L.C.C. TRAMWAYS.

Auckland Star, Volume XXXIX, Issue 72, 24 March 1908, Page 5

L.C.C. TRAMWAYS.

05 , BGOS-SSEPINS.

EXPERT CSITICISMS.

{Beceived S.SS a.m.)

LOXDCES, March 23. -jlessrs. Peats and Pixley, the leading accountants, atcer an independent audit of the London County Council's trarcways, represent that the siethods of.keeping the accounts have unsound. _ Ihe displacement of horse i by electric traction, the report continues, has caused a loss of one million sterling. The application' of £'203,592 of the gainings of xhe horse system, to relieve jaie was unjustifiable, and ought to have been applied to meet losses.

[Xhe electrification, of the London iramways (-which are mostly excluded from Central London by the congestion of traffic) has been proceeding for the past seven or eight years, and is now abont complete. The net capital espenditare up to aSarch. 31, 1907, was £6,940,----310 11/. During 1906-7 the receipts £1,414,603 odd, and the expenditaiE -£1,075,116 odd, showing a surplus revenue on. rerarking of £339.487 "11/10. providing for various charges there was a net balance of £9,673 15/. Messrs. Pfeats and Pfcdey have been engaged by tteyreaent (Municipal TJeform) Council to examine the accounts of their predecessors in office (the Progressives). The" eriiieisin .of the tramway system has probsblv been issued as an interim report.]