Investments at £119,809 are down by £16,705. Except for the sum of £2,763 which fell in for redemption during the year, our portfolio of investments remains the same as for the preceding year, and the shrinkage in value is due to the conversion of certain local dollar securities to sterling at 85 pence per dollar as against 18 for the previous year. There is nothing further in the Balance Sheet requiring comment from me.
During the year under review 15 new trolley buses were put into service and 4 trolley buses, which had reached the end of their economic life, were withdrawn and written off.
At present we have a further 15 trolley buses (under construction partly by way "of additions to the fleet and partly as replacements.
Rolling stock and plant have been maintained at the usual high standard.
With regard to the future, your directors take the view of reasoned optimism and this has already been demonstrated in the form of additional capital outlay in respect of the new trolley bus route put into operation last year and will be further emphasized in the new route projected for the current year.
In conclusion I would like to take this opportunity of expressing our thanks to the General Manager, the Secretary and the Staff for their loyal and efficient -work during ʻa year not free from difficulties.
Text read from the printed page and cleaned; old type leaves the occasional error.