AN IMPORTANT BUS COMPANY'S SUCCESS.
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The Remarkable Progress of the United Automobile Services, Ltd., as Revealed by a Review of the Past Year's Activities.
MITE fourteenth ordinary general
meetine' of the United Automobile Services, Ltd., was held a few days ago in Lomlon, when Mr. H. B. Hutchinson, al.Inst.T., managing director, presided. The chairman said that the accouul.s of the company showed a good profit—in fact, the best in its history. Out of a profit of £40,033, a dividend of 10 par cent. is to be paid, whilst £10,000 is added to the general reserve (bringing that fund up to .f..35,000) and leaving £13,1043 to be carried forward. It was mentioned that the assets of the company stood at a very reasonable
value, having been adequately depreciated every year.
Mr. Hutchinson referred to the steady increase of receipts from such items as season tickets, parcels traffic and advertising on buses. Such items were referred to almost as a sideline, but they provided most useful revenue, and Mr. Hutchinson is certainly right in his view that the increasing number of season tickets taken out shows the groWing reliability of the services in the eyes of the public.
It was mentioned that, during the year, the directors had secured the quoC41 tation of the company's shares on the daily list of the Stock Exchange, the result of which is to give the shareholders a readily marketable security and to enable the directors to obtain the new capital required on favourable terms.
Not only did the company make a very satisfactory profit during the past year but it also made substantial progress, although conditions during the year had, at times, been unfavourable.
Mr. Hutchinson referred to the various types of modern bus which are being put into service to replace the older types of vehicle, and made the interesting observation that few solidtyred vehicles were left. The majority of the company's buses are now shod with pneumatic tyres, and the vehicles are working to a schedule which enables higher average speeds to be maintained than formerly. During the past year the cost of operating the vehicles wan reduced considerably, and this factor had enabled the company to give the public the benefit in the shape of cheaper fares which, in turn, had brought increased traffic.
Dealing with the activities of the sales department, Mr. Ilutchineon said that more vehicles than ever had been sold in the past year, whilst business in regard to the manufacture and sale of bus bodies had also increased very materially. The coach factory has been enlarged to three times its original size.
We have already referred to the fact that the company has recently removed its head office to York. It has taken possession of Kilburn House, Fulford, a well-situated establishment, in order that its headquarters may be more central for controlling the various sections of the bin system. It may be interesting to call to mind that the company was registered in April, 1912, and that it now operates services in East Anglia and in the coalmining areas of Durham, Yorkshire and Northumberland. Something like 90 bus services are maintained over approximately 800 miles Of route, whilst motor-coach trips are run during the summer season.
• At the meeting it was stated that the company is introducing a system of training lads leaving school so that they can become qualified for driving publicservice vehicles.