' t , y os y | i \

Hamilton-Wentworth Transit Commission

Second

ANNUAL REPORT on

The Hamilton Street Railway Company The Canada Coach Lines, Limited Safety Service & Adjusters Limited

1978

URBAN MUNICIPAL

(AN 17 19S GOVE |MENT DOCUM=NTS

INDEX

List of Commissioners and Executives .............0...000- Pomuaissiorers Report to Regional Gouncils., 4... 4.5 > 6: General Manager’s Report to the Transit Commission........ TAGLEOSRE” Nie 00) 0 A Nee Oe av ne OR cre

The Hamilton Street Railway Company—Balance Sheet ......

The Hamilton Street Railway Company— SiaeMnG tect CtAlmech MarmIn@s (me.ee rs 0. alts nk ee

The Hamilton Street Railway Company— SlarememisOnGapitals Reserves ctOn. 4-0.\.0. sa4y pace nae aes)

The Canada Coach Lines, Limited—Balance Sheet...........

The Canada Coach Lines, Limited— Siatements of Parnings and Retained Earnings....-........

PaCitonswN OlCS_tOnFinancial Statements .... . ss oils ci-e-s ow ee

Safety Service & Adjusters Limited— Palamee omccteanae statement of Earnings.) a. 06s a6. sa:

TALS GS ee eee ee, ws Paces WOE ae Re Vir SOR eae eee

19-20

al

23-26

Digitized by the Internet Archive in 2023 with funding from Hamilton Public Library

https://archive.org/details/hamiltonwentwort0Ounse_16

HAMILTON-WENTWORTH

TRANSIT COMMISSION

PATRICK O. VALERIANO JACK FARNWORTH J. PAT FORD

Re Ce eee Chairman

ed ETP RO ar Merete et hae Vice Chairman

NSIS te ee en Rete eee, RS ee eng Commissioner NE OV rw DAY LOR: | .00 i vials oes one Commissioner UP ESSILES CSIP QIN Se 2a er eR gamer Commissioner EIR LISI’ cy ORS oh ca ee Commissioner OMe INS ON 25. os cure ws Puls a ee vale om Commissioner PCD ONBARDO soi coy ek aoe Commissioner PRO Ey Da NEN a. oo eoter a chars Sake we. Commissioner INT NEE GING 1S iS ea ae Ex-Officio

THE HAMILTON STREET RAILWAY COMPANY

Bs, THE CANADA COACH LINES, LIMITED

EXECUTIVE OFFICERS

RINNE Ne COOK Te. cstlnseniewss ¥ ce kore ote General Manager

ie weno GE Reet nio ha Obie teeth a Ee Assistant General Manager pe ee aC KEIN Zieh ee we ae te: Comptroller

NEA ee SV Dole Gora. 3 55 fe te wae a oles Manager, Operations

Be em NOt 6 ES Seve w A Manager, Maintenance

Nia Joo WaN 5 AG 16) ORs AU Se paren eer Manager, Research &

SCNCOUICS —— acount Re ere Wi at te Wee Cancde oe a Traffic Manager — C.C.L.

a are eer ex, ee shi ea. teas Manager, Purchasing & Stores

AUDITORS

MacGILLIVRAY & CO.

To; Mis: A. Jones, Chairman and Members of Council, The Regional Municipality of Hamilton-Wentworth.

The Hamilton-Wentworth Transit Commission presents its Second Annual Report covering the operations of The Hamilton Street Railway Company, and its wholly-owned subsidiaries, for the calendar year 1978.

Audited Balance Sheets and Operating Statements, duly certified, have been placed in the hands of the Treasurer of the Region which reflect the financial position of each Company as at the close of the fiscal period on December 31st, 1978. The commitment to the Corporation for the de- benture instalment in the amount of $286,835 has been met in full.

The boundaries of an Urban Transit Service Area received Ministerial approval on March 3rd. Expansion of the Area to encompass the Civic Air- port and its environs was gazetted on November 4th in response to our subsequent petition. There followed the enactment of licencing By-law R78-175, operative within the U.T.S.A., which it is expected will provide an avenue for the substitution of an alternative method of furnishing the Airport ground transportation connecting service without the current onerous financial commitment required to sustain it.

