"ON FIXED DEPOSIT"

Evening Post, Volume CII, Issue 17, 20 July 1921, Page 6

"ON FIXED DEPOSIT"

EDUCATION BOARD'S CAPITAL.

The report of the Works and Finance Committee to the Wellington Education Board this morning contained'"the item: "Koromiko School, application for grant, £975." This application, for the renewal of aj school (in Marlborough) is one of ma*y which have little hope of success at present, and Mr. E. H. Penny, as a Marlborough member of the board, expressed strong dissatisfaction- that this school, which was in a very dilapidated condition, could not tia repaired for want of money. He urged that the board should provide the necessary money out of its reserve funds. , ", ' .

Mr. R. M'Gallum supported Mr. Penny's attitude,, and said that the board's reservo of £14,000 or thereabouts on fixed deposit should be regarded as a fund to be used "for a rainy day" such as was now being experienced. The Chairman remarked that the funds referred to were the .property of the whole [ education district. Moreover, to> spend capital now. meant getting only half the value of,the money. The board had done Marlborpugh no injustice in recom-, mending the' Education Department to make a grant for the Koromiko School.

Mr. Harkness said lio thought £14,000 spent on> behalf of the children of the district .would give a far better return than the 4g per cent, interest it was now earning on fixed deposit. The subject was closed by the adoption of the report of the committee.'