HAWKE'S BAY JOCKEY CLUB.

Daily Telegraph (Napier), Issue 4035, 27 June 1884, Page 3

HAWKE'S BAY JOCKEY CLUB.

A special meeting of the Jockey Club was held at 2 p.m. this day to receive the report of the sub-committee appointed to arrange for the purchase of the present racecourse. Capt. Russell in the chair, and about sixty members being present. Mr Sutton moved that this meeting ratifies the joint agreement come to by the A. and P. Society and Jockey Club.

Mr Wellwood seconded the resolution,

Mr Cornf ord saw certain difficulties ahead for both societies. As a matter of law there were obstacles in the way. He did not see how the land could be sold in perpetuity. He spoke not as a lawyer but as a member of the Jockey Club. Really the latter would have to covenant to indemnify the A. and P. Society altogether. Of course _it could not be assumed that such societies would last for ever, and he would like to know whether a limit to the alienation should not be made.

Mr Winter said that question had been considered by the joint committee, and the clause would be referred to the lawyers to solve the difficulty. If the Agricultural Society had the power to sell the twenty acres in the middle of the land, the course Avould be ruined for the Jockey Club.

Mr Conroy said it Avas equiA-alent to lifting a seven per cent, mortgage to accept a sixteen per cent. one. He considered that they would at the end of their lcaso be able to make equally good terms. The only thing he saAv Avas that thoy would increase their liabilities.

Mr Sutton said one reason for the purchase Avas that the club wanted to spend a large amount of money for the purpose of increasing the conveniences of the club, and it could not bo expected that they would de so on land that Avas only leasehold. Mr Conroy urged that they should have all or none.

Mr Burke said the Jockey Club wax pledged to nothing. They were to be bound by the action of -their oommittc, provided a similar pledge was given by the committee of the A. and P. Society. If not, the binding clause Avas to be eliminated. On the matter being referred to the solicitor of the Jockey Club, lie said there was no binding resolution on the part of the A. and P. Society. The price of the land was manifestly absurd. The county valuer had valued the land at £4,250, which wasaccepted by the county as correct, and they Avere only to receive sixty out of eight}' acres. The increased value would be the one on which they would be taxed by the Property Tax Department. They were paying for it if it were carried out interest on £7,500 at 6 per cent, winch came to £150 per annum; taxes Avould come to another £50 ; buildings in the open air for maintenance would cost £50 more, Avhich avus £300 more than they Avere now paying. The difference capitalised would come to £5000 more, so that at the end of their lease it practically came to this, that they Avere paying £215 for the land per acre. Last year the Avhole of their surplus revenue was £1300, the whole of that amount coming out of the totalisator, and if they had not had that slcudor thread last year, they would have had a deficiency of £300 over last year's racing. If they started Avith a debt of £7500 they would get no new members, and as the liability Avas not limited, one member could bo sued for the entire amount. That would be tho position if the report was carried out. They had a nine years' lease, and that should be sufficient for them. He moved the Jockey Club rests oil its lease till that had expired.

Mr Conroy seconded the amendment. Mr Wellwood said he did not presume to question Mr Burkes figures. Lately ho bought land at Hastings at £38 per acre, though Iho county valuer had only valued that land at £20. Land ho sold to Mr Nelson at £60 per acre Avas only valued at £25. If there were only a lease the property would never be improved, whereas if they had the property it Avas the intention of tho committee to increase the stand accommodation, and the extra revenue would more than pay the interest, and therefore it Avas advisable to purchase the property. It would be better to do so than to take another ground,for nothing. It came with a bad grace from Mr Burke to try and break a resolution which bound the Jockoy Club to endorse the finding of the committee. It

was an insult to the other gentlemen who were on that committee. He did not know what object Mr Burke had in view. Mr Burke denied that the committee were appointed as stated by Mr Wellwood. Mr Winter would like to go into the history of the question. The desire came not from the Agricultural Society but from the Jockey Club, that the latter should acquire the laud. Mr Winter here quoted largely from previous minutes. After a long discussion the amendment was negatived by 41 votes to 24, and the orignal motion of Mr Sutton was adopted on the voices. Mr Burke then raised an objection as to the moeting being legally called, which was overruled by the Chairman.