L.G.O.C. Report and Accounts.
Page 12
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The L.G.O.C. report and accounts for the year ended 31st December last have reached us. Figures or amounts which we give in parentheses refer to the corresponding items for the previous year, ended the 31st December, 1915. The company, under the provisions of the London Electric Railway Companies Facilities Act, of the 29th July, 1915, works on a pooling basis with the South London Railway Co., the Central London Railway Co., the London Electric Railway Co.,. and the Metropolitan-District Railway Co.
The aggregate gross receipts of the five companies from all sources were 26,038,529 (25,481,144), The aggregate amount retained by the five companies for "revenue liabilities?" as defined in the common fund agreement-, which includes working expenses, prior charges, reserves, and other specified items, was £5,531,562 (25,029,779). The balance of 2506,968 (2451,366) was credited to the common fund under the 'above-mentioned Act.. Under the terms of the agreement, the L.G.O.C. is entitled to 32 per cent, of this fund (46 per cent.), and it accordingly receives 2162,230 (£180,546). There is to be added to the amount which thus falls to the share of the L.G.O.C., that company's previous carry-forward of £23,237 (264,547). The amount available for dividend on the ordinary shares is accordingly 2185,467 (2245,094). The dividend on the ordinary shares for the year is brought up to 8 per cent, free of income tax (12 per cent. free of income tax). The carry-forward to 1917 is 221,418 (L23,237).
044 The report contains no particulars of the number of passengers carried.
It is stated that the company has expended 226,057 (20,494) on the purchase of land and the construction and equipment of new garages during the year.
Turning to the revenue account, general receipts are 23,092,736 (22,882,410). On the expenditure side we find: Traffic expenses, £1,603,178 (21,326,781); maintenance expenses, 2895,068 (2935,451); general expenses, 2190,534 (2149,911); depreciation, ,223,330 (223,748); reserve for contingencies and renewals 2175,000 (£175,000) ;_balance carried to profit and loss account, 2205,627 (2271,520). After deduction of the debenture and other prior charges, the balance carried to the balance sheet is, as indicated earlier, £185,467 (2245,094).
Attention is directed to the happy results of the "Safety First" campaign, a material reduction in the number of accidents having been noted.
The directors of the company place on record their high appreciation of the many valuable services rendered to the company y the Rt. lion. Sir Albert H. Stanley, P.C., now President of the Board of Trade, and announce that Mr, William Corwin Burton is performing the duties of managing director. We deal editorially with certain aspects of the position of London's passenger-transport services on page 544, inclusive of references to certain points in the balance-sheet which have not been examined by us with the figures given here-above.