Chairman tells of Oxford's 'paltry' profits
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DROFITS on bus operation by City of
Oxford Motor Services Ltd. fell last year from £66,341 to a paltry £8,500, said the chairman, Mr. W. M. Dravers, at the company's annual meeting in London on Wednesday. Investment income remained about the same and the company finished the year with a profit before tax of £42,900 compared with £102,711 the previous year.
And Mr. Dravers warned: "The immediate prospects in 1967 are not bright. Costs have risen faster than revenue. Wages will go up in July by 3+ per cent, costing another £30,000 a year."
He added that it was hoped that much of this increase would be offset by the elimination of restrictive practices as outlined in a joint declaration issued by both sides of the industry, and which the unions had reaffirmed their intention to honour. He warned: "But much depends on the speed with which the agreement can be implemented locally."
Staff shortages were one of the major problems for the company, said Mr. Dravers, since the standard of service which could be offered depended heavily on both the quality and quantity of staff available. Many staff recruited from other parts of the country had later resigned because they could not find anywhere to live.
"If redeployment of labour is to mean anything", he said, "then surely it must go hand in hand with the provision of housing."