PROSPEROUS ERA

Auckland Star, Volume LXXII, Issue 172, 23 July 1941, Page 8

PROSPEROUS ERA

SPORT OF TROTTING £1000 PER WEEK IN TAXES A remarkable increase in the popularity of the sport of trotting was indicated at the annual meeting of the Auckland Trotting Club this afternoon, when the president, Mr. E. G. Bridgens, stated that the club had contributed over £1000 per week to the Government in taxation—the total was £;>4,120 —during the past 12 months, and that the totalisator turnover had increased 100 per cent to £572.943 in five years. Apropos taxation, Mr. Bridgens said that, instead of indulging in criticism, the club realised that everv facility should be accorded the Government in its war effort, and that he had no hesitation in endorsing the viewjof Mr. 11. F. Nicoll, president of the New Zealand Trotting Conference, that trotting should be carried on as at present, or until such time as the Government decided that the sport was retarding the war effort I Referring to the financial side of i the club's affairs, Mr. Bridgens said that in spite of a highly successful year the accounts showed a loss of £1.301. This was brought about bv the fact that provision had been made for taxation amounting to £6'> so As indicated in the annual report the revenue of the club was nowsubject to income tax, owing to the amendment to the Land and Income Tax Act, 1939. The first assessment under this amendment to the Act for the club's previous year amounted to £2043, which was paid in February, 19-11. As the liabilitv for tax on the last year's activities was considerable, the committee had provided for it in the current vear's accounts. The effect was that'these accounts now actually showed two years' taxation in the one vcar and this accounted for the loss shown. It was also interesting to note, continued Mr. Bridgens, that the sport of trotting, through the medium of the Auckland Club, had this year contributed in taxation £54,120, well over £1000 per week, and, in addition, the club had provided in the year's accounts £10,164 in taxation and £5040 to the war loan. Debentures Redeemed

During the year the committece had decided to further consolidate its position by utilising the cash balance in redeeming its debentures. Members would note provision had been made to pay off £7050. The original debentures of £00,000 had stood until 1934, when they were reduced by £10,000, but it was not until 1937 that a further reduction of £1350 ?^ S -^ na ™' the amount £48,060. The habihtv of the club in this direction was now £17,650 and Mr. Bridgens said he looked forward to the day when debentures entirely disappeared from the balance-sheet Totalisator returns had reached the record figure of £572,943, an increase of £74,816 over the previous year. In 1937 the figure was £287,421, and members would realise the growing popularity of the sport when the figures; revealed that the turnover increased 100 per cent in five years The sum of £3526 had been spent in repairs and maintenance during the year, the club's assets being in particularly good repair. The course had been in good order for fast times for most of the season and the mile and a half record had been reduced to 3.13 bv Noble Prince, time which Kenworthy had equalled. New records had also been established in the Adams Memorial and Great Northern Trotting Stakes and altogether patrons had reason to be well satisfied with the sport provided. The report and balance-sheet were adopted.