Tribunal Increases Compensation
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THE Transport Arbitration Tribunal has increased the compensation for cessation of business, payable to Mr. William Elrick, 118-, Cornhill Road, Aberdeen, principal of Messrs. Elriek and Hutcheon. The value of vehicles and premises had been agreed, but the Tribunal had been asked to assess compensation payable for cessation of business.
The R.H.E. argued that 31 times the average net annual profit was a reasonable multiplier, whereas Mr. Elrick claimed the maximum of five years. The Tribunal has awarded a sum based on four years' average net annual profit.
In doing so, it commented: The test which we have to apply is the maintainability of profits brought into computation. Having regard to all the factors, we are of the opinion that the figure of 31 does not give sufficient credit to the prosperous nature of the business."
The Tribunal also decided that the Executive was not entitled to deduct front the average net annual profit the sum of £700 for'Istr. Elrick's remuneration as proprietor.
Mr. Elrick was found to be entitled to an adjustment in the computation of the average net annual profit on account of the increased carrying capacity of the lorries taken over by the Executive, as eompared with the carrying capacity during the years in which the profit was determined.
"FULL HOUSE" AT TORQUAY D ESERVATIONS from members for the Road Haulage Association's conference at Torquay, next week, have exceeded expectations. All tickets for the banquet have been sold.
The winner of the concours d'dlegance, to be held on October 18, will receive a cup known as the Upston Cup, presented by Capt. G. A. P, Upston. The concours d'elegance is open to all members of the Association,