The Dominion. TUESDAY, AUGUST 4, 1936. THE CENTENNIAL EXHIBITION

Dominion, Volume 29, Issue 264, 4 August 1936, Page 8

The Dominion. TUESDAY, AUGUST 4, 1936. THE CENTENNIAL EXHIBITION

The New Zealand Centennial Exhibition in Wellington begins to take shape. The city and provincial conference held yesterday endorsed the project, and heard encouraging reports both of financial support and of the probability of making the Exhibition a business success. The proposal is that it should be run on the lines adopted at Dunedin in 1925-26— that the organisation be that of a public company having associated with it Government and local body representatives. The estimated capital requirement is set at £225,000, toward which the Government has already undertaken to contribute £50,000 by subsidy, £1 for every £2 of capital raised, and £25,000 by interest-free loan. The Wellington City Council will subscribe £25,000 toward the capital, with possibly a further £25,000 as interest-free loan. The Wellington Harbour Board will subscribe £lO,OOO capital. The Mayor of Wellington was able to tell the conference yesterday that “without making any wide canvass but just by approaching a few representative people and institutions, he had already been promised £50,000 capital, this total including the £35,000 specified above. Mr. Hislop suggested that the Government’s proposed contribution was" hardly adequate to the occasion, and at. his suggestion the conference is asking Cabinet to review the position and if possible raise the figure of its help to £lOO,OOO, all payable as subsidy on capital raised. Assuming this request to be granted, there would be in sight, without Wellington’s loan, £150,000, leaving only £75,000 to be subscribed by the public, including local authorities which have not yet had an opportunity of helping. But even without any further concession from the Government there is already promised £50,000 by subsidy grant, £50,000 of share capital, and £50,000 in free.loans, still leaving only £75,000 to be subscribed by the general public, but loading that amount and the share capital already promised with the obligation of repaying the two loans, totalling £50,000. Taking the most pessimistic view this is a promising beginning;. taking an optimistic view it almost assures the successful flotation of the exhibition company.