TARANAKI POWER BOARD

Taranaki Daily News, 17 June 1933, Page 5

TARANAKI POWER BOARD

CONVERSION OF LOANS. SAVING DEPRECIATION PAYMENT. The Taranaki Electric Power Board met yesterday, when there were present Messrs. H. G. Carman (chairman), C. Foreman, J. Dobson, C. E. McGuinness, M. J. Gernhoefer, R. J. Knuckey and N. H. Moss. The engineer, Mr. B. H. Goldsmith, reported that the number of consumers at May 31 was 2205. Units generated during the month totalled 955,600. The largest daily output was 33,800 units on May 1, on which day the maximum demand of 2016 also occurred. Both the maximum demand and the daily output figures were tire largest logged since the supply to New Plymouth was discontinued, this being also the first occasion that the load on the system has exceeded 2000 kilowatts. Installations connected during the month were as follows, figures for the corresponding period last year being

given in parentheses: Industrial motors, 1 (0); stoves, 1 (2); lighting and heating (new), 6 (7); lighting and heating (additions), 14 (10). Advantage was taken of the wet weather to keep the lake level down, permitting a considerable amount of work to be carried out in the low-level portions of the Mangaotea cut. With the lake at 10 feet it was possible to take the boat through the two lower tunnels for inspection by the works committee. The financial statement showed receipts as follows: Sale of goods £Bl 2s 2d, current £2979 4s 4d, installations £4O 7s 2d, interest £4 7s Bd, rates £lO6 2s lid, rent £l4 Is, sundries £4 5s 6d, cancelled cheques £lO3 13s sd, total £3333 4s 2d. The debit balance at the previous meeting was £6lB 4s lOd, and with accounts to pass totalling £1855 6s 3d there remained a credit balance of £859 13s Id. The Minister of Public Works wrote approving of the chairman’s honorarium of £75. A letter was received from the Bank of New Zealand fixing the overdraft limit at £6OOO. It was resolved that the board proceed for a conversion scheme for the whole

of its loans under terms of the recent legislation. Mr. Moss moved that the board take the necessary steps to apply to tire Minister of Internal Affairs to have introduced into the next local legislation Bill power exempting the board from the payment of the amount, due to the board’s depreciation fund for the financial year ending March 31, 1934. Mr. Knuckey seconded. In support of the motion Mr. Moss considered that if they could obtain the relief this would give it might' be possible to get through this year without a rate. With the increase of the harbour rate there was another reason for endeavouring to obtain relief this year. Mr. Knuckey considered it would be a very good thing to have the payment postponed this year in view of the very low prices that farmers were obtaining. The chairman said the amount saved by the proposal would be about £4OOO. The motion was carried unanimously. Mr. Knuckey, reporting on the Mangaotea cut on behalf of the inspection committee, said that it was considered advisable to carry out the work for an additional chain.