The Total of Motorbuses
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to be Permitted in London.
It is altogether premature to assert that the number of motorbuses in the Metropolitan Police area will be limited to a total of 3000. That matters arising from the congestion of surface traffic in certain parts of London's inner zones have been under discussion in high quarters, for some weeks past, is a matter of common knowledge. It is pure guesswork to assert that a fixed total of vehicles will be determined in the near future, and we would commend the careful perusal of our last week's article, entitled "Motorbus Welfare and Motorvan Trade," to those irrepressible writers in certain daily newspapers who are quite ready to come forward with a so-called solution which is as equally unsuited to the requirements of the motorbus industry as it is to the needs of the travelling public. London wants not fewer than 5000 motorbuses, and it may want more.
Any decision in favour of a fixed total of vehicles deserves to be reached last of all. There are several alternative courses which may be followed and given a reasonable period of trial, before any such drastic and arbitrary ruling can be justified. The hugeness of the Metropolitan Police area, which is enormously greater than that which falls under the jurisdiction of the London County Council, cannot be adequately served by a total of 3000 motorbuses. Of course, were that number of vehicles to be concentrated upon existing routes, there is no question that excessive user of many highways would result, but those who talk and write lightly of fixing a maximum of 2000 vehicles appear to us to be oblivious to the growing needs of many suburban districts into which motorbuses have not yet. penetrated. The demand for services will insistently arise, within the limits of the Metropolitan Police area, for scores of new services, and, in accordance with earlier proposals which we have made for lessening the unAeniable congestion which is experienced in many of the chief traffic thoroughfares already, it goes without saying that numbers of these prospective new routes will not extend either into or through the inner zones of traffic.
Something in the nature of a riwyetrasse will have to be arranged between the authorities and the proprietors. By all means let .us have suitable maxima 'settled for particular thoroughfares, but not until the 'fullest investigation has been made into the possibilities of even those thoroughfares which appear to be most congested at the nresent moment. Much has yet to be achieved before all avail is taken of the normal carrying canacity of such streets ; that position may be reached when their surfaces are properly laid and cleansed, when avoidable obstructions are eliminated, and when slow-moving traffic is kept to the near side by an increased measure of attention to this point from the police.
It is incorrect to imagine that motorbuses are run in thoroughfares where they are not wanted ; it is stupid to claim that there should be no partieulai limitations. The greatest stupidity of all, in our judgment, would be to settle some inadequate total for the whole of the Metropolitan Police area, and to ignore the pressing arguments in favour of requisite checks upon increasing pressure in the inner zones. Restriction to an inadequate total would merely forebode monopoly and insufficiency.
Greater London, which we average for motorbus purposes at a radius of 16 miles from Charing Cross, will be able to absorb 5000 motorbuses, with outstanding advantages for their proprietors, landowners, shop-keepers and—above all—workers of all classes. It will be a better bargain to wipe out the L.C.C. £12,000,000 tramcar incubus, than to hinder legitimate extensions. Without tramcars, London might require yet another 2500 motorbuses. We hope to see that day.
An Inconsistent Prospectus.
The prospectus of the Home Counties Transport. Co., Ltd., with a registered capital of ,2250,000, reached the offices of this journal after we had closed for press with last week's issue. We have reason to believe that the public response to the invitation to subscribe has been meagre. Having regard to the inconsistent statements in the prospectus, this reported result, if it prove to be true, should not occasion surprise to anybody. Several draft. prospectuses, which disclose a close similarity to the one which took final shape last week, have been in proof form and private circulation for many months past. We are, in fact, advised by several members of the commercial-motor industry that they recognize the promotion as one which was brought before them "long ago."
One of the principal inconsistencies which we notice is that relative to estimated total expenses. A paragraph on page 2 of the prospectus states that the total expense per mile, inclusive of general office exnenses, directors' fees, depreciation, etc., for L.G.O.C. motorbuses, is 7.32d. per mile. It proceeds : "The cost of running lorries and steam wagons should not exceed this proved figure." In spite of that expression of opinion, for which the directors are responsible, the very next paragraph in the prospectus is devoted to an engineer's report, which estimates the total expenses, including the above-mentioned items, at 9.3d. per mile. In another part of the prospectus steam wagons are stated to cost Eid. per mile. Presumably, an intending shareholder had to take his choice between the various figures. Petrol is reckoned at 8d. per gallon. The intended profits, that were to have gone into the pockets of the vendor and promoter syndicate, were a generous slice, especially having regard to the fact that some of the terms of the agreements for freight were of such a nature as, in our opinion, to be onerous rather than of real benefit to the company. " Generic " Ltd., the syndicate in question, had agreed to sell the benefit of certain agreements, the exact advantage of which it is not easy either to ascertain or to assess, for the sum of 215,000 in cash and 235,000 in fully-paid ordinary shares. Out of this, the syndicate undertook to pay the preliminary expenses, estimated at 26000. Other formation charges were, according to the prospectus, to be as follow : 215,000 tor underwriting the 2100,000 cumulative participating preference shares ; 12500 for underwriting 225,000 of the ordinary shares; a brokerage of ad. per share on all shares allotted to the public on application forms bearing the distinguishing marks of brokers and other approved agents. Thus, not far short of 270,000 of the total capital, if subscribed, would have gone in promoting, underwriting, preliminary expenses and brokerage.
