ELECTRIC POWER

Southland Times, Issue 22813, 12 February 1936, Page 6

ELECTRIC POWER

BOARD’S FINANCIAL POSITION. ALL ACCOUNTS IN CREDIT. “The position is very satisfactory indeed,” commented Mr Charles Campbell, the secretary, when submitting a statement of the Southland Electric Power Board’s finances to members yesterday. “All of the board’s accounts are in credit,” he said, “the total being £116,429 of which £90,000 is invested. Other credit funds are the sinking fund account and depreciation fund account. Arrangement of the funds is now being made to provide for the chief items of expenditure which lie ahead, namely, interest on March 15, £41,250, sinking fund instalments, £22,500, depreciation, approximately £BOOO, and the usual general expenditure.” Referring to electricity payments Mr Campbell said that up to February 1, £109,823 had been received by way of payments of electricity accounts. On the same date in the previous year the figure was £105,362. Thus, there was an increase this year of £4461. A number of consumers always paid their accounts in advance. This year the amount received totalled £4991 as against £4650 in the previous year. Overall the cash receipts to February 1 were £4802 ahead of the figure for the same date in last year. Up to February 1 rates had been received to the extent of £8615. Interest was earned to the sum of £ll5l, while miscellaneous earnings produced £4420. The showroom revenue was £1773 (as against £1852 in the previous year). Payments in reduction of installation accounts amounted to £963. These items formed a total of £16,922. As for expenditure, £91,109 represented the general and capital expenditure to February 1. This was £4859 above last year. The increase was mainly due to the repayment of the first instalment of the Government loan, added Mr Campbell. Members agreed that the position was very satisfactory. NEGOTIATIONS WITH THE GOVERNMENT. QUESTION OF EXTRA SUPPLIES. The recent discussion between Power Board officers and representatives of the Government on the questions of extra power and the conversion of the London loan were considered in committee by the Southland Electric Power Board yesterday. Later a statement was made by the chairman (Mr William Hinchey). He said that the board’s instruction to the deputation which visited Wellington was, first, that the board preferred to purchase the extra power from Waitaki, provided the price was reasonable; and secondly, that failing this it should be allowed to proceed with the development of Monowai. After a discussion which the deputation had with the Minister of Public Works, the Hon. R. Semple, and the Minister of Finance, the Hon. W. Nash, Mr Semple indicated that his view was that the matter should be taken up where it was left off by the last Government and the question of the Government taking the scheme over should be investigated. He consulted with Cabinet and decided that an officer from the Public Works Department and one from the Treasury, whom he would accompany, would wait on the board at an early date and go into the whole question. The board, while favouring its original decision, was maintaining an open mind until it heard the proposal which the Minister was going to make. The deputation also had conferences with Mr Nash regarding the conversion of the board’s loan.