 In March 1874 the South Australian Jockey Club Company (Limited) was founded with Simeon Barnard as secretary and share capital of £1000; Ferry was one of the original purchases of a £5 or £10 share.Elder leased at peppercorn rental, later donated, the property on the Glenelg railway (later tram) line, near the Morphett Arms Hotel, to be known as the "South Australian Course" or "Elder Course" (and to the less charitable, the "Bay of Biscay course"), to the Company.The directors elected at the first general meeting of the Company were Sir Henry Ayers, Sir John Morphett, Thomas Elder, John Crozier, R. C. Baker, Philip Levi, Joseph Gilbert, E. W. Pitts, and H. B. Hughes, all highly influential gentlemen and racing enthusiasts.