A DEVON BUS COMPANY'S SUCCESk
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A Prominent Concern, Which Runs Buses and Coaches, Records a Useful Profit on the Past Year's Operations.
MHE Devon General Omnibus and .1 Touring Co., Ltd., which maintains a comprehensive network of bus services in parts of Devonshire from its headquarters at Exeter, has recently issued its report for the year ended December 31st last.
During this period the company made a profit of £26,658, and after deducting therefrom mortgage interest paid and accrued, and the amount transferred to a fund for the redemption of mortgage, there remains a balance of £25,479, the available balance being increased to £27,236 by the amount
brought from the previous year. This sum has been allocated as follows: by transferring £16,000 to reserve for depreciation on motorbuses and coaches, bringing this account up to l'50,(H)0 ; £2,000 to general reserve ; £434 for depreciation on plant, tools and fittings, and by paying a dividend, on the preference shares which will absorb £7,000. After making these deductions, a sum of £1,802 remains to be carried forward.
• The profit made by the company during the year was £1,855 in excess of that recoried on the previous year's working, and in view of the unsettled conditions which prevailed during a considerable part of 1926, the results are considered by the directors to be quite satisfactory.
The revenue account shows that £128,746 was received by way of traffic receipts, the total income being £134,030. On the other side of the account we notice that the traffic expenses absorbed £42875; management expenses, £8,803; cost of petrol, £21,940; cost of repairs and maintenance (including tyres), £32,678, and directors' fees, £1,408—a total of £107,704. It will thus be seen that the amount transferred to the net revenue account was £26,326.
The company's services were first inaugurated in July, 1919, and it now owns directly and indirectly a fleet of 117 buses and coaches. As announced in our columns quite recently, it took, over during the past • year theTorquay.Watcombe-Chelston service maintained for many years by the Torquay Cheiston Car Co., Ltd. The report mentions that Fleet Cars, Ltd., of Torquay, the capital of which is held by the Devon General Omnibus and Touring Co., Ltd., had quite a successful season, bearing in mind the conditions under which All transport undertakings operated during the year. The extensions of the Exeter and Paignton garages have been completed.