ELECTRIC-POWER SUPPLY

New Zealand Herald, Volume LXXI, Issue 21874, 9 August 1934, Page 7

ELECTRIC-POWER SUPPLY

RETICULATION OF RAGLAN LOAN SANCTION VARIED [from oxm own cobrespojtdent] HAMILTON, "Wednesday Permission to make an alteration in respect of certain conditions under which the sanction to a loan of £22,000 for electric-power reticulation of the Raglan area was issued to the Central Waikato Electric-Power Board in February, 1931 has been granted by the Local Government Loans Hoard, according to a letter received at a meeting of the Power Board to-day.

The letter stated that the Loans Board was agreeable to reduce tho guarantees required from 16 2-3 per cent to 14$ per cent, such guarantees to be given for five years, but tho board was not prepared to extend tho term of tho loan from 26 to 28J years. Ihe extension did not seem warranted, and in practically no case had longer than 26 years been sanctioned by the board for electricity works. In view of the downward tendency of interest rates, the rate on the present loan proposal had been limited to £3 los per cent, at which rate it was anticipated that the Power Board would have no great difficulty in obtaining the necessary finance.

Members of the board were appointed to attend meetings to be held in the Raglan district shortly, and to explain the reticulation scheme before the poll was taken.