Lawn Costs $12,000 a Year for Maintenance: Buildings Repairs Delayed: Overdraft Runs On NHE subs: ers are being called upon to pay an average of $12,000 a-year for the maintenance the lawn until the Honan Road lease falls in, instead of receiving an income of about $50,000 per annum." <"This statement concludes the Trustees" report and statement of accounts ff the Cathedral for the year ended December 31, 1036, which was cir~ ulated on April 19, 'The Cathedral's overdraft with the bank amounts to $29,409.73, and Interest charges are expected to accumulate annually on this unfit 1944, when the falling in of the Honan lease Is expected to Imerease the Income. The Trustees' report. saysi—
Thanks to Clerey The Trustees wish to record their appreciation of the valuable work done by the Dean and Clergy of the Cathedral in arranging the services conducted in the Cathedral and Bubbling Well Chapel, and during the summer months the Open Air Ser~ vices, The Trustees also wish espe-dally to thank those Clergy who as-sleted during the Dean's absence on Jeave.
The Statement of Accounts accom panies this Report. Tt will be noticed that the Income has shown no varia~ tion except for one Benefaction. On the Expense side the items remain much the same, with the exception of an increase of about $1,000 in legal expenses arising from the discussion of the sale of the Lawn.
The overdraft at the end of the financial year was $73,463,73, At a meeting of some of the principal subscribers and residents of this city, hheld_ on October 23, 1990, it was decided that this should be allowed to Yun on until 1944, when the Honan Road lease expires and the Cathedral will be in receipt of the expected increase of Income therefrom, The charge for Bank Interest during 1936 amounted to $1,306.82. This item may be expected to show an increase each year that the overdraft remains, eventually reaching $7,000 by the year 1944 provided the interest charge remains unchanged. and that the overdraft' is Increased annually on, the basis of the average deficiency of the past two years. It might be inter-
Text read from the printed page and cleaned; old type leaves the occasional error.