RACECOURSE IMPROVEMENTS.

Manawatu Herald, Volume XLVI, Issue 2764, 29 July 1924, Page 3

RACECOURSE IMPROVEMENTS.

MEMBERS’ STAND SUGGESTED.

COMMITTEE TO DISCUSS WAYS AND MEANS.

At last night’s annual meeting of members of the Foxton Racing Club Mr W. T. Jewell said that the committee would like to hear an expression of opinion by member’s on (be subject of the erection of a members’ stand at the course. The present stewards’ stand was hopelessly inadequate. Certain improvements had been effected to meet (lie added comfort and convenience of the public at the course. The question of finance, however, was what was troubling the committee. In the erection of the club offices, no difficulty bad been experienced, because the club possessed the freeman of the land and vvei’e able to finance on the asset. With the racecourse, however, things were differon!. Tlic racecourse was not the property of tire club, but a Crown grant or endowment and it was impossible for the club to pledge such security for a bank overdraft, although large sums of the club’s money was expended there in the interests of sport. Still such expenditure could not be offered as collateral security in finance. Another drawback was the excessive taxaUon which restricted the club’s fin-

; ores and almost left them without a feather to fly with. Tlis suggestion was that members take up £5 or £lO debentures heariug a reasonable amount of interest and which <-onld be repaid ns the funds permitted. This appeared to him to be • , ~nly way to meet the present re-.pt-rements. The president (Air Wliytej a-.-reed that more accommodation was neeesr-.arv but thought they should wait until some relief was obtained by a lax reduction. Mr W. F. Barber said the qnest- on of finance wa-'at present worrying the stewards and they had to contend against excessive taxation and wet days. The issue of debentures would probably point the way. Mr MeColl asked the probable cost of the building. Tn reply Air Jewell said plans and an estimate at £BOOO bad been ob • lamed some time ago. ITe thought the estimate could now be reduced l.v about one-third.

Mr F. Woods suggested that if debentures were issued repayment could be made as a set off to members annual .subscription fees. His experience of club debentures was that they ultimately reverted back to tlie club as a. gift. Mr Jewell said the club would meet its obligations if debentures were issued and pay interest at say 5 per cent and each year to pay off .-is many as possible as funds permitted. Mr Rowe suggested that, the stewards should call applications for debentures and ascertain the response. Mr Hunt explained the issue of debentures in connection with the Levin club and A. and P. Association. The arrangement at Levin had not been a success so far as debenture holders were concerned. The Levin Club and Association had benefited by £I,OOO and debenture holders had been circularised to renew their debentures. ' Mr Jewell explained that the Foxton club’s position was different from that at Levin where two bodies were concerned and there was dual control. The Foxton club’s proposition would be more favourable. After further discussion Messrs PerrCau and A. N. Smith moved the following motion which was carried: “That it be a recommendation from this meeting that the stewards go into ways and means of erecting a new stewards’ stand and that members undertake to assist financially.”