SERIOUS POSITION

Rotorua Morning Post, Volume 2, Issue 327, 14 September 1932, Page 5

SERIOUS POSITION

Press. Assn.-

RACING CLUBS MUST HAVE RELIEF OR CEASE OPERATIONS

— By Telegraph — Copyrlght).

Wellington, Tuesday. Mr. E. L. Riddiford, in his presilential address at the Wellington Racing Club's annual meeting, said the year's net actual loss was £363, but including bad debts and depreciatiop, the sum of £1712 was shown as the deficit for the year eompared with a loss of £5939 for the previous year. While the club had been able to reduce substantially the loss this year n; eompared with last, it was significant that this result had only been obtained by reducing the stakes by £12,190 and general expenses by £4212 — a total of £16,402, as on the other side of the ledger the nett totalsator revenue had fallen by £4479 md general receipts by £6417 — a total of £10,896. The continued fall of revenue gave cause for much concern. A bank overdraft for £6000 had had to be negotiatod during the year, which was ruaranteed to the extent of £4000 )y members personally. It was extremely doubtful wheththe Wellington and other clubs wculd be able to continue without much greater relief from taxation than the recent concession would afford. The president considered that the reinstatement of the double totalisitor, telegraphing investments to the I'ourse, and the publication of dividends would considerably benefit the clubs and largely eliminate illegal betting. The meeting adopted a resolution i-g'ng the Government to le'gislate to give effect to these proposals. Mr. Riddiford was re-elected presilent for the ensuing year.