WAIKATO RACING CLUB

Sun (Auckland), Volume I, Issue 134, 27 August 1927, Page 13

WAIKATO RACING CLUB

ANNUAL MEETING NO FEAR OF LIQUIDATION (From Our Oxen Correspondent.) HAMILTON, To-da 3'. The annual meeting of tlie Waikato Racing Club was held to-day, Mr. G. W. Vercoe presiding. In moving tlie adoption of the report, Mr. Vercoe regretted that, financially, the club’s meetings had not been as successful as hoped. This was largely due to bad weather. Dealing with the course property, he said it comprised 29S acres, purchased at a price of £IOO an acre. Answering a question he stated that 80 acres remained unsold. It was true tlie club had to pay interest on it, and it was lying idle, but at the time of purchase the outlay was considered justified, and it was hoped it would return a profit in a few years’ time. The mortgagees had been approached to reduce the mortgage, but the best arrangement they were able to come to was to accept a renewal for five years at 6£ per cent. There were some who suggested the club would have to go into liquidation, but there need be no fears on that point. The president made brief reference to the Labour Day date, and said that while an arrangement had been come to between the Racing Conference and the Government it had not been published. but probably would be made known in a few days.