Turning now to the balance sheet, you will observe that the amount owing to the company's bankers was Feduced to a net figure of $374,328.58, The Increase of $519,397.58 in rolling stock account represents the cost of two new buses purchased during the year and the completion of bodies for the eighteen new vehicles referred to in last year's report.
During the year six light weight Diesel Buses of small capacity, which had come to the end of their' econo mic lives, were taken off service abd Aaisposed of.
The balance sheet also records small Hems of capital expenditure under the headings of cars, Trucks and Mant, which do not call for special comment.
The following resolutions were passed unanimously:
That the board of directors be re-
Mee" G'S Meager, and ates, one caety 20d)
Text read from the printed page and cleaned; old type leaves the occasional error.