Subsequent to this meeting legal opinion was obtained to the effect that the Company has the right under its franchise to increase fares ùp to the maximum permitted and this opinion was circulated to members of the Public Utilities Committee. The- Treasurer and Controller submitted the Com pany's profit and loss and appropriation accounts for the year ended December 31, 1938, and details of the increase in the monthly operating expenditure of the Company due to the fall in exchange, and pointed out that he was informed that the increase in receipts anticipated from the proposed increased fares would amount only to approximately 80 per cent, of the additional operating costs.
The Committee's recommendation together with the legal opinion and details submitted by the Treasurer and Controller were considered by the Council on May 31, when it was decided to request the Treasurer and Controller to communicate with the
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