CENTENNIAL EXHIBITION

Evening Star, Issue 23100, 28 October 1938, Page 15

CENTENNIAL EXHIBITION

£97,000 SUBSCRIBED APPEAL FOR £150,000 SMALL SHAREHOLDERS WANTiD [Pkb United Pbess Association.] WELLINGTON, Oct. 27. An appeal to Wellington citizens to give their support to the New Zealand Centennial Exhibition by purchasing shares, if only in a small way. was made by Mr Charles Todd, vice-chairman of the Exhibition Company, at the second annual meeting to-day. Mr Todd presided in the absence of the chairman, Mr T. C. A. Hislop, Mayor of Wellington Mr Todd said the amount of share capital so far subscribed was £97,000. It was hoped to raise £150,000 in addition to the Government subsidy of £50,000 and the Government loan of £25,000. The standard of the exhibition would be determined by the amount of capital available for its preparation. The directors, management committees, shareholders and private citizens must combine to make it a success

At the Dunedin Exhibition there were 1067 individual shareholders So far there were only about 200 in the present venture, but whereas already £ 97,000 had been raised for this Exhibition, the entire capital raised for the Dunedin one amounted only to £BO,OOO odd. That meant that the average individual holding in this case was £SOO against about £BO at the Dunedin Exhibition. That showed how widespread the backing of the Dunedin Exhibition had been. He would like to see Wellington small shopkeepers and tradesmen taking shares in the project. There were some magnificent contributions. The Wellington City Council had subscribed £25,000. It would, however, recover more than that sum, as even without a dividend the city revenue Would be greatly increased during the Exhibition period. In Dunedin the extra revenue from tramways, electricity and gas had been approximately £90.000.

“ What we want to impress on the public is that it is up to every citizen in Wellington to come in behind us financially,” Mr Todd said, “ and help us to raise that other £50,000. It will be worth very much more to the shopkeepers and tradesmen than the £5 or so. paid for shares, because of the extra trade it will bring to the city. I* will not merely be an Exhibition as at Dunedin; it will be a great national celebration of 100 years of progress in New Zealand, and will give a visual idea of what has been accomplished in that period.” “The question that the chairman and the directors are most anxious about is that the people of Wellington should give a more definite indication of the part they are prepared to play,” said Sir Charles Norwood. More could not be expected, he said, from the districts outside Wellington. They had already done wonderfully well He personally would have liked to see a greater spirit of co-operation in Wellington even if only to the extent of buying a £5. £3 or £1 holding. People could help, too. by the purchase of season tickets. The whole of the finance of the Exhibition had to be found before any returns came in. For this reason he hoped it would be possible to instil sufficient enthusiasm into the public to persuade them to show their willingness to play their part if only in a small way. When it was found that the Dunedin Exhibition held in a city right at the end of the country and consequently difficult to get at had paid out 16s in the £l, there w cula be something very wrong if m Wellington it was not possible to get back the whole amount and have something over for charity. Mr C. M. Turrell said it should be pointed out to the public that they were only risking a few shillings per share and not the whole £ 1, as there was bound to be a considerable dividend. If this were done it might be possible to secure a large amount in small subscriptions. “ They risk the whole pound up at Trentham,” said Mr Todd. Mr Turrell replied that at Trentham 16 per cent, was taken off in any case.” Mr Todd read a letter from the Minister of Industries and Commerce (Mr D. G. Sullivan), stating that the Government would make some additional financial provision to assist the company in the early stages, and that the form it would take would be notified later.