SlOm. Capital for Leyland
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A PROPOSAL is to be made at a L–X meeting of Leyland Motors, Ltd., on March 29 that the authorized share capital be increased from £3,433,866 to £10m. by the creation of 6,566,134 ordinary LI shares.
In his annual report, published this week, Mr. C. B. Nixon, chairman, refers to the need to provide a dual range of vehicles for the home and export markets. The position would not be alleviated to any extent by the proposals contained in the Government's road programme. This fell far short of the urgent needs of the country.
"We consider entirely wrong the suggestion to levy tolls for roads which should have been provided out of motor taxation long ago and which would impose a further financial burden on trade and industry," he states.
Substantial orders for long-distance vehicles had been placed by British Road Services, and for military vehicles by the Ministry of Supply.
Mr. Nixon promises that overseas expansion will be encouraged by developing service and sales branches, and local manufacture where prohibitive tariffs can be saved. The company had made a particular study of India, with the object of retaining and expanding the valuable business received from there in the past.
T.R.T.A., ELECTIONS NTEWLY elected officers of the West Midlands Division of the Traders' Road Transport Association are as follows: Wolverhampton Area, Mr. E. A. Betteley, chairman, Mr. G. H. Ratcliffe and Mr. A. Smart, vicechairmen, Mr. S. Ellingford, honorary secretary. Potteries Area, Mr. E. G. Dale, chairman, Mr. A. E. Booth and Mr. R. J. H. Nurser, vice-chairmen, Mr. H. Harvey, honorary secretary. Coventry Area, Mr. J. Delicate, chairman, Mr. J. H. Gutteridge and Mr. R. J. Knight, vice-chairmen, Mr. J. S. Russell, honorary secretary.