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Shareholders Less Than the Dust

14th July 1950, Page 35
14th July 1950
Page 35
Page 35, 14th July 1950 — Shareholders Less Than the Dust
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Which of the following most accurately describes the problem?

" THE passenger road transport

I industry is now probably the most heavily taxed basic industry in the country. The total amount paid by this company last year in national taxation was £207,000. This does not include the latest burden of the extra 9d.-per-gallon tax on fuel, which is going to cost us another £80,000 per annum."

Mr. J. S. Wills, Minst.T., chairman of the Western Welsh Omnibus Co.,

Ltd., made this statement at the annual general meeting, last week.

The amount to be distributed to you as shareholders is £65,975," he continued. "It is therefore apparent that the State has relegated the shareholders to a role of considerably less importance than that of very junior partners. I say of 'considerably less importance' because the State will still collect its crippling levies even if you, the shareholders, receive no dividends at all."

During the year under review, nine new services had been introduced to serve newly developed areas. Frequences on 46 routes had been increased and express-service work nearly doubled. There were now 49 inter-running and inter-availability arrangements with other undertakings. Inter-availability of road and rail tickets existed over 200 sections of route in the company's area.

Maintenance of stage-carriage fares at the low level at which they had remained for many years was now in jeopardy as a result of increases in costs. Before the imposition of the additional fuel tax, 44 per cent. of the company's stage-carriage services ran at a less.

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