North Canterbury To Reduce Stakes
The North Canterbury Racing Club lost £1535 after providing £1075 towards depreciation of fixed assets in the year to July 31.
This is recorded in the annual report of the president (Mr L. H. Power) which will be presented at the annual general meeting of the club on September 16. The club’s accumulated fund has decreased by £372 after the transfer of £403 to reserve accounts. Before the transfer, the accumulated fund showed an increase of £3O over the previous year. The accounts show a profit of £155 on the club’s race meetings. The 1963 profit was £243.
Mr Power says that in view of the small profit the stewards had “reluctantly decided to decrease stakes further. “This reduction, with donations to be made by Ballins
Industries, Ltd., of £225 and by Booths Gin, of £l5O, should enable your club to continue to race at a profit,” says the report. Taxation concessions made during the year are estimated to be worth about £9OO to the club.
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Bibliographic details
Press, Volume CIV, Issue 30846, 3 September 1965, Page 5
Word Count
171North Canterbury To Reduce Stakes Press, Volume CIV, Issue 30846, 3 September 1965, Page 5
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