HOSPITAL ENDOWMENTS.

New Zealand Herald, Volume XLII, Issue 12861, 9 May 1905, Page 6

HOSPITAL ENDOWMENTS.

PROPOSED LOAN EMPOWERING BILL. At the meeting of the Auckland Hospital and Charitable Aid Board yesterday, the Finance Committee reported that, they bad prepared copies of a Bill to empower the Board to borrow money on its endowments. The Bill, the chairman (Mr. J. McLeoo.) stated, would have to bo referred to the Public Trustee, and the committee asked that this bo done.

Mr. L. J. Bagnall explained that the endowments were now tied up in such a way that, they were not as profitable, as they might be. By borrowing the money they could do better with them, and could pay the interest, which would not be more than 5 per cent.., and pay off a sinking fund beside.

The Chairman briefly explained the objects of the Bill, stating that it was no hardship to the Board to have to consult the Public Trustee in the matter. Mr. G. J. Garland said that ho had only seen the Bill for the first time that day, and he was not going to give an opinion till he had time to consider it. There wero clauses in the Bill that he did r.ot like. He objected to a Bill that said that " with the consent of the Public Trustee the Board should do so and so." He moved, " That the matter be deferred for a fortnight for consideration." Mr. Bagnall said that to defer consideration of the Bill meant delay, as they desired that, the matter should come before Parliament at the earliest opportunity. Mr. J. Bollard, M.H.R., said the position was simply that the Board wanted £16,000 to carry out certain works. The ratepayers would have to provide one half and the Government the other. 1£ they borrowed the money instead of asking the ratepayers to provide £8000, they would only need_ to contribute £400 a year for five years, which was much better, as the ratepayers were taxed heavily enough already. At the end of the five years the old debentures will be all paid off, and then additional money would be available for the reduction of the new loan. Mr. A. Bruce said that he was not in sympathy with voting on a Bill he had not had time to consider, and he thought that the discussion should be deferred. The Board decided to obtain the report of the Public Trustee, and to call a meeting of the Board when that report wa3 received, so that members could have an opportunity of considering the clauses of the Bill.