Y.M.C.A. fund-raising
The Christchurch Y.M.C.A. will launch an unusual money-raising scheme today. An issue of interestfree debentures is being floated with the aim of raising $lOO,OOO, in three months. The first debentures will be bought for $lO,OOO by Mr Cyril Smith, a supporter of the Y.M C A. this morning.
This is the first time a New Zealand Y.M.C.A. has issued interest-free debentures, according to its Christchurch executive director, Mr Peter Seymour. The Y.M.C.A. is counting on the good will of its 3500 members, and friends to put up the money. The issue’s main purpose
is to finance a Health and Fitness studio at the Hereford Street stadium. Work will begin on the $20,000 studio in mid-February. It should be open by midMarch.
The remaining money will be invested and used later “to enhance the Y.M.C.A. in suburban areas,” Mr Seymour said.
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Press, 3 February 1984, Page 4
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142Y.M.C.A. fund-raising Press, 3 February 1984, Page 4
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