TAURANGA POWER BOARD

New Zealand Herald, Volume LXXI, Issue 21805, 21 May 1934, Page 5

TAURANGA POWER BOARD

STEADY PROGRESS SHOWN REDUCTIONS TO CONSUMERS [froii our own* correspondent] TAURANGA, Saturday The chairman, Mr. Allen Smith, in his report covering the past year's operations, presented to the annual meeting of the Tauranga ElectricPower Board to-day, stated that, following the large reductions made n the tariff at the commencement of tho year, there had been a. most satisfactory and steady demand for supply bv new consumers, as well as an increased demand by tho old consumers. The board, after making full provision for statutory reserves, had finished tho year with a profit of £2245, out -if which it was proposed to transfer £IOOO to the general reserve and £IOOO to the insurance reserve. During tJio year a scheme for the conversion and consolidation of the internal loans of the board, totalling £121,500, was submitted to and approved by the Local Government Loans Board. Tlio annual charges for interest and sinking funds on the loans, prior to conversion, amounted to £7311. Under the conversion scheme this annual charge would be reduced to £6961 in the first year, together with a further annual reduction of i per cent on the actual annual amounts repaid. The depreciation charges would also be reduced, and the estimates for next year had been framed to show a total saving of £6OO. Apart from reducing the annual costs, the main effect of the conversion had been a lowering of tho loan indebtedness from £121,500 to £118,050, and an assurance that this capital indebtedness would bo definitely extinguished by 1966. Dealing with the engineering side, tho chairman said the most satisfactory aspect was the general increase in the domestic and motor load, and an indication of the return of the industrial load, tho actual increase in sales being 12.8 per cent, bringing the total units sold to above tho four millions mark. Mr. Smith was re-elected chairman for the ensuing year, and his honorarium was fixed at the same as last year, namely, £7O. At the ordinary meeting of the board a letter was read from the secretary i of the Waitaki Power Board, Oamaru, J stating that the unjust policy of giving city areas a supply of power at lower rates than those given to rural boards still persisted, and the Waitaki board was informed that a new agreement was contemplated with one of tho larger cities. The Waitaki board had resolved to protest against the continuance of Biich. a state of affairs. Accordingly, letters were being sent to the Prime Minister, the Minister of Public Works, and the local members of Parliament. It was unanimously decided that the request of the Waitaki board be supported. The engineer, Mr. J. R. Bongard, submitted a report embodying proposed reductions in tho tariff, totalling £1250 per annum. Tho report was adopted, and the reductions in tariff will come into force on all accounts rendered on or after October 1. CANTERBURY MARKETS POOR POTATO DEMAND [by telegraph—press association] CHRISTCHURCH, Saturday The potato market shows a further easing, and quotations are from £3 10s to £3 12s 6d f.0.b., sacks included, quotations to farmers being £2 10s to £2 12s 6d. The continued lack: of inquiries from Auckland is the main cause of tho dull market, and it is apparent that more potatoes were available there than was estimated some weeks ago. Southern consignments have been going forward in sufficient quantity to provide for the present and immediate requirements, and although digging has been interrupted there have been plenty of potatoes ready for shipment if required. A few farmers have just about completed digging, but today's wintry weather wdl hold up operations until late next week. The Wingatui is due to sail to-day with an estimated cargo from Lvttelton <>l: from 3000' to 3500 sacks. Farmers aro not offering uncjer the low scale oi: prices. Fowlwheat is unchanged. Quotations are 3s 3d f.0.b., sacks extra. The onion market is tho worst experienced for years. Round about 22s 6ci a ton on trucks is all that is being offered. Oats are meeting with very little attention. Values are 2s 6d, f.0.b., sacks included, at Lvttelton for A Cartons;, and 2s 3d for B's. The small seeds market is lifeless., but all classes are firm at recent quotations.