SHORT OF FUNDS

Rotorua Morning Post, Volume 2, Issue 301, 15 August 1932, Page 5

SHORT OF FUNDS

l J (Press. Assn.-

N.Z. OLYMPIC TEAM S.O.S. TO ASSOCIATION FOR ADDITIONAL ; remittAnce ! £500 TO BE BORROWED

-By Telegraph — Copyrlght).

| . WELLINGTON, Saturday, ; Owing principally to the eonverI sion rate being more against the; Doj'minion than was anticipated, the j Council of the New Zealand Olympic | Association has found it necessary tq j borrow an additional sqm up to £500, - ! on the securlty of its trust funds, to meet the expenses of the New Zealand team at Los Angeies, A decision to this effeet was made at a council meeting last niglit, when * a letter from Mr. Rundle, manager of the team was tabled. The letter stated that the team arr rived at Los Angeies on Sunday, July 3. The expenditure as furnished in the summary handed to him. was under-estimated, and it appeared that there was going to be a shortage. H© had been put to some expense regarding baggage, conveyance of the racing shells, and other matters he had not anticipated. The team's share of the salary of a cook amounted to 25 dollars a week, and it was likely that when the ■ Australians left the New Zealand team would have to bear the whole cost of the chef, 35 dollars a week. The conversion rate had declined, and at the time of writing was in the vicinity of 3.53 dollars. He had also had to disburse moneys on behalf of some of the athletes and boxers, who had come away insufficiently equipped. The F«rds Insufficjent. The statement of accounts enelosod, Mr. Rundle said, showed that the funds in hand were insufficient for ihe barest necessities, and a remittance by cable was necessary to meet j rll obligations. Something in the . vicinity of 1000 dollars would probablv he needed. Mr. Rundle points out that owing to having to remain a fortnight after the Games the team is likely to he left practically isolated at the Olympic village, and the expenses will be j heavy. He suggests that it might pay to remove to San Francisco, when the Australians leave the village. The council decided to leave 'action in. this matter to Mr. Rundle's discretlon.