HOSPITAL FINANCE.

Press, Volume LX, Issue 18241, 27 November 1924, Page 6

HOSPITAL FINANCE.

■ ' £70,000 LOAN TO BE RAISED. Mr F. G. .Horrell criticised at yesterday's meeting of the North Canterbury Hospital Board a proposal to raiso a loan of £70,000. The Finance Committeo . made the following recommendation to the Board: —With regard to the capital expenditure, the loan of £60,000 has now been expended—or at least commitments have been entered into that will absorb the whole of it—and the Board is recommenced to apply to the Minister for permission to borrow a further sum of £70,000, paying an interest up to 5J per cent. Tho buildings for which this money is required are -a new Nurses' Home; hospitals at Cheviot, Little River, and the Chatham Islands; an extra' storey on Ward X, and the extension of the Waikari Hospital. Mr Horrell moved, as an amendment to the adoption of the rep.ort, that the clause should be referred back to the committee.' He thought that they should call a halt with their expenditure. He objected to the rate of interest. It should not be higher than 5J per cent. The chairman said that everybody but Mr Horrell knew the position regarding the Nurses' Home. The Board had been asked for years why it did not' give its nurses an annual holiday, and it had replied that it could do nothing until it had more accommodation. The Board had agreed to do certain things, including the provision of accommodation at the Chatham Islands, and it had to borrow money to carry out the programme. Mr A. Smith said that if they borrowed money at a quarter per cent, higher interest than the current rate, they would raise the ' rate on the market.

The chairman said that they would be very lucky to get the money at 5| per cent. Money could not be borrowed at 5% per cent. The clause was adopted.