In the carly part of last year, some difficulty' was' encountered in dis posing of the old copper coins collected on our vehicles in the payment of fares, but the position was relieved when arrangements were made to send certain quantities to the Central Mint. The average rate of deprecia-ion on old copper coins for the year was 66.9 per cent. compared with 60.5 per cent. for the previous year.
'The amount spent on renewals account during the year was £14,500 and this has been charged to tne fund accumulated for that purpose. The main' items comprising' this expenditure were electrical equipments for tramcars and pheumatie tyre conversion sets for trolley buses.
When addressing you last year, 1 stated that our remuneration from the /Singapore Traction Company, Limited, in respect of the year to' September 20, 1995, had been paid less income tax, bit that the question of whether this payment was lable to taxation had been referred to the inland revenue authorities for decision.
Tam pleased to Inform you that the decision was favourable and the Jamount of £2.6444.1, being tax previously deducted, is included in the Jaccounts now presented.
For the first seventeen days of] October, 1995, the management partly cipation due to us by the Singapore [Traction Company, Limited, was £978.10, and this amount {s also in= cluded in the accounts.
All outstanding matters with the Singapore Traction Company Limited, have now been cleared up, and the severance of relations as" arranged Between the two companies, 1s com ete, Trolley Bus Extension In October last, our trolley bus {service which formerly terminated at the junction of Haining Road and Chapoo Road was extended to Chaoufoong Road along Haining Road, Yalu Road and Point Road. This was followed in November by a further! extension of our trolley bus system slong Dalny Road and Pingliang Road, from Ward Road to Lay Road.
Situated as they are in growing industrial areas, these extensions. are proving useful contributions to our: {rolley' bus lay-out as a whole, and] dol there is already evidence that the new services thus provided are mecting a public demand, this connection, ten additional trolley buses were brought into] service during the year, which raise the total for our trolley bus fleet to 109, The chassis for these new vehicles wore imported from England and the bodies were built in our own workshops in Shanghai.
The number of trolley buses already equipped with pneumatic tyres 1s 43, ud it is anticipated that a further 90 vehicles will be so equipped in the current year. Our programme provides that the whole of our trolley bus fleet will be running on pneumatic tyres by the end of 1038.
At the close of the year, work was in progress on the extension of our tramway track, in Yangtsz2po0 Road, to "The Point," and this extension was opened to passenger services In
Text read from the printed page and cleaned; old type leaves the occasional error.