35 After full inspection of the proposed running track and the general layout, the Commission considers it a very suitable site for a registered course. Portion of this land, 86 acres 2 roods 28 perches, being subdivision ^JJJ? of 2 of allotment 3 of portion 2, county of Stanley, parish of Toombul, and described in certificate of title No. 248817, volume 1411, folio 57, was purchased about October, 1915, by one J. B. Sharpe, for £5,000. In November of. the same year, Sharpe conveyed the land to trustees for a syndicate for the sum of £13,000, which was paid, as to £4,333 6s. 8d. in cash, the balance being secured by a mortgage given by the trustees to Sharpe for the sum of £8,666 13s. 4d. In the same year, Sharpe assigned this mortgage to Mr. Wren, who in 1917 released it. By nomination of trustees No. 740332, dated 30th May, 1919, the balance of the land, 50 acres roods 27-8 perches, being resub. 4 of sub. 1 of allot. 5 of portion 3, county of Stanley, parish of Toombul, and described in certificate of title No. 151741, volume 935, folio 231, was transferred by one Alonzo Sparkes, to the same trustees in trust for the same syndicate, the consideration being £1,504 Is. As a result of these transactions, the syndicate became possessed of the total area now comprised in Doomben. Meantime, Messrs. Nathan and Wren, acting through agents, had purchased a controlling interest in the syndicate. In December, 1919, Doomben Park Recreation Grounds, Limited, was incorporated to acquire the property, which had meantime been improved by the syndicate. Pursuant to an Agreement, dated 24th November, 1919, the property was then transferred to the Company for the sum of £30,000, by registered transfer No. 783687. The land, which is still the property of the Company, was immediately mortgaged by registered mortgage No. 783688 to the National Bank of Australasia, Limited, to secure the sum of £3,500 and further advances. This mortgage is not yet released. The nominal capital of the Company is £75,000 in £1 shares, of which 39,757 have been issued. With the exception of seven shares, these are all held in trust for Messrs. Nathan and Wren. The improvements so far effected include a racing track 1 mile improve. 132 yards in circumference, with several subsidiary starting lanes and a straight track of six furlongs, a lofty external fence of good class, enclosure fences, including the provision of an extensive " Bird Cage," a large number of suitable horse stalls, and the construction of an extensive mound sloping to the proposed Paddock Grand Stand. The Paddock is already provided with numerous shade trees, flower beds, and extensive lawns. In short, by suitable expenditure on grandstands and other conveniences, and no great outlay on the track itself, the grounds could readily be made available for the conduct of registered meetings. At present a training track is in course of construction. ments.
Page:1930 QLD Royal Commission into Racing Report.djvu/35
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