CENTENNIAL EXHIBITION

Wanganui Chronicle, Volume 82, Issue 288, 6 December 1938, Page 8

CENTENNIAL EXHIBITION

FURTHER FINANCIAL SUPPORT. GOVERNMENT SUBSIDY ON PUBLIC SHARES. I Per Press Association.J WELLINGTON, Dec. 5. , The announcement that the Government had decided to lend further financial support to the New Zealand Centennial Exhibition was made today by the general manager, Mr. C. P. Hainsworth, after a meeting of the exhibition board of directors. He said that the Government, in addition to a subsidy of £50,000 already promisee to the exhibition funds, had decided to subscribe £25,000 to a share capital of the exhibition in one pound shares. Further, to encourage citizens to show their public spirit by supporting the scheme the Government offered to contribute £1 in share capital for every £1 share purchased by the public until the company was fully subscribed. With 786 shares allotted at to-day’s meeting the share capital of the company amounted to £100,136 and the Government’s £25,000 would bring this up to £125,000 leaving only £25,000 to be raised to reach the full capital of £l5OO, and with the new pound for pound subsidy only £12,500 would have to be subscribed by the public for the company to be fully subscribed. Mr. Hainsworth said that it was reported to the meeting that 75 per cent, of available space at the exhibition had been booked or reserved, but as large proportion of the space lettings were in latter category the directorate was very anxious that firms intending to take space should convert their reservations into bookings as soon as possible. A letter was received from the Minister of Industries and Commerce, Mr. D. G. Sullivan, expressing appreciation that the directors, were wherever possible, purchasing New Zealand materials for the construction and fitting of buildings. It was decided to call for tenders for the conversion and operation of the Wellington Show Association’s building and grounds as a hostel for Centennial visitors. Tenders were also to be called at an early date for the whole interior general lighting and exterior general lighting of the exhibition buildings and grounds and also a separate contract for decorative external lighting.

The offer by Mr. Charles Todd, of the loan of a large and powerful telescope to be placed at the top of the centennial lower for the benefit of sightseers was accepted. It was decided not to make any graded awards for exhibits but to set up a committee to consider the issue of diplomas of merit.