FURTHER RECORD FOR NOTTINGHAM A NET surplus. after payment of
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loan 1-1 charges, of £282,894 (or VP per vehicle operated) was achieved by Nottingham City Transport for the year ended March 31, 1965. a further record for the department. Last year's surplus .was £227,518, itself a record, and £200,854 was used as a revenue contribution to capital expenditure in connection with the trolleybus to motorbus conversion scheme. The balance of £73.636 had been added to last year's surplus, making a total of £356.530 which, again, bad been used for a similar purpose. By this means excessively high interest rates were being avoided and the net loan debt on the undertaking had been further reduced and now stood at the relatively low figure of £292,500. Mr. John C. Wake, general manager, told The Commercial Motor it was the department's intention to make the undertaking debt-free.
The year had been a very difficult one as the conversion programme, together with economies to be effected by the introduction of high-capacity vehicles, had been seriously retarded by the delay in delivery of new vehicles, but it was now anticipated that the final conversion would take place on July 1, 1966. From that date the fleet would be based on a 12-year life, with a fixed number of replacement vehicles each financial year. The total net surplus. allowing for deficits, for the 20 years from 1944 to 1963 was £268,288, which had now been exceeded in one single year.
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