Power Board Cannot Get Capital
f Special io “Northern Advocate ” 3 ASHBURTON. This Day. The Ashburton Power Board was yesterday compelled to cease all capital work, owing to the fact that the board has been unable to raise funds from private investors, who refuse to take up debentures at 3i per cent., the interest rate fixed by the Government. The board has also been unable to enlist the aid of its bankers, and has been refused assistance by the State Advances Corporation. The position will mean that, unless funds are made available to the board at once, 30 of the stall will be put oil. When the present stocks are depleted no new consumers will be connected. The board asks the State Advances Corporation to find £ 15.000. part of a loan of £50,000, but only half this was granted. This sum is already absorbed, and commitments on the next few weeks total £9265. The board was of the opinion that interest at 4 per cent, would attract , private investors and or id tlw trouble.
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https://paperspast.natlib.govt.nz/newspapers/NA19390221.2.11
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Northern Advocate, 21 February 1939, Page 3
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174Power Board Cannot Get Capital Northern Advocate, 21 February 1939, Page 3
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