His father, Alston, was president of the club from 1956 to 1962 and 1964 to 1968.

Mr Wallace has been associated with the club for 47 years, serving as president from 1972 to 1977 and 1992 to the present as president.

So if anybody would know the ups and downs of the club over the past 50 years it would be David Wallace.

11972. Two furlongs worth of running rail on the back stage of the course fell down. No more racing was allowed until it was fixed. "We didn't miss a meeting," Mr Wallace said. (See 1. in highlights list);

2 1973. Grandstand, which had stood since 1864, was condemned and demolished, including toilets underneath;

3 Regularly running out of money. "We were always battling for money," Mr Wallace says. "For one race meeting the committee members had to give personal guarantees for the prizemoney  before we were allowed to proceed.";

4 The council taking so long to recognise the economic benefits flowing to the local community by granting a half-day holiday;

5 "The demise of the Invitation Stakes, which was bigger than the Albury Gold Cup, the Base Hospital Cup and the St Patrick's Cup," Mr Wallace says. "They were all great social events and were charity race days. Unfortunately, interest waned and we could not afford to keep running them."

But Mr Wallace says the highlights always exceed the lowlights.

"And you only need a couple of them in your life," he said.

"The crowd at the Albury Gold Cup has risen from 2000 to 15,000, thanks in a large part to the CEOs we have had running the club, such as Peter Stubbs, Paul Carroll and John Miller.

"Peter and Paul came to the club as rookies and went on to have the top jobs at Canberra and Geelong.

"And John Miller has done an amazing job. We also have been very fortunate to have the support of many sponsors, particularly Cooper Tools and the Albury Commercial Club."

1 1972. The rebuilding of the running rail that had fallen down (See lowlights 1.). "We were able to do it through a government unemployment scheme," Mr Wallace says.

2 1974. The Albury Racing Club was the first club in country NSW to get a grant through the new NSW Department of Racing. The money was used to build a new grandstand, toilets and cafeteria;

3 1980. Moving the administration office from Dean Street out to the track. "It is much better having it out there," he says;

4 Richard Freyer, a local boy from Corowa, winning eight Albury Gold Cups. "I've known him for 70 years and his father Jack was good mates with my father," Mr Wallace says;

5 2009. Receiving grant from Race Course Development Fund to build new sand training truck. "The grant was for $600,000 and we had to put in an additional $200,000," he says. "But the biggest highlight was the granting of the half-day holiday.

"Without it the cup carnival would not be anywhere as big and we would be struggling.

"It keeps us going for the rest of the year."