INTERESTING B.A.T. DEVELOPMENTS.
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Results of the Past Year's Working and Details of Further Holdings in Certain Provincial Bus Concerns.
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THE report of the British Automobile Traction Cot, Ltd., for the year ended December 31st last, which has just been issued, shows that the revenue of the company for 1927 was 199,110. After; deducting administration and general expenses, income tax and interest on debenture stock, there is a surplus of £75,623, making with 110,416 brought in from the previous year a total of 186,040. As in the previous year, a sum of 110,000 is carried to reserve. After paying a dividend of 8 per cent. on 200,000 participating preference shares, it is proposed to pay a further dividend of 2 per cent., making 10 per cent, for the year, and a dividend at the rate of 10 per cent., per annum on 400,000 ordinary shares. These disbursements will account for £54,583, and leave 121,457 to be carried forward. The premiums of the issue of 50,000 ordinary shares in September, 1927, and on the 50,000 ordinary shares issued in February, 1927, amounting to 18,750, have been carried to reserve.
-As was indicated in our issue dated February 28th, the company has made arfangemerits to acquire further holdings in provincial bus undertakings. In this connection it is mentioned in the report that arrangements have been made to acquire from Thomas Tilling, Ltd., the British Electric Traction Co., Ltd., and other companies shares in various concerns in the majority of which the company is already interested. Fully paid ordinary shares of the company will be allotted in exchange for these shares.
The nominal value of the shares to be acquired from Themes Tilling, Ltd., is £546,993, from the British Electric Traction Co. 1280,808, and from other concerns associated with the British Electric Traction Co., Ltd., £92,524, the corresponding allotment of the company's shares to be issued in exchange being 526,832, 258,478 and 82,986 respectively, the totals being £920,325 nominal value of shares to be acquired, as against 868,296 ordinary shares of the British Automobile Traction Co., Ltd., to be allotted.
It is proposed to increase the ordinary share capital by 11,400,000, thus making the total authorized capital '12,000,000. In order to provide for further developments of the business, it is proposed to offer 331,704 ordinary shares to holders of the existing 400,000 ordinary shares at 22s. 6d. per share. When these and the above-mentioned ordinary shares have been allotted the issued share capital of the company will be 11,800,000, thus leaving 200,000 ordinary shares available for future issue.
In view a this latest development, the title of the company is to be altered to Tilling and British Automobile Traction, Ltd. An idea of the company's progress is clearly reflected in the following figures, relating to the bast three years :
The Merthyr Bus Question Settled.
THE Attorney General, represented by Mr. Buckmaster, applied, a few days ago, to Mr. Justice Clanson, in the Chancer,y Division, for a declaration to the effect that it was illegal for the Merthyr Tydfil Corporation to run buses beyond the Merthyr borough boundaries unless assent to such running was first obtained from the Ministry of Transport,. the local authority of the area concerned and the road authorities of any roads over which. the buses might run. An injunction was sought to restrain the council from running buses beyond its boundary without the sanctions mentioned in the declaration applied for and, secondly, to restrain the council from using towards the cost of the running of buses; outside the stated boundaries any of the borough funds. It was contended that running buses in these areas, except with the stated sanctions, was a breach of the Merthyr Corporation (1920) Act.
Mr. Buckmaster said that the defendant *council had now agreed to an injunction in perpetuity being granted against it in the terms of the application and that it had been agreed to treat the motion as the trial of the action. Mr. Justice Clanson assented to the proposed course and granted perpetual injunctions of this nature against the council.
We understand that these actions were carried out on the instigation of certain private operators, who desired to contest the proposal of the council to obtain permanent assurance as to whether it could legally operate buses and coaches during the summer in areas beyond the Merthyr boundaries.
A Useful Door Check Strap.
lt/rESSES. WILFRID OVERTON, ..1.31_Marsh Street, Walsall, Staffs, have recently patwited .rt novel type of check strap for doors. This fitting is provided with a form of buckle in the middle of its length, which prevents it from being trapped between the door and the pillar when the former is shut. Moreover, as this type of strap is
screwed flat at both 7' ends when placed into position, a straight pull is secured when the door is opened wide.
I will be seen from this brief description that the fitting possesses advantages on the score of its wearing qualities, be'cause, as a result of its special form of construction, it cannot normally be doubled up sufficiently to induce 'cracking of the leather. The provision against the strap 'catching and jamming the door when the latter is closed The Permakink is also a strong leacheck strap for ture of this efficient vehicle doors.. device.