A TENNIS LOAN

Sun (Auckland), Volume III, Issue 818, 12 November 1929, Page 15

A TENNIS LOAN

WELLINGTON GETS £SOO TO BUILD STAND CANTERBURY OBJECTS (Special to THE SUN) WELLINGTON, Monday. Though the New Zealand Lawn Tennis Association lias granted Wellington the next New Zealand tennis championships, the whole chance of the meeting being held there was bound up with the New Zealand Association’s decision to grant Wellington a loan of 42 500, repayable in 10 years, toward the cost of a permanent stand. When the New Zealand Council was asked to approve of this tonight, opposition developed, Canterbury having objected to a loan being made on the sole security of the stand. When the authorising motion was introduced, the chairman of the management committee (Mr. A. G. Henderson) said that a protest had been received from the Canterbury Association, which considered that these funds were trust funds, and should not be i lent on chattel security. Before the | new rules were introduced this year, 5 this protest would have been well j founded, and the money could have ! been placed only on trustee security, but the new rules had been introduced .specifically to make possible loans such as this. They felt it best that money should be lent out in the cause of tennis as a whole, and the Wellington Association had been pushing forward in the face of difficulties. Tt had put forward a proposition which had been scrutinised very carefully, and which had been affirmed to be sound. “MONEY PERFECTLY SAFE" In his opinion, the money lent was perfectly safe, and it would be only a very few’ years before the funds were available for loans to other associations. The interest had been fixed as low’ as possible. The New Zealand Association’s funds were earning 5 per cent., and the money was proposed to be lent at this rate. In seconding the motion, Mr. Foden (Povertj* Bay) said that the proposition had been carefully investigated, and while the guarantee of the people behind the Wellington Association was not a legal guarantee, these people j were of high standing. OTAGO WANTS MONEY, TOO j Mr. Gray (Otago): Has the New Zealand Association received any ! applications from other associations I which have been refused? The Chairman: There is one from | Otago for £2,000, which will be cuni sidered next Wednesday. | Mr. Gray: Is the management comj mittee willing to help other associai tions as it is helping Wellington? Mr. Henderson: We have only a certain amount of funds available, but we are prepared to go into any proposition. A Delegate: How much money is available ? Mr. Henderson: £1.500. Mr. Gray: Well, will Otago's claim be entertained? Mr. Henderson: I can only speak J for myself. ! Mr. Wilkinson (Canterbury); This

loan means that the- New* Zealand Association will have a more or less direct interest in the affairs of the Wellington Association. The New Zealand Association might prefer New Zealand championships and international matches to be played in Wellington. This may mean that Wellington will get more than its fair share of matches. Mr. Ho den: Well, they have never | had it before. Mr. Wilkinson: It seems a case of first come, first served. Some associations may not understand that they can apply for loans. The matter might bo held over to give every association. an opportunity of making an application. “MY ASSOCIATION WILL APPLY" All*. Goldie (West Coast): This is not a matter which should be looked on in a parochial manner. All the associations know, and have had ample time to apply. My association will apply. (Laughter.) Mr. Gore (Canterbury) opposed the motion, but regretted his instructions to do it. Mr. Denniston (Thames Valley): When the Frenchmen were here, wc had to build a stand at Miramar, and it was money thrown away. If this motion is defeated, the scheme will be wrecked. The motion was carried by an over- . whelming majority, only the Canter- j bury delegates opposing it.