HOLY TRINITY CHURCH.

Poverty Bay Standard, Volume I, Issue 272, 29 October 1884, Page 2

HOLY TRINITY CHURCH.

To the Parishioners of Holy Trinity Church, Gisborne. At the last Annual Parish Meeting it was suggested that a special effort should be made this year to improve the financial position of the Church. The subject has engaged the attention of the Vestry for some time, and they wish now to place before you the following statement and proposal for serious consideration. On June 30 ult., the balance of liabilities over assets was £449 9s. sd. on the Church account, and on the Parsonage account £575 17s. 4d.; total, £1025 6a. 9d. This has been slightly reduced and may now be conveniently stated at £l,OOO. Interest on this is payable to the amount of £BO annually. The ordinary revenue of the Church at present suffices only to meet the expenditure, and is not available for the payment of interest, which must therefore be provided otherwise. Moreover the credit of the Church requires that a considerable portion of the obligations that have been incurred should be discharged without much delay. It ia therefore important to raise a considerable sum at once on account of these obligations, and it will be well to provide for the reduction or conversion of the rest of the debt as speedily as possible, that the way may be cleared for the accomplishment of two important objects —the erection of a schoolroom and the introduction of gas. It is proposed in the first place to hold a gift auction on the 22nd January next, and all Church people and their friends are invited to co-operate and bring this to a successful issue. Contributions of any kind will be gladly received and may be sent to any member of the Committee or to the Parsonage. For the reduction or conversion of the balance of debt another scheme has been proposed, which has met with much success elsewhere. It is as follows

To issue sheets of coupons or debenture! equal to the entire debt; each sheet divided into twenty parts of one shilling each part, and bearing interest. These coupons may be purchased in any quantities, large or small. They will be redeemable at any time during their currency by ballot. Drawings to take place periodically and so often as the funds will pennit. The rate of interest will be according to agreement in each case. The advantage to the purchaser of these coupons will be first and principally that he will have a share small or large in freeing the Church from its burdens at little or no risk or loss to himself. The coupons will also be available as cash for admission to entertainments, purchase of work (whenever a working society is formed), &c. or they may be given in the offertory when specially mentioned, though this last means of disposal is not recommended unless for an extra offering, as the ordinary income cannot bear diminution. The advantage to the Church, if the scheme is successful, will be that we shall be able to pay off at once all pressing liabilities, to reduce the interest on the remainder, and to provide for the gradual but steady extinction of the debt. Interest on the coupons will only be paid when they are drawn at the annual or semi-annual ballot, and many will be paid in during the intervals, and thus not bear interest at all. Moreover it is hoped that they may be issued at a lower rate of interest than that which is now being paid. In this way the Church may become its own sole creditor, and the debt be divided among so many as to be little felt. As soon as fair progress has been made in this direction, an effort will be made to build a schoolroom by a special fund, to which substantial help has already been promised. We have no reason to despair of our position. The Church and Parsonage are built and no heavy expense remains to be incurred, very much has already been accomplished, and by a combined and substantial effort the rest may soon be effected. J. E. Fox, Incumbent. Jas. Booth, G. A. Beere, Churchwardens. C. P. Davies C. A. DeLautour F. T. Morgan G. L. Greenwood R. Watson W. L. Rees D. Johnston Dr. Pollen, Members of Vestry. J. W. Matthews Capt. Chrisp Auditors. Contributions left with any of the above named will be thankfully acknowledged by tha secretary to the sales committee, Mr. C. P. Davies.