EXHIBITION FINANCE

Wairarapa Times-Age, 6 December 1938, Page 7

EXHIBITION FINANCE

GOVERNMENT TAKING UP ' SHARES SUBSIDY ON PRIVATE SUBSCRIPTIONS. ONLY £12,500 NOW- NEEDED FROM PUBLIC. (By Telegraph—Press Association.) WELLINGTON, This Day. An announcement that the Government Had decided to lend further financial support to the New Zealand Centennial Exhibition was made yesterday by the general manager, Mr C. P.‘ Hainsworth, after a meeting of the exhibition board of directors. He said the Government, in addition to its subsidy of £50,000 already promised to the exhibition funds, had decided to subscribe £25,000 to. the share capital of the exhibition, in £1 shares. Further, to encourage citizens to show their public spirit by supporting the scheme, the Government offered to contribute £1 in share capital for. every £1 share purchased by the public, till the company was fully subscribed. . ~ With the 786 shares allotted ■ at yesterday’s meeting, the share capital of the company amounted'-'- to 'V® 100,136. The Government’s £25,000 would bring this up to £125,000, leaving only £25,000 to be raised, in order to reach the full capital of £150,000. With the new pound-for-pound subsidy, only £12,500 would have to be subscribed by the public for the company to be fully subscribed.

“It is in' the nature of a challenge to us and to the public in general, to raise the remaining share capital,” said Mr Hainstyorth. “The Government’s offer gives added security to shareholders, and I do not think there is any doubt the money will be forthcoming, in which case we shall be in a very happy position.” THE DEMAND FOR SPACE. The general manager said that it was reported to the meeting that 75 per cent of the available space at the exhibition had been booked or reserved. As a large proportion of the space lettings were in the latter category, the directorate was very anxious that firms intending to take space should convert their reservations into bookings as soon as possible. A letter was received from the Min- ■ ister of: Industries and Commerce, Mr Sullivan, expressing appreciation that the directors were wherever possible purchasing New Zealand .materials for the construction and' fitting of the buildings. It was decided to call tenders for the conversion and operation of the Wellington Show Association’s building and grounds at John Street as a hostel for centennial visitors. The building was to be subdivided into single and two-bed cubicles, to accommodate 750 people. The men’s and women s accommodation would be segregated. The grounds would be used as a motorcamp and car park. It was decided not to make any graded awards for exhibits, but to set up a committee in due course to consider the issue of diplomas Of merit, their award being influenced by the general excellence of the exhibit rather than necessarily, by the high quality of the articles exhibited.