CANTERBURY HALL.

Star (Christchurch), Volume LXIV, Issue 925, 21 November 1933, Page 6

CANTERBURY HALL.

Manufacturers Report on Position. The annual report of the Canterbury Manufacturers’ Association states: “ The directors of the Canterbury Hall Company regret that the continued financial stringency has prevented them from making the advance they would have liked to report. By fhe generosity of the association, the profits made from the Winter Show have been made available, so that the debentureholders have been paid their 31 per cent interest regularly. “Two advances in detail have been made: A web-attended meeting of the debenture-holders has been held, and unanimously- passed a resolution stabilising the present position as regards interest—viz., accepting what has been paid as being in full settleto October 1, 1933, and agree*aßT Jo accept 31 per cent per annum until such time as the building is erected and earning income, with a full rate of per cent thereafter. This clears the way to an easier raising of the first mortgage, and an application to a local tru£t for the money should shortly receive a favourable answer. ! Application to the Unemployment Board resulted in the promise of a subsidy, not as large as we expected but we may be able to get this increased. “ The directors are looking into the prospects of the earning power of the building, and will in all matters safeguard the interests, of the association, whtch is the largest shareholder."