SUCCESSFUL YEAR?

Auckland Star, Volume LXIV, Issue 190, 14 August 1933, Page 8

SUCCESSFUL YEAR?

AUCKLAND R.C.

REDUCTION IN OVERDRAFT.

WIN AND PLACE BKTTD«J.

"I desire to tender to you the committee's congratulations on the successful result of the past racing season," said Mr. O. Nicholson, president of the Auckland Racing Club, when moving the adoption of the report and balance-sheet at the annual meeting of members at the Chamber of Commerce this afternoon.

Mr. Nicholson went on to say that members would note that the bank overdraft had been considerably reduced, being, he might state, some £7000 less .than the preceding year, and further, that the total- liabilities of the club (inclusive of the Jiank overdraft) amounted tp not more than £12,500. The fact that the club had not had. to face heavy overhead interest charges in respect of debentures or mortgages over its assets had been a very important factor in enabling it to meet so satisfactorily the adverse economic conditions experienced in the Dominion. In this respect the club held a unique position among racing clubs in the Dominion. The experience of the past few years had proved the wisdom and soundness of the policy adopted by the committee in past years of refraining from incurring heavy capital expenditure without having the funds necessary therefor either in hand or reasonably in sight. During the year, a reduction in stakes could not be avoided, but he was pleased to say that the same still offered inducements for keen competition and werj still ahead of those offered by any other club in the Dominion. Course and Appointments. Despite the existing adverse financial conditions prevailing in the Dominion, he was pleased to say that the club's racecourse and its appointments had been maintained in good order, and every effort had been made to retain the popularity of, racing patrons. They could rest assured that all prudent effort would be made by the committee to see that this popularity was not lessened in the future. Racing in the Dominion was still severely" handicapped by the heavy taxation imposed upon it by the Government. Some concession was made in respect of totalisator taxation during the last year, and it was confidently expected that a like concession would be made for the coming year. Such would be extremely helpful in the direction of saving or minimising losses in the conduct of race meetings. It was perhaps unreasonable to expect that the Government would, apart from this concession, be in a position to further reduce the taxation now imposed. Racing was not singular in this respect, as all taxpayers in the Dominion were called upon to bear their share qf the excessive taxation requisite to " meet the Dominion's necessities under, existing conditions. Government Taxation. It was of interest to note, that the , Government taxation for the four race meetings held by the club during the year amounted to £38,302. During the latter half of the season the system, of win and place betting was introduced, and it had proved a success in the direction of increasing totalisator investments. However, the system was stijl in an experimental stage, and accordingly the committee had made tern-' porary arrangements only to give effect to the change. No large capital expenditure would be incurred in altering the existing totalisator facilities .until the present or some alternative method was assured as a permanency in respect of totalisator investments. There were indications, concluded Mr. Nicholson, that the coming year had in store brighter prospects" for racing than had hitherto been experienced. They could rest assured that the committee would see that the best traditions of the sport were maintained at Ellerslie, and that the club would retain its place as the premier racing club of the Dominion and merit that popularity which it had experienced in past years.