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148 
RANSPORT HOLDING COMPANY
Page 15
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:tblicly-owned Corporation set up by the Transport Act 1962) -ofit L17,570,000 in 1965
Purposeful Management and Direction "These results are chiefly the product of a purposeful management and direction throughout all the constituent units of the Undertaking." para. 1.2) Commercial Objectives "The prime object of the Holding Company, and of all its subsidiary companies, is to provide first-class service on a commercial basis." (para. 1.11)
-The profits are some measure of the efficiency with which good services are provided, and these services are all the better for having to be provided on a competitive basis. A service subsidised on its day-to-day revenue account tends to be a poor service, and therefore meets the interests neither of the customer nor of the Exchequer. For every reason, therefore, the first objective of the Holding Company's policy is to concentrate on providing good and profitable services." (para. 1.12)
Structure "The operating subsidiaries are encouraged to join the various Associations and Institutions of the industries to which they belong. The Holding Company is glad to report that the unhappy splits and hostilities which formerly separated publicly-owned road transport undertakings from privately-owned have now been almost entirely overcome, and it is the firm hope of the Holding Company that this new situation can be preserved." (para. 1.15) "Further, the subsidiaries are encouraged to organise themselves, and to adopt methods and attitudes of mind, each according to the needs of its own type of
business, It has been of vital importance that the Holding Company has not sought to establish itself as a single or monolithic undertaking." (para. 1.16) "The almost personal Profit and Loss Account of each unit, and the matching of decentralised power with decentralised accountability which is thereby made possible, has been one of the keys of success." (para. 1.19) "Ultimate policy and direction on fundamentals rest with the Holding Company, and it is likewise one of its basic objectives to provide a firm and effective leadership." (para. 1.20)
The Future "The Board feel confident that the working out and application of national transport policy will, in the ultimate, take due account of the very real success and utility of the Holding Company—which was something in the nature of an 'experiment. Not that the situation of transport as a whole should be left entirely as it is. The Board have supported the view that certain changes are necessary, assuming that the public interest requires the provision of good and lively services on an economic and unsubsidised basis, individually managed and clearly accountable, but governed nevertheless by such general considerations of central or higher policy as may be sensible." (paras. 8.2 and 3)
"The Board see every reason, therefore, to expect that the future of the Transport Holding Company and its subsidiaries will, in one shape or another, be no less successful and useful -than its existence to date." (para. 8.4)