TEVTOT POWER BOARD

Otago Daily Times, Issue 22568, 11 May 1935, Page 10

TEVTOT POWER BOARD

ANNUAL MEETING The annual meeting of the Teviot Electric Power Board was held on Wednesday, Dr Gilmour presiding. CHAIRMAN'S REPORT. The chairman's report for the year ended March 31 stated, as follows: — The board's position shows an improved financial step-up over that of the previous year, the revenue from the sale of power increasing from £6276 for 1934 to £6511 for 1935—a gain of £235. The revenue from Otago Central Board, which is included in these figures, shows a barely perceptible increase on 1934, the income derived therefrom being £1172, as compared with £ll6B—a gain of £4 only. The total cash receipts for power for 1935 amounted to £6078, as compared with £5858 for 1934, an increase of £220. The total cash expenditure for 1935 (the 1934 figures being shown in parentheses) was £8925 (£6521), of which capital payments represent £751 (£202), wiring and showroom purchases £1023 (£604). renewals £152 (£311), depreciation .fund investment £393 (£323), debenture interest £2560 (£2852), debenture premiums £1867 (nil), leaving a balance of ordinary expenditure of £2179 (£2239) Conversion of the boards loans was effected without a dissent, the new debentures being reissued at 4J per cent. The cost of converting loans apart from premium payments shown above was tuo. As a result of conversion the annual saving in interest to the board will be £406. This amount is, of course, apart from the savin* made through the 20 per cent. Interest Reduction Act of 1932. As a number of debentures are redeemable each year, the interest on such would appear to cease being paid, thus the annual interest saving, but as 4* per cent, on the aggregate amount of debentures redeemed is made payable to sinning fund, this saving is not apparent . At the generating station the highest peak recorded during the year was .790 few., the same as that of .the previous year. The number of units generated were 4,241,120, as. compared with 4.050,580 for 1934, an increase of l»". j4 . u ' the comparative figures ie ™P 1748 760 (1935). 1,634,832 1934) and Krai Otago 2,492,360 (1935). 2,415,748 (1934) No serious interference with the continuity of supply occurred throughout the year. On two occasions some slight inconvenience was caused through a washout in the race, but repairs were quickly effected and the machines in operation again. Some trouble has been . caused through the autumn leaves entering the supply pipe and blocking the vanes of the machines. An endeavour was made to overcome this difficulty by cutting several of the fins out of each machine, but this has not proved successful, and it now remains for some other. scheme to be adopted to combat this nuisance. The wiring staff has been kept busy .on new installations and extensions during the year. Apart from alterations and repairs, the installations carried out throughout the year include six ranges, seven water heaters, 17 heating points, 81 lights, and 19 motors aggregating SJ h °The P staff"has worked harmoniously and well during the year, and I would I*| to convey to the members the thanksi pt the board for the manner in which they have carried out their duties. During the year the board's consulting Sneer (Mr R. S. Cree Brown) lost his life in an accident, and the board relets the loss of an able and courteous consultant. Mr Lloyd Mandeno has been appointed in his place. ♦v™ m „j l The work on the tunnel through Wright's Hill is nearing completion, and when finished will abolish all fear of trouble with the old pipeline. The agreement with the Central Otago Board terminates in May this year, and an extension for about seven months has been signed to enable the Central Otago Board to complete its own installation. When this happens there will be a good deal of power for sale, but. the. board anticipates no trouble in disposing of sufficient to make up for the loss of revenue. Several mining ventures are inquiring for power, and should negotiations be successful it may be necessary to install an additional unit. The engineer has this matter in hand. The report was received. Mr R. T. Kinaston was elected chairman for the ensuing year, and the following committees were appointed:—Finance Committee—Messrs Kinaston, Waigtn, George, Michelle, and Dr Gilmour; Works Committee —Messrs George (chairman), Read, M'Ewan, Gilmour, Michelle, Kinaston, and Waigth. ORDNARY MEETING. The ordinary meeting of the board was also held on Wednesday, when there were present: Dr Gilmour (in the chair) and Messrs George, Waigth, Michelle, Kinaston, and M'Ewan. The chairman welcomed Mr M'Ewan, the new member of the board. Accounts amounting to £2476 12s 6d were passed for payment. These included interest, £1167 6s 9d; sinking fund. £590 15s sd; and depreciation fund, £3BB 6s Id. Revenue for the month amounted to £668 4s Id. The' engineer submitted a report on the conditions for the supply of power to the proposed dredging company at Island Block. ' . . , ; ., A resolution of appreciation of the services rendered to the board by Mr Roderick Macdonald, who had been a member of the board for 13 years, was carried, and a copy was directed to be sent to him. i ' ,