LOAN FOR POWER BOARD

New Zealand Herald, Volume LXIII, Issue 19372, 6 July 1926, Page 10

LOAN FOR POWER BOARD

raising SUM OF £250,000.

MONEY FROM LONDON. ACCEPTANCE OF BANK'S OFFER. The Auckland Electric-Power Board has accepted an offer of the Bank of New Zealand to raise the sum of £250,000, the second instalment of the authorised loan of £650,000. in London. Interest will be it 5 per cent, and the price of the issue will be £97. The dale of maturity, and all other details of the loan, will be 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 Us 8d 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 tht loan of the Minister of Finance.

BAY OF PLENTY DISTRICT.

SUM OF £170,000 TO BE RAISED. [BY TELEGKArH. —OWN CORRESPONDENT.] OPOTIKI. Monday. A poll taken on Saturday by the Bay of Plenty Power Board on a proposal to borrow £170,000 for reticulation and the financing of consumers was carried by 437 votes to 137. A three-fifths majority was thus easily obtained. Members of the Power Board met today and appointed Messrs. Vickerman and Lancaster, of Wellington, engineers to the board.

SUPPLY IN TABANAKI. COMPLETING THE SCHEME. [BY TELEGRAPH. —PRESS ASSOCIATION.] ELTHAM. Monday. The Taranaki Power Board's proposal to raise a loin 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.