REDUCED STAKES POSSIBLE

Press, Volume LXXVI, Issue 23086, 31 July 1940, Page 11

REDUCED STAKES POSSIBLE

SOUTH CANTERBURY JOCKEY CLUB’S ANNUAL MEETING (From Our Own Reporter.) TIMARU, July 30. “There appears to be little room for economy in most directions, and it is possible that a slight reduction in t stakes will have to be made,” said the ? president (Mr Donald Grant) in movI ing the adoption of the report and bal- ■ ance-sheet at the annual .meeting of = the South Canterbury Jockey Club at ‘ Timaru yesterday. The financial posi- ’ tion appeared to have deteriorated to j the extent of £791. said Mr Grant. * At the beginning of the year there ‘ was a bank balance of- £607 and a def benture liability of £3OO, since paid off. - The term ended with a debit of £484, ■ making the cash results £791 worse. as - stated. During the year, however, the 3 club spent £632 4s 2d as its quota of 3 the cost of the installation of a new 3 totalisator. If this was deducted from 3 the apparent loss of £791, the net defi--1 ciency was reduced to approximately £l6O. In addition, a large sum was ex- ■ pended to meet demands made by the Health Department, the total under • this heading approximating £IOO. t Unfortunately, the attendance and 1 turnover on the first day of the May - meeting fell below anticipation, and the i day’s racing showed a substantial loss. : In addition, the withdrawal of the 1 - per cent, rebate in taxation on the 3 year’s turnover of £53,940 reduced the - revenue from the machine by £540, - compared with the previous year, and : to this was mainly due the club’s less favourable position. During the year - a considerable amount of improvement - and maintenance work was carried out i at the course. The position was. unfortunately, not 3 very satisfactory, but- buildings and . grounds were in first-class order and expenditure under this heading should / be small. The annual report and balance-sheet were adopted, t The following members were roj elected to the committee: Messrs A, S. . Elworthy. H. S. Macey. C. L. Orbcll, T. f R. Rhodes, and T. Seaton. Mr A. C. ? Martin was re-elected auditor. At a meeting of the committee held .. later the following officers were 7 elected:—President, Mr Grant; vicej president, Mr Orbell; treasurer, Mr 3 Seaton.