ADJUSTMENT OF DEBT

Evening Post, Volume CXXII, Issue 121, 18 November 1936, Page 4

ADJUSTMENT OF DEBT

MANAWATU A. AND P. BODY

(Special to the "Evening Post.")

PALMERSTON N., This Day.

Arrangements for the adjustment of the association's financial obligations were completed at a special meeting of the Manawatu A. and P. Association yesterday when the general committee was authorised to borrow sufficient to pay off a mortgage and provide an overdraft up to £3000 and, as security for ' repayment of the principal and interest, to execute such mortgage as the committee shall consider necessary.

The action of the committee in having borrowed on mortgage £12,000 from the Bank of New Zealand Officers' Guarantee and Provident Association and £3000 from the Bank of New Zealand in repayment of the first-men-tioned mortgage (£8000) and moneys due to the Bank of New Zealand, was confirmed. .

Mr. J. A. Nash intimated . that it would be possible to reduce; the .overdraft gradually by allocations , from show profits and later to decrease the main mortgage of £12,000. The last two shows had produced reasonable profits. The-'-gate"-takings had increased in spite of the larger membership. ' • '■.. '• ■ ■■■■••■ ... ; ;