mr Kissel and discussed the terms of the contract to be made by this hoard with the Public Works Department for a supply of electricity. This contract provides for two points’ of supply, one near Paparoa to cater for the Ruawai-Dargaville route and one at Maungatapere to provide for the line North to Hikurangi. We discussed with Mr Kissel the time.necessary to instal the Government line to the points of supply. He said that there were no transformers of the type required for the erection of this line in the Dominion and that it would take five months before a contract could be accepted, written specifications complete down to the smallest detail being necessary. These being posted Home and this would take five months. It would take a further two months for them to arrive in the Dominion, which would mean nine months in all and then it would take easily nine months to erect the Government line and this estimate was an optimistic one. “We consider that i the visit to Wellington was quite successful in that obtained all the concessions possible to be given; we obtainedv expert advice on a number of important questions and we were met with the most friendly expression of opinion and the promise of any assistance possible to be given by the different departments and personally I consider the visit was distinctly worth making.” The chairman made no statement as to whether the contract with the Puolic Works Department had been signed or not. SUPPLY OF POWER A POINT CLEARED UP. TENTATIVE LINE ON MAP. A small point in regard to the supply of power by the North Auckland Power Board, raised by a number of settlers of the Pipiwai-Purua district, was cleared up at yesterday’s meeting of the board at Dargaville. In a letter a number of settlers stated that it had been noticed on the map produced at the meeting held in the district in connection with the loan proposal, that the power line was carried as far as Mr R. D. Finlayson’s property on the main road and from that point turned down a blind side road and ended about a mile up this road. It was contended that any extension should be made along the main road, which would serve about 20 more settlers. The chairman moved that the settlers concerned be informed that before the reticulation was commenced a further examination would be made and the line erected along the route providing the most revenue. Mr J. A. S. Mac Kay asked why the line had not followed the main road. Mr Nelson; “There is some feeling that the engineer was influenced by a member of the board. If the actual position was made clear I think they would be satisfied.” The chairman pointed out that the lines shown on the map referred to were only tentative. Mr Mac Kay said he would like it made clear that these people would have the same right of obtaining power as those on any other road. All that was required was a guarantee of a certain consumption to place them on the same footing as any other part of the Power Board’s area. Mr J. N. McCarroll said that the map concerned was in the nature of a flying survey. It was not produced by the board,' but by the Whangarei County Council. It was not binding on the Power Board. The engineer, Mr Overton, said that when the scheme was first instituted they had had to have some foundation to work on, taking into account the number of cowsheds and houses, etc. The district concerned had altered somewhat since the first survey in 1930. and there were now buildings where no lines were shown. The sum j of £40,000 had been pro. L 1,.! v_u

extensions. With regard to influence, he could assure the board that there was no truth in that. The lines shown were simply approximate. Mr J. N. McCarroll; “The Whangarei County was not even a member of the board when the map was made.” Other members mentioned that the line shown on the map was not final. The settlers would have the same right of obtaining power as those on any other road. The motion was carried.