POWER BOARD.

Timaru Herald, Volume CXXV, Issue 17935, 18 April 1928, Page 12

POWER BOARD.

YESTERDAY’S MEETING. The monthly meeting of the South Canterbury Power Board was held yesterday. Present-. —Messrs J. Kennedy (chairman), K. Mackenzie, C. J. Talbot. S. T. Fitch, W. Hayman, A. N. Oakey, R. A. Nicol, J. C. South, J. Drinnan, G. Saunders and J. Mathers. CHAIRMAN’S STATEMENT. In Id's statement, the chairman stated that on April 9 he had made his usual tour, and had inspected lines at Albury, and proposed routes ah Allandale and Silverstream, and had found Avork progressing satisfactorily. The only main feeder not through was on the Limestone Road. He interviewed Mr J. McCort and Mr D. Morrison, and had asked them to arrange a meeting of consumers, when the Board’s officers will attend and supply any required information. The total debentures issued in connection witu all loans to date, \Vas £279,200. Of this amount £7600 was in the advances and trading accounts, £268,600 has been actually paid away, and the balance of £3,000 Aval represented by credit balances at the bank. The value of pnis«ued debentures AA'as £49.800. The sinking fund investment stood at £9OIO 1.5 s 3d. of Avhich £2660 was loan money, £5920 from revenue, and the balance Avas accrued interest. In this connection it appeared to him that legislation dealing Avith local body loans Avas peculiar in that one must provide an instalment of sinking fund during the first year for repayment of loan money, blit one Avas nllbAved to borrow the instalment, and by so doing one increased one’s indebtedness in order to reduce (file’s indebtedness. The net result would be the same in the end. if no sinking fund instalment was required during the first year, as the amount of the loan would be so much less. HoAvever. tin’s was a question which he considered the manager could submit to the Secretaries’ Committee, as to whether one is better off by borroAving to repay borrowed money. The cash receipts for-the year for the. sale of current excluding bulk sold to the Timaru Borough Council, were £23,164. When outstandings are adjusted, the income under this head would approximate £24,500 as against an actual income for the previous year of £15,418 19s Gd. The Board had a display tenn at the Geraldine Show on March 27 and at Fairlie on April 9, both of Avhich Avore a centre of attraction, and proved an excellent ad-A-ertisement. On March 30, in company Avith the manager, lie had attended a. “switching-on” function at Nukaroa. A “sAvitching-on” function Avas to he held at GlenaA’y on the 20th inst., to Avhich an invitation was extended to all members. It Avas Avith regret that he had to report to the Board That t|ie manager. (Mr Cl Dash) had met with , a motor accident, and was not yet able to resume duty. When the sneaker had.ascertained the period Mr Dash would probably be indisposed, he had taken charge of the office, and had been carrying on since. Mr Foden, the accountant, and Miss Dash, have the office work well in hand. The engineering staff, (construction), under Mr Morrison, and maintenance under Mr Larnder were proceeding Avith the Avork .in hand in a satisfactory manner. Maintenance work in the Levels County, Waimate County and Borough, under. Mr Dash, had been transferred to Mr Larnder. . Mr Andrews, in,charge at Teniuka sub-station; had been appointed to take oyer. the position, of\forenian of "construction in. the. Peel Forest district, which--will av.oid -long journeysfrom Timaru by the present foreman, Mr Heather. The matter of the. "divisi'oh of the. maintenance work in the Levels and Waimate Counties was being reported on .by Mr Larnder. The Otaio.. River appeared to "be'-'thfiV.,point’ at 4 which vthe" division should ,be Construction Avork in Waimate County avus noAv completed, and all lines livened up. Work Avas being concentrated on in the Mackenzie ’ County. Mr Dash Avas making progress towards reeoA'ery. and within a "few'Aveeks they all hoped to see him about again. Mr Mathers remarked that the increase in business for the year was A’or\ T satisfactory. With this, other members agreed. REPORTS. The Maintenance Engineer (Mr A. J. Larnder) reported on Avork done during the month, and his report Avas adopted. The Resident Engineer (Mr G. W. Morrison) also reported in detail on Avork carried out throughout the district during the month, and his report Avas adopted. REPORT OF EXECUTIVE. The Executive reported as folloAVS : That the following accounts be passed for payment:—Geraldine loan, £648 16s; Geraldine advances, £616 5s Id; Waimate Borough loan, £0 os; Waimate Borough adAuinces, £24 6s Id; Levels advances, £42 4s 6d; Levels loan, £350 7s 9d; Waimate County loan, £2646 3s 9d; Waimate County advances, £95 12s; Mackenzie loan, £998 6s 4d; PoAver fund, £6798 0s Id. That the tender of Metropolitan Vickers be accepted, for transformers ; and that the tender of Turnbull and Jones be accepted for 104 milea of bare copper wire. Letter had been received from two guarantors, asking the Board ■to reduce, or cancel the guarantees given by them. The Executive regretted that iti could not recommend this. That the following lines be gone on with as soon as the necessary guarantee-: are forthcoming:—Silverstream, Alinndale and Peel Forest extension. A report had been received from the canvasser on the Otaio—Bluecliffs line, showing that there Avas still a, ‘ deficiency in the number of guarantors. The report Avas adopted.