STAKE MONEY

Hokitika Guardian, 1 October 1930, Page 8

STAKE MONEY

NO CURT AIIA TENT AT PRESENT. WELLINGTON RACING CLUB’S DECISION. WELLINGTON, September 29. \ “The question of stake money luu caused the stewards considerable con cern,” said the president, Air J. G Duncan, at the annual meeting of tin Wellington Racing Club to-day. “Up to the present the dub is holding its own financially, and in view of the difficulties, that confront horse-owners and with a. desire to assist them sc far as possible,'* the stewards have decided not to curtail stakes at this juncture.

“It is, however, my considered opinion that the situation of saturation point in obtaining revenue from the totalisator by racing clubs and the Government was passed when, in Deember, 1921, known as the slump year, the then Prime Minister imposed a further dividend tax of per cent, to help him balance his budget. To bear this out I will compare the year ended July 31st, 1921 (which by the way included- seven months of the slump year) with the year jusl past. The totalisator yield to the Government from racing (excluding trotting) was £BOB4 less this year than in the slump year, and this, in spit*,' of the extra per cent, levied by Mr Massey and the fact that there have been eleven extra days’ racin';; this year, whereas, the totalisato; • revenue derived by racing clubs show: a corresponding decrease of no lesi: than £200,854/ “If I am correct in my diagnosis (and I am aware that many beside the Minister for Finance are not ii agreement with me) the recently im posed totalisator tax of 2} per cent will disastrously affect stake mone: and the thoroughbred breeding in dustry in the Dominion, and we shal have to curtail our stakes in cbmmoi with other clubs.'’’