SUCCESSFUL YEAR.

Rotorua Morning Post, 28 August 1931, Page 5

SUCCESSFUL YEAR.

ROTORUA RACING CLUB'S ANNUAL REPORT. SATISFACTORY POSITION. The annual report of the Rotorua Racing Club, to be submitted t'o the club at its annual meeting to-night, states, inter alia: — "Notwithstanding the adverse conditions that have been prevailing throughout the Dominion over the past twelve months although the financial stringency has had a marked effect on racing club returns, it is pleasing to be able to record that your Club has enjoyed a successful year's operations. ''The year under raview has been a busy one for your Executive. Following the decision made at the last Annual Meeting, arrangements were completed for the purchase of additional property and the conversion of the Club's leasehold into a freehold title. The additional area recommended to be purchased consisted of 40 acres, 12 i of which is leasehold and the balance freehold. In addition to the 40 acres a further area of three acres Was purehasqd, the whole of which is freehold title with' the exception of half an acre. The purchase price of this additional area was £200. The action Was deemed desirable to earry the Club's property to a street frontage, tnamely, Marguerita Street, which is considered by your Committee to be a decided acquisition and will ultimately prove in future developments to make for far more advantageous working and handling of the public generally. Annual Race Meeting. "The annual race meeting took place on the dates^alloted, Feb. 14 and 16, glorious weather prevailing during the meeting period. While the attendance was large on both days, a shrinkage on the previous year's returns had to be recorded. Such was fully anticipated by your executive, yet the actual returns exceeded the most sanguine expectations. The racing itself passed off with pleasing satisfaction, the statutory officials expressing appreciation on the conduct of the meeting. The fields, although not large, were of an even class and some. excellent finishes were witnessed "The gross returns from the meeting amounted to £3853 5s 4d. After disbursements a balance of £362 7s 6d remained to the profit of the meeting account, against last year's figures of £931 15s 4d. The marked shrinkage on last year's figures is mainly accountable owing to the general financial stringency prevailing, so limiting the spending power of the race-loving public on totalisator investment. Finance. "The Club's last year's balance sheet shows capital over other liabilities at £10675/8/4. The revenue for the year from all soure amounts to £940 11s 9d against h '• year's figure of £1655 16s. 0d., che reduction this year being caused by loss on rents, bank interest, and the profit from the meeting account, the last mentioned item being the main factor. Expenditure, apart from the amounts previously mentioned on improvements, totalled £702 6s. 2d. against £583 8s Od the previous year. The slight increase is occasioned by the item interest on overdraft. There however remains an appreciable balance of £238 5s. 7d. to be carried to the profit and loss account. Improvements. Improvements during the year entailed a considerable capital outlay, property additions absorbing the Sum of £4705 12s 4d and additions to plant accounted for £78 4s 3d. The property purchased, previously referred to, has been cleared, ploughed and disced. "Mr; A. C. Hill (the recognised authority in the Dominion on the layout of racecourses) was invited to visit Rotorua and suggest and report on a scheme for the ultimate re-mo-delling of the racecourse to allow for a better and longer course and re-ar-rangements of appointments generally to suit the situation. "The plans and report have now been received, and confirm absolutely the wisdom of the purchase. A survey has also been completed of the new course. Plans and details of the proposition will be laid before you at the meeting. Next Meeting. "Your executive has applied for the 13th and 15th February next for its annual meeting dates, in addition to which formal application was again made for a further raCing permit. The application was backed up by personal representation to the Dates Committee, Mr. C. H. Clinlcard kindly attending the Dates Committee meeting- in support of the application. Unfortunately, there are no further dates available for allotment at present. The thanks of the Executive have been extended to Mr. Clinlcard for his consideration and support to the request. "With the extended area now owned by the Club improvements can be carried out as in the diseretion of the management funds are available for such. The formation of the new course and general- gr,ading of the new area to ailow for complete and effective drainage sholild be the first work under-

taken. Fencing and permanent plantation of trees and shrubs can be set in desired positions as occasion warrants. Provision for adequate stabling accommodation will have also to be kept in view as one of the first necessities. "Your executive is of the opinion that the incoming committee would be wise to use every care in regards to expenditure and probably to await . financial returns from the Club's annual race meeting would be the wisest policy to adopt."