GENEROUS ACTION

Evening Post, Volume CXXI, Issue 68, 20 March 1936, Page 10

GENEROUS ACTION

MASTERTON RACING CLUB

GUARANTORS' ATTITUDE

(Special to the "Evening Tost.-) MASTERTON, This Day

A move to reduce tin number of the stewards ol the Mastcvton Racing Club from fourteen to eight was defeated at a special meeting held last night, the opinion of a majority of members present being that such a step would not be in the interests of the club. Another proposal before the meeting, however, that the president, two vice-presidents, and fourteen stewards holding office shall retire on June 30, was carried unanimously. Explaining the proposals brought forward by the stewards, Mr. N. G. F. Whiteman said a rumour had been . current in the town that the club had gone back during the past year. That, ! however, was not true. Actually the club had made progress during the past twelve months. A satisfactory profit had been made on the annual 'meeting. Mr. Whiteman said that the club had an overdraft at the bank guaranteed by four members. Three of the guarantors, had died and the bank, while not actually calling up the overdraft, had said that if the estates were to continue bearing the liability the bank would have to have their consent. Several of the beneficiaries, however, wanted to get the guarantee business cleared up and, as a result, the four guarantors decided to pay up the overdraft of £1300. That was a very generous action, as the guarantors could have forced the club to wind up and realise on its assets. If that had been done the guarantors would not have had to find the whole of the £1300. In effect, the guarantors had said "Here is a well-equipped club, can you carry on until the next meet-' ing?" The appeal had been successful. Mr. Whiteman continued, and the bank had offered to provide the club with an overdraft limit of £300 unsecured by any guarantee. The club was now in the best position it had been in for several years. The only liability was a mortgage of £3000 over the course and buildings. When paying off the overdraft, the guarantors had said that if at any time in the future the club was in a sound financial position it was expected that the amount of the guarantee should be paid back.

Mr. Whiteman said that the guarantors had turned up trumps and it was only right that the moral debt should be paid back. The club now had every chance of prospering. There was some £250 in hand to carry on with till the next meeting and, with the wholehearted co-operation of members, lie felt that the club should never look back. The capital of a racing club was its members, he remarked, when appealing lor an increased membership