This naturally upset our preli-minery estimates, with the result that we were faced with heavy expenditure for the raising of the centre of the course and turfing it or <aditional lighting to the track, the grounds and the various stands for many other refinements. that ave too numerous for me to recite or that would interest you nos. Ail this meant spending money which we had not got or provided for so your Directors Wed that it was desirable to male a new issue of 8,000 shaves a premium of 25 per cent. $2.59 per share. As we had not at that time of into our stride even started racing your board ved that it was & wie pre.
to ensure the success. of ow ise by having it under-and satisfactory arrange annie were crime to towards that sill have seen from the aes wfore yun that Chis expenses connected fon of the Companys con the dutild To turn now to the accounts for moment, it may have occurred to Some of you that the depreciation of buildings and plant as provided for in the accounts now before you is unnecessarily drastic, but your board have adopted the' principle that, despite the fact we have the option of purchasing the property where our Track is situated when the lease falls in, it is desirable to depreciate our assets that they will stand in our books at practically no cost at all when the period of our lease terminates. The same principle applies to the amount written off the cost of our dogs.
Some of you no doubt expected better results than Uhose disclosed by the accounts as presented, but you must not overlook the fact that We didn't start acting until the cream of the racing season wash well over and that these accounts thow the profit derived from only five" month and. during some of this time tie weather cstremicly cold, Terivdicalty, letters appear in the local papers about the dogg racing and the gambling that one 1 would like to take this opportunity ut that, matter whether it is the Stadium, Luna Park or the Canidrome our provided for.
that we have singe all our dou, 180 thal we Primary object is to provide good lean sporting spectacles for the public, no one is ever solicited to or to stake even one dol to recover sing even a lesser time in lot many of the nther places that one coat Er il we ove ate to the captain and officers at chip and to all connected deportation for which the thie we shipment of does Great Britain but unfor did pot turn out wuite wen turned our attention to a, as a recruiting ground, ratifying results, and a ment. of from arrived here in 1 hope that seen on the net few" weeks. tele lost our from heart that fee or in emerge verite and champion. our sheet dispose of all our Sincere Thanks to Helpers In couelugion, gentlemen, 1 would ike to make Special certain gentlemon te whom our sincerest thanks are due and sure th is respect at least, cou will reciprocate my senting They are to Mr. W. 1. Gerr who has Lorne the burden and heat Uf the day in organizing every th nected with the Stadium, and who 1 think should be sincerely.
tulated for the success of his" efforts. installed the To Gray who Hlerace the was able to make it ran suevessfull with the very minimum of delay spite of many unexpected troubles. To Mr. Evans, Mr. Quinnell and thers who work in the-office and Yo) all of the technical stof and trainers at the track. And lastly} Tut not least. to Messrs. Lowe, Kingham & Matthews for all the worl: they have done as secretaries, AS long as we have losel workers such as those I feel that vur fature fan extremely. ese hecauce where a dog, when vay doy Tam speaking of greyhounds prosperity is assured.
That is all T have to say, gentlemen, but before I formally' propose the adoption of the report and ac-
Text read from the printed page and cleaned; old type leaves the occasional error.