The weakness or strength of this prospectus, apart from the anomaly of several estimates for total working expenses per mile and the high formation charges, lies in the management. Any motor-carrying concern can be broken or made, no matter whether it start with or without definite contracts for the purchase of machines or definite contracts for the provision of traffic (presuming, of course, the absence of onerous traffic contracts), by its management. On looking at the names of the directors of the Home Counties Transport Co., Ltd., we find no obvious evidence that the board is possessed of such experience, and the prospectus gives no information as to the engagement or retention of a competent general manager or chief administrator. It is evident, too, from other prospectus statements, that the directors believe they can rely upon a high percentage of full loading, in both directions, but this, when one takes into consideration the areas to be served, is unduly optimistic. Their summarized estimates of profits confirm this weakness on the part of the board: for instance, on the figures shown, it is claimed that there will be a net profit of 8d. per mile run with each fiveton petrol lorry, and of no less than 16d. per mile run with each steam wagon and trailer. They are clearly ridiculous. Were these estimates capable of realization, existing haulage contractors, whose businesses are well managed, would already have become multimillionaires.
It is not unlikely that the directors of this company will have been disillusionized before our comment is published. Had they concentrated on a single county, their prospects might have been better. It is, also, a matter for regret that good possibilities in the way of carrying companies may have been prejudiced. It may be taken as a fundamental rule, nowadays, in connection with promotions for transport purposes, be they for the conveyance of passengers or goods, that the investing public will have none of them unless certified profits for a working term of years be embodied in the prospectus to the exclusion of mere estimates. That is, on balance, as it should be.
More Suitable Men Wanted to Train as Drivers for Steam Wagons.
If further proof be needed that the steam-wagon trade of this country is in a healthy state, it is forthcoming in the demand for qualified drivers. This promises to exceed supply, and we have good reasons for directing the attention of makers of this type of vehicle to the probable necessity for their improving the training arrangements now in vogue. When the over-type steam wagon began to overhaul its under-type rival, in the years 1903 and 1901, one of the principal aids to the progress of the former was the free supply of men who were accustomed to that class of road engine. Many hundreds of drivers were easily found, without the necessity for a costly period of teaching, amongst the ranks of the men who had previously been engaged upon traction engines, road rollers, portable engines and certain other allied types of agricultural machinery. Whereas it took a few months to train a man to handle the earlier patterns of under-type steam wagons, and frequently cost the owner not less than 250 per head in respect of damage done, no corresponding drawback affected the prospects of the over-type vehicles.
To-day it looks as though nearly all the recruiting channels had been exhausted—certainly of their best men. All the old road men have been absorbed. Hence, there are indications that fresh steps will have to be adopted to bring about an influx of new and suitable men who can be trained until they become qualified drivers for steam wagons.
So recently as our issue of the 17th inst., we published a query (No. 2040) from a would-be driver, and the responses which it has brought, both from owners and makers, fully bear out the position that we are endeavouring to outline. There is no doubt that many men of the wrong sort will aspire to the position of motor-wagon driver, and that questions of teaching and discrimination are not easy ones. Makers are, none the less, obliged to think about. future output and reasonable assurances for their customers that men will be forthcoming. In those circumstances, and especially having regard to the greater facility with which a man can become the driver of a petrol vehicle, we strongly recommend steam-wagon manufacturers to take on, as prospective drivers of their new machines, a certain number of men who already have gained, as mates to drivers or otherwise, a reasonable knowledge of stoking, steersmanship, attention to lubricators, and other steam-wagon duties. Men with some preliminary training, however slight that may be, will certainly stand a good chance of rapid advance to the lower grades of drivers' ratings, provided they apply themselves to the work.