RACING FINANCE

Sun (Auckland), Volume III, Issue 765, 11 September 1929, Page 13

RACING FINANCE

BURDEN OF TAXATION CAUSE OF STAKES REDUCTIONS ‘•I am sorry to have to inform you i that owing to a general falling off in totalisator and ordinary revenue, eon- i sequent upon the economic conditions j existing during the past year, the ! statement of accounts is not as satis- . factory as the previous season, for, after writing off £1,021 6s as an allow- i ance for depreciation on buildings and : plant, a loss is shown of £B7O 2s on. the year’s working,” reported the pre- j sident, the Hon. E. W. Alison, at the annual meeting yesterday of the Takapuna Jockey Club. The totalisator turnover for the season amounted to £167,716 10s, as against £206,22 3 the previous year—a decrease of £38,506 10s. The net re- ■ ceipts from the totalisator amounted ! to £16,216 9s 3d —a decrease of j £3,531 11s 3d, as against 1927-28 year, j “As members are doubtless aware, i however, reduction in revenue was not j confined to our club, for a majority of the clubs throughout the Dominion, including the leading clubs, were similarly affected. This is proven by the fact that the totalisator investments with racing clubs throughout New Zealand last season were £255,390 less than the previous year. “That the taxation imposed on racing clubs and the investing public is excessive and over-burdensome, is evidenced by the amounts paid by the club for the 1928-29 season, as shown by the following figures:—Government taxation (less refund of £250), £12,247 15s 4d: local rates, £579 11s Id; land tax, £152 9s 6d; making a total taxation of £12,979 15s lid, or £329 15s lid more than the total stakes paid away by the club during the past racing season, which amounted to £12,650. “Members will be pleased to know that, notwithstanding adverse conditions, the club occupies a prominent i position both in respect of the average stakes paid, and the amount invested I on the totalisator a day, as will be j seen by the figures. I now quote, viz.:— '

Taranaki Racing Club .. 1,824 24,084 “With such a substantial drop in totalisator receipts, and decline in other sources of revenue, your committee will, though most unwillingly, be compelled to reduce the stake money for the 1929-30 season. Members, however, can rely that the question of reduction will be most carefully considered, as it is the unanimous desire of the committee to maintain as high a standard of stakes as can prudently be paid. “You will be pleased to know that the Takapuna and Wynyard Plates — both with special weights—continue to be most successful, and are well supported by horse-owners. The entries for the Takapuna Plate, to be run next spring meeting, number 114, and for the Wynyard Plate to be run at the summer meeting, 107.”

Name of Leading - Clubs. fc£) o <$ O £ Auckland Racing Club . 5,'GOO 71,184 Wellington Racing Club 56,023 Canterbury Jockey Club 3,590 42,948 Takapuna Jockey Club . 3,162 41,979 Avondale Jockey Club . 3,017 33,604 Manawatu Racing Club . 2,470 30,806 Wanganui Jockey Club 2,331 25,420 Dunedin Jockey Club . 2,137 23,352