SINKING FUND RESERVE

Taranaki Daily News, 18 February 1933, Page 10

SINKING FUND RESERVE

POWER BOARD ARRANGEMENT. HOSPITAL BOARD AGREEMENT. Some time . ago the South Taranaki Power Board was concerned over the reduction in interest on its sinking fund deposits, which would have the effect of leaving the fund insufficient to redeem loans. A special reserve to meet this deficiency was decided upon by the board yesterday. The Public Trustee is the . Sinking Fund Commissioner, and the fund is invested in the common fund ,of the Public Trust Office. The rate of interest has been reduced from 5 to 4 per cent., which makes the instalments insufficient for the purpose mentioned. The board is now going to use rebates of stamp tax on the interest of its loan as a special reserve to meet the deficiency, Mr. J. B. Murdoch (chairman) told the board. The reserve might also be used for replacements of machinery etc. in the event of any disaster such as an earthquake. The form of investment would be Government bonds, and the board might buy back its own debentures. “Buying back the debentures is the best investment we can make,” said Mr. A. J. Gibbs. “We don’t know what Government bonds will be worth in 25 years, whereas if we have bought back all our debentures we will be free of debt.” Mr. Murdoch said it depended on whether any of the board’s debentures were on the market. At the present time he did not know of any for sale. The chairman explained the disputed account with the Hawera Hospital Board. The power board had estimated that cooking at the Old People’s Home would cost £5O and water heating about £3,9, he said. Actually water heating would cost £2l but on the other hand cooking would cost only £43. “We are not repudiating any contract, nor have we ever thought of it,” said Mr. Murdoch, who added that he and the engineer would interview the finance committee of the hospital board. “It was given some publicity at the full hospital board meeting before,” said Mr. J. W. Snowdon. “It should be settled by the full board.” The engineer (Mr. T. R. Overton) repored that in January 318,072 units had been generated, and had produced for a maximum demand of 1080 k.w., against 137,700 , units and 810 k.w. in January, 1932. Those present at the meeting were Messrs. J. B. Murdoch, L. A. Bone, E. A. Pacey, A. J. Christie, F. Parsons, E. A. Washer, 'A. J. Gibbs, E. Long, J. W. Snowdon and W. Rothery. SPECTACLE IN THE NIGHT. NIGHT FIRING AT WAVERLEY. Verey lights flared into the dark night, red and green, soared up and up, hesitated, hung poised, and dropped slowly to earth. While the lights flared the ground below was light as day with a ghostly, flickering pallor. When the rockets soared there was a momentary glimpse of the grass, and figures were there, huddled groups outlined vaguely in the field. They were the machine-gun sections from the regimental camp at Waverley, and the time was last Thursday, night. , Several orders had been' called in a well-pitched voice. Suddenly a deafening staccato of sound crashed forth. The darkness was torn with spurts, of flame, soaring points of light swerved and crossed and hissed. Dark figures moved behind the guns. “There must be someone still alive to fire them,” thought the supernumerary observer. Again and still again each gun was crowned’with a spurting golden stream, and for each lighted bullet there were 40 that one did not see. “War must be a disagreeable business,” thought the observer, but it was a grand Guy Fawkes. CAMPBELL CUP CROQUET. PLAY AT WAVERLEY. A croquet team from Eltham visited Waverley yesterday in a game for the Campbell Cup. Results, Eltham names first, are:—Mesdan.es McKoy and Fountaine lost to Mesdames Palmer and Pepper 20 —26; Mrs. Manley and Miss /McDonald lost to Mrs. Muir and Miss Cleary 25—26. PATEA PERSONAL ITEMS. Mr. T. G. Hirst, New Plymouth, visited his sister, Mrs. E. Homer, who is an inmate of the Pa tea hospital, this week. Mr. W. Black, Belfast, formerly of Whenuakura, died at Belfast on New Year’s Day. Mr. A. E. Wainwright has left on a trip io Rotorua. Mr. A. N. Williams is spending a short holiday at Wellington. PERSONAL ITEMS. Sympathy with Mr. A. J. Gibbs in the death of his mother Was expressed by the South Taranaki Power Board yesterday. A vote of sympathy with the relatives of the late Mr. Norman Crocker was passed at the meeting of the EgmontWanganui Hunt Club at Waverley yesterday. The president (Mr. J. E. Palmer) referred to the high esteem in which Mr. Crocker had been held and the great loss the club had sustained by his death. ADVERTISERS’ ANNOUNCEMENTS. The Pihama settlers’ harvest home ball is to be held next Wednesday. This event is always a great success, and the committee is aiming to make this year’s event equal that of former occasions. A good prize is offered in a settlers’ open waltzing competition. There will also be novelties. Free buses will run from Opunake, Kaponga and Kapuni. G. H. Perry and Co., High Street, Hawera, advertises particulars of the room sales to-day at 10.30 a.m. and 1.15 p.m. A beautiful line of Kalamazoo, bottling peaches, also export quality Gravenstein apples, will be offered. Smith and Trim Ltd. advertise particulars of their mart sales for to-day of 400 cases of seasonable fruit in variety, at 10.30 a.m., and laying and table poultry, a ton of Sutton’s Supreme i table potatoes, circular saw and useful sundries, furniture, etc., at 1.30 p.m., at Union Street, Hawera. , Practices of the Hawera Male Choir ! will commence on Monday evening at ; 8 p.m. in the Central Mart, High Street, Hawera.* ! The children’s classes of the Margaret ' *fitock School of Dancing will commence on Monday at times advertised. Miss Stock will be at the studio at 2.30 p.m. on Mondav for interviews.*