SHARES IN MANNA

(From Our Own Correspondent.) LONDON, 6th November. Manila, Mr. H. E. Morriss's famous winner of the 1925 Derby, has been turned into a limited liability company with a capital of £20,000 in £1 shares, most of which are held by Mr. and Mrs. Morriss. The company is called the Banstead Manor Stud, Limited. Mr. Morriss is in business at Shanghai, where he spends most of his time, and the company ha? Been formed in order that Manna, as a stud horse, may be ruu ou efficient business lines during the owner's absence. Four thousand shares each are held by Mr. Stuart R. Cooper—who is acting as trustee for Mrs. Morriss—and Mr. John Kinmont Moir.

"Watchman" (the "Morning Post" Turf authority) thinks the arrangement is probably a convenient measure taken to safeguard the bloodstock breeding interests of the owner of the Derby ■winner during his absence in China. "The first thing which strikes one about the formation of this company is that its capital is only £20,000 in £1 shares, and this apparently covers the value of certain property at Banstead as well as the horse. If Mr. Morriss were desirous of gelling Manna in the open market he would have little difficulty in

finding a buyer at £40,000 or more. Although Manna has not been advertised in the usual way, it is expected that the fee will be 400 guineas, which means that in normal circumstances he will represent an income of at least £12,000 per annum. He cost 6300 guineas as a yearling, and won £23,534 in stakes before his breakdown during the race for the St. Leger. It is not unprecedented for a famous racehorse to be owned by a syndicate of breeders. Tracery was bought by such a syndicate upon his return from the Argentine; and in Ireland several well-known stud horses have' been owned by syndicates. Among racing stables Kingsclere was formerly a limited company." The "Daily Express" states that it was intended to turn all Mr. Morriss's racehorses into a limited company, but it was found that this was against the Rules of Racing. No objection is raised in connection with horses who are only at stud. Charles O'Malley, a celebrated winner, was "floated" for £40,000, and a syndicate dealt with his stud earnings. How great these earnings may be is shown by the fact that the Duke of Portland's St. Simon earned £280,000 during his years as a sire. A stud fee of £500 is often charged for famous horses.