HORTICULTURAL CENTRE

Press, Volume XCI, Issue 27626, 5 April 1955, Page 3

HORTICULTURAL CENTRE

SOCIETY’S BUILDING PLANS SALE OF DEBENTURES BEGINS When the Canterbury Horticultural Society builds its five-storey horticultural centre at the corner of Gloucester street and Cambridge terrace—the working plans are now being prepared —Christchurch will have a handsome new building and a most valuable addition to the amenities of the city. The two main halls in the building will have a total area twice that of the Caledonian Hall, and there will be a ramp leading to parking space in the basement. The top three storeys will be used for office accommodation which is expected to help make the building pay its way, and the halls will be available for public and club meetings. banquets, dances, and socials.

The estimated cost of the building is £200,000. The property on the site was bought in 1945 and today it is not only free of debt, but the building fund has about £ll,OOO on fixed deposit. At least £40,000 has to be raised, and already there have been gifts from members of amounts up to £lOOO.

Members are being asked to subscribe debentures at £5O each, which will realise interest at 4| per cent, until the building becomes revenue producing, after which the interest will be 5 per cent. The society is allowed to raise £lO,OOO a year without a permit from the Capital Issues Board, and by the time the working plans are completed in about 15 months, it is hoped to have £20,000 available from debentures alone. The society has been advised by the Inland Revenue Department that gifts made to the society for its general purposes are entitled to . exemption from gift duty. The society’s appeal for funds for its building is commended by the Prime Minister (Mr Holland) and the Mayor of Christchurch (Mr R. M. Macfarlane, M.P.) in a brochure explaining the uses proposed for the hall and the methods by which the money is to be raised.