The deteriorating condition of the Hamilton Bus Terminal premises is of continuing concern. Discussions early in the year with the owners have not been as productive as anticipated. While a recent announcement indicated that transfer of administrative responsibility for the Terminal to a Provincial agency would take effect at the close of the year, no change has as yet taken place.

Commissioners met with The Hon. J. Snow on October 17th to se- cure more detail on the Minister’s offer to install an Intermediate Capacity Transit System in Hamilton of the type under experimentation by the Ur- ban Transit Development Corporation. Since Commission plans for prov- iding for rapid transit had already progressed to a point where work to det- ermine an actual route alignment in the CBD to Mountain Corridor awaits only adoption of the Official Plan, the Minister’s proposal is very timely and will be explored in greatest detail.

Messrs. Bennett, Campbell, Carson and Stout retired as Commiss- ioners in December and their colleagues wish to acknowledge their contr- bution during their term of office.

The Commissioners also wish to express their appreciation to the Management and employees of the Companies for their part in the achiev- ements of 1978 and to extend to Municipal staffs our thanks for their assi- stance.

(Signed) PAT VALERIANO, Chairman (Signed) J. FARNWORTH, Vice-Chairman

(Signed) PAT FORD (Signed) A. H. JONES (Ex-officio) Commissioner Commissioner

(Signed) BRIAN HINKLEY (Signed) JAMES STOWE Commissioner Commissioner

(Signed) FRED LOMBARDO (Signed) M. G. TAYLOR Commissioner Commissioner

(Signed) PETER PETERSON (Signed) R. E. WADE Commissioner Commissioner

Hamilton, Ontario, February 20, 1979

To: The Chairman and Members of The Hamilton-Wentworth Transit Commission.

It is my privilege to review briefly in this report the operations of The Hamilton Street Railway Company and The Canada Coach Lines, Limited, for the year 1978.

A. THE HAMILTON STREET RAILWAY COMPANY

The recovery in patronage, noted in the 1977 Report for the final quarter, continued at a fairly constant rate throughout 1978 to produce a 3.89% improvement. Not included in this statistic are trips taken by the 9,240 holders of Pensioner Certificates. Comparative financial results summarized are:

1978 1977 Revenue rom @ perauousenw. 2.0) es $17,552,987 $16,308,240 Dinecl costs of Providing services...,081 7 16:759,525 15,646,696 Balance (applied at year end to meet Depreciation and Debt Setvice cial ges cacy. ee $ 793,464 $ £661,544

Fuel, power, materials, and employment costs rose again significantly and interest rates reached a new high. Total bus miles in regular route operations were increased 1.3%.

FARES

Adult tickets were reintroduced on January 25th in book form at 40 for $15.00. Agreement with the City of Hamilton for the retention of the Fare Equalization payment formula on a per-ticket-sold basis permitted the continuance of reduced fare privileges for classes of Special Adult and Student groups. Also continued was the annual charge to the City’s account of $100.00 for each elderly resident provided with a Pensioner Certificate (Pass). The Fare Stabilization factor for invoicing purposes was set at 25.27¢ per passenger carried. Ticket passengers, as a percentage of total passen- gers, declined from 63.5% to 24.9%, cash passengers rose from 26.6% to 50.9%, and Monthly Pass passengers increased from 6.6% to 21.3%. Monthly Pass sales grossed $1,746,500.

On April 23rd intercity fares were increased on the Burlington- Hamilton service commensurate with a general tariff revision for the subsidiary Company.

Charges to the Treasurer for Fare Equalization and Fare Stabilization payments under the formulae totalled $8,411,253.

PLANT & ROLLING STOCK

Additional temporary relief from the severe overcrowding of the Wentworth St. base was obtained with the demolition of five residences lying between our main building and Nightingale Street.

In April, an application for an appropriate rezoning of our Mountain property was successful at the initial stage.

An examination by DeLeuw Cather Canada Ltd. of Maintenance & Storage Facilities, required by modern standards to support operations of this type and size, was begun in July in conjunction with the Ministry of Transportation & Communications, Ontario, under a grant-in-aid.

