Since then a substantial syndicate made an offer to the Board, and it was found wise to rescind the previous resolutions regarding the Hostel, and accept the offer of the syndicate which will become a company consisting of all British shareholders. The negotiations have necessarily been somewhat prolonged, and involved several meetings of the Central Executive Committee, but the Chairman by his persistence and resource overcame financial and legal difficulties and secured the passing of Section 36 of the Finance Act, 1928, which authorized the loan by the Public Trustee of a sum not exceeding £40,000 to the Tongariro National Park Board for the purpose of erecting a hostel. This sum will be lent to the company under suitable safeguards for the security and repayment of the principal and interest. The Board has had throughout the advice of the Crown Lands Department and the Public Works architects. For a purely business man's point of view the documents were submitted to our Honorary Treasurer, Mr. M. A. Eliott, and having his approval of the condition of leasing, lending, repayment, etc., your representative was able to give the financial arrangements his support.

The hostel will consist of a handsome four-storied building, estimated to cost £70,000, as well as suitable annexes, thus providing ample accommodation for the highest as well as for the humblest tourist traffic. Those who desire to may bring their own tents and if they wish obtain good meals in the hostel basement where a cafetaria is to be established. New hutment accommodation will be available for the Christmas holidays with cubicle beds, clean linen and meals inclusive for 16/6 per day. A married couple will be located at the Hutments and will provide meals and supervise the arrangements.

The Board agreed to subsidise the construction of a new skiing course on the western slopes of Ruapehu on a £1 for £1 basis up to £35 by the Ruapehu Skiing Club, a club which has been most active in improving the Ohakune Track and the huts on the Mountain. The work will be carried out under the supervision of Mr. Salt a member of the Board.

A copy of the Annual Report of the Board to Parliament is circulated with the business papers to each Governor for this meeting.

(Signed) B. C. Aston.