Government Subsidy

This gesture was well received both by Council and by Cabinet and early in 1957 the Hon, R. M. Algie (Minister of Education) wrote to the University College advising that his Government was pleased (1) to agree to the sketch plans submitted (2) to give authority for the preparation of working drawings (3) to agree to subsidies of £2 for each £1 that we could raise, with a limit of £100,000 from the the Government; (4) to agree to a further subsidy of £1 for every £2 of our money with a limit of £15,000 from Government (5) to agree to the Council's borrowing £50,000 on certain conditions.

This announcement was a very great encouragement to us and so was the Minister's letter addressed to me as President of the Students' Association which complimented us on our decision to make such a considerable contribution to the Building Fund by taxing ourselves of a £1 each year. It is interesting to note that with the increasing student roll this contribution from 1957 to 1965 will represent a sum of approximately £28,000.