£17,000 IN HAND

Gisborne Herald, Volume LXXV, Issue 22583, 11 March 1948, Page 8

£17,000 IN HAND

OLYMPIC ASSOCIATION DISTRIBUTION URGED (P.A.) WELLINGTON. March 10. With accumulated funds totalling over £17,000 the association should consider assisting national asociations instead ot building up a huge fund said Mr S. SDean at the annual meeting of the New Zealand Olympic and British Empire Games Association.

Mr. Dean said some of these association "ere struggling financially and might find that the raising of their quota towards sending representatives to the Olympic or British Empire Games would prove a serious drain on their funds.

The chairman, Mr A. D. Bayfield, explained that the £17,000 included a trust fund of £13,000 which could not be touched except by a special resolution.

An income of £4OOO appeared quite substantial but it had to be remembered that because of the war there had been no call on the funds. In normal circumstances there teams for the Olympic Games and British Empire Games and these could not be financed without having a large fund in hand. Following a notice of motion by the New Zealand Cycling Association it wa agreed to incorporate in the rules that the selection of candidates of winter sports be completed as early as possible after the close of the winter before the Olympic or British Empire Games.