RACING “Rather Private New Zealand Depression”

Press, Volume XCVIII, Issue 28930, 25 June 1959, Page 4

RACING “Rather Private New Zealand Depression”

“It certainly seems strange that the conditions here in New Zealand which are so adversely affecting the racing industry and totalisator turnovers should apparently apply to New Zealand alone at a time when trade and general conditions in England, the United States, and Australia are good, if not booming,” said Mr D. W. J. Gould at the annual meeting of members of the Canterbury Jockey Club yesterday.

Mr Gould, who is the club’s honorary treasurer, said it was reasonable to take some losses in these two transitional seasons, during what appeared to be “a rather private New Zealand depression.”

Mr Gould was seconding the adoption of the club's report and balance sheet for the year ending April 30.

Earlier the chairman, Mr G. H. Grigg, in moving the adoption of the report and balance sheet, said that the club must endeavour to minimise losses until there was an improvement in the economic situation, which was adversely affecting all racing and trotting clubs at the present time. “An anticipated fall in revenue at the autumn meeting proved to be much greater than any of us expected and was the main factor in the loss of over £4OOO for the year.” said Mr Grigg. “While this, of course, is most unfortunate, we have had to face similar reverses in the past and have overcome them. The present financial position of the club is quite sound, and there is no reason for pessimism." Reduced Stakes

Mr Grigg said it was regretted that it was necessary to reduce stakes for the Grand National meeting, but that could not be avoided. Actually, a cut for the autumn meeting would have been justified in view of the general downward trend in race meeting attendances and totalisator investments, but the club’s committee had wished to hold off as long as possible. In point of fact, the Canterbury Jockey Club had been

the last of the major clubs to reduce stakes. Mr Gould said New Zealand’s present financial position would seem to be in part due to excess taxation and restriction of credit. "Anyway, it is because we think the depression may be temporary and that more cheerful times may come again in a year or so that we are budgeting for a loss again this season. This will help to keep the club’s stakes at a good level, and at a level that will merit the North Island support which is so vital to the Canterbury Jockey Club. However, in the end. a racing club can I only give stakes in relation to its : totalisator turnover,” Mr Gould said. Levy Fund The increase of £12.000 in the capital account was mainly because of the receipt of more than £15.000 from the half per cent, levy fund, which had been used for capital purposes on fire protection and the cement rendering of the grandstand, said Mr Gould.

In the income and expenditure account the main variations in income were that entries and acceptances were down £6OO. gates were down £9OO, race cards down £2OO. totalisator income down £9OOO and interest was down £350. but £2OOO more had been received from the T.A.B. Wages had gone up £B5O and race expenses £l2OO. Racecourse maintenance was down by £360. rates and insurance were down £3OO and property repairs down £2600.

Mr Gould said there had been heavy expenditure the previous year under property repairs on the club’s office.