the purchasers, together with another small area of 3 roods 10 perches, being subdivision 1 of portion 4, county of Stanley, parish of Kedron, being the land described in certificate of title No. 196418, volume No. 1170, folio No. 158, and together with certain other assets and the goodwill of the racing business then carried on by the vendors, for the sum of £250,000. This amount was apportioned as follows:—
|Land .. .. .. .. .. ..||£19,500|
|Sub. 1, Portion 4 .. .. .. ..||500|
|Moveable Assets and Fixtures .. ..||1,000|
|Goodwill .. .. .. .. ..||229,000|
This agreement is dealt with later in this Report and is set out in full in Appendix C.
Up to 30th June, 1929, a total amount of £36,833 6s. 8d. had been paid to the vendors in reduction of this purchase money, leaving a balance of £213,166 13s. 4d. still owing.
By a further agreement, dated 5th February, 1930 (also set out in Appendix C), the main agreement has been varied. The purchase price is reduced to £200,000. The balance still owing is to be paid at the rate of £7,000 per annum by equal monthly instalments for ten years, and at the rate of £8,000 per annum by equal monthly instalments for the next five years. The first instalment becomes payable on the 1st March, 1930. The purchase is to be completed by the 1st June, 1945.
No further sums have been paid in reduction of the purchase moneys since 30th June, 1929. The balance still owing, under the agreement as varied, is accordingly £163,166 13s. 4d.
Description of Racing tracks, &c.
According to a plan tendered, the racing track proper is 5 furlongs 209 yards in length, measured 3 feet from the rail, with a width at the winning post of 54 feet. At the back of the course the width is considerably less. The track is fairly regular in shape, with a finishing straight of about 174 yards. Starting lanes provide considerable straights for 5 and 6 furlong races.
The minimum curve, at the back of the course, is of about a 3½-chain radius. The other curves are of a radius of just under 4 chains.
The running surface for about 15 feet out from the rail is sand. Outside the sand, the surface is grass.
Inside the racing track is a trotting track about 4 furlongs in circumference and of a uniform width. The turns of this trotting track are of uniform radius and sufficiently battered for trotting. It has a surface of cinders.
The appointments embrace two public enclosures, a Paddock and a Leger. In the Paddock is a small grandstand seating about 250 people. The Leger is provided with a shelter shed. An automatic Hodsdon totalisator serves both enclosures. The Paddock is nicely laid out with trees, lawns, and flower beds,, About a hundred horse stalls are provided. The fencing is of hardwood and in good condition.
All appointments are in reasonably good condition.
There is no casualty room, but a motor ambulance is always present at meetings.