TAKAPUNA J.C.

Auckland Star, Volume LXIV, Issue 204, 30 August 1933, Page 8

TAKAPUNA J.C.

SUCCESSFUL SEASON. ANNUAL MEETING TO-DAY. INCREASE IN STAKES. , The annual meeting of the Takapuna I Jockey Club was held this afternoon, , '. the president, Mr. E. W. Alison, being in the chair. Mr. Alison said that the financial results for the year had proved satis- ■ factory. After clearing oft" some press* ; ing liabilities held over from last sea- > son and writing off £1893 for depreciaf tion on buildings and plant, a surplus ) 'of £139 4/4 was shown, notwitlistand- > ing that the totalisator turnover for . J the four days' racing was £79,305 15/, i as compared with £91,800 5/ the previous : year—a decrease of £12,494 10/, or a s 13J per cent reduction. The revenue •jand expenditure account showed that • 'the amount of taxation paid to the I Government was £0940 10/8, or £2180 in • excess of the total stakes paid away, i viz., £4700. In addition to the State I taxation of £0940 16/8, municipal rates i amounting to £189 17/11 had to be met, i making a total payment for direct and I indirect taxation of £7130 14/7 for the • year. From this sum must be deducted . £500, being an amount which the Govi ernment granted to the club for full i expenditure upon course improvements. 1 j The club's financial position last year I was a cause for serious anxiety, as the accounts showed a loss for the year of ! £1507 9/. It would therefore be grati- ' fying to members to know that the ' financial strain which then existed had ; been relieved. With such a substantial ' reduction in totalisator receipts as 1 against the previous year, members ! would be desirous to learn how the 1 improved financial position was brought about. There were five contributing causes, viz., reductions in stakes, reduction in interest payments made possible by the provisions of the Mortgagor Relief Act, substantial reduction m thfi oppressive and iniquitous municipal rates, receipt of the helpful State allowance, which it was to be hoped would be continued, and by an all-round drastic retrenchment and economy in working expenditure. I Taking the improved financial position of the club, and the generally increased returns from the machines since the introduction of the win-and-place system of betting as a guide, the committee had decided to increase the stakes for the spring meeting by £255 over the previous year, the' proposed stake figures for this meeting being £2515, as against £2260 last year. The committee held the opinion that an increase in the club's totalisator turnover might fairly be assumed, and that as under existing conditions horse owners were beset with many difficulties and financial responsibilities, it was incumbent upon clubs to take an ortimistic view and increase stake mo- y n=. far as can advisedly be done. B -rdened with heavy expenses and an all round reduction in stakes, from which when a win was made the State tax of 5 per cent was deducted, owners who were deserving of encouragement and consideration found it most difficult to carry on. He felt confident they would all agree that the tax of 5 percent on stake winnings should either be abolished or reduced. In New South Wales no tax on winnings was imposed. The £255 increase in stakes would be distributed by adding £20 to the Alison Cup, making that stake £300, by substituting the Pupuke Plate of £300 on the second day for the Spring Hack Handicap of £115, by adding £25 to the St. Andrew's Handicap, and by increasing the Takapuna Plate from £275 to £300. The Pupuke Plate -was framed to comply with similar conditions to those of the Takapuna Plate, excepting that the distance was a longer one, viz., one mile and a ■ distance. An additional plate with the same conditions as the Wynyard Plate would also be placed on' the second day's programme of the club's summer meeting. Entries had closed for the Takapuna and Wynyard Plates, and for the two additional races referred to the response of owners was most gratifying, the average number for the four races being 75. This class of race, with set weights, had proved to be most popular.