Untitled

Hokitika Guardian, 13 April 1931, Page 4

Thk measure of Uie financial depression over the Dominion has received some illumination by the totalisator investments over the Easter carnival. Ihe money available for investment in that quarter may be regarded as something of the spare capital of patrons, and it is obviously apparent that there has been a marked falling off in the volume of ready money for the cash form, of investment which the totalisator attracts. With good times the attendances at the racecourses is always large, but in stringent periods there is a falling off, and that decrease is manifested also in the totalisator turnover. It is said, of course, that the increased toll in taxation taken by the Government from the totalisator has something to do, also, with the drop in investment. The punter who has a good thing in mind is prepared to seek elsewhere for his investment with straigh.tout odds, and if this bo true, then the Govermnest myst he losing a large amount of revenue through overreaching in the matter of taxation. The illicit ways of betting are numerous ami from all accounts are not hard to find in most, centres, hut judging by the records of late those risking the “business” are having rather a good run as there are very few prosecutions. Turf patrons who adopt the illegitimate means of betting also affect the revenue of me Clubs responsible fertile maintenance of good conduct of the sport, and that is of serious eonsequence. and the seouel is showie°' \s a result of the decline in totalisator revenue all clubs arc reducing stakes, and that in turn will affect horse-owners seriously. The most prosperous hitherto of the larger Clubs are now in this category, and as a result of the drop of about a third in Auck-

land, and upwards of a half in Christchurch, the Metropolitan Clubs arc reducin'; stakes substantially. Many prominent minor Clubs are also Jimling the revenue greatly decreased as a result of tile fall in totalisator re oipis, and so tile serious elicit of the pos-iti'-u spreads The Covermnent is going to lose revenue on both the totalisator tax and the stakes tax, and though there was a special increase in the dividend tax (which lias helped to account for the drop in the toiirnovcr) it is doubtful if the final returns for the year w ill show much increase over the former tax which was accepted in good faith. It is clear that the Government must give tot.nlisator taxation serious consideration if it desires to retain its revenue from the source and at the same time help the C lubs to carrv on.