POWER BOARD POLICY

Wanganui Chronicle, Volume 86, Issue 111, 15 May 1942, Page 4

POWER BOARD POLICY

Sir. The annual meeting of the Power Board is a reminder that the figures 1 promised to compile some i lime ago ought to he published. The.' ; are enclosed herewith. They would! have b~en published in December ifwar had not broken out in the Pacific. I For those who like figures they 1 speak for themselves. For those who • do not. may I say that my thesis was i and is that ’he Power Board has not j yet carrier! out the promises made on i its formation. The ratepayers ofj Wanganui and district sank halt a million in the electrical business and i Wanganui City was promised its share] of the profits, then estimated at fivesixths. but actually fixed by statute in > proportion to rateable values. Mur Purnell questioned the half j million: the figures prove it. The. board went into business in 1925 with] nothing but its rating power and its! monopoly. It now has assets shown dt ! £B-18 245 without goodwill <a substan-| tial asse:> Its liabilities ‘o outsiders are put down at £475.717. leaving 3| surplus of £362.528. Is it any wonder I suggested it should realise the ix- j

.'pon>i!);lilie.s that wealth brings? It - . years b ten ci eating new actounts first, ieserve, th a capital, then working capital -to dispose of its profits. The one item in Ihe accounts showing a sen. e of public duly is an annul payment of £5 5s to the Red Cross Society a striking contrast to th ch;.of the Auckland Boat a. ' I discontinued this correspondence ; > oke out and it is too early to resume it at length but the i figures should he know n. There are several ways ol righting the position, i The best hing the board can do is 1o undertake the formation of a detent harbour her’. but there die many other avenues I am indebted to a friendly accountant for showing me how to compile the table of figures, but the actual figure.- are taken from the bal m e-sheet by myself. If there ar? any Inaccuracies they are slight and co not nffect the argument Shillings and pence are omitted.- I am. etc.. C. P. BROWN 7 . . The above letter, being submitted to the chairman of the Power Board. Mr. F. Purnell, pointed out that Mr. : -1 rms'-d this issue in an addr?* to the Wanganui Retailers’ Association in September. 1941. The war could hardly have caused Mr. Brown to slay his hand at that date. O h r portions of Mr. Brown’s letter are similarly inaccurate and consequently Mr. Purnell did not feel disposed to deal with them.