FLOCK HOUSE FUND

Manawatu Standard, Volume LX, Issue 249, 18 September 1940, Page 2

FLOCK HOUSE FUND

REVIEW - OF OPERATIONS

EXTENSION OF BENEFITS

Prudent management with, however, spending where such was warranted, are emphasised in the annual report of the New Zealand Sheepowners’ Acknowledgment of Debt to British Seamen Fund, which previously farmed the Flock House property, now conducted by the Government. The report reviews particularly the financial state of the fund and brings forward a suggestion, for approval or otherwise, that authority he secured for the utilisation of a minimum of £20,000 for assistance to British seamen in the present war. “During the year cash disbursements have been made by way of overseas annuity payments to the extent of £3497 and to beneficiaries in New Zealand, including the care and settlement of boy and girl dependants (£1887;, a_ total of £5384,” states the report. “Since the commencement of the fund in 1921 the following cash disbursements have been made: Casli grants to beneficiaries in New Zealand and overseas, £74.304; immigration, training, aftercare and settlement of hov and girl dependants. £94,659; total. £l6B 963. The total net sum received by the trustees in subscriptions amounted to £2Ol 835; total cash disbursements to June 30. 1940. as above, were £l6B 963. leaving a balance of original subscriptions ’of £32.872. The actual amounts held h.v the Bind at June 30. 1940. invested in New Zealand Government inscribed stock and in firsthnortgages over land and stock, and in cash, are £45 896 in the overseas annuitants recount and £95 219 in the general fund, a total of £141.115. It will he noted that the accretion to the fund by way of interest earned on investments and profits made on Flock House ■ Station over the period of management is £108,242. “The trustees have kept in the closest touch possible with all old trainees of Flock House who were sons or daughters of British seamen. A very considerable amount of work and time is given to assisting those farming on their own account, particularly the Panetapu settlers, and the solid progress made by most of those young farmers has been most encouraging. “But for the protection of the Royal Navy, and for the self-sacrifice of the men of the British Mercantile Marine, neither men nor munitions nor food could cross the seas. But for their aid the Home Country would bs starved into submission, and we in New Zealand would most certainly come under alien rule. Truly great i 6 New Zealand’s debt to the British Navy and the Mercantile Marine. Many ships have already been lost, and many men have given their lives in our service, and many more will bs lost before the great conflict ceases by victory for the British Empire. The trustees arc of opinion that it is their duty to extend the fund’s operations to the sufferers among British seamen and their dependants due to the present war.

“The moneys originally subscribed for the men and women and children who suffered during the war of 19141918 must bo expended for the purposes for which they were subscribed, unless the contributors themselves express a desire that a portion be used for the presont war. As previously shown in this report, the original amount of under £202,000 subscribed has been increased by more than half as much again by efficient management and, although nearly £169,000 has been expended in relief to - beneficiaries, and in immigration, training and aftercare of dependants, the trustees still hold well invested, assets more than sufficient to continue their care of the incapacitated men and widows now on, or to be added to, their pension list as long as these men and women live, and to fulfil all obligations to the orphaned sons and daughters. Very careful actuarial calculation has been made, and it is conservatively estimated that there will he a surplus available from the present fund of at least £20,000. and it may be considerably more. At the July meeting of the Board of Trustees the following resolutions were carried unanimously:—(l) That the necessary steps be taken to link up this organisation with the National Patriotic Fund Board as collecting and sole expending agent for the common fund in relation to the assistance to British seamen serving during the present war. (2) That authority be given to obtain the sanction of the original contributors (and later the Supreme Court, if necessary), for the utilisation of a minimum of £20.000, and such further sums as may. be later determined, for the assistance to British seamen serving during the present war. (3) That a proposal for a campaign to raise the necessary further funds be submitted to a later meeting, after consultation with the National Patriotic Fund Board.”