Town Hall loan aid required

Press, 22 July 1976, Page 6

Town Hall loan aid required

Christchurch local authorities will be asked to accept responsibility for unsubscribed Town Hall renewal loans, in proportion to their present share of other Town Hall expenses,

The Town Hall Board of Management will ask member councils to share responsibility with the Christchurch City Council for a $113,900 shortfall in Renewal Loan No. 1.

The. loan opened on May 1, but only $13,900 of a total $127,860 has been subscribed. A similar renewal loan will mature in February next year. Such loans are financed on the basis that, subscriptions will expire after a stated period, with the option for renewal. A report to the board from its chairman (Mr H. G. Hay) yesterday said that the City Council’s present policy of accepting responsibility for raising such loans would have to be reviewed. This was because the National Provident Fund —which previously guaranteed to meet unsubscribed shortfalls in redemption loans —had intimated that it would no longer do so.

| “The City Council is scrapling the bottom of the barrel,” Mr Hay said. “We hope we can look to other local

authorities to meet their share.” Six local councils . contribute in varying percentages to Town Hall loan charges and running expenses. If all accept responsibility to raise subscriptions for the No. 1 Renewal Loan on a similar basis, the City Council would contribute about $67,060 (59 per cent). The Waimairi and Paparua County Councils would contribute $26,800 (29 per cent) and $11.600 (10 per cent), and the Riccarton, Lyttelton, and Heathcote councils up to 3 per cent each.

The board meeting yesterday also agreed that a committee be formed to establish a local convention bureau. The bureau would “extensively promote Christchurch as the convention centre of New Zealand.” according to the Town Hall manager (Mr B. P. Connell). It would consist of three board members and about six representatives of private enterprise, such as tourism and airlines.

Polo.—Australia’s first national open polo tournament has been washed out because Sydney’s Warwick Farm is waterlogged. The tournament organiser said the three-day open was called off 24 hours before it was scheduled to start to save competitors from New Zealand. South Australia, and Queensland making a fruitless trip.