PLANS FOR PARK

Press, Volume C, Issue 29679, 24 November 1961, Page 15

PLANS FOR PARK

Double-Decked Stand Plans for the demolition of No. 3 stand at Lancaster Park and the erection of a doubledecker public stand, with the top deck open are being made by the Victory Park Board. The board has now acquired ownership of three properties off Wilsons road, backing on to the rear of the No. 3 stand. “Steps have been taken to acquire a further two properties in Wilsons road. The board now owns three properties in Wilsons road, and these are essential to' the plans for rebuilding the No. 3 stand some time in the future when finance becomes available,” said the board chairman (Mr H. C. Blazey) in his report on the year ended September 30, last, to the annual meeting of the board this Week. Year’s Surplus Mr Blazey said that the surplus for the year was £4901, after writing off £3184 depreciation. Depreciation ■had increased steadily and inevitably over recent years because of the expansion of facilities for spectators and players. Depreciation had risen from £716 in 1953 to the present figure. “If we added in the £2179 transferred direct to the accumulated fund, being the amount remitted off the loan from the New Zealand Rugby Union, the surplus for the year becomes £7OBO. “The surplus of £4091 compares favourably with other years when we had visits from major overseas Rugby teams. In 1959 (the British Isles team) the surplus was £10,053, but we had three games (compared with one against the French team last season) then. In 1956 (Springboks) the surplus was £10.040 with two matches. “In 1960 no major overseas team toured New Zealand, and we had a loss of £2098,” Mr Blazey said. “As shown in the balancesheet, the Canterbury Rugby Union has made a further loan of £5OOO to the board, and the total lent to the board now stands at £16,863. “No reductions in these loans were made last year. The original loan from the New Zealand Rugby Union of £25,000 has now been reduced to £14,309 by the repayment of £2906 during the year. This loan should be paid off by 1966, or possibly earlier.”

The board’s balance-sheet for the year ended September 30 show fixed assets of £127,864. Liabilities (loans from the Canterbury and New Zealand Rugby Unions) amount to £31,171.