Poverty Pinches Poverty Bay Club

Press, Volume CIII, Issue 30561, 2 October 1964, Page 5

Poverty Pinches Poverty Bay Club

(New Zealand Press Association)

GISBORNE, Oct. 1. The Poverty Bay Turf Club would be unable to carry on racing unless additional income was received by the club, the president, Mr H. H. Dods, said to the annual meeting in Gisborne last night. The club was now dependent upon additional income by way of relief from taxation submitted by the combined racing and trotting clubs, Mr Dods added. The Poverty Bay club would receive an estimated additional taxation rebate of £7OlB, sufficient to maintain racing in this district and to allow increases in stakes, Mr Dods said. Taxation on on-course investments would be lost to the Government if racing clubs in country districts.

such as the Poverty Bay club, ceased to function. It was in the Government’s interest, as well as that of the racing clubs throughout New Zealand, to approve tax relief. The figures from 1964 in comparison with 1955 showed that taxation paid by the club increased by 45.6 per ■ cent and the club’s income showed a reduction of 15.74 per cent. The losses for the 10-year period totalled ; £17,801, and profits £2713, representing an overall loss of £15,088. All reserves were now exhausted. The club was borrowing money on its assets in order to continue to function as a racing club and, without an increase in income ■ in the near future would be unable to repay the money ! borrowed, continued the report.