£100,000 LOAN GRANTED TO WANGANUIRANGITIKEI POWER BOARD

Wanganui Chronicle, 17 October 1950, Page 2

£100,000 LOAN GRANTED TO WANGANUIRANGITIKEI POWER BOARD

The growing strain on the resources of the Wanganui-Rangitikei Electric Power Board produced by the acceler. ated works programme and mounting costs will be eased by the Local Government Loans Board’s announcement that it has sanctioned the application for a £lOO,OOO loan to the board. The secretary, Mr. G. A. Ammundsen, at yesterday's meeting of the board, said in support of the proposed loan: “As an illustration of the way that costs are absorbing cash it is to be noted that the available cash balance in the ordinary working account now is £16,000 less than it was at this time last year. That is about half, and the amount in the ordinary reserve fund that can be drawn on 1» down to £17,000 if the fullest use be made of reserves other than the £30,000 that has already been ear-marked for necessary building expansions.’* The figures quoted took no heed of the £15,000 received from the sale of the power -house plant said Mr. Ammundsen. “Until now no authority to use this has been received, and in any case the extensive programme at Waiouru, which was not foreseen when planning requirements some months ago, will largely offset this.” A resolution creating a special order to raise the loan was passed by the board.