DIVIDEND FRACTIONS

Taranaki Daily News, Volume LV, Issue 97, 10 September 1912, Page 8

DIVIDEND FRACTIONS

HOW TOTALISATOR SIXPENCES TELL UP. Bj Telegraph—Press Association. Auckland, September 8. At a meeting of the Auckland Mutual Sports Protection Association, the question of dividend fractions was discussed. It was decided to call the attention of the Minister of Justice to the retention of sixpences in diyidends upon £1 totalisator tickets. The following letter was drafted, and it was resolved that it should at once be sent to the Minister. "I have t'he honor to convey to you the following resolution: 'That the attention of the Minister of Justice be called toi ,the fact that t/he Auckland Racing Olub for several seasons past have continuously committed a breach of section 35 of the Gaming Act, 1908, in that they have retained sixpences in dividends on one pound tickets.' "I am further directed to inform you that at the last autumn meeting of two days the money thus retained amounted to over £l5O. As this lias .been going on for several seasons a very considerable sum is involved. In one race alone at the autumn meeting over £l7 was retained. The position will be clear when it is mentioned that in working out tihe dividends they reduce everything to 10s chances, and* then, in order to arrive at the £1 dividend they merely double the dividend payable on 10s tickets, instead of doubling the actual dividend. "As illustrating this, in the race above referred to, the fourth race, St. George's Handicap, on the' second day of the A.R.C. autumn meeting, 1012, on the first horse (No. 5, Antoinette) there were 716 £1 tickets and 72S 10s tickets. The total on the machine was £OB7O 10s. When 10 per cent, commission ( £087) and a quarter for second horse (£1547) had been deducted the amount was reduced to £4641. Worked out on the 10s basis, the actual dividend on 10s tickets was £2 12s ll%d. This, doubled for the £1 tickets, is £5 4s The dividends paid were £2 2s Gd on 10s tickets and on £1 tickets £4 ss. The dividend on £1 tickets should have been £4 5s Od, according to the Act. showing that 710 sixpences were retained (£l7 18s). On second .horse (No. 2, Soultoria) there were 11,81 £1 tickets, and 2140 10s tickets, the amount for the second horse to divide being £l;>47 4g 3d. The actual dividend on 10s tickets was Os 1014 d. and on £1 tickets 13s Sy.d, The dividens paid were, on ' 10.9 tickets 6s Gd, on £1 tickets 13s. According to the Act, the dividend on CI tickets should have been 13s ild. so that 11 SI sixpences wen; retained (£29 10s 0d). "As the racing public are already heavily taxed by having 2s deducted from every £1 invested on the totalisator, it is but fair that they sOiould receive their dividends in full, as provided by law."