PATRIOTIC FUND.

Press, Volume LXVIII, Issue 20622, 11 August 1932, Page 5

PATRIOTIC FUND.

QUESTION OF MORTGAGE INVESTMENTS.

REPORT ON FLOCK HOUSE. j | The executive of the Canterbury Pa- j triotic Fund met yesterday. Present: j Messrs 11. Holland, M.P. (chairman), F. M. Warren, J. J, Dougall, H. Kitson, W. A. Carpenter, C. J. B. Williams, H. Fleclr, E. F. Willcox, C. W. Hcrvey, F. W. Hobbs, G. A. Haydon, E. K. Webb, J. S. Priest, and the Rev. F. T. Read. An apology for absence from Mr W. E. Lcadley, was accepted. The National War Funds Council wrote that £2OO had boon voted for unemployment relief. The secretary (Mr It. T. Toeswill) reported the receipt of the money, and said that it had been paid over to the Returned Soldiers' Association. Flock House. Mr Willcox said that, with, few exceptions throughout the ifominion, tho response had been very poor both aa regards applications from boys to enter Flock House, and in respect of offers of financial assistance to enable the full quota from each district to be filled. The quota was 90—58 North Island and 32 South Island. On July 13th, approximately 20 boys had applied, but ho understood that since that date the cumber had been almost doubled. There was still a number of vacancies. From the Canterbury district 10 had entered Flock House. The funds available to the local committee would permit of only one more boy being sent. The committee had had several small subscriptions, but not sufficient finance, apart from the grants mode by the Returned Soldiers' Association and the Victoria League, to send any great number of boys, the sons of New Zealand soldiers, to Flock House. The Auckland Patriotic Fund had financed the 28 boys from that province; he understood that tho Manawatu Fund had done tho same. Though it was against tho policy of Patriotic Funds, in the cases mentioned the whole matter had been taken into their own hands. Tho local committee had two or three applications in hand, but there was only finance for ono boy. The report was received. • Financial Position. in moving (on behalf of the lion, treasurer, Mr J. S. Nevillo) the adop- | tion of the- treasurer's statement, Mr Williams said that he wished to warn I members that the position might not prove as good as the figures showed. | In respect of the item mortgages £16,225, he remarked that mortgages were not a very satisfactory form of investment just now, and it behoved members to bear this in mind when considering applications. Mr Kitson asked if it would be possible to get a valuation of the mortgages. It was not desirable to go on in the dark. Could they write them down or put them on a sound basis? Mr Dougall: I would not write them down, and I don't see how you can put them on a sound basis under existing conditions. It was explained that there were only two mortgages involved, and that tho uncertainty was regarding the payment of interest. The statement showed: Investments and cash as on July 31st, £24.922 fts 2d. made up as follows:—Mortgages, £16,225; debentures, £7979 10s 9d; New Zealand Farmers' shares, £192; total £24,396 10s 9d; treasurer's account No. 1, £612 17s sd; secretary's account No. 2, in debit £B6 19s; total, £24.922 9s 2d. The statement was adopted. The Finance Committee reported that an application in connexion with a mortgage for £9OOO for a reduction of interest as from April Bth, 1930, was declined, as a reduction to 5 per cent, had been provided by statute as from April Ist, 1932. A returned soldier having sold his property over which the Fund holds a second mortgage of £4OO, requested that the amount due be deferred till October, 1932, when the principal due to the vendor is to be paid and the request was granted subject to 5 per cent, interest being paid in the meantime. The report was adopted. Policy of Fund. The report' of the Finance Committee on tho policy of the Fund, which was before the meeting of the executive on Juno 15th, and which was referred back for reconsideration, was submitted with amendments. The full text of the report was given in the issue of The Press for June 16th. The principal amendments were in subclause (c), which provided that grants be no longer made in certain cases. In respect of confinement cases and rent duo and unpaid, the committee, after consultation with the Applications Committee, now reported that in both these matters tho decision to make no more grants be' qualified by the words: "Unless exceptional circumstances are shown." The report, as amended, was adopted. Various Matters. It was decided to approve of repairs to the electrical installation of Bannerdale Home, to cost £3 15s, and to alterations to the chimney at the back of the main building. The report of the Applications Committee was adopted. It was stated that of the total voted there were ] sums listed ou account of other societies amounting to £167, representing a substantial amount of the total. On Mr Hervey's motion it was decided to provide a return, showing the cost of maintenance at Rannerdalo Home of each man a year, and the charges in connexion with the supervision and sta(r, and other charges. It was explained that the Homo was maintained by the Government, the liability of tho Fund being restricted to the maintenance of the grounds, and the salary of the gardener, the total beiftg about £3OO a year. The secretary reported: Cases dealt wi|h in July, 622; interviews at secretary's office, 142; applications dealt i with by committee, 84; outward correspondence, 438 letters; lady visitors' . reports, 2.