£24,800,000 for Tilting: Initial
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Payment to Oswald Tillotson
QURPR1SE was caused by the announcement, last week, that Thomas Tilling, Ltd., expects to receive £24,800,000 for the sale of its road passenger transport and road haulage undertakings, with the exception of Ford, Ltd., to the British Transport Commission. Market prices of shares in other road passenger transport companies rose sharply.
The compensation is equal to nearly £6 per £1 stock unit. The issued capital of Thomas Tilling, Ltd., is £4,420,000. The Commission will have the benefit of profits since December 31 last, but wili pay interest on the purchase price, as finally settled, at 3 per cent. per
annum from January 1, 1948. , Only undertakings covered by the Transport Act, 1947, are affected and the company will retain its interests in the Comhill Insurance Co., Ltd., Daimler Hire, Ltd., Stratstone, Ltd., and F. Troy and Co., Ltd., and its subsidiaries; the London Passenger Transport Board C stock (now converted into Transport Stock), and the company's current assets.
Seven Years' Purchase According to reports quoted by "The Financial Times," the amount of compensation includes about seven years' purchase of average annual net profits. This is the maximum allowable for the loss of business under the Transport Act, which prescribes that two to seven years' purchase shall be awarded on the basis of the average net annual profits over the three financial years ending with the year immediately preceding the date of transfer.
Negotiations between the Scottish Motor Traction Co., Ltd., and the B.T.C. are stated to be proceeding smoothly, but no agreement is likely to be announced in the near future.
There is a great deal of speculation concerning the British Electric Traction Co., Ltd., although the company has declared its intention of maintaining its independence as long as possible.
Details of initial distributions made by the Commission to Oswald Tillotson, Ltd., for the company's holdings in the Bouts-Tillotson, W. V. Greenwood and City Express Motors cOncerns have been announced. So far, £2 5s. per share has been paid for the Bouts. Tillotson holding, £3 9s. 1.9d. per share for the W. V. Greenwood holding, and £9 5s. 5.9d. per share for the City Express Motors interest.
A further distribution is expected when the values of the fixed assets have been assessed, but it cannot be made until the accounts of the subsidiaries for the period ended July 31, 1948, have been completed.
The company, of which Mr. C. Holdsworth is chairman, has an issued capital of £313,444.
700 BALLAST MERCHANTS MEARLY 700 references are con
tained in the new list of members, issued by the Ballast, Sand and Allied Trades Association. It forms art up-todate index of sand and ballast suppliers in all parts of England, Scotland and Wales. It is arranged according to counties, and the location of pits is given. Copies can be obtained, free of charge, from the Association at 48, Park Street, London, W.I. NEW MAUDSLAY FOR EMPIRE
ANEW model has been specially developed by the Maudslay Motor Co., Ltd., Coventry, for operation in the Empire. It is known as the Mogul Empire Tipper, and is equipped with the A.E.C. 9.6-litre oil engine. The heavy-duty gearbox provides five forward speeds.
The metal-skinned cab has a ventilated double roof, and the 8-cubic-yd. all-steel body is tipped by Pilot twinram hydraulic three-way gear. The vehicle is 8 ft. wide, and is mounted on /1.00 by 20 tyres.
A consignment of Mogul Empire Tippers is awaiting dispatch to the Transvaal Provincial Road Department, and an example of the model will be shown at the Commercial Motor Transport Exhibition at Earls Court.
FUTURE OF TRANSPORT
THE North East Coast section of the Institute of Traffic Administration will hold its first meeting at 7 p.m. on September 30 at the County Hotel, Newcastle-on-Tyne. Mr. R. Dryden will open a debate on "The Future Position of Transport Under Nationalization."