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Todmorden's Buses: £31,250 for Half share.
Page 83
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It is announced that the cost of the half-share acquired by the London, Midland and Scottish Railway Co. in the undertaking of Todmorden Corporation is £81,250. Garages and plant remain the property of the municipality, and ratepayers are safeguarded by clauses stipulating that fares are to remain at the low level and that services will not be reduced.
Tilling and B.A.T. Report.
The report of Tilling and British Automobile Traction, Ltd., for the year ended December 31st last shows a record profit of £217,060, after charging debenture stock interest After adding the amount brought forward, a total of £242,003 is available. Interim divi
dends on the ordinary shares (£64,000) and the participating preference shares (£8,000) have absorbed 172,000, so that there is a balance of £170,003.
The dividend on the participating preference shares for the second half of the year absorbed £8,000, and it is now recommended that a further dividend of 2 per cent should be paid on those shares (making 10 per cent, for the year), and that a final dividend of 6 per cent. should be paid on the ordinary shares, making 10 per cent, for the year. After these allocations have been made and £10,000 transferred to the reserve, £118,000 remains to be carried forward.