Page:1930 QLD Royal Commission into Racing Report.djvu/29

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Up to 1927, proper books, from an accountancy point of view, were not kept. In that year, a new set of books was opened. These have since been kept by a firm of accountants. They disclose the manner in which and the purposes for which all moneys of the club are expended, applied, disposed of, or used.

As already appears, the amount of purchase money still outstanding at Financial 30th June, 1929, was £288,890. This amount is now payable at the rate, until complete 31st December, 1939, of £2,000 a month. The final balance, together with Contract, interest at 7 per cent, on all instalments which may hereafter become overdue, is payable on or before 1st March, 1940.

The club has no resources, other than future revenue, out of which to meet its obligations. The average surplus revenue, over the last three years, available for payment to the vendors, was about £23,000. During those years, however, less, than £200 on the average in each year was spent on improvements. There is nothing to justify an expectation of increased revenue in the near future; indeed, the indications point to a decrease. There is, moreover, the possibility of the loss of further racing days, of the fixation by The Queensland Turf Club of higher minimum prize moneys, and of competition by the opening of Doomben. On present appearances, it is, therefore, not unlikely that the club will have difficulty in meeting its instalments. Moreover, seeing that in any event a balance of about £50,000 will be payable on the 1st March, 1940, the effect of any substantial failure in meeting instalments may be serious, inasmuch as all arrears, with interest at 7 per cent., will also be payable on that date, and the total amount then payable may thus prove beyond the powers of the club to finance.

For the above reasons, the Commission considers that the club will be unable to carry out and complete its financial obligations.

(c) 'Tattersall's Club—

Tattersall's is a bona fide club. It consists at present of about one thousand two hundred and forty members, divided into two classes, ordinary members and bookmaking members.

The club was formed in 1883. In 1897 it purchased Deagon Racecourse, and conducted meetings there for some time. These meetings were not financially successful, and the club was compelled to mortgage the course, which was ultimately sold in 1911, on default being made thereunder, to Messrs. Nathan and Wren, by the mortgagees.

The club has at present no racecourse of its own, but holds meetings at Eagle Farm under an arrangement by which it pays The Queensland Turf Club £250 per meeting.

It is at this club that the settlement of wagers is effected after race meetings. The present rules were adopted on the 23rd October, 1923. Candidates for membership must be proposed and seconded by two members. Nominations must be in writing, and must be displayed in a conspicuous place in the club premises for at least two weeks before election.

Election is by the committee. Members pay an entrance fee of £3 3s. and an annual subscription of £2 2s.

The committee consists of six ordinary members and two bookmaking members, of whom three ordinary and one bookmaking member retire annually.