ARAPUNI SCHEME

Waikato Times, Volume 94, Issue 14764, 1 October 1921, Page 5

ARAPUNI SCHEME

DEPUTATION TO MR MASSEY. PROPOSED LOCAL LOAN. .MR MASSEY SYMPATHETIC. (By Telegraph. —Press Association). . AUCKLAND, Saturday. A deputation from the Hydro-Electric Power League waited on Mr Massey to-day, asking his support for the Arapuni scheme, for which it was proposed that the money should be raised within the Auckland Province by short-dated debentures at about. G per cent. Mr Massey replied that he strongly favoured the development of hydroelectric power in the North Island, where the dairying industry alone produced CI 'i.000.000 in exports last year. To preserve that, the cost of production must be kept down in view of the competition of oilier countries. He recognised that file solution lay in a comprehensive hydro-electric development. He was glad to hear the suggestion to raise the money locally, but he assured the deputation that the London market was quite favourable. His experience in London satisfied him that rales were coming down. He would discuss llir Arapuni scheme with the Treasurer and Cabinet, Personally h.i was quite frientdy towards the scheme, and the offer to raise the money locally would be a big factor towards its advancement, though he felt G per cent was sufficient interest. The Arapuni scheme and a plentiful hydro-electric power would probably develop a valuable industry connected with flic Taranaki ironsand.