'The Company estimated that, an' increase in gross revenue" of 22.89 per cent. would be necessary to secure a return of 10 per cent. on invested capital, but the 'Treasurer and Controller estimated that if the US. tax were excluded from operating expenses and the depreciation matter was dealt with as indica' 24 by him the required return (without prejudice to any variation in the assessment of the management fee) would, be produced by. an increase in total revenue of roughly 12% per: cent. over that accruing under the existing tariff. Pending negotiations on the matters in dispute, he Fecommended a corresponding in-[crease in the tariff from April 1, 1935, Jand specified revisions of the proposed adjustments under four main headings by which it was estimated that the Company's gross revenue would be increased by 12! per cent. lover the present figure.
Text read from the printed page and cleaned; old type leaves the occasional error.