THE EXHIBITION.

Otago Witness, Issue 3615, 26 June 1923, Page 53

THE EXHIBITION.

MEETING OF THE INNER EXECUTIVE. SUBSCRIPTIONS TOTAL £25,000 £75,000 NOW AIMED AT. A meeting of the Inner Executive of the Exhibition Committee was held in the lowa Hall on Friday afternoon. The following were present.—The Mayor (Mr H. L. Tapley, who presided), Sir George Fenwick, and Messrs J. S. Douglas, J. Sutherland Ross, W. E. C. Reid, J. H. Walker, J. H. Hancock, E. C. Hazlett, H. E. Moller, A. Barnett, C. Speight, E. Anscombe, J. Loudon, H. K. Wilkinson, W. C. Burt, J. Paterson, and H. F. Nees. Apologias for non-attendance were received from Messrs S. Solomon and C. Todd. The Chairman explained that the meeting had been convened to receive a report from Mr J. Sutherland Ross (chairman of the Finance Committee). Mr Ross said the exact amount collected was £24,900. It had been decided at a previous meeting that when the amount collected reached £25,000 a meeting 'should be called. He stated that before the scheme was definitely launched the names of those who were to he the provisional directors should be selected. They could then get the prospectus definitely adopted, together with the memorandum and articles of association. Mr Douglas said that the members of the executive had had copies of the rough draft of the prospectus supplied to them. He moved that the rough draft be approved. Mr Nees seconded the motion. Mr Paterson pointed out several technical errors in the draft .which should be remedied. Hr Speight moved as an amendment that the prospectus be referred to the Finance Committee. Mr Ross, in seconding the amendment, said there were several things in the prospectus which were not in keeping with the dignity of the Exhibition. These were only small matters and could readily be remedied. He thought, too, that the prospectus was far too lengthy, and could with advantage be shortened. A reduction of 50 per cent, was possible. The Chairman said they could not expect to get the messages they expected from those in authority in the dominion if there was not some reference to what was to be done with the profits of the Exhibition, if any, in the prospectus. It was desirable to have messages from men like the Gover-nor-General and the Chief Justice, but these could only be obtained if it were made clear that the shareholders in the Exhibition Company were not to participate in the profits. Sir George Fenwick said there should be no difficulty in making it clear that it was not intended that subscribers should participate in any profits; and that the profits, if any, should be devoted to charitable purposes. It would probably disarm some of the objections such as had been urged by ne Mayor. After some further discussion it was decided that the motion be withdrawn, and the amendment, becoming the motion, was carried, the names of Sir George Fenwick, Messrs C. Speight, J. Sutherland Ross. J. Paterson, and J. Loudon being added to the committee. On the motion of Sir George Fenwick, seconded by Mr Nees, it was resolved that it be definitely stated that all profits from the Exhibition after the return of the share capital bo devoted to charitable objects. Mr Douglas said several institutions which had been waited on with regard to subscribing had still to hold directors’ meetings, and a little time must elapse" before decisions could be given. Considerable discussion took place on the question of voting power at future meetings, the general opinion being that the contributor of £1 should have a vote and that the voting power should be oil a sliding scale. Mr Barnett said that they should have £75,003 in sight before any further meetings were called. The Government had to give a subsidy, and they should have some idea as to what that should be. Mr Speight agreed with Mr Barnett that the amount subscribed should reach the £75,C00 mark before further meetings were convened. The executive should also approach the Government and find out what support it was likely to give. He moved that the canvass be proceeded with, and no further meeting called until £75,000 had been subscribed. The Mayor said the motion was not in order, as the amount agreed upon previously was £50,000. The meeting, however, unanimously agreed that the previous motion be rescinded, and Mr Speight’s motion was carried. Mr Wilkinson said he did not think the general public was keenly interested as yet. It was the business people who would have to bear the burden. Mr Douglas said he had reason to believe that considerable support would be forthcoming from Invercargill. After some further discussion it was decided to continue the canvass for subscribers for another three weeks, and that a meeting be held at the end of that time or earlier if the £75,000 were in sight. Mr Barnett said he was sure that a deal of financial support could be obtained from the retail section of the community if they could be got together and a man like Sir George Fenwick were to address them. It was decided that a bank account be opened with the Bank. of Now Zealand in the name of Messrs J. Sutherland Ross and James Brown as trustees, and that they have power to operate on the account.