ST. MARGARETS COLLEGE

Press, Volume XC, Issue 27499, 5 November 1954, Page 12

ST. MARGARETS COLLEGE

£20,000 LOAN TO BE RAISED

REBUILDING PROJECT AT > ' -i MERIVALE St Margaret’s College has opened a debenture issue of £20,000 to P funds for the new school at Papanui road, Christchurch. . The senior school building in Cranmer square’ which is nearly a mile from the junior school on the new site, is now too small,' says the prospectus for the issue. The nucleus of the new school, including the assembly hall and temporary classrooms, is estimated to cost £60,000, of which £40,000 is already available from tne board’s funds and loan „?l on^y- n o-nn Debentures of £25, £5O, £lOO, £5OO, and £lOOO, carrying 3 per cent, interest. are offered to subscribers. Debentures are to be redeemed annually by ballot, the amount available for redemption being <iot less than £ 1000 m amount available for redemption will increase as the loan is repaid, because interest charges each year will be less,” says the prospectus. ‘‘lt is estimated that the loan vyill be completely repaid in approximately years.” . . , . The loan is to be serviced by a building fund levy of £1 6s 8d a term for each pupil, and it is calculated that this amount will provide sufficient to pay interest at 3 per cent and repay the loan in 15 years. An illustrated brochure distributed with the prospectus says that existing classrooms on the Cranmer square Site are at full capacity, and there is a considerable waiting list. Through the “foresight of the board and the encouragement and assistance of the Synod, spacious and valuable grounds have been secured and reserved for the new school. The entire property wil’ in the name of the board and under its control.” Under an arrangement with the Christchurch city parishes, the proceeds of the Cranmer square leasehold are to be realised and made available to help to finance the new school. A science block in permanent materials has already been erected on the site. The junior school has also been accommodated on the site of the new school. . , “Sufficient finance is now available from the depreciation’ fund of vhe board and from loan money already granted by the Synod to enable the rest of the school to be moved to Merivale as soon as the £20,000 debenture money is available, tne brochure says. The combined chapel and assembly hall will be the first building visible from the new approach from Merivale lane on the Papanui road site. Three blocks containing a total of 12 classrooms, a library, and administration offices will form a wing behind the assembly hall.