POVERTY BAY TURF CLUB.

Gisborne Times, Volume XXX, Issue 3562, 29 June 1912, Page 2

POVERTY BAY TURF CLUB.

A NX UAL MEETING. The annual meeting'of the Poverty Ba.V Turf Club was held in the Masonic Hotel yesterday afternoon, Mr AY. G. iSherratt presided! in the absence of the President, Mr J. AY. Nolan, who is at present unwell. There was a large attendance of members.

The annual repoft was as fellows :f~ “In again placing before you the annual report and balance sheet for tho year ending 31st May, 1912, your Committee have pleasure in congratulating the Club on the success of its race meetings held during the year. The nominations and fields being in excess of the previous year. It will also be seen that the Club is in a good position financially. The Club’s only liability as dis losed by the balance sheet is the bank overdraft shown as £478 165.3 d,, as against £1772 Bs.Od this time last year- The Government taxation paid during the year amounted to £986 17s Od. During last month Mr L. T. (Symes resigned bis position of lion, treasurer to the Club on account of removing from the district, which position lie Lad held for the last eighteen years. A letter of thanks for his valuable services to the Club bad been forwarded to him, and Mr J. AAL Bright had been appointed by the Committee to fill the vacancy. The following members of the Committee retire-by rotation, but are eligible for re-election: Messrs J. Maynard, AY. G..-Sherratt,- and J.' A. Caesar. Tile •thanks of the Committee are dll' l to Messrs Fdk. Parker and IT. E. Maude for their services as lion, auditorsThe balance-sheet showed a profit of '“•'iio 16s 3d mi the year's operations. The receipts were: Subscriptions £327 12s, spring meeting (net' £843 2s lOd, summer meeting £629 8s 7d. training fees £l2, rent £73; - total 11835 3s sd. The biggest item shown on tlie expenditure side was depreciation on the property £B3O 12. s 3d. The statement of assets and liabilities was ns follows: Liabilities, capital £6703 18s 9d v sundry creditors 10s, Union Bank £478 16s 3d, profit and loss £536 16s 3d; total £7720 Is 3d. Assets, improvements £5460. less depreciation 15 per cent. £819—£4641; freehold property £2849 7s 3d, furniture and plant £167 12> 3d, less depreciation. £l7 12s 3d—£loo; sundry debtors £79 14s;- total £7720 Is 3d. The chairman in moving tTTe adoption of the report and balance sheet congratulated the Club on its prestmt position. He pointed out that the stakes paid last year amounted to £2325, and for the coming racing season it was proposed to substantially increase this amount. The Club bail a very valuable property on whitm they now owed only £478 16s 3d. Air J. AY. Bright pointed out that the overdraft had been reduced from £1772 to £478, which he thought was vcrv satis!act o ry. The report and balance-sheet were adopted. Air J. AY. Nolan was elected President, Mr J .Clark vice-president, and the retiring members of the committee, Messrs Maynard, Shc-rratt and Caesar, were re-elected. Mr H. deLautour wanted to know what- had happened to the recommendation of the previous meeting that a two-year-old race should be pub on the programme. He thought that such a race should he provided for, and that the committee should bo recommended to seriously consider the matter. He inbved to that effect. Mr D. J. Barry- thought that the two clubs should go into tho matter of putting a race for maiden two and three-year-olds on their summer programmes. T)iere was a fair number of people breeding horses in the district, and they would probably get decent fields. Lie thought it would be a good tiling for the Clubs. MV deLautour was of the opinion that the race .should be for any two-year-olds and not maidens. He pointed out that if a two-year-old won a race in the spring it would be debarred from competing if the race were for maidens. It was eventually decided to refer the matter to the committee and to recommend them to have a conference with the committee of the Gisborne Racing Club concerning the matter. A recommendation by Air F. Hall that the secretary’s salary should be raised to £2OO per annum, and another recommendation that the auditors should be paid for their services were referred to the committee for consideration.