of Overcrowding That gratifying "results were obtained in the operation of omnibuses in the Settlement Inst year and that the China General Omni- t bus:
Cou, Ltd., is makin steady, Brot were reported by Mr.
Amnhold, chairman, at the ith eral' meeting of the company id in the office of Messrs. Arn hold & Ca, Ltd., general managers, in the Sassoon' House, at 4p. on "Tuesday (Mar, 20), Mtr. Armhold was supported by Mr. C, H. Arnhold, Mr." Chun Bing-him,—Command: r FP. Davey, directors, and Mr. if. S.
riner, seeretnry. Shares repre: sented were 144,505, Mr. Armhoid stated that general progress was made following the recovery in the northern and eastern districts from effects of the Sinc-Japanese hostilities in Chapel, The institution of graded-tare system in omnibus charges to replace the fat rate system and the better relations between the, management and. the Workers resulting in the decrease of squeeze" by conductors greatly proved matters ealing with criticisms on overcrowding of buses, Mr. Armhold ex pressed the hope that the problem might be coped with by the employ mont of double-decked buses." Ho also pointed out that as a remedy, the company. provided subsidiary services at higher fares for those who, wanted higher standard comfort, but these services were not Well patronized by the public.
Gentlemen: Before proceeding to the consideration of the balance aheot, I should like to address a fow words to you regarding general progress and the position of your! company as it now' stands.
You will of course remember that the year 1992 was a disastrous one for is, when as a result of the Sinc~ Japanese conflict there occurred the devastation of Chapei and the teniporary abandonment of the northern and astern districts, causing curtailment of traffic which in turn involved your company' in heavy loss.
Those districts of the Settlement have now recovered and the number of units of the fleet. serving then: is again normal, Ju the month of May decided to revert to the graded: system—charging proportion to the di instead of the flat rate, or one for any distance method, and this alteration has been followed by. very satisfactory results. Another factor which has improved matters movement: which arose amon conductors? staff in the middle the year under review. The men approached the management. and explained that they. were. desirous of leading honest respectable ive secure in their employment, an that they hoped for the support and. assistance of the company to attain this end, This Was. wholeheartedly accorded with the result that. "'squeeze has to a considerable extent disappeared, and the company's receipts have greatly Your company is now on a paying basis and a steady profit is: being curned month by month.
The maintenance of satisfactory elations between your company and employees: continues to have th> sympathetic care of the senior members of your staff, every consideration Being given and every opportu. nity taken to improve conditions of Tabour generally as far as economic conditions permit. "It is gratifying, therefore, to be able to report that we have experienced no. difficulties disagreements with our. staff during the year, each branch of which: has worked" satisfactorily, thereby enabling the improvement the company's position to be attained and' consolidated, "Toeat currency conditions have become even, more chaotic than Hitherto, the pandling'of them ading to' the difficulties of the con-Guctors duties, which wore already sufficiently onerous. No fewer than fifteen different types of 20 cent In"cireolation, which while issued ieees of varying values have been and accepted "in. small numbers, by many of the exchange shops at full Value, are refused by them if ten-red! in any considerable quantity.
will be understood. that such a condition of affairs does not tend to increase the harmony of Telations between conductors and passengers, and it is pleasing to be able to report, that even F9, com paratively little friction arises.
It is devoutly to be hoped that Chinese Government, before to> Tong a period has elapsed, will find itself ina position to set subsidiary Iver on del a firm stabilized basis.
IN will probably be remembered thnt during 1982 a considerable lors was suffered from the depreciation of the copper-doling exchange. regret to have to inform you that his unfavourable movement. ce tinued during the year under review, the average rate obtained for coppers shaving depreciated a. further 5.63 per cent. which adversely affected the company's revenue to the extent of $98,000, In conducting a business of publ transport such as yours, the prove tion "of accidents" is a continual source of careful consideration. Such being the ease it is extremely, satisfactory to report that n great improvement has been attained during 1983 compared with' previous years, In the company's statistics, an accident, in the great majority of cases, is only a trifling mishap, collision with " rickshaw, wheel row or handcart doing no damage Koyond slightly seritening the pai, for example, Yanks as th accident, does a bax stop or rearnumier fight damaged bya rekshaw sha "The actual figures show that average of 80,00 miles was driven, for each accident involving. serious damage or injury, which considering the conditions of trae obtaining 1 Shanghai and the Tack of the Most, Fudimentary'road-sense on the Pa of many of the Inhabitants, may be considered an extremely" gratifying Dusing 1938 an arrangement has been in Being whereby the company carried 25 per cent. of the accident Fish involvloge damage to. material third parties other than fire Fish.
This han had such, satisfactory results that your board has decided {o"Inercase: the: company's share stich sks 0 '60°per cents "As soon 85 the Insurance Reserve justifies Ieig Intended to take over this class of rink entirely for the company's Sccount, and provided that the ratio of compensation payable on account of sceidents is na greater tham {ng the fast eight™yenrs, ft should Tot belong. before"a reserve will be accumulated, suificent to Justify considerable' reduction of inst "the policy. of employing Diesel engines to which T referred in my 2 policy of employing Diese-
Feport Task year is being continand, and an order for twenty-six of ths} 1 LW Gardner type, hasbeen placed." With these it fe intended Feplace petrol engines at present operating gear driven Filling Stevens buses After allowing for amortization of the new engin andthe wrt oft of thave replaced 'n satisfactory Economy will sti be apparent, trace: the "the lower "cent et fuel took place through the correspon dence columns of the local press, regarding the matter of overerowding of buses. The participants in, this correspondence appear to over-Took the fact that a greater degree comfort could only be provided if the cost of travel were consider. ably ineveased. It has been found that subsidiary services provided a higher fares in order to meet the requirements of those members of the public desirous of obtaining higher standard of comfort, are not patronized by a sufficient number of People to make their con operation an economic possibi sufficient number of people prepared to pay'a reasonable fare to ride in reasonable comfort.
It is hoped that the problem can coped with by the employment of double-decked Buses.
'While your directors' are willing!
take all steps economically pos sible to provide satisfactory trans. port for the general public, it would be'well for the latter to realize that crowding of public utility. vehicles at rushshours occurs in all. large cities, and is unavoidable.
Tt will be noted that the. Statement "of Accounts is' compiled. dollar currency. This is im accord ance with Government. legisiati abolishing the tael, and all comparisons between the year just closed and. that preceding it have been instituted in dollars.
The statement referred to has been in your hands for the necessary period and T presume I shall be meeting your wishes by taking it as reed.
From the profit and loss account you_will have noted that a profit of $123,371.91 has been transferred thereto from the working account, and that after allowing for interest and directors' and auditors' fers a balance of $4,806.46 remains. This amount has been deducted from the balance brought forward from the previous veer so that balance of $230,488 96 is outstanding!
the profit and loss account at the
Text read from the printed page and cleaned; old type leaves the occasional error.