RACING NEWS.

Auckland Star, Volume LXIII, Issue 217, 13 September 1932, Page 5

RACING NEWS.

LOSS ON SEASON.

WELLINGTON RACING CLUB

BURDEN OF TAXATION,

(By Telegraph.—Press Association.)

WELLINGTON, this day. Mr. E. L. Riddiford, in his presidential address at the annual meeting of the Wellington Racing Club, said that the year's net actual loss was £363, but, including bad debts and depreciation, the sum of £1712 was shown as the deficit for the year, compared with a loss of £5939 for the previous year. While the club had been able to reduce substantially the loss this year, compared with last year, it was significant this result had only been obtained by reducing stakes by £12,190, and general expenses by £4212, a total of £16,402, as on the other side of the ledger the net totalisator revenue had fallen by £4479, and general receipte by £6417, a total of £10,986. The continued fall in revenue gave cause for much concern. A bank overdraft of £6000 had to be negotiated during the year, which was guaranteed to the extent of £4000 by members personally. It was extremely doubtful whether Wellington and other clubs would be able to continue without much greater relief from taxation than the recent concession would afford. The president added that the reinstatement of the double totalisator, the telegraphing of investments, and the publication of dividends would considerably benefit clubs, and largely eliminate illegal betting. The meeting adopted a resolution urging the Government to legislate to this effect. Mr. Riddiford was re-elected president.