THE EXHIBITION

Evening Post, Volume CXXV, Issue 128, 2 June 1938, Page 11

THE EXHIBITION

MORE SHARE CAPITAL

APPEAL BY MAYOR

SMALLER INVESTORS

The hope that the public will take up small parcels of shares in the New Zealand Centennial Exhibition Company was expressed by the Mayor (Mr. T. C. A. Hislop) when speaking at a meeting of representatives of sports bodies called by. the company last night.

Mr. Hislop said that more share capital was wanted and that almost immediately a campaign was to be launched with a view to encouraging people to take up a small number of shares—five, ten, twenty-five, or even one. So far the share capital raised amounted to £90,000, added to which there were certain subsidies the company* received. The money had been subscribed by 171 shareholders, so it would be seen that the average was very high—an average of over 500 shares, and there were many holders of a very large number of shares and practically no small holders. On the occasion of the Exhibition in .Dunedin, on the other hand, said Mr. Hislop, £82,000 was raised, and the average share holding was about 80, there being an enormous number of

very small shareholders. He suggested it was up to the people who took a I pride in their city and who would take pride in the great spectacle to

be staged in Wellington to spread the

interest by as many as possible taking -■ up a small number of shares. In that way 1 interest would, be spread and the essential funds obtained. The financial aspect had been most carefully examined, Mr. Hislop proceeded, and the directors felt quite confident that lor every £1 put into the Exhibition, which was a national enterprise;; at least 17s would be received back. There was, however, a reasonable prospect of getting back 20s in the £. Looking at the position in ' 'the most critical way, they could not see subscribers losing more than 3s in tha £, and he suggested that a contri- ' "baKon of 3s in the £ was not too much to ask from people who took a

pride in their city. He was hoping, therefore, that the sports organisations would do their part in assisting to raise the additional capital. If, added Mr. Hislop, not another penny was received, the company could see the Exhibition through, but that would not be fair to those who had put up the money. He felt that the sports people would assist. Mr. "Hislop referred to comments made by some people that money was lost in- exhibitions. Wembley Exhibition, they argued, had resulted in a loss. That was true, but the difference between Wembley and the Exhibition to be held in Wellington was that whereas the Wembley buildings were

put up in a magnificent, lavish, and permanent way, the buildings at vßongotai, while they would be attractive, were not going to be great heavy structures. The Dunedin Exhibition ihad returned 18s Id in the £. For the '"Exhibition at Wellington there would , be-at least double the attendance, and • as the company would have the bene--*flt of Dunedin's experience costs would be reduced. Therefore, the directors could see no reason why there should not be a return of 20s in the £.