Leyland Preference Stock Issue
Page 37
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I N the Chancery Division on Monday Mr. Justice Wynn-Parry sanctioned a scheme of arrangement between Leyland Motors, Ltd., and the holders of its 6 per cent. cumulative preference stock and its 14 per ceni cumulative preference stock.
Mr. T. D. Divine, for the company, said that it desired to acquire the whole or a substantial part of the issued capital of Albion Motors, Ltd., consisting of 133,866 6 per cent, preference shares of £I each and 597,400 ordinary shares of £1 each. Leyland Motors, Ltd., proposed to make an offer to the Albion company's preference shareholders whereby they would receive, in exchange, an equal amount of 6 per cent, cumulative preference stock in the Leyland company.
This, however, was conditional on the company's being able to create and issue the necessary stock. Under the memorandum of association the company was not allowed to create further shares ranking pan i passu with the existing preference shares. The scheme, therefore, provided that the company should issue 133,866 additional 6 per cent, cumulative preference shares ranking pan i passu with existing cumulative preference stock.
GARAGE TENANCY DISPUTE WITH B.T.C.
ikDISPUTE between the British Transport Commission and Mr. George Thom, a Crieff motor engineer, over the tenancy of a garage, was heard at Perth Sheriff court last week.
Mr. Thorn presented a petition under the Tenancy of Shops Act, 1949, for the renewal of his tenancy of shop and garage premises occupied by him in King Street, Crieff. He stated that he first became a tenant in 1933, when the property was owned by the L.M.S. Railway Co., and that on May 26 this year he received a notice to remove on November 28.
He denied that he was in any breach of his tenancy contract with the B.T.C. and stated that there was no alternative accommodation.
The B.T.C. claimed that Mr. Thom sold his business some months ago to another person, who had since been using the premises without permission. Mr. Thom was therefore sub-letting without consent.
The case will be resumed on October 23.
M.P. ASKS SPEAKER FOR RUI1NG IN the House of Commons, fast week, 1 Mr. Peter Thorneycroft asked the Speaker whether the Minister of Transport was answerable for his actions whenever be entered conversals Lions with the British Transport Commission.
Mr. Thorneycroft said that last May, when there was a strike among Road Haulage Executive workers, the Minister consulted with the R.H.E. to decide steps to end it and measures to pass immobilized traffic to free hauliers. At that time, he asked the Minister about the work to be done by free hauliers, but his questions were held to be inadmissible because they concerned a matter for the B.T.C.
When Mr. Thorneycroft asked under what section of the Transport Act the Minister conducted discussions with the R.H.E., he was told that the Minister acted in discharge of his general responsibility and not as a function of the Act.
The Speaker stated that responsibility for nationalized transport lay with the B.T.C. and conversations between it and the Minister did not elver the position until the Minister gave a general direction. With regard to the Minister's claimed over-riding responsibility, the Speaker said that this did not come into action until a crisis had arisen. Before allowing questions to be asked on matters within the aegis of the B.T.C., he would have to be satisfied that there was such a crisis.
GLASGOW-SKYE SERVICE TO BE RUN
A N application by Neil Beaton, Ltd., 1-1Island of Skye, for permission to run a return coach service once a week between Glasgow and Portree, from May I to September 30, was approved at a sitting of the Scottish Licensing Authority in Portree, last week.
The service will operate from Portree to Glasgow on Fridays and from Glasgow to Portree on Saturdays. The return fare will be £2 10s. and it is estimated that abet 600 passengers will make the return journey during the season. The application was opposed by the Railway Executive, David MacBrayne, Ltd., and four bus companies.
Mr. J. H. Shields, northern area manager of the MacBrayne company, said that if the application were granted, his company might lose about 600 return passengers, and in the present circumstances it could not afford to do so. Its winter figures were extremely low, and only by gaining more traffic in summer could the company afford to run the service to the islands in the winter.
Announcing his decision, the Authority said that he was satisfied that the possible abstraction from rail and steamer traffic would be small.
C LICENCES INCREASE WITH PRODUCTION
'THE rise in the number of C-licence 1 vehicles was the natural result of the call for increased production. If a State service could be produced to equal in efficiency traders' own transport, it would be used, but at present traders could not be sure of obtaining the service they required.
Col. A. Jerrett, president of the Traders' Road Transport Association, made these remarks at a meeting at Stoke-on-Trent, last week, Mr. C. E. Jordan, chairman of the West Midland Area, said that if the full amounts reaped from road users in taxation were spent on the improvement of highways, road transport rates would become so low as almost to put the railways out of existence.
He forecast an attempt to restrict C licensees, partly as a result of pressure on the Government by the British Transport Commission.