ASHBURTON K.C.

Press, Volume LXXIV, Issue 22491, 27 August 1938, Page 19

ASHBURTON K.C.

REVIEW OF ACTIVITIES

PROFIT OF £825 SHOWN

A profit of £825 9s on the year's working after paying for all improvements and allowing for depreciation was shown in the balance-sheet presented at the annual meeting of the Ashburton County Racing Club yesterday afternoon. The assets of the club exceeded the liabilities by £.3061 4s Id. Mr E. B. Newton (chairman of the committee) presided. Favoured with fine weather for all its meetings and good support from owners and patronage from the: public the club had completed another very successful year, said the annual report. The committee was again able to increase the stakes substantially, the sum of £4680 being distributed, compared with £4090, £3075, and £2260 for the three preceding years. During the year several minor improvements were carried out at the racecourse Permission was granted to the Ashburton Trotting Club to enlarge the new totalisator house to cope with the increased patronage at its meetings. After nearly two years' operation the new totalisator under the club's management had given considerable benefits. Through a reduction in operating costs, compared with the contract system, the revenue from the totalisator had greatly increased, and was partly responsible for the substantial financial improvement of the club over the last two ye The balance-sheet showed that the year began with a credit of £IOB4 19s 8d and ended with a credit of £586. 5s Id The principal receipts were: Subscriptions. £149 2s; nominations acceptances, and forfeits, £1248 2s; totalisator receipts. £6638 6s 6d; admissions. £7lO 19s 6d; royalties, £IBO, rents, £180; Government rebate, £SOU The chief items among the expenditure were: .Stakes, £4680; Government taxes, (less £2564 6s collected from owners and dividends). £2367 8s 6d; salaries and wages, £668 14s 2d; maintenance, £329 10s 6d; improvements £120; racing conference levies, £l2l 18s sd; deposits, £I4OO. ■ "Continued Prosperity" "Members will be pleased at the continued prosperity of the club, which, in keeping with similar organisations has greatly improved its financial position, and at the same time provided larger stakes," said Mr Newton in moving the adoption of the report and balance-sheet. He added that as an indication of the rapid recovery racing, and in particular, the Ashburton Club, had made since the depression period, the totalisator turnover for the last four years was as follows: 1935, £24,803; 1936, £32.438; 1937, £55,253; 1938, £57,586. The stakes for the corresponding years were: 1935, £2660; 1936 £3075; 1937, £4090; 1938, £4680. It should be remembered that through the depression and up to halfway through the 1936 season, the club's programmes consisted of seven races a day only, he said. Nevertheless the increase in the figures over the four years was remarkable.

Taxation Figures

"Taxation paid to the Government for the year, amounted to £4731 14s 6d (less £SOO rebate), as against £4680 paid in stakes," he continued. "Stake? appear to have reached their peak, and little improvement can be expected in this direction, unless taxation- is still further reduced. That appears to be a very remote possibility." Thanks was due to the Government for continuing the rebate of 1 per cent., of totalisator tax, and 2\ per cent, on the first £20,000 passed through the machine. Without these concessions, non-metro-politan clubs would stillbe struggling to make ends meet. When the new Rangitata, and Rakaia traffic bridges were completed, patronage from north and south should still further increase.

Mr Newton said it was nearly two years since the club took over the management of its totalisator, and members would be interested to hear that the saving effected for this period amounted to approximately £6OO. That meant that owners had received direct benefit in that the club had been able

to still further increase its stakes. After a lapse of 12 years the Ashburtdn Cup, of £355, had been reinstated at the autumn meeting, and it had attracted a fine field.

Mr W. Bryant seconded the motion which was carried. The following were elected unopposed to vacancies:—Comnfittee: Dr: G. I. Miller. Messrs H. B. Millichamp, J. Findlay. J. H. Grigg, Hunter Morris, H. E. Parsons, and J. T. Thomas; stewards. Dr. G. I. Miller. Messrs H. B Millichamp, H. E. Parsons. J. T. Thomas, C. G. C. Harper, R. Kennedy. E. W. Roberts. R. J. Mulligan, E. B. Newton. E. F. Nicoll. H. F. Nicoll J. H. Grigg,' T. S. Harrison, and J. Findlay; honorary steward, Mr Hunter Morris.

Mr J. W. Bowden was appointed auditor.

The committee made the following appointments:—President, Mr H. F. Nicoll: vice-president, Mr E. B. Newton; chairman, Mr Newton; treasurer Mr R. Kennedy; programme committer Messrs Newton. H. F. Nicoll, E. F. Nicoll, Morris, Grigg, and Dr. G. I. Miller; grounds committee. Messrs Newton, E. F. Nicoll, R. J. Mulligan, and H. B. Millichamp; handicapper. Mr C. Hassall; judge, Mr A. Dickson; starter, Mr A. J. Hastings; clerk of course, Mr P. L. Donald; clerk of scales, Mr A. O. Pilbrow; honorary time-keepers Messrs F. B. Robilliard. R. G. Shearman, and J. C. C. McLachlan; veterinary surgeon. Mr H. E. Martin.