WELLINGTON MEETING

Evening Post, Volume CXXV, Issue 19, 24 January 1938, Page 11

WELLINGTON MEETING

TREASURY'S SHARE

OVER £15,000 DUE IN TAXES

v (By "Rangatira.") With thfe coincidence of Anniversary Day. and Saturday this year, it was a foregone conclusion that the aggregate investments would be less than last year's, when there were the two holiday dates; but the actual returns were somewhat better than the club had anticipated, The three days' receipis, £174,272, were less than 8 per cent, below last year's, and the Cup Day and Anniversary Day turnovers were well above the corresponding figures for twelve months ago. The excellence of this year's investments will be further realised when it is mentioned that, excluding last year, one has to go back to 1929 for better aggregate figures. Last year's Increase of ovsr £70,000 on the previous year was beyond the most optimistic estimate of the stewards, so that it is obvious why such a total this year was considered outside the bounds of possibility without the double holiday. The record investments for a January fixture were £257,141 IQ$ in 1921', at the height of the "boom." In those days upwards of 30 per cent, out Of the turnover was done on commission betting, but there is only a very small percentage* taken now at the commission'windows, which is a material factor in dealing with aggregates. The meeting last week was favoured with near ideal weather. It was the belief of many owners and trainers that the club would have done better in not opening the meeting till the Thursday, but, as it has turned out, it would have been wet for the final day today. The club was most lucky that the break in the weather did not come till the early hours of yesterday morning. With the decrease in. turnover the Government will not huve quite' so large a collection as it enjoyed last year, but it is still able to take, free gratis for all practical purposes, the tidy sum of £14,699 in taxation, with amusement tax (the amount of 'which will not be ascertainable for some days) yet to be added. The following table gives the approximate amount (to the £) of the totalisator, dividend, and stakes tax payments that are due, with the figures / for 1934, 1936, and 1937 given for purpose of comparison;— 1»31 -19HH 3937 1838 £ £ £ £ Tote tat .. 4.402 4,711 7..18S (»,!)U Wv. TU* ... 4,814 5,15? 8,301 7,«24 Stakes tax . . 28-t «5 US 104 Totals •• £9,500 £0,828 £ 15,907 £14,699 The Government's rebate to racing clubs on the totalisator tax is still 1 per cent., which in effect reduces this item from the statutory 5 per cent, to 4 per cent, Until four years ago there was no such .rebate, but the totalisator tax up till 1930 was only 2J per cent. With the amusement-tax the Treasury will receive well over £15,000 out of the meeting.-