POWER RETICULATION

New Zealand Herald, Volume LXXV, Issue 23145, 17 September 1938, Page 12

POWER RETICULATION

, MONEY FOR EXTENSIONS DIFFICULTY IN RAISING LOANS [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON. Friday "That this association again urge on the Government the necessity of making readily available to power boards and supply authorities supplies of loan money sufficient for carrying out extensions to reticulation systems, and on satisfactory terms," was a remit carried at the annual conference in Wellington of the Electric Power Boards and Supply Authorities' Asso-» ciation of New Zealand. The remit was proposed by the North Canterbury Power Board, and Mr. A. Buckingham said power boards were experiencing difficulty in raising loan money to carry out necessary works because the State Advances Department seemed to have run short of funds and had to wait until more became available. Boards were required to place their applications for finance months in advance. The Government was urging boards to supply electricity in sparsely populated areas, but was not helping to the fullest extent' possible. The terms were not satisfactory, and at the end of 10 years the department wanted the whole loan repaid. Sinking fund at the end of that period was only 40 per cent, however, and in order to repay a loan boards were required to re-borrow for the remaining 60 per cent