Monday July 12, 1937

l Chepstow Course – Liability of £38,000 Liquidated – Mr. W. R. Lysaght Thanked

It was announced at the annual meeting of shareholders of Chepstow Racecourse Company that, thanks to the generosity of Mr. W. R. Lysaght, one of the directors, the existing liability of £38,000 had been liquidated at very favourable terms.

Dealing first the accounts, the Chairman, Sir David Hughes Morgan, Bart., said they would notice on the debit side that the interest in arrears on the second debentures was £5,622 10s., and the sum owing to the National Provincial Bank on December 31, £38,429.

Sundry creditors were reduced by about £180 to £331, and the only item calling for comment was the somewhat large figure of £14,417 standing to the debit of the Profit and Loan account. Compared with a loss on racing of £1,953 for 1935, the profit last year was £1,141.

Racecourse expenses were heavier by about £100, and the administrative expenses practically the same at £1,541. Bank interest was slightly up at £1,725 and Race Club subscriptions were a little down at £1,170. Rents and miscellaneous receipts had risen considerably to £2,180, with the result that, after debating all bank and debenture interest, the loss was £37, compared with £3,326 for the previous year.

The directors were satisfied with that result and hoped the improvement would be maintained.

Referring to the sum of £38,000 due to the Bank, the Chairman said the Company’s bankers had been approached with a view to some arrangement being made to liquidate the liability and he was glad to tell them that they were met most generously by the Bank, who offered to transfer their first debenture with all arrears of interest, to the Company on very favourable terms.

The question of finding that sum had then to be considered, and their best thanks were due to Mr. W. R. Lysaght, who generously offered to find all the money immediately at a low rate of interest in order to enable them to take advantage of the Bank’s good offer.

The debenture had now been transferred into the names of the trustees, who would hold the debenture into the names of the trustees, who would hold the debenture upon trust for the shareholders subject to repayment to Mr. Lysaght and such other of the directors, who might participate in the loan. In order to make the best use of those terms it was essential to maintain the improvement which appeared to have set in, so that the interest could be met and the finances of the Company brought into better shape.

As would be gathered from the report the directors had invited Mr. Desmond Lysaght, son of Mr. W. R. Lysaght, to a seat on the Board, a position he had accepted. It was their hope that Mr. Desmond Lysaght would show the same interest in the Company that his father had displayed in so marked a degree.

They would agree that the racing last year was almost all that could be desired. Colonel Paine was showing the greatest interest in the meetings, and he left no stone unturned to popularise the course.

The Company continued to be run on economical lines and they were aware that the Directors had never drawn any fees or expenses since the Company were incorporated ten years ago.

The totalisator continued to be appreciated, and the Company were befitting considerably from it.

By special permission their contribution had been brought into revenue to enable them to maintain the prize money and to keep the course going and, as the position improved and the grant increased, it would not be allowed to be credited to revenue. Bearing that in mind they had applied for permission to use a portion of it during the coming year in the general renovation of the stables, which work was now in hand.

The Directors had also decided to devote a portion of the grant, as approved by the authorities, on the removal of the mound between the course and the St Arvans road.

That work also was proceeding by direct labour, and it was hoped that, when accomplished, it would be possible for the public to see the five furlongs start and keep the horses in view up the rise.

If, as hoped, the alteration had that effect, the expenditure would have been well worth while.

The Chairman moved the adoption of the report sand balance-sheet, and Lord Queensborough, who seconded, referred to the generosity of Mr. W. R. Lysaght.

Mr. Desmond Lysaght and Mr. Hastings Clay, the retiring directors, were re-elected, and the meeting confirmed the appointment as a director of Mr. Desmond Lysaght.

Mr. Desmond Lysaght returned thanks and Mr. W. R. Lysaght who acknowledged the re-election, said he had always been optimistic even in the worst of times.