£500,000 GIFT TO NATION
AN ANONYMOUS DONATION REDUCING BRITAIN'S DEBT THE TRUST TO ACCUMULATE By Telegraph—Press Assn. —Copyright. Received (Feb. 7, 7.15 p.m. A. and N.Z. London, Feb. 6. A unique gift of £500,000 has anonymously been sent to the Chancellor of the Exchequer, to be managed in trust for the benefit of the nation. The capital is to accumulate at compound interest for a long period of years. Ultimately, together with the accrued proceeds, it will be applied to the reduction of the national debt. The bankers, Baring Bros., who will hold the money, also forwarded a letter from the donor, saying that gifts to the nation of historic sites and works of art were happily frequent, but gifts to repay debts were comparatively rare. The donor expresses the hope that others from time to time will be prompted to add to or establish similar funds in an attempt to free the country from debt.
Mr. Winston Churchill, on behalf of the Government, in publicly acknowledging the gift, says it is important and unprecedented in character. He regrets he is unable to thank the donor by name.
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https://paperspast.natlib.govt.nz/newspapers/TDN19280208.2.54
Bibliographic details
Taranaki Daily News, 8 February 1928, Page 7
Word Count
188£500,000 GIFT TO NATION Taranaki Daily News, 8 February 1928, Page 7
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