WELLINGTON RACING CLUB

Evening Post, Volume CVIII, Issue 80, 1 October 1924, Page 12

WELLINGTON RACING CLUB

ANNUAL MEETING

CONTINUED PROGRESS,

The annual general meeting of the Wellington Racing Club was held yesterday, Mr. J. B. Harcourt (president) in the chair.

In moving the adoption of the bal-ance-sheet, th» president said :—The balance-sheet, for the year 1924 will, I feel confident, meet with approval, as it illustrates the continued progress of the club.

Referring first to the assets side of the balance-sheet, it will be seen that freehold property and buildings now' stand at £100,670 18s Id, as against £74,287 14s Bd." The luncheon and tearoom plant is now £910 Is 3d, as compared with £512 19s 3d. New Zealand Government Stock, which last year stood at £22,026 4s lOd, is now only £300, and, as mentioned in the report, this stock realised over £6000 above the value given in last year's balance-sheet. On the liabilities side, sundry creditors and architect's commission now stand at £16,787 10s 6d, as compared with £1176 4s last year, but it must be understood that this large increase is on account of the new buildings. The Bank of New Zealand account is also increased from the same cause, and is now £13,289 7s 7d, compared with £7003 3s 8d last year.^ The net result of the year's transactions is a credit balance of £3686 17s 6d.

In the revenue account you will see that tho stakes paid were £46,200, an increase of £500 over the previous year. The Government taxes are nearly equal to the amount paid in stakes, being £45,290 7s sd. Maintenance account is £4926 18s Bd, as against £5821 12s 3d. Donations this year are shown as only £101 10s, as compared with £1767 ss", which included £1000 to the Mayor's Unemployment Fund.

On tho credit side of the account the totalisator returns are £78,813 8s 7d, an increase- of £1432 9s sd, but it must not be overlooked that the club had two extra days, one for the Fleet and also the Levin Club Meeting was held on the course.

Gates and railway receipts show a falling-off of £559 9s Id. Nominations aro also less by £354, but members' subscriptions are increased by £404 15s 6d. Privileges show a reduction, being £2158 11s sd, as compared with £2831 13s 4d, and rcsorved seats in the new grandstand £582 15s. This amount is for six montihs only, and represents only half of what tho income will bo from this source.

Continuing, the president said that the club's new buildings at Trentham would, when completed, bear comparison with those of any racecourse in Australasia. The object of tho executive had been to givo tho city somothing of which it might be proud. There would be a substantial debt when these build ings wore finished', and the policy of the stewards would bo to so arrange the tin ancos of the club that a sinking fund would bo created with a view to the roductiion of this debt. In view of the permanent nature of all the works it was considered that a considerable portion of the debt should remain as a permanent charge, as it was not desired to reduce tho stake money any further than was absolutely necessary.

UNFAIR BURDEN OF TAXATION.

"You will notice in the balancesheet," said the president, "the huge amount of taxation paid dining the year, via., £45,290 7s sd. If an example were wanted to show the results of overtaxation I would refer you to the following figures :—When the Finance Ifcinister indicated his intention to further tax the racing public your executive look occasion to point out to him that any further demand would assuredly result in a falling off in the turnover. This prediction was unfortunately only too true. Although the attendance, of the public has been greater and the Dominion has just had its record year so far as exports are concerned, the following comparative statement speaks /or itself: —Spring Meeting, 1920, £153/267 ; Spring Meeting, 1923, £112,478; decrease, £40,----789. Summer Meeting, 1921, £257,141; Summer Meeting, 1924, £179,821; decrease, £77,320. Autumn Meeting, 1921, £139,140: Autumn Meeting, 1924, £98,----362; decroase, £40,778. Winter Meeting 1921, £149,392; Winter Meeting 1924* £109,706; decrease, £39,686. "From this it will be seen that since this taxation was imposed the totalisator turnover has decreased at Trentham alono by £198,573. This has been the experience with nearly every club, and it must be apparent to the Government that it is slowly killing the goose that lays the golden eggs. No definite promise of remission has so far been obtained from the Government. In view of these figures, the unfavourable result of overtaxation will be apparent to you." Mr. I). M. Findlny said that the figures quoted by the president were eloquent of the unfair burden that was being imposed upon the sport. In his opinion, the present.was the psychological moment for those who had the interests of racing at heart to move in the direction of having taxation reduced. The figures given were such that the Government should realise that in its taxation the point of diminishing returns had been reached. The Government should lie seriously warned, and n protest be made against" the further continuance of the tax at the present excessive rate.

MtlllUHfl yf HrUHiHlem.d W _lLl| Mm l^lll.. tives of Jjlief.ollowi.ug me^erß^ jgho had

passed a\yay during the year, were carried:—Hon. Sir W. C. Buchanan, J. Fanning, A. Ferguson, Guy L. Fulton H. D. Nelson, Hon. Dr. A. K. Newman, and Dr. J. R. Purdv.

The following officers -wero elected to fill positions which had become vacant: —President, Mr. J. B. Harcourt; vicepresident, Mr. W. H. S. Moorhouse; stewards, Messrs. J. W. Abbott, J G Duncan, W. Higgins, D. M. Findlay." and O. S. Wat-kins.