Loss Of $2682 For Marlborough Club

Press, Volume CVIII, Issue 31762, 20 August 1968, Page 4

Loss Of $2682 For Marlborough Club

A loss of $2682 is shown in the accounts of the Marlborough Racing Club for the year ending June 30, 1968. The president (Mr T. W. Thomas) will present his report to the annual meeting next Tuesday. Although the loss is only $53 more than the previous year’s figure it would have been much higher but for a substantial increase in revenue from the Totalisator Agency Board, says Mr Thomas in his report.

The club’s share of the T.A.B. profits rose from $9439 to $11,278. This gain helped to offset an additional loss in the race meeting account. The race meeting loss was $7156 compared with $5159 last year. On present on-course turnover the club could expect about $4BO increased revenue because of the 2.68 per cent increase In revenue from doubles investments.

The off-course increase should be substantially higher but as this would not be felt until next year the club could be desperately short of ready cash to cover the next on-course race meeting loss.

The T.A.B. distribution this year is expected to be about $B2OO, more than $3OOO less than that received last October.

The on-course turnover at the club’s three-day meeting last April decreased by $30,494 to $125,162, while the off-course figures were $364,055 compared with $473,322 the previous year, a drop of $109,267 fl

The change to dollar betting,, the economic, squeeze, the small number of starters in each race, and the number of mid-week race days immediately before and during the meeting were contributing factors to the decline.

The drop In the number of horses attending the meeting—there were 96 compared with 136 the previous year—was brought about principally by the conference allowing the Carterton Racing Club to race on Anzac Day and the Marton Jockey Club the following Tuesday in direct opposition to Marlborough.

There were also two additional meetings in Canterbury brought about by the redistribution of two permits relinquished by the Greymouth Jockey Club.

Revenue from the totalisator for the period amounted to $10,504 compared with $11,924 the previous year. Members’ subscriptions brought in $2195 and $2707 was received for nominations, acceptances and stabling fees. Gate takings amounted to $1144.

The club distributed $15,670 in stakes, compared with $16,270 the previous year. Other major race meeting expenses were wages ($1766), horse transport subsidy ($1180), and entertainment ($653).

After deducting the loss for the year the club’s accumulated funds amounted to $46,428.