FOXTON RACING CLUB.

Manawatu Herald, Volume XLIII, Issue 2367, 13 December 1921, Page 3

FOXTON RACING CLUB.

The programme of the above Club’s annual meeting, to be held on January 21st and 23rd next, has been issued.. Stakes amounting to £3,000 have been allocated. This, it will be noticed, is a reduction of £7OO on the previous meeting, and needs a little explanation. The totalisator turnover is a prime factor in determining stakes, and if last year’s totalisator returns, which were phenomenally large, could be accepted as a normal basis, the finance committee would have been justified in allowing the stakes to remain at £4,000. But as business men they knew that the financial stringency reflected in the decline of totalisator investments, would not justify a retention of last year’s slakes, and after careful consideration, and with the approval of the governing authority (N.Z. Racing Conference), it was decided to keep the stakes within a safe limit. The Committee’s action does no! meet with the approval of some of the members, who have requisitioned a special meeting to re-open the question. \\ hen the full facts are submitted, we are of opinion that the Committee’s action will meet with general endorsement. Further, it must not be forgotten that the Club cannot finance upon the racecourse property, or other assets for stakes, and if a loss were shown as a result of extravagance, members jointly and severally would bo liable. Under the circumstances it is better to err on the side of caution.