WELLINGTON COLLEGE GOVERNORS.

Dominion, Volume 2, Issue 342, 31 October 1908, Page 13

WELLINGTON COLLEGE GOVERNORS.

J, ,: . " MONTHLY MEETING. , The monthly meeting of the Board of Governors of Wellington College and the Girls?; High' School, was held yesterday morning, thero being present:—The Chairman (Mr A. de B. Brandon), Miss Richmond, Mr. 0. H. Izard,-, M.P., and Robert Tee. ' The'monthly statement of finances showed that the credit balance at the bank amounted to £1868 125.. 7d.; the payments requiredWellington College* £414 3s. 9d., and Girls' College £489 13s. Id.—amounted to'£7o3 :16s. "10d:, leaving a balance in hand of .£1164,155. 9d. There was .due, in respect of feej from both colleges, .an amount of £1699 ' Os.' lid., and for rents £390 Is. 10d., or a . total prospective amount to credit if £3253 . 18'. Cd. :

. ... . THE FINANCIAL OUTLOOK!. The Chairman made abatement regarding ■ the financial position of tho board. In 1875, • he explained, the sum o'P , £sooo had been bor--;rov.ed on the security,, of certain reserves, was - ■■.now neid.by-.tho Government...lnsurance De- . ' partmeptjand. was. .repayable at'six months' . notice, interest being at 5 per cent. The. , commissioner had intimated his preparedness to. con.yert,'Jheymoftgage r -'into-'a o. per cent, loan, repayable, as to principal and interest, in 8 years. The half-yearly interest payments would amount to £382 18s. 4d., or £765 16s. ; Bd. yearly, as compared with the present payment, £250—! an increased expenditurefor the tabled mortgage it was proposed to obtain, of £515 16s. Bd. ' Recent renewals of . leases •> had resulted in' an increase, in the college . endowments, of £867 _14s. 7d. per annum, which sum, tho chairman -. recommended,- " should be applied to the reduction of the debt, and would necessarily be taken into'.account as an expenditure on building in arriving at the net income from. endowments for tho purpose of -ascertaining the amount payable for the Government scholars. . rherer jvas alsoi.thc.matter, of the mortgage held by the _Equitable Investment Company, which had given notice requiring repayment, to be considered. 'In two years' time there should be substantial increases in the rentals, whon. they might consider the propriety of oha «? e3 > the meantime, the Government did not fulfil the promiso, ™ a .06 in 1886, to pay. £5300 for the cost of the- Girls' College building./ There were several immediate and expensive matters calling < for attention—new roofing, 1 painting, fencing, and work in connection with the tennis court.- He suggested that steps be taken to proceed with tho conversion of the mortgage on the lines indicated. ;■ Mr. Loo thought that,- -in view' of the ■importance of tho question, it might be;as well to defer the matter for a full meeting • of- the board. There were only half the members present. Tho Chairman: The half that does all tho work; though. ■'.It was decided that effect be given -to tho chairman's suggestion. FREE PLACES. _<The following letter from the Education Department was read:—"ln regard to free place holders at Wellington Girls' College it 'has been decided that the Department will : pay capitation for girls admitted by speoial arrangement last year. This, it is Son.' w '" s i m plify the questions at issue." : : ' "That's something," remarked Mr. Lee, With evident satisfaction. "Yes," agreed Miss Richmond. ''We ought to feel thankful for small mercies." ■ Referring to the.Government scholars, and the letters from the Department examijiia<; the claims for payment mado by it would be necessary, for .the latter's protection, said the chairman, that some indemnity be taken in resp'cct of tho foes, should tho Government refuse to pay m consequence of some breach of tho condithrs under which the Government scholarship wis i awarded. He suggested that each scholar, on entry, should bo required to furnish an undertaking, signed by tho.parent or guardian, that if, from any reason whatever, the Government should refuse to pay a proportionate part of tho scholarship , for any term during' a part of which the pupil had attended, the college, payment should be mado 'on ; the same basis , as for paying pupils of the same age.