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'Record Profits for State Transport'

7th February 1964
Page 36
Page 36, 7th February 1964 — 'Record Profits for State Transport'
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I N its first full year of operation, 1963, the Transport Holding Company made a profit of over £12-} m.—an all-time record for the companies placed within the T.1-LC. by the Transport Act of 1962. This was stated by Sir Philip Warier, Holding Company chairman, at an Institute of Transport luncheon on Tuesday. The 16,000 vehicles owned by the road haulage (B.R.S.) companies carried over 16 m. tons of general merchandise during 1963 and both traffics and profits were growing, he said.

"We had our initial difficulties," said Sir Philip. "and a good deal of reorganization, but things are now settling in very well." The subsidiary and associated bus companies, owning about 26,000 vehicles, were, he said, covering almost 4,000 m. passenger journeys a year.

The T.H.C. had a highly flexible structure, he said; it provided a careful balance between the central control of policy, money and investment, and the selection of senior managements, and on the other hand the decentralization of responsibility for day-to-day operation.

Sir Philip said he felt that, given a continuation of commercial freedom, the Holding Company would not only expand and improve the services offered to the public but would also play its full part in modern development.

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Organisations: Institute of Transport
People: Philip Warier

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