RATING VALUE OF RACECOURSE

Evening Star, Issue 22032, 18 May 1935, Page 9

RATING VALUE OF RACECOURSE

AUCKLAND CLUB'S OBJECTION • [Pbh United Press Association.] AUCKLAND, May 17. Objection to the Auckland City Council’s assessment of £6,750 as the annual value for rating purposes of the Auckland Racing Club’s property at Ellerslie was made before Mr W. R. M'Kean, S.M., in the City Assessment Court. . , , . J , Mr Terry, for the club, pointed out that the revenue from- race meetings had decreased. from £33,509 in 1929 to £18,823 in 1934. In 1934 the net profit of the club was only £1,326. During some of the years of the depression the club had actually suffered a loss. “ This is a concern which will carry on because it is in a sound position, but if it was a private commercial concern where a hypothetical purchaser had to be considered then this t decrease in earnings would be taken into account, he added. Mr M'Kean: Suppose someone were to build an absurd undertaking in Queen street and lost heavily. Do you suggest that the land in the vicinity should be depreciated in value just because of the losses incurred? Mr Terry: No, because the land and even the buildings could be used for something else. Mr M'Kean: Could not a racecourse be used for something else ? Mr Terry pointed out that the buildings would be useless for anything else, and if the land was used for subdivision there would be many preliminary expenses. The hearing wag adjourned.