POWER BOARD FINANCES
POSITION AT WAITOMO
THE BURDEN OF INTEREST
[BY telegraph—OWN correspondent] TE KUITI. Monday
"It is the heavy rate of interest which is keeping this board's charges up," stated Mr. V. W. Simms at a meeting of the Waitomo Power Board to-day, when a letter was received from the Otago Electric-Power Board regarding conversion of local bodies loans. The Otago board stated that interest was causing much concern in connection with the financial outlook.
The chairman, Mr. W. A. Lee, said he did not complain about loans at a reasonable rate of interest.
The secretary wa3 instructed to draw up a remit in support of the Otago letter regarding reduced interest charges for submission to the Power Boards' Association.
A statement of revenue and expenditure for the half-year ended September 30 was submitted. Taking into account the general conditions members agreed that the position was satisfactory. The revenue was £9755, compared with £9793 for the corresponding period in the previous year. Tho secretary was complimented on the results in regard to tho collection of outstanding accounts.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 11
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178POWER BOARD FINANCES New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 11
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