SIR J. F. HEATON SUPPORTS "UNIFICATION"
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" DO not be deceived by those opponents of unification who tell you that a great measure of co-ordination between road and rail already
exists. . . In public transport to-day it will 'be found, wherever one may look, that there are makeshift arrangements and anomalies. An extensive scheme of unification is urgently called for, and unless this is brought about we shall not have development on the right lines." This surprising statement was made by Sir J. Frederick Heaton, chairman and managing director of Thomas Tilling, Ltd., at the company's annual general meeting.
Pointing out that London Transport was to be taken over by the State, Sir Frederick said that, as a consequence, the Tilling company's large holding of C stock, carrying a standard rate of interest of 5i per cent., would be exchanged for a substantittlly lesser amount of Government stock, at an undeclared rate, generally assumed to be not more than 2J; per cent.