THE NEW BLOCK

New Zealand Times, Volume L, Issue 11660, 26 October 1923, Page 6

THE NEW BLOCK

HOSPITAL BOARD’S DECISION.

DEBENTURES TO BE ISSUED

A recommendation before the Wellington Hospital Board from the finance committee yesterday was: “That authority be given to issue debentures for £50,000 at 5£ per cent, for a term of 10 years, being the first instalment required for the new administration and genito-uiinary block.” This was tlie balance of the amount required for the nurses’ home additions; repayment of balance of loan Rhodes’ Trus tecs: and connecting corridors and iifU to the child? en’s hospital.

Mr F. Castle (chairman), stated that it was felt by the committee that every effort should be made to laiso this money by debentures. The Hospital Board security was gilt edged. Tho rateable capital area which it administered was valued at £37,000,000, andthe board levied on the rates of tlie local bodies and in addition had a Government subsidy. They should attempt to raise tlie money in this wav if this could bo done.

Other members suggested that tho money might be had without brokerage, and Air C. M. Luke suggested that the matter should be left in tho hands of the committee.

Mr O. H. Chapman pointed out that even if they went to tlie Public Tru-v teo they would have to pay 6 per cent. They had good security, and ne hoped that tho board would favourably contider tho scheme for the greater amount wh’ch they had to raise later on.