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unfortunate, however, in that the outbreak of
the boycott and the collapse of the land boom
occurred before they had finally disposed of their old site while the depression which
followed made it difficult to collect
subscriptions from outside sources.
Finally
the recent fall in exchange has brought about
a position which is not far short of
bankruptcy.
3.
In the circumstances the Committee
has appealed for assistance to the Colonial
Government and has requested as a matter of
immediate relief that they may be permitted to
suspend payment for the time being of the
interest and sinking fund charges on the
Government loan of $175,000.
The sum
involved is $7,000 in respect of 1930 and
$14,000 in respect of the current year.
4. In view of the serious financial
situation it is with the utmost reluctance that
I have agreed to consider this further addition
to the Colony's expenditure. It has, however,
been strongly represented to me that the closing
down of this large and long established school
would mean not only a serious loss to the
community of educational facilities but also a
set back to British educational enterprise; I
have accordingly decided, after discussion with
my