Sir William and Finances
Page 49
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REFERNCE to the institute's first
Ir. 'E financial loss in its history was made by Sir William Black, president, at the sixteenth annual general meeting of The Institute of Road Transport Engineers in London yesterday. , "For the first time in our history, we didn't make ends meet," said Sir William. -" Of course, this year was exceptional, with the cost of moving into new premises to contend with. It is the many extras such as legal charges, stamp duty and the like that have really made this such a heavy year financially.
"However, these will not recur next year and as the price paid for the lease can he spread over a life of more than 30 years. the budget shows a reasonably healthy forecast.
" Nevertheless, we have given hostages to the future and have taken on long-terra obligations."