WELLINGTON RACING CLUB.

Star (Christchurch), Volume XLIV, Issue 201, 25 August 1931, Page 9

WELLINGTON RACING CLUB.

Substantial Loss Made on Year’s Operations.

Like most of the racing and trotting clubs in New Zealand, the Wellington Racing Club has experienced a bad time during the past twelve months, and the balance-sheet covering the year’s operations discloses a substantial loss.

Brevity is the essence of the report to be presented by the president (Mr J. G. Duncan) to the annual general meeting of members on Monday, September 14. The result of the year’s workings, which resulted in a net loss of £5939 8s Bd, is expressed tersely in a single sentence: “The club has, in common with other clubs, suffered a financial loss during the year.” The report continues that it is with deep regret that the stewards have to record the death during the year of Lieutenant-Colonel H. J. M’Lean (a steward of the club for eleven years), and the following members: The lion T. S. Weston, Sir George Hunter, Messrs C. W. Brodie, F. G. Dalziell, J. Dwyer, W. Fraser, L. A. George, C. R. Graham, A. Keys, W. C. Kellow, S. A. Longuet, C. Plimmer, T. Quinn, A. Wylie, and Captain T. H. Chudley. The following office-bearers retire in accordance with the rules, and are eligible for re-election:—President, Mr J. G. Duncan; vice-president, Mr J. W. Abbott; stewards, Messrs K. D. Duncan. W. Higgins, N. M’Lean, and Dr H. A. 11. Gilmer. Nominations for these offices close on Monday. The balance-sheet accompanying the report shows the following liabilities: District Trust Fund, deposit, £76 14s 2d; accrued interest, £255 18s 2d; sundry creditors, £6300; “A” mortgage debenture stock, £50,000; “C” debentures, £25,000; Bank of New Zealand “B” debentures, £19,203 0s lid; and accumu-

lated funds (allowing for loss of £5939 8s 8d during the year), £24,029 14s 3d. The assets are given as: Freehold property and buildings, £123,525; furniture, £300; and sundry debtors, £IO4O 7s 6d. The profit and loss account for the year ended July 31 shows a net loss of £5939 8s 8d on the year's workings. The principal item of revenue was the club’s net share of the totalisator turnover, which (less working expenses, £2201 10s 8d) amounted to £24,977 2s 4d. Other items were: Gates and railway receipts, £9559 8s lid; members’ subscriptions and entrance fees, £2913 15s; nomination, acceptance fees and forfeits, £8299; privileges, £3140 17s sd; and Government refund on totalisator (maximum amount), £250. On the expenditure side, the main item was £32,515 allotted to stakes. Other important items were:—lnterest, £6793 9s 4d; maintenance and improvements, £5594 2s 8d; salaries and pensions, £2795; attendances at meetings, £1798 6s; Racing Conference levy, £IO2O 3s 4d; rents and rates, £939 4s lid; advertising, printing and stationery, £779 3s 6d: insurances, £495 9s 2d; music (bands), £238 6s 9d; and donations, £231 10s. The sum paid to the Treasury by way of taxation on the four meetings is shown at £36,744 17s Id, made up of the following items: Totalisator tax, £18,119 2s; dividend tax, £15,852 ss; stakes tax, £l6lO ss; and amusement tax on gate receipts and members’ subscriptions, £1163 5s Id. o®®®®®®®@®®®®®®®®®®®F