POWER BOARD FINANCE.

Thames Star, Volume LVII, Issue 14727, 4 August 1921, Page 4

POWER BOARD FINANCE.

RAISING JrJE LOAN.

A DIFFICULT UNDERTAKING.

The chairman of the Thames Valley Power Board, at the last meeting, made a short statement as to. the raising of the loan of £350,000, whu'h was authorised last May by the ratepayers.

"When we went down to Wellington," Mr. Strange said, "we were told that there would be no more 1 State guarantees given for loans raised by local bodies. We, however, succeeded, after much rushing about, in convincing the Government that the Board had carried this matter so far, even to the extent of expending over £7OO on the preliminary arrangements, including the cost of the poll, that it must be assisted. We were then advised that an embargo had been placed on colonial loans for the next two months. We were very much in doubt as to whether this embargo applied to the Board's loan. A telegram had just been receive ifrom the Bank of New Zealand, stating that there is at present some doubt about the embargo applying to the Board's loan." He would move that the secretary should proceed to Wellington to . further the raising of the loan. Mr. Arthur suggested that a member of the Board should accompany the secretary. The chairman did not think that it was necessary at the present juncture to send a member. Mr. Pohlen contended that a member should go with the secretary.

• Mr. Claxton said that the work of raising this loan was one long series of unlooked-for developments.. Ho did not realise how difficult it was to raise money. Had he known what a trying time he would have had to go through in Wellington he would never have accompanied the chairman; It was one long day of rushing in and out of the various Government offices. The Board did not know at present just what reinforcements it would require in Wellington before this loan was floated.

It was unanimously decided that ihe matter should be left in the lands of the executive to deal with.