PATRIOTIC FUND

Otago Daily Times, Issue 24421, 5 October 1940, Page 10

PATRIOTIC FUND

ACCOUNTS FOR FIRST YEARSUM OF £248,531 DISBURSED LOW COST OF ADMINISTRATION (Per United Press Association) WELLINGTON, Oct. 4. An outstanding feature, -of th» accounts fcr the first complete year of operation which were presented to the Standing Conr.mittee of the National Patriotic Fund Board at a meeting to-day was the low cost of administration. During the year the board received from all sources contributions amounting to. £743,996, and the cost of administering those funds was' cnly £BB9 10s" sd; Included in this sum were the. travelling'expenses to England of the .board's overseas commissioner. . Lieutenant-colonel' F. W'aile... The administration expenses work out at one-tenth per,cent, of th'; total amount received, or "2s for every £IOO cf. contributions handled.--The.main item's, of expenditure-relate to grants for the.provision of amenities and comforts wi'.hin New Zealand. The Joint Council of the Order of St. John and the New Zealand Red Cross Society has J had for this purpose £11,500; the Salvation Army, £13,559; the Y.M.C.A.. £35,999; the-Church of England Military Affairs rCommittet, £3000; and the Catholic Wat " Service Fund, £3695. -Part of• the moneys i?< these account's wag ; for Ifte erection and equipping ; of recreation huts ■,'• in military . camps. .When the audited statements from these organisations are received, these huts and. equipment." as .the property, of the board, will be incorporated in the board's accounts. The board took' over the. assets and liabilities of the'' Church of England Military Affairs Committee and the Catholic War .Service. Fund .at the end of June and when.these audited.statements, are received the assets'and liabilities cf the organisations will also be incorporated; in the board's ..accounts:, •"■■;•:.- Items of •'Expenditure''Oiui ?s The following are details of the expenditure:—Comforts bn' convoys ic-r troops, £871; troops in New Zealand, £1812; troops overseas, £4129; first echelon, £1692; sec:nd echelon, £2364; third echelon, £1990; regimental funds, £985; sick and wounded, .£5392; ,Air Force relations organisation, £1527 15s 9d; grants overseas, including Toe H, London, £soo;' Salvation Army, London, £622 10s; Y.W.C.A., London, £2501; Victoria League, London; £25; Red Cross organisations, £15,572; Lord Mayer of London's Relief of Distress Fund, £IOO,OOO. In addition amounts have been .remitted for contingency funds for the provision of comforts for the New Zealand forces overseas. The amcunts sent in this ,way are -as-; follows:—Egypt, £6735; England, • £6225; side' and wounded, Egypt, £6250; sick and wounded, England, £12,450. Other expenditure includes £1729 for military bands for.the purchase of equipment. £9,7 .for a library service for the troops, £561 for the Lady.GaJway Guild, £176 for the Navy League, and £I3OO for the purchase cf a hostel for the Papakura Camp, Auckland. The comforts in stock are valued at £1935. Present State'.of Fund , The investments comprise £60,000 on fixed deposit with the trading banks and £420,000 in Treasury, bills,. Cash in haqd amounts to £lO 18s M. and in the bank account' there\is ;£15,454 6s 4d. The present state of the naiicnal fund i5'£495,465. Part of the amount remitted for the relief of distress in London will he repaid ■to -the board as a result, of the splendid, response rr\ade by the people of the Dominion. The total expenditure shown to date Is ,£248.531. but in this.amount;is,.included' mbriey'that has been ! gerit overseas for contingency; purposes and'hot yet been spent.: A large proportion -of the expenditure is non-recurring. The account as presented did not include sundry credits and debtors.or interest accrued, but,not due, which will have to be brought into the board's .balance sheet for the.year. •'•;* ,;