Not a. Penny Piece for Haulage .Shareholders
Page 36
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BECAUSES. and S. Transport, Ltd., Nottingham, •had a hopeless deficiency, the shareholders would not receive a penny • piece between them, ME F. DirS, Assistant Official Receiver, told a further meeting of creditors last week (The Commercial Motor, May 9). Fie said a draft statement. of affairs had been submitted by Mr. M. S. Frank, a chartered accountant, who was one of the directors.
It showed liabilities of £19,696, which included a trade account of £10,800, sundry loan creditors for £4,103— including a claim for £3,275 from Mr. Frank himself—and .a hank overdraft' of £2,435. There were also .P.A.Y.E. tax expenses and arrears on hire-purchase instalments.
Assets were expected to realize £3,351, bringing the estimated deficiency to £16,345. To this, issued and paid-up capital of £5,000 had to be added, making a gross deficiency of £21,345.
"The position as regards creditors is not very good, and as regards shareholders there is a hopeless deficiency," he said. However, there was a possibility that assets might be slightly augmented later.
BUS STATION ASSESSMENT CUT BY E150
FOLLOWING an appeal by the United Counties Omnibus Co., Ltd., the gross rating assessment of their Derogate bus station, café, offices, canteen and other premises was reduced by £150 last week. The company had asked the Northamptonshire Joint Local Valuation Panel for a cut of £425.
Mr. S. K. Westbury, valuation officer, asked for confirmation of the assessment of £3,425 gross value (£2,851 rateable). He pointed out thatthe cafe was probably one of the most successful in Northampton. The bus station itself was near the town centre.
For the company, Mr. R. Davenport said buses using the station had to turn and reverse into the loading bays because of the confined space. He suggested a reduction to £3,000 gross value. The panel made a reduction to £3,275.
WASHBASIN FOR REFUSE COLLECTORS
MEMBERS of the Midland area of the Public Health Inspectors' Association were last week shown a device, invented by Cllr. W. E. Wright, by means of which the crews of refuse collectors and similar types of vehicle may wash their hands. It consists of an insulated 6-gal. tank in which hot water may be stored, and a galvanized steel basin.
The basin pulls down for use, exposing the tap, and when returned to the vertical position empties away the water. CUT. Wright is mayor of Solihull, and the unit was demonstrated on a corporation vehicle. He is also the principal of a heating and plumbing concern.
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