ADVERSE EFFECT.

Star (Christchurch), Volume XLIV, Issue 190, 12 August 1931, Page 13

ADVERSE EFFECT.

RACING CONTINUED.

Slump Blamed for Loss of £3OOO in Year. AUCKLAND RACING CLUB. (Special to the “ Star.”) 1 AUCKLAND, August 11. € At the annual meeting of the Auck- £ land Racing Club, Sir Edwin Mitchel- i son presided. In moving the adoption ' of the report and balance-sheet, Sir t Edwin said he had pleasure in con- i gratulating members on the success of i last season’s operations, so far as racing ! was concerned. He regretted, however, r that the club’s revenue for the year had t been very adversely affected owing to t the severe depression existing through- i out the world, and consequently the results showed a considerable diminu- j tion in profit compared with the previ- < ous year, the profit this year being \ £IOB4 17s 4d, the smallest shown for many years. After writing off £4OBB 12s lOd on buildings and plant, the result was a loss of £3003 15s 6d for t the twelve months. i During the year £54,110 was paid out * by the club in prize-money, including t £3lO contributed in sweepstakes—£s23o i less than was paid last year, and, owing 1 to the present financial condition of the ? country and the uncertainty of the t future, it had been deemed necessary i to further curtail the stakes this year, t It had been therefore considered advis- * able by the committee to make pro- r vision at present for the spring meet- i ing only and £7300 had been allotted 1 in stakes for the two days, a reduction £ of £2OOO. For the summer meeting t only the major events that required f early nominations would be provided for, but the committee would, accordance with past policy, provide such i stakes as would encourage horse-owners * to continue racing without serious de- * triment to the finances of the club. t Improvements such as had been con- 1 templated for some time would still ' have to remain in abeyance until the c financial condition of the country had j improved. i Decline in Betting. * Sir Edwin dealt with the decline in totalisator betting, and also Govern- c ment taxation, and said that one tax [ that seriously affected all racing clubs j was the amount contributed to the i Racing Conference. One of the objects i of the Conference was the making for ? clean racing and keeping the courses \ clear of undesirables, and it had in t that respect fully attained its object. J At the same time many clubs seriously t felt the effect of the annual payments on their finances. As an instance, the i Auckland Racing Club during the past * ten years had paid to the Conference ( the large sum of £13,488, and the assess- z ment for this year was £1366, which i was greater than one-sixth of the whole 1 Dominion levy, and the Auckland pro- 1 vince would bear more than one-third of the total. It was questionable if Auckland racing had received an equivalent for that large sum, and in his opinion much of the work done by j Conference could be done by the district committees and consklerable ex- * pense and overlapping saved. < The Government taxation for the t year amounted to £62,617, which was £ almost the same as the amount paid during the previous year, notwith- j standing that the club received 25 per 3 cent less revenue for itself from the 1 totalisator. The Government refunded £250, while water rates and local rates amounted to £2058, making a total of £64.675. Sir Edwin made feeling reference to the death of Mr N. Alfred Nathan. ...i— ( (