Tilling Co.'s Huge Interests
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AN insight into the Widespread ramifications of Thomas Tilling, Ltd., was afforded by Mr. John F. Heaton, chairman and managing director, at the company's annual general meeting.
Referring to the company's claim for compensation for the transfer of its London bus undertaking to London Transport, he said that, in the directors' view, the claim was by no means inflated. They held that the value of a commercial undertaking was dependent upon its profit-earning capacity, regardless of the cost of physical asset. The directors were satisfied that, had the company been allowed to develop its London bus business, in the ordinary way, the profits would have continued to expand. During 1928-1930 the adjusted profits averaged £158,145 per 'annum.
Mr. Heaton stated that the company was largely a holding concern, but it had a general 'motor business in which some 380 goods vehicles were engaged, whilst there was also the Brighton and Hove bus section.
Thomas Tilling, Ltd., held about 1,250,000 shares in Tilling and British Automobile Traction, Ltd., a company interested in over 20 bus undertakings. It also owned 93 per cent, of the ordinary share capital of the National Omnibus and Transport Co., Ltd., which is also a holding company with important interests. In addition to these concerns, Thomas Tilling, Ltd., held nearly all the share capital of the United Counties Omnibus Co., Ltd., and 75 per cent_ of the ordinary shares and 50 per cent. of the preference shares of Daimler Hire, Ltd., as well as having control of H. M. S. Catherwood, Ltd., and two smaller haulage companies.
Mr. Heaton stated that Il. M. S. Catherwood, Ltd., previously operated buses in Northern Ireland and the Trish Free State, hut, under the Trish Free State Road Traffic Act, 1033, the railways had taken over the bus services in the Free State, " I refrain from making any comment on the justice of this
step," he added. "Ti is clear, however, that the Act has caused great resentment on the part of the public." He thought that the impending legislation in Northern Ireland would mean that, in the near future, the Catherwood business, as at present constituted. would cease to exist.