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Penny On Reading Corporation Fares
Page 54
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ID EAD1NG Corporation Transport I would have a total deficit of £62,000 at the end of the current financial year, rocketing to £98,000 by the end of 1966-67 and to £85,000 in the following year. This was told to the South Eastern Traffic Commissioners, sitting at Reading last week, when the Corporation successfully applied for an all-round fares increase of ld., which is to come into operation on October 18.
The increase, the first for seven years, is estimated to bring in additional revenue of £69,000 in a full year, but the Commissioners were told that another increase might have to be sought soon.
Mr. G. Hicks, deputy borough treasurer, said that at no time would the revenue from the extra Id, meet the anticipated deficit either this year, next year or the year after. But in view of difficulties and uncertainties the Council felt it was wiser to apply for only Id. now in the knowledge that a further application might be necessary within a relatively short period if the increase did not produce the required revenue.
Transport manager Mr. W. J. Evans said he knew of no other undertaking which had gone so long as seven years without a fares increase.