GIFT OF SHOWGROUND

Poverty Bay Herald, Volume LV, Issue 17116, 23 November 1929, Page 6

GIFT OF SHOWGROUND

ME. H. G. TUCKER’S OFFER PUBLIC MUST RAISE £SOOO BUILDINGS FOR A. AND P. SHOW Some months ago the Poverty Bay A. and B. Association commenced a campaign to raise £7500 to erect buildings on its new showgrounds, but just atter a start was made weather conditions interfered with the campaign, which has not been actively renewed. An impetus has been given to future efforts, however, by a most generous offer by Mr. Henry G. Tucker, trustee for the 34 acres the A. and P. Association purchased this year to supplement the 30 acres it had already acquired. Mr. Tinker has ottered to donate the amount of the mortgage, £2225, together with a subscription of £275, providing a total of £SOOO is raised by public subscription for erecting the necessary buildings. This is tantamount to Mr. Tucker making a gift of the land to the association, with the condition stated.

The communication intimating Mr. Tucker’s intentions in the matter was received by the president, Mr. R. W. Coop, during the week, and was coached in the following terms: —‘‘As we in Poverty Bay live directly or indirectly on the pastoral industry and in order lo establish a final home for the A. and P. Association, I wish to make the following offer: That as funds will now be required for buildings on the new showgrounds. it will be necessary to approacli sympathisers for subscriptions and if the public of Poverty Bay will subscribe the sum of £SOOO, I will contribute the amount of the mortgage, namely, £2225, together with a. subscription of £275. Concisely put, I will subsidise each pound which the public contributes to the building fund in money or kind, with 10s In the £l. The offer is conditional that, the £SOOO must be by direct subscription from the public to building fund of the association, and that the annual income of the association must not be included, neither is the association to raise any of the money by way of mortgage over their freehold. The amount of subsidy from me is to be limited to £2500, and the above offer: is to remain open until June 30, 1931.” MR. TUCKER’S HELP. All through the negotiations the association has had with Mr. Tucker he lias shown a willingness to help the organisation in every possible way. The terms lie allowed for the purchase of the land were most generous, the association requiring to pay no deposit at the time of purchase, anci a period of 20 years was allowed for the payment of the mortgage at 5 per cent, interest. In addition, Mr. Tucker made a donation of £IOO. Members of the A. and P. Association express the greatest appreciation for Mr. Tucker’s generosity, and they believe that now that he has given a lead there will be little difficulty in securing the necessary £SOOO for the purpose of making use of the offer. The president, on behalf of the association, has accepted the offer, and there is little doubt that a meeting of the general committee to be held soon will endorse his action.

Apparently one of- the ideas underlying Mr. Tucker’s offer is that the association should not be encumbered with mortgages. At present there is a mortgage of £3OO on the Riperata estate, comprising 30 acres which the association bought some years ago, but the association has sufficient money in hand to pay off that amount, although it has been considered advisable not to do so yet in case the funds were required for buildings. If Mr. Tucker’s offer is availed of, however, it should not be necessary for the association to be encumbered with mortgages.