RACING CLUB'S MONEY.

New Zealand Herald, Volume LXVIII, Issue 20842, 8 April 1931, Page 8

RACING CLUB'S MONEY.

EFFECT OF SEIZURE. AN EMBARRASSING POSITION. LIQUIDATION MAY FOLLOW. [BV TELEGRAPH. —OWN CORRESPONDENT.] KAITAIA, Tuesday. The Supreme Court warrant which was served on the secretary of the Waipapakauri Racing Club for the whole of the day's revenue at the annual meeting yesterday also covered members' subscriptions, nomination, acceptance and riding fees. It was the outcome of proceedings taken by a firm of Auckland solicitors on account of a company. The president of the Racing Club, Mr. T. J. Fleming, said to-day arrangements had previously been made with the management of the company for extended credit, and one-third of the total account was to be paid on April 30, with promissory notes for two further payments, bearing interest at 6 per cent. Ihe Auckland principals, however, recently informed the club that these terms were not acceptable, but it came as a shock to the club when it found itself relieved of the whole of the money received at the meeting. Mr. Fleming said as a result of this action the club was placed in a most embarrassing position, and although nearly £3OOO had been spent-on its property, and the course was the best north of Auckland, the club would now probably bo forced into liquidation. The committee held an emergency meeting to-day, and it was unanimously decided that no matter what the outcome of yesterday's proceedings, the committee would see that jockeys and winning owners were paid in full. The prize money at the meeting yesterday totalled £250.