MARLBOROUGH RACING CLUB

Hokitika Guardian, 29 July 1930, Page 8

MARLBOROUGH RACING CLUB

LOSS ON SEASON’S RACING. . r~r .y The annual report of the Marlborough Racing Qlub shows that it had to face a loss on its two meetings -his season of over, £6OO. The summer neeting had to compete against North Island, meetings, and bad weather marred the ’ autumn meeting. Prior to the meetings the club's inances. had to be. reconstructed, and the guarantors of the club were called on to find £4907--16s. As a protection should ever this club be in a position to. meet this liability, a, joint debenture isr being issued bearing the harries of the various guarantors,: but being noninterest bearing. f The club's mortgagees also came to the,, assistance of the club. In-the case of the first mortgage-, payment of interest accrued to June 30, 1929, £125, has been postponed until February 1, 1831, being then payable over four years. Mr F. N. Dillon, the second mortgagee, agreed to write ■ off the interest due under his mortgage for a period—under his mortgage to June 30, 1929, £2lO, and not call on the club for interest on his mortgage for a period of two years. An arrangement was also made with the existing debenture holders, to whom the club owed £1362, 10s, whereby a considerable number agreed to write off entirely the indebtedness—the remainder agreed to accept 6s 8d in the £ in full settlement. The cost to the club in compounding these debentures was £424 3s 4d. The thanks of the club are due to its mortgagees and old debenture holders for the very practical assistance given at such a critical time.

The committee' then proceeded to float a debenture issue of £lsoo—the response to which was so satisfactory that £IBOO worth of debentures were aplied for, of which sum £1612 10s had been paid. With these financial arrangements completed, settlement of all the club’s obligations to its bankers old debenture holders and creditors was made, and it was able to face the carrying on of the race meetings with money in hand.