REDUCTION IN CHARGES

Nelson Evening Mail, Volume 77, 11 August 1942, Page 4

REDUCTION IN CHARGES

WAIMEA electric power BOARD’S DECISION TO OPERATE FROM Ist OCTOBER In accordance with a decision made at its annual meeting in May, the Waimea Electric Power Board intends- to restore its normal tariff rate charges for electricity as from the Ist October. It was in January*. 1941. that the board imposed an additional charge of 10 per cent on its tariff rates. Members were reluctant at the time to make the increase, but considered it necessary to improve the board’s financial position. There wa s an overdraft with the ban!: cf £4484. In the financial year ended 31st March last the board made a net profit of £17,120. of which £6276 went towards reducing loan indebtedness. and £3IBB to expenditure on capital works, the remainder being utilised in converting the bank overdraft of £4484 at the beginning of the year into a credit balance of £2777. At the annual meeting the board agreed that. some relief should be given to consumers as soon as possible after the finances had been restored to a reasonably sound state. The decision was then made to give this year’s revenue the advantage of six months’ increased rate, the 10 per cent, to come off on the Ist October, and the estimates for the year were adopted on that basis.