NOTES AND COMMENTS

Evening Post, Volume CXII, Issue 49, 26 August 1931, Page 6

NOTES AND COMMENTS

BY " EANaVTIRA.'!

IN STRONG POSITION MANAWATU RACING CLUB FIGHT AGAINST LOSSES (By Telegraph j . . (Special to "The Evening* Post.") TALMEKSTOX X;, This Da}-. "I do not approach the aiibjeet with .aiiy spirit of pessimism., because I think with careful guidance, our .club will be able to overcome tho difficulties experienced .by all.organisation;; .at- the present, time, and retain its: established position .in the world of sport/ said Mr. C. Louisson, at the annual general. meeting of the Manawatu Eacing Club, held last evening. • . . . . '

•■.'The balance-sheet, certainly shows a substantial loss fbr.the.ygar," Mr. Louisson continued, "but when it is explained that the club'has written oft £782 for depreciation, and also that two years' subsidy to the Manawatu Hunt Club has been included, which will not' show next year, the figures axe really -not as bad as they appear. . . ■ "The totalisator figures show a substantial drop, but this 1s general, and] the decrease for the year • under review compares favourably with that of other clubs. Owing to the fall in totalisator revenue, it will be necessary for the incoming committee to'reduce the stakes to be offered, as only by so doing can the profit and loss account be balanced. . . "During the year the committee installed a 10s totalisator, and the innovation has met with the approval of the majority of patrons. It was intended to alter the present machine to meet the requirements of the larger investors, but owing to the heavy cost the matter of alterations is left in abeyance fc the present. ... ".As you are aware, the club applied ior, and was granted, an additional two ■days for-a Winter Meeting. This was done with the object of eventually securing an extra day to make the Winter Meeting a.permanent two-days' fixture." In seconding the adoption of the report and balance-sheet, Mr. G. C. Keeble, honorary, treasurer of the club, stated that the loss for the year, after • writing off £782 in depreciation, had: been £1954 11s 9d; such result being largely■" caused by the present' depressioii. In comparing the figures with last year it had to be borne.in -mind that .the year's figures were for seven days' racing as against five days'. for the previous year,. The privileges account, which included gates arid fdtalisator. commission,. the. club's main source of re- . venue, was £3419 less:" for- "seven days racing than" for the previous' year's live days' racing. ■ Practically "every item of expenditure, with the exception of stakes and the Conference levy,, was less for the seven days than for the previous year's 'five.days of racing. This) .showed that .the-committee had realised the position and had- used every effort to reduce expenditure.' ■""."...!".'.. ",.."" "'".,.,'"..'.: rj Mr.'Keeble then went.on to show how liberal the club had been in recent years in the provision of good stakes', but added that a position had now been reached when it was imperative that the club's expenditure in <SVery avenue be curtailed, and that it would unfortunately be neces.sary :so to .arrange - future, programmes that the amount■.. given/ in .'.stakes should total approximately the amount expected from the club's proportion of totalisator revenue. "With the serious inroads that Government taxation and the depression are making on all Items of revenue," he said, "the.club now simply.cannot-afford to be :.SQ."gen'ero~us.;. With.the eyer-.ihereasing tax-ation1-of raclngy soon only those club's whose finances are1 very, strong will be -able to .carryon.f--' !**&•- »- '* ;|

' "As far as v'the balance-sheet figures are concerned," he continued,, 'the^.safe policy of heavily writing-down in: the past has left the club in a strong position, and, although there is) no immediate prospect of the depression lifting, having in. view the club's substantial: assets, ; .itsicoinparatively low liabilities, and its central, position, I i'eel sure^that-we.can^loQki.forward with confidence to the future." *

The following office-bearers, who were returned unopposed, were" duly declared elected:—President, Mr. C. Louisson; vicepresidents, Messrs. R. S. Abraham and F. S. M'Rae; hon, treasurer, Mr. G. C Keeble; members:"o£'committee, Messrs. L. A. Abraham, H. R. Cooper, L. H. Collinson, and J. A. Nash, M.P. Mr. E. G. Sim was re-appointed auditor. .In' formally .declaring the .president reelected, Mr. R. S. Abraham said that in Mr. Louisson tho club had the right man in the right place.