$14,000 Methodist loan to hostel
A sum of $5OOO was authorised for loan to the Rutherford Hall Board by the North Canterbury District Synod at its bi-monthly meeting last evening.
The executive officer for the Rutherford Hall Board (Mr J. D. Grocott) said that the money was part of a bridging loan of $14,000 promised by the synod in response to an appeal for $66,000 at present being made by the Rutherford Hall Board. Since 1967 the board has
raised $150,000 and received a Government subsidy of $160,000. The $14,000 is immediately available to the board, $5OOO on special terms and rates to be decided by a joint committee. The $5OOO is to be provided from a special appeal fund collected five years ago by the Synod for a Methodist hostel. The remaining $BOOO will come from the Methodist General Trust Fund.
“The loan will be repaid as guaranteed funds come to hand over the next five years,” Mr Grocott said. In the meanwhile appeals would be made to other denominations, he said.
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Bibliographic details
Press, Volume CXII, Issue 32848, 23 February 1972, Page 18
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173$14,000 Methodist loan to hostel Press, Volume CXII, Issue 32848, 23 February 1972, Page 18
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