£2,000 SAVED

Gisborne Times, Volume LXV, Issue 10312, 22 January 1927, Page 5

£2,000 SAVED

POWER BOARD’S FINANCES

HIGHLY SATISFACTORY ARRANGEMENTS. A saving of about £2OOO in interest by deferring the taking up of the first instalment‘"of the loan from October 20 to January 20 has been effected by the Poverty Bay Power Board, according to a statement at yesterday’s meeting. The chairman (Mr. F. R. Ball), in proposing that a letter of thanks to the A.M.P. Society, who are advancing the money, stated that the Board had been operating on its power account instead of taking up the loan instalments of £IO.OOO monthly, commencing in October last vear. the A.M.P. allowing the Board to defer taking up the amounts until January 20. While it might have suited the A.M.P. Society to meet the Board’s wishes, said Mr. Ball, it has meant that we have effected a substantial saving in interest of about £2OOO. for had the Society insisted that the instalments should be taken up on October 1 the Board would have taken up nearly £35,000 up to the present time. Provided the Board can absorb subsequent monthly instalments regularly £2OOO will be saved. Members joined in expressing thanks to the Society, and it was decided to write a letter expressing those sentiments to the Society.