ARAPUNI POWER SCHEME

Otago Witness, Issue 3525, 4 October 1921, Page 22

ARAPUNI POWER SCHEME

LOCAL LOAN PROPOSED. AUCKLAND, October 1. A deputation from the Hydio-clectria I ower* League waited on Air Massey tooiv, asking his support for the Arapuni scheme, for v Rich it was proposed that money should he raised within Auckland Province by short-dated debentures at about per cent. T tie Prime Minister replied that ho strongly favoured the development of hydro-electric power in tho North Island wiiere the dairying industry alone produced fourteen millions in exports last year. To preserve that the cost of production must be kept down in view of the competition of other countries. He recognised that the solution lay in comprehensive hydro-electrio development, and was glad to hear of the suggestion to raise the money locally. He assured the deputation, however, that the London market was quite favourable, and his experience in London satisfied him that rates were coming down. Pie would discuss the Arapuni scheme with the Treasurer and Cabinet. Personally, he was quite friendly towards the scheme, and the offer to raise the money locally would be a big factor in its advancement, though he felt that 6 per cent, was sufficient interest, The Arapuni scheme and plentiful hydro-electric power would probably develop the valuable industry connected with the Taranaki iron-sand.