TEN PER CENT BUS DIVIDEND.

Evening Post, Volume CVII, Issue 102, 4 May 1929, Page 12

TEN PER CENT BUS DIVIDEND.

Dncetors of the Kelburn-Karori Motor .Bus Co., Ltd., in presenting the annual balance-sheet and profit and loss account report that business for the year ended 3ist March, 1929, showed an improvement on the previous twelve months. The profit*, after deducting £89S for depreciation ot buses, amounted to £273 4s sd, which with balance brought forward from last year, £29 2s, leaves available for distribution £302 6s od. The directors recommend that a 10 per cent, dividend on paid-up capital, absorbing £127 Is 3d, be paid to ■shareholders, that £10 be added to income tax reserve, and the balance, £165 3s 2d, be carried forward. The extension of. the service to the Council Chambers, Karori, was granted by the Transport Appeal Board, and buses now make this their terminus. To provide for increased traffic, and an improved time-table, a new Kt-seater bus was purchased at a cost of £1130, and has done good work. "We are still short of accommodation ai, the rush houra," state the directors, "and an application was made to the Licensing Authority on the Bth March for permission to put on a fourth bus. This has been refused."

The q lestion of improved garage accommodation has been kept steadily in view, arid it is proposea to purchase a suitable section at Karori terminus'. The building can be financed, and, when it is available for occupation, it will be possible to run the service more economically. Total number of passengers carried during the year' was 363,190, an increase over the previous year of 63,670, and total receipts were £4504 7s- Sd, an increase for the Same period of £1173 IBs Bd. Thanks to care and skill o£ drivers, there -were no Occidents of any consequence. Mr. \V. Simm, retiring director, offers himself for re-election. The retiring auditor, Mr. \V, G-. Talbot, is also eligible for re-election.