HOLIDAY DATE

Sun (Auckland), Volume II, Issue 443, 27 August 1928, Page 10

HOLIDAY DATE

NECESSARY FOR WAIKATO RESUME OF CLUB’S POSITION (Special to THE SUN) HAMILTON, Saturday. The annual meeting of the Waikato Racing Club was held in Hamilton today, the president, Mr. G. W. Vercoe. presiding over an attendance of 30 members. The annual report, which has been published, was taken as read. In moving the adoption otf the report the president said he regretted he had not a more attractive balance-sheet to place before members than the one published. The year just closed, although an improvement on the previous season, had not been a success financially, as the club’s race meetings were not as resourceful as it was hoped they would be. Referring to the spring meeting, he said the committee found that Friday was not a suitable day to hold a race meeting in the Waikato, as the returns for that day w'ero. very disappointing. For this year the club had been allotted Saturday, October 20, and the following Wednesday, and he trusted the change would give better results. The autumn race meeting last season was much better; in fact the first day proved to be a record one for the club on the Te Rapa course, both as regards gate takings and totalisator turnover. Unfortunately, Monday, the second day, turned out very wet, and members could congratulate themselves on the meeting being the financial success that it was. The individual items, both in expenditure and income, were very much the same as last year, except in one or two cases. The heaviest item of expenditure was interest, which amounted to £2,659 Is 9d. This would not be materially reduced until the club’s surplus land was sold. Valuable Property As regards the club’s surplus land, the committee was watching for an opportunity to dispose of it. It was confidently hoped that with an improvement in conditions generally a demand for sections would again be created and that the time was not very far distant when sales would be effected. The club's property comprised 298 acres, and was purchased at £IOO an acre. Of this area 34 acres were sold and average £241 an acre. A further 26 acres had been valued by two competent valuers at £350 an acre, and this area contained some of the best building sites in the district. The mortgage to the vendors, which has been renewed for five years at 6 2 per cent., now stood at £21,408 10s 6d. Against this there was an amount of £3,153 Is 9d owing by purchasers of sections which, when paid, would reduce the mortgage to £18,255 8s 9d. The club had some ■BO acres still to be sold, and this at the conservative valuation of £2OO, should realise £16,000. From this it would be seen that when the surplus land was disposed of the mortgage would be considerably reduced. What Is Necessary “In conclusion I would like to say that although our balance-sheet is not a good one, your committee is satisfied that there is no occasion for i the members to be pessimistic as re- j gards the future of the club,” said Mr. j Vercoe. “We have one of the best | tracks in the Dominion, which will at- i tract first-class outside horses, and I am sure the result of the first day of the autumn meeting is an indication of better times for racing and that the club has turned the corner. However, I would like to emphasise the remarks I have previously made that all the circumstances go to show that before the club can occupy the position in racing that it should do and provide the accommodation and comfort for the racing public that such an important district as the Waikato demands, it will be necessary to have a public holiday for one of our fixtures.” The secretary. Mr. E. H. O’Meara, submitted a statement showing the Government taxes paid by the club and horse-owners for the 1927-28 season. The total amount paid in taxes was £7,683 17s lid. Mr. Vercoe said the Racing Club had endeavoured to promote the best interests of racing in its work during the year. He explained the club’s position in relation to Labour Day, and for this he was accorded a vote of thanks. The report and balance-sheet were adopted without discussion. The following officers were declared elected:—President, Mr. G. W. Vercoe; vice-president, Mr. F. R. Keddon; committee, Messrs. C. Christie, H. Marsland, O. M. Monkton, J. F. Smith, S. Tapp and S. V. Tyler.