TOTE INVESTMENTS

Hawke's Bay Herald-Tribune, Issue 147, 9 July 1937, Page 9

TOTE INVESTMENTS

-Own CorresDondent )

Indication of Prosperity

(By Telegraph-

WELLINGTON, This Day. "The prosperity of this Dominion Is evidenced by the substantial increase in totalisator investments as compared with last year when we were joyful at the indication then shown of returning prosperity," states Mr. J. S. McLeod, president of the New Zealand Racing Conference, in his report presented today to thevannual meeting of that body. No exemptions were this year granted to clubs to give a less sum in stakes than the amount required to be given under the Rules of Racing. Clubs now realise that without adequate stakes racing will not prosper. Ninety per centum of the average yearly nett amount derived by clubs from the use of the totalisator during the immediately preceding three years is required to be given in stakes; consequently clubs have to rely upon other sources of revenue — viz., gate moneys, members' subseriptions, nomination and acceptance fees, and the sale of privileges, in order to carry on successfully." The action of the present Goverament in continuing the ohe-ilfth refund of the totalisator duty of 5 per centum, said Mr. McLeod, had been a wonderful help to clubs, and for that concession the conference was indeed grateful. The Government had been requested to make that particular refund permanent as it was vital to cluba in relieving their financial problems. "The conference hopes," said Mr.' McLeod, "that our present Government wil) give an opportunity to Parliament to lift the restrictions on the publication of dividends, the use of tho double totalisator, and the transmission of investments on the totalisaor, and that the Government will enact legislation which will permit off-the-course betting to be diverted to tGe totalisator, thereby considerably increasing the revenue of the Treasury, besides enabling clubs to give adequate stakes, and at the same time eounter disrespect of the law by the illegal laver of totalisator odds and his patrons. The conference further trusts that the present charges by the Railway Department for the carriage of racehorses, to and from race meetings, will be reduced to the formeT basis of the return journey free, and that the existing crippling Government taxation on racing will be reduced tr a more reasonable percentage."