B.E.T. Group Profit Slightly Down
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MET profit of the British Electric I 11 Traction Co. Ltd. for the year ended December 31, 1962, was /4,021,000. This was slightly less than the previous year, although still substantial, said Mr. H. C. Drayton, chairman of the company, at the annual general meeting last week.
Results of the bus companies for the year were about the same as in 1961, despite a decline of 2 per cent in the number of passengers carried, primarily because of the severe weather early this year.
Mr. Drayton reported that subsidiary Canadian Motorways incurred a loss of £488,000. of which 4363,000 was attributable to B.E.T. This compared with a loss of £273,000 in 1961, of which the B.E.T. proportion was £204,000.
Road transport interests in East, Central and South Africa, managed by the United Transport Co. of Chepstow, had another satisfactory year. Jamaica Omnibus Services, too, had a good year and showed a recovery of profits.
Discussing motor taxation and road expenditure, the chairman said that between 1909 and 1962, motor fuel taxation and vehicle and licence duties was £6,081,000,000 and the amount spent on the roads by the Government was £1,272,000,000 and by local authorities £1,994,000,000, totalling £3,266,000,000a difference of £2,815,000,000, which was a not inconsequential contribution by the motoring and road transport industry to taxation or the building of, roads— whichever way you liked to look at it.
The chairman said he would like to make it quite clear that from experience as bus operators, B.E.T. would not make any large profits by providing new or augmented services to cover passenger rail closures under the Beeching Plan. Indeed, he said, we may derive little or no benefit at all.