U.T.A. Loses on Road and Rail
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THE annual report of the Ulster Transport Authority for the second year of its operations ended September 30, 1950, shows a trading loss of £213,633, against a trading profit of £52,303 in the first year. The aggregate deficiency for the two years is £544,216.
The diffeience between this total deficiency and the atrading loss of £161,330 for the (6vo years arises principally through the interest which the Authority is charged on its borrowings and its liability to redeem those borrowings.
The railways lost £323,098 last year. Road passenger operations showed a profit of £259,272, as compared with £359.231 for the first year, whilst road haulage incurred a loss of £162,429, compared with a loss of £93,128 in the previous year. The report states: "A review of the results of the Authority for the two years of its existence would indicate that road passenger transport may possibly lend itself to operation at a reasonable profit, though the volume of traffic may not be maintained.
" Road freight transport, on the other hand, is hardly likely to pay interest on the capital invested in it, and probably will be run at a loss, and the volume of traffic handled by it is likely to decrease from year to year as more private lorries are put on the road," the report continues.
" As to' the railways, there is not the business available which will enable them to earn a net revenue, and losses, at least in the immediate future, are likely to be substantial so far as they are concerned."
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