THE EXHIBITION

Evening Post, Volume CXXVI, Issue 136, 6 December 1938, Page 12

THE EXHIBITION

FURTHER STATE AID

£25,000 IN £1 SHARES

ADDITIONAL OFFER

Further financial support to the New Zealand Centennial Exhibition has been lent by the Government, stated the general-manager. Mr. C. P. Hainsworth, yesterday after a meeting. of the board of directors.

The Government, said Mr. Hainsworth, in addition to its subsidy of £50.000 already promised to the Exhibition funds, had decided to subscribe £25,000 to the share capital of the Exhibition, in £1 shares. Further, to encourage citizens to show their public spirit by supporting the scheme, the Government offered to contribute £ 1 in share capital for every £ 1 share purchased by the public, till the company was fully subscribed.

With the 786 shares allotted at yesterday's meeting, the share capital of the company amounted to £100,136. The Government's £25,000 would bring this up to £125,000, leaving only £25.000 to be raised, in order to reach the full capital of £150,000. With the new pound-for-pound subsidy, only £12.500 would have to be subscribed by the public for the company to be fully subscribed.

"It is in the nature of a challenge to us and to the public in general, to raise the remaining share capital," said Mr. Hainsworth. "The Government's ofler gives added . security to shareholders, and I do not think there is any doubt the money will be forthcoming, in which case we shall be in a very happy position."

Seventy-five per cent, of the space available had been booked or reserved, he said. The directors desired that those who had made reservations should complete as soon as possible.

-It was decided to call tenders by advertisement for the conversion and operation of the Wellington Show Association's; building' and .grounds at John Street as a hostel for Centennial visitors. The building was to be subdivided into single, and two-bed cubicles, to accommodate 750 people. The men's and ,women's accommodation would be segregated. The grounds would be used as a motor-camp and car park. The Corporation's motor camp at "The Glen," Miramar, of some 40 acres, would provide accommodation for 200 cars, or 800 people.

Separate tenders would be called soon, one for the general interior lighting of the buildings, and also for the exterior lighting of buildings and grounds, and the other for the decorative external lighting, including the. flower beds, fountains,, and flood lighting. Mr. Charles Todd's offer of the loan of a powerful telescope, to be placed at the top of Centennial Tower for the benefit of sightseers, was accepted.

It was decided not to make any graded awards for exhibits, but to set up a committee in due course to consider the issue of diplomas of merit, their award being influenced by the general excellence of the exhibit rather than necessarily by the high quality of the articles exhibited.

The next board meeting was set down for January 30.