Chol Hamoed Succos, 5740
[October 8, 1979]

ZJ wrote to the Rebbe regarding Manchester Lubavitch. The problem was that although they owned extremely valuable property, they suffered from an acute cash flow shortage. It was suggested by one of their supporters that they should sell the premises and rent them back from the bank. By this they would receive a substantial cash intake which would pay off the bank overdrafts and leave a considerable balance that could be invested. The income would go towards the rent and routine expenses.

Translation

1) If we sold our premises, it would be a public admission that our strength in Manchester was being eroded – even though we still possess a place for learning Tanya and davening.

2) In these difficult times in England, it was most unreasonable to assume that our income would always be more than expenditure.

3) A common sense and business approach would suggest that we should try to obtain a mortgage on our property from a Building Society. In this way our borrowing would be – in the course of time – ultimately repaid.