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TILLING AND BRITISH AUTOMOBILE TRACTION, LTD.
Page 184
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Satisfactory Progress Continues.
The twenty-fifth ordinary general meeting of Tilling and British Automobile Traction, Ltd., was held on Thursday, February 14th, 1929, at Electrical Federation Offices, 88, Kingsway, London, W.C.2.
After the Secretary (Mr. W. E. Bennett, F.C.I.S.) had read the notice convening the meeting, and also the Auditors' report, the Chairman ,,(Mr. Sidney E. Garcke, M.I.Mech.E.) said :— Ladies and Gentlemen :— The balance sheet now before you die-. closes the altered situation in consequence of the enlargement of the activities of the company under the scheme set out in our previous report, and dealt with in detail by myself at the last general meeting. Although the size of the business is enlarged, and there arc, therefore, substantial alterations in the figures now laid before you, I do not think there is anything that requires special elucidation by myself, but I should like to point out that, in regard to the profit disclosed, it has to be borne in mind that the new capital is not yet fully productive, and, in respect of many of the additional investments taken over in the spring, a full year's dividend has not yet been received.
The issued share and debenture capital of the company now exceeds £2,000,000, all of which is invested in transport undertakings spread throughout the country. We have a substantial holding in many of the larger provincial omnibus concerns, and either directly or through companies in which we have a holding we are now interested in no less than 36 undertakings. The total capital of the undertakings in which we have a direct investment is close on £5,000,000, and they control between them approximately 4,300 omnibuses.
Conversations with the Railways.
Last Spring the Railway Companies promoted Bills in Parliament to secure powers to run road transport, including omnibuses. Their efforts met with considerable success, and a new situation was thus created. From the first, both road and rail transport experts have realized the many disadvantages which would result from increasing the already considerable competition on the roads by introducing yet another set of road passenger vehicles owned and operated by the Railway Companies. There are many practical difficulties associated with the problem of securing satisfactory permanent relations between the Railway Companies and the large group of omnibus concerns in which we are interested, but I do not consider it by any means impossible to bring about a full measure of co-opera tion which will remove the danger of competition on the road, and at the same time considerably benefit the Railway Companies by the joint development of traffic. Conversations intended to bring about these desirable results are now taking place.
Licensing Difficulties.
For many years past the public control of omnibus services, by no less than 1,331 different licensing authorities, hag been unsatisfactory. The Government have set up a Royal Commission on transport, and it is hoped that it will recommend some scheme which, while securing for the public a reasonable degree of control over the operations of the omnibus proprietors, will at the same time remove from the latter the menace of frequent incursions by irresponsible operators whose actions arc more often than not dictated by the desire to be immediately bought out, and whose operations are, therefore, designed to create the maximum amount of interference with the regularity of the public services.
Burden of Taxation.
Many of our companies are no beginning to complain of the serious burden of taxation. I am not referring to general taxation so much as to that which has fallen specially upon our industry. A great deal of propaganda has taken place in the Press designed to show that the motor movement as a whole does not pay its proper share towards the cost of the roads, but we who have to do our best to carry the public efficiently and at low Cost are beginning to feel that the public service section, at any rate, is bearing its full share, and the fact must not be overlooked that the roads are not merely traffic-ways for, vehicles, but are utilized for a .variety of other purposes. Since transport is the agency of all industry, every increase in the burden of taxation on transport is a burden upon industry itself. Every increase in taxation on our section of the transport industry has to be passed on to the travelling public, if not in actual increase in fare, then certainly' in • some -form. of reduction of
The Directorate.
In connection with the scheme set out in the last report whereby we acquired from Thomas Tilling, Ltd., and from the British Electric Traction Co., Ltd., and others further substantial holdings in omnibus undertakings, it was arranged, as explained to you 'at the last general meeting, to invite those companies to nominate additional directors to srepresent them on this Board. In conformity with that proposal Messrs. J. F. Heaton and R. hi. Tilling, directors of Thomas Tilling, Ltd., and Mr. R. J. Howley, a director of the British Electric Traction Co., Ltd., have been appointed directors of this company. These gentlemen are very familiar with the conditions appertaining to the omnibus industry, and their addition to the Board will, I am sure, be of great value to the company.
The past summer having been a fine one, the officers of all the companies in which we are interested have had a very busy time, and I should like to congratulate them upon the success of their efforts, and also to express the thanks of the directors and shareholders of the parent company. A great deal of the 'work involved in the merger scheme carried out last year fell upon our able secretary, Mr. Bennett, and I should like to express our thanks to him also.
The Chairman concluded by moving the adoption of the report and accounts, which were unanimously approved.
The retiring directors were re-elected and the auditors, Messrs. F. W. Smith Riches and Co., were reappointed, and, a vote of thanks having been accorded to the Chairman, directors and staff, the Proceedings terminated.