East Kent Finances Questioned
Page 35
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COMPARED with its commitments two years ago, East Kent Road Car Co., Ltd., has to find another E110,000 a year for wages alone. Of this sum, £.60,000 is a result of last year's Brierly award.
This was given last week as the reason for the second application for higher charges made by the eompany to the South Eastern Licensing Authority since last July. The application proposed increasing the fares to 33 per cent. above the pre-war level.
There were 19 objectors, including Kent County Council, To Mr. H. I. Willis', representing 16 local authorities, the general manager, Mr. R. G. James. admitted • that the estimates placed before the Ucensing Authority last year had been based on a miscalculation. The concern was, therefore, £80,000 better off (subject to taxation) than it had expected. This was partly the result of .the higher coach fares authorized by the Metropolitan Licensing Authority.
The present application would increase revenue by £80,500 0. year. Mr. Willis held that the application was not intended to meet any particular burden, but to provide the company with more net revenue than was expected last year. It was entirely premature.
Another representative of the objectors said that the concern last year had paid the usual 10 per cent. dividend and 15 per cent. bonus, although in July it had been suggested that without higher fares there would be nothing for the shareholders.
Mr. M. A. B. King-Hamilton. representing East Kent, said that present estimates indicated that if the application were not granted, the company would be left with a balance of £5,839 at the end of the year. The increase sought was not unreasonable compared with other commodity prices and the higher incomes of the public.
The Licensing Authority promised to publish his decision on February 20, saying that much had been placed before him which required most careful consideration. The main point of the proposals was the addition of Id. to fares from 20.-51d. and id. to those over 6d. except for a few which would go up by lid.
[Other news of fares appears on page 344