CANTEEN FUNDS.

Hawke's Bay Tribune, Volume XI, Issue 240, 14 October 1921, Page 5

CANTEEN FUNDS.

STATEMENT BY T MINISTER.

Wellington, Oct. 13. A brief statement regarding the N.N.E.F. Canteen and Regimental Funds was made by the Minister of Defence in the House to-day. Having explained that the fund was accumulated from the balance? of a variety of funds, the Minister said the arrangement to pool tho funds was made only on the understanding that the various regiments would be assisted from the funds in the compilation of their histories. Advances made for this purpose, however, are to be treated as loans and are to be repaid from the proceeds of sales of the books. Apart from the writing of the histories the policy of the present board was to preserve the funds for future use in the relief of distress among returned soldiers and dependents of fallen soldiers. The total standing to tho credit of the fund at September 30, 1921, was £109,524 16s 4d, with an approximate amount of £9OO still to bo transferred to the fund from the troopship canteen balance and financed from the War Expenses Account. This approximate balance added to the amount already in the account makes a total of £118,524 after allowing for amount already expended in the writing of the histories, which to date totals £3623 8s 6d. Of the total funds £BO,OOO has now been invested in 6 per cent. Government inscribed stock and the remainder is earning intetrest at 4 per cent, under the terms of section 21 (2) of the Finance Act, 1920, and is at call at any time it should be required. It was further pointed out by tho Minister that the Government was one of the largest contributors to the funds, tho amount expended to March 31, 1921, being £189,278 13s 7d, and upon this sum no charge had been made against the fund by way of interest or overhead charges,