WAR FUNDS

Evening Post, Volume CXXXVI, Issue 65, 14 September 1943, Page 7

WAR FUNDS

HOW RACING HELPS

A LARGE CONTRIBUTOR

"Racing, as you know" remarked the president, Mr. E. L. Riddiford, at the annual meeting of the Wellington Racing Club yesterday, "is still operating under wartime restriction 01 a ou per cent, cut in permits. Yet, in spite of the reduction in days, the sport is proving an important factor by the contribution it- is making to the war funds. The majority of the 87 racing and hunt clubs in the Dominion are now donating their working profits to patriotic causes, and, as a result of the past year's: operations, this club is able to augment patriotic funds to the extent of £5000.

"During the 194i-i942 season, racing clubs contributed £137,368 in war loans, national savings, and gifts to patriotic and other funds connected with the war. They also paid in direct taxation £508,776— comprising totalisator, dividend, stakes, amusement, income, lfend, and national and social security taxes. In addition, £7854 was paid by clubs in local rates. "The direct taxation figures for the season just closed are not yet available in itemised form, but they must be substantially greater than the halfmillion paid for the previous season because of the greatly increased totalisator turnovers and the greater patronage of racing generally. The aggregate turnover last season was £6,232,793, an increase of over £1,000,000 on the figures for 1941-1942. "It is estimated," continued Mr. Riddiford, "that the contributions of racing clubs to the Third Liberty Loan exceed £60,000, and contributions in national savings and patriotic funds should again carry that total beyond the £100,000 mark for the 1942-1943 season just closed. Add another halfmillion for direct taxes, and'you will find that for the last two seasons the sport of racing has provided almost £ 1,250,000 for State revenue and in contributions to the war chest and patriotic funds. "These are facts which many people are inclined to overlook when they advocate the entire suspension of racing in wartime," concluded the president.