PATRIOTIC FUND

Press, Volume C, Issue 29608, 2 September 1961, Page 12

PATRIOTIC FUND

Provision For Future (N.Z. Press Association) WELLINGTON. Sept. 1. In the last 10 years £BOO,OOO has been spent on welfare grants and loans to former servicemen and jtheir dependents in need by provincial patriotic councils and the Patriotic Fund Board and Canteen Board, said the board’s annual report tabled in the House of Representatives. Expenditure now was running at the rate of £lOO.OOO a year, said the report. The welfare funds of councils were diminishing by more than £50,000 a year at present and. if this rate continued. their funds would be very nearly gone in 20 years

However, the welfare reserve created by the boards, interest on which was reinvested yearly, should provide a reserve for the council when their own funds were exhausted, and should enable welfare expenditure to be maintained for some years after that. The funds available were:

For welfare purposes, provincial patriotic councils. £1.229-284; welfare reserves (Patriotic Fund Board). £306.787; Canteen Fund Board, £197.103. For genera] purposes of the boards such as maintenance of homes, hospital comforts and completion of present building programme: Patriotic Fund Board, £705.320: Canteen Fund Board. £689.642.

Fixed assets (mainly represented in war veterans’ homes): Patriotic Fund Board £544.874; Canteen Fund Board. £313,062. It was expected that £75,000 more would be spent on homes before thg building programme was completed. giving a total of £900,000 invested on homes. No building subsidy had been received.

The board's policy was to expend the funds under their control within the life of the present beneficiaries, that was by about the year 2000. This did not mean funds would be hoarded, but all worthy demands on welfare would be met asathey arose, even if it meant depletion of the funds before 2000.