PATRIOTIC FUNDS
Survey Given To Board (New Zealand Press Association) WELLINGTON, Dec. 2. When the present building programme was completed, there would be £996,000 in the Patriotic Fund and £867,000 in the Canteen Fund, the National Patriotic Fund Board was told today in a survey of the first 10 years’ activities. The actual over-all cash assets during the period had been reduced by £608,000, from £3,884,500 to £3,276,000 in addition to the large amount of interest earned during thfc period. Out of the two central funds, the estimated annual expenditure might be approximately £86,000, and the income about £51,000, meaning an annual reduction of £35,000. The Welfare Fund for replenishment of provincial councils was more than £487,000.
“An analysis of the provincial council accounts indicates a majority of them will last for a very long time,” said the survey. “Two of the councils—Wellington and Canterbury have been called upon to make considerable inroads into their funds, and at the present rate it is estimated they will be eaten up before 1970.”
It was expected the period of greatest need would be during the later years of the lives of Second World War veterans, from 1980 to 1990
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Bibliographic details
Press, Volume XCVIII, Issue 29068, 3 December 1959, Page 27
Word Count
197PATRIOTIC FUNDS Press, Volume XCVIII, Issue 29068, 3 December 1959, Page 27
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