MR. NASH’S £50,000 LIMIT ON CAPITAL FOR EMPIRE GAMES COY.

Gisborne Herald, Volume LXXVI, Issue 22907, 29 March 1949, Page 8

MR. NASH’S £50,000 LIMIT ON CAPITAL FOR EMPIRE GAMES COY.

The proposal of the finance sub-com-mittee of the British Empire Games organising committee that a company with a capital of £IOO,OOO be formed to finance the holding of the Games in Auckland next February has not been approved by the Minister of Finance, Mr. W. Nash. In its place Mr. Nash has agreed to the formation of a company with a capital of £50,000. In reporting these decisions to the organising committee in Auckland, the chairman of the finance sub-committee, Mr. Rolf Porter, said a total investment of £78,000 was now available and there was a probability of £15,000 more offering. Final letters were now being dispatched and it was anticipated that a total offering of £IOO,OOO would be received.

If this proved accurate, it was intended that an allotment of shares on a basis of 10s for every £1 offered would be made. Interested departments were extremely keen to obtain a copy of the budget for the Games when it was finally drawn up. Mr. Porter said that, merely as a basis, an estimate of the maximum amounts required had been drafted. These were as follows: Ceremonial, £5000; entertainment, £1000: equipment, £500: ground rents, £3000; housing and catering, £1000: insurance, £250: loudspeakers and publicity, £1000: printing and stationery. £500: secretary, etc., £1500: transport by sea. £12,000; preparation of grounds, £2000; trophies, £1000: contingencies. £1500; training, etc., £2500; total, £36,350.