ENDOWMENTS SOLD

Auckland Star, Volume XLVI, Issue 225, 21 September 1915, Page 2

ENDOWMENTS SOLD

' BY TJN-VERS_TY COLLEGE. ; SUGGESTED REINVESTMENT. WAR LOAN" OR FREEHOLD SECURITY! The Auckland University ('.dirge < nun- j ril has iveoiitlv transferred it.- pr..|«-rtv I 111 \\ hahaUnc "to Ihc U-n-ants nf tin- land. ; and at yesterday afhrrn.«.n's meeting. | over which Sir Maurice U'Uorko presided, il was reported that the negotiations had now reached their final stage, and the sale price of £lii.2. r i(t would s.»>n lie 111 the hands oi the Council. Mr. G. L. Praockr raised tho ,pi, -linn of what w-oiihl lie don" with the n .mc. when ii was received. Mr. J. 11. 1). Million There's tic war lon n. Mr. Poaoooko went nn i 1 suooost that the matter should Is- referred tn sonic special committee, and pointed mil llr.it tho <I a use under whioli the I minoif »«- authorised to soil the properly only cm- , powered the reinvest moot «'! the mnii.-v in ih- purchase nt freehold lands, it was impossible. 1., g.-t .1 block m" laud which would he .1 o-ki.l nn, st,..nt at ,1 moino ill's ii-tice. while the , i.iv... would not |-oniiit investment ill lirsl da.-- freehold security, had they authority to s,, mvcsi th.-v i vviiuld have obtained t.'MMI or t'ooo from the Wlml.ata.ie 1.1.v-k instead ol the t.l'Xl tl.ev drew 1.1 r, .:t iN. Ho suggvAied that the best plan would be to plan.- tin- money | upon -ii in. nth.' ,-r twelve months,' ,i-|«i j Ml in the l-unh until such time as suitable ' land was available ~r Parliament allow.-d them in invest in freehold set unties, hv 1 which means 5J nr tl per cent ..uil.l 1«----obtained. Ivejil.vina to Mr. T. \V Leys. Mr, IVu ' roiko expressed tho opinion thai the authority, lor inv.istitig u„ lirati-l-tss | freehold' M-ruritv could .ash U- oh tinned in a W ashing up I It 11. j Mr. Leys: What About Iho war loan' I That brings 4i [~r coin.. free ~( m ~rne I tuv. ! Mr. I'c-u-.ksc: Eithoi ih.it •,,, iir-t , class security Mr. Leys was ill, lined lo think that the auuboritv for aitercl invc.4irm-iits ! would more readily he given for the in- I vestment of the morvv .11 tiie New Zea land loan. Ultimately a resolution ,1.1, carried] asking fnr statutory authontv to re invest o'itlier 011 rirs-t .!..-. security on : iin-t mortgages, or l.\ taking in Gov ernment d. bent ur.-s. and authorising the' v 11 ■<• chairman to write a cnvoriti.- letter I asking fnr authority at as (-arlv a dale! as riossiHe. ]