POWER FINANCES

Opunake Times, 17 August 1948, Page 1

POWER FINANCES

TREASURER'S REPORT INSURANCE INCREASED The Opunake Electric Power Board's Secretary. Mr. R. R. Brown outlined the financial position in the following report: Electricity Sales The readings and estimated accounts for July show an increase over last year of £241. Meters were read in the Ihaia-Oao-nui and Opunake Borough districts and estimated accounts sent out for the Pihama-Awatuna district, results being as follows (1947 figures in parentheses): Net revenue July £2,947 (£2,706), Net increase July £241. The following is the summary of electricity sales for the period April /July: Total units sold 1,778,548 (1,315,094), Net revenue £IO,OBB (£8,912), Net increase 4 months £1,176. Last- year the increase for the same period over the previous year was only £153. Sundry Sales and Services

Sales for July were £997 as compared with £950 last year, an increase of £47. Details of the "last 4 months ended 31st July, are as follows: Net sales revenue £2,173 (£2,020), Increase 4 months £153. Applications for Supply 36 applications for supply were submitted for confirmation. Insurances Arrangements have been made for fire insurance covers on the two prefabricated houses and opportunitv was taken to review the whole of the Board's fire insurance cover, while the Insurance Company's inspector was in the district. This review. disclosed that the Board was seriously underinsured in some respects and that it would he a heavv loser should a fire occur in any of its buildings or should earthquake damage be sustained. Provisional extra cover has been taken out and a new policy will be issued upon being approved by the Board. Total present cover, £20,545; Eecommended cover, £35,180. The insurance cover on the Board's fleet of motor vehicles is satisfactory. As a matter of interest, I would point out that the fire hazard in the depot building amounts to £18,500. The present cover on above is £13,250 only. Staff I regret to advise that Mr. W. Humphries has been obliged to enter hospital through an injury sustained at football and will be of duty for some considerable time. Housing Loan No further word has been received from the Local Government Loans Board, but the proposition has been examined by the State Advances Department and I have been given to understand that our application will be considered towards the end of August. This means that we will not be able to complete the formalities in connection with the special order until the October meeting at the earliest, and any mon-' ies expended before that date will have to be found ex revenue or revenue reserves, unless recourse is made to special legislation, as suggested in last month's report.