HYDRO-POWER STATIONS

Taranaki Daily News, 25 July 1929, Page 13

HYDRO-POWER STATIONS

DEVELOPMENT REVIEWED COLERIDGE SCHEME PROFITABLE. YEAR'S LOSS AT MANGAHAO £98,367 By Telegraph.—Tress Association. Wellington, Last Night. The Minister of Public Works, at the opening of the Power Boards’ conference to-day, quoted some interesting figures in connection with hydro-electrical development in the Dominion. He said the total capital in Government developments was £8,460,505. The Lake Coleridge scheme showed a revenue of £186,963, operating costs £30.131, leaving a balance of £156.832 for the twelve months ending March 31, 1929. The balance had been used to pay £76.612 interest, and £29.847 depreciation, leaving a balance of £50,373 as profit, which had been paid to the sinking fund. The Horahora scheme showed a loss on the year oi £15,291, which was largely due to the dislocation of the plant owing to a fire, and by the flooding and silting which occurred after the Arapuni diversion. Horahora showed a revenue of £135,511, operating costs £76,231, leaving a balance of -£59,280. The sum of £53,045 was required to pay interest and £21,527 for depreciation, showing the loss mentioned. This and the sinking fund payment of £11,280 had been held over until profits were available. In fairness to Mangahao it must be said that the scheme had come up to all expectations. The revenue was £114,148 and operating costs £34,344, leaving a balance of £79,804 which had been required to pay interest £135,358, depreciation £42,714 and insurance £99, or a total of £178,171. It would be seen, therefore, that Mangahao showed a loss of £98,367 for the year. The gross revenue received was £186,713 but this was reduced by £72,563 for power purchased from outside.