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Staff shortage leads to fares increase
Page 40
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• Private hire and excursions had once subsidized stage carriage services but this was nearly impossible today because of the acute shorage of staff. So said Mr. J. L. R. Croft, representing the Northern General Transport Co. Ltd.. in Newcastle on Tuesday.
Northern General's application for fare increases between 'I d and 3d was approved by the Northern Traffic Commissioners.
Mr. Croft said it faced increased costs of £253,000 in a year. This was taking into account savings of £90,000 from standard bus grants and £20,000 from o-m-o. He expected the increases, which come into effect on January 1, to raise £315,000 a year.
The original application had been amended following discussions with a committee representing the 30 local authorities in the area, he said.
The company was entitled to aim for a commercial profit of one per cent above the prevailing fixed interest rate, said Mr. Croft, which at the time of the last application was eight per cent. A subsequent rise in the rate meant the company now had to aim for a profit of 10 per cent on the capital employed in the business.