DIVIDEND FRACTIONS.

Marlborough Express, Volume XLVI, Issue 216, 11 September 1912, Page 2

DIVIDEND FRACTIONS.

CLUB TAKES ODD MONEY

HOW TOTALISATOR SIXPENCES

TELL UP

ALLEGED BREACH OF ACT

At a meeti'ir; of tho Auckland Mutual Sports l^rotection Association last week, the question of dividend fractions was discussed. It was decided to call the attention of the Minister of Justice to the retention of sixpences in dividends upon £1 totalisator tickets. The following letter was drafted, and it was resolved that it should at once be sent to the Minister.

;"I have the honor to convey to you tho following resolution : 'That the attention of the Minister for Justice be called to the fact that the Auckland Racing Club for several seasons past have continuously committed a breach of section 35 of the Gaming Act, 1908, in that they have retained sixpences in dividends on one pound tickets.' "I am further directed to inform you fchat at the last autumn meeting lof two days the money thus retained ■' amounted to over £150. As this has been going on for several seasons a very considerable sum is involved. In ■ one raco alone at the autumn meeting; over £47 was retained. The position will be clear when it is mentioned that in working out the dividends they reduce everything to 10s chances, and then, in order to arrive at the £1 dividend, they merely double the dividend payable on 10s tickets, instead of doubling the actual dividend. "As illustrating this, in the race above referred to, the fourth race, ' . bt. taoorges Handicap, on the second jv day of the A.R.C. meeting, 1912, on '"' the first home (No. 5, Antoinette) « there were 716 £1 tickets and 728 10s ( tickets. The total on the machine 1

was £6876 10s. When 10 per cent, commission (£687) and a quarter for second horse (£1547) had been deducted, the amount was reduced to £4641. Worked out on the 10s basis the actual dividend on 10s tickets was £2 2s 1] ad. This doubled for the £1 tickets was £4 os ll£d. The dividends paid were £2 2s 6d on 10s tickets and on £1 tickets £4 ss. The dividend on £1 tickets should have been £4 os 6d according to the Act, showing that 716 sixpences were retained (£l7 18s). On second horse (No. 2, Soultoria^ there were 1181 £1 tickets and 2149 10s tickets. The amount for the second horse to divide was £1547 4s 3d. The actual dividend on 10s tickets was 6s 10|d, and on £1 tickets 13s Shd- The dividends paid were, on 10s tickets 6s 6H\ .on £1 tickets 13s. According to the Act, the dividend on £I'tickets shoiild have been 13s 6d, so that 1181 sixpences were retained (£29 10s 6d). "As the racing public are already heavily taxed by having 2s deducted from eveiy £1 invested on the totalisator. it is but fair that they should receive their dividends in full, as provided by law."