A DEVON BUS COMPANY'S PROGRESS.
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During the year ended December 31st last the Devon General Omnibus and Touring Co., Ltd., made a profit of £16,423, after writing off depreciation, this figure comparing with 113,364 for the previous year. After deducting mortgage interest paid and accrued and the amount transferred to the fund for the redemption of mortgage, there remains a balance of 115,294, to which B48 has to be added a sum of £2,775 brought forward.
The genera! reserve fund receives an allotment of £5,000, whilst a dividend on the preference shares will absorb £7,000, thus leaving a balance of £6,069. A 10 per cent dividend on the ordinary shares will account for a further £3,000, So that the balance to be carried forward is £3,069.
Mention is made in the report of the fact that to replace some of the oldest vehicles with up-to-date rolling stock £23,574 was expended during the year, whilst orders were placed to the value of £27,000 for additional vehicles to be delivered early in the current year. The company now owns, directly or indirectly, a fleet of 132: motorbuses and motor coaches.