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144 
SOUTHDOWN'S VARIED YEAR
Page 50
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THE financial result of fares increases last autumn had fallen considerably below expectations, but traffic receipts and other revenue for the whole of the financial year were up by £156,100, said Mr. R. P. Beddow, chairman of Southdown Motor Services, Ltd., at the annual general meeting on Tuesday. And although trading profit was down by £61,000, lower income and profits tax left them slightly better off than in 1960.
Seven 36-ft. x 8-ft. 2-1-in. vehicles would be operated by Southdown this year and a further 40 in 1963; 73 new vehicles had been introduced during the past financial year. The Minister of Aviation's decision that permissive licences were not necessary for Hovercraft operation had enabled the company's licence application to be withdrawn, said Mr. Beddow.