The iC aes program for the remainder of the original 1951

trolley coach fleet was concluded in October with the delivery of 16 Flyer

Industries units at a cost of $1,884,449. Eight diesel buses were acquired

from Canada Coach Lines in preparation for extension of city-type serv-

ices further into Stoney Creek. At the year’s end, the fleet available os reve-

as operations consisted of 60 trolley coaches and 229 diesel and gas uses.

Capital grants totalling $1,501,228 were received from the Province during the year.

ROUTE & SERVICE CHANGES

On May Ist, the Upper Wellington route was extended from its term1- nus north of Limeridge Rd. to a new loop at Stone Church Rd.

On May 31st, anew branch of the Upper Paradise route began opera- ting west on Stone Church Rd. to loop at Amalfi St.

On Sept. 5th, the York leg of the Dundas local routes was discont- inued, the Ann leg rerouted via Ogilvie St., Governor’s Rd. and Creighton Rd., and the King’s Gate leg extended to Orchard Ave. At the same time the western section of the Hamilton-Dundas service was rerouted via Well- ington, Hatt and Bond Sts. to the terminus at King St. W. in Dundas.

On October 10th, the Parkdale route was extended southerly to a new loop on Mud St.

On October 10th, the Saltfleet Community service was rerouted from Mt. Albion Rd. westerly on Mud St. and Mountain Brow Blvd. to connect with the Upper Kenilworth route at Limeridge Rd.

Reconstruction of Hughson St. N. between King and Wilson Sts. dict- ated the substitution of diesel units for trolley coaches throughout July and August on the Barton and Cannon routes.

An application for exclusive bus lanes on Concession St. for a trial

period did not gain approval.

SPECIAL PROMOTIONS

The “Free Day” held on Saturday, May 13th, on operations in Hamil- ton and Dundas, when no fares were collected between the hours of 8:00 and 6:00 p.m., created favourable transit awareness In the community.

Media and on-board advertising to promote sales of the monthly Pass was reintroduced in the early Fall.

LABOUR RELATIONS

The Agreements with Local Union 107, A.T.U. were renewed, effect- ive April Ist, for a two-year period. The initial adjustment under A.I.B. guidelines in the median rate (Operator) increased the maximum in that Job Group to $7.59 per hr.; a second rate increase will take place on Jan. 7/79 adding a further 22¢ per hr., with an appended COLA provision.

On Sept. 18th, Local Union 1585 A.T.U. received certification to repr- esent, with a limited number of occupations excluded, all salaried employ- ees of the parent Company and its subsidiaries. Negotiations opened shor- tly thereafter for the AG agreement with this Local.

B. THE CANADA COACH LINES, LIMITED

The increase in gross revenue developed through new tariff structures was more than offset by the increase in gross expense. Regular route reven- ue improved 3.9%, charter gross increased 11.3%, and express income gained 6.3%.

Comparative results in summary are:

1978 1977 Revemlen (Oma@ pC auOlise... 6d eo enone $ 4:012176°-$) 3.675100 Direct costs Omproviding Services <. samc 4,475,439 4,294,735 Balance (applied at year end to meet Depreciation and Debt Service Charges); a. hee sae $ (463,263) 3. (4195549)

Debt service and depreciation charges in the amount of $180,293, lower since no new vehicles were purchased in 1977 and 1978, brought the total deficit to $643,556. An invoice to the Municipal Treasurer has been raised for this amount in accordance with the arrangement made with Council.

TARIFF AND ROUTE CHANGES

Complying with a Glanbrook resolution, the Binbrook-Hamilton ser- vice ceased operating on April 30th. Detailed plans for withdrawing service on all local commuter routes in Stoney Creek to be replaced by H.S.R. services were completed for imple- mentation on January 7,1979. On May 31st, Nordair Ltd. terminated the agreement for subsidizing

passengers carried on our Hamilton-Mt. Hope Airport route for their Jet- Connector service.

An increase in charter rates took effect on May Ist and in regular route tariffs on May 7th.

PLANT AND ROLLING STOCK

School contract operations were curtailed in the Welland Div., the frame garage building in Crystal Beach was torn down, and commensurate staffing reductions took place.

The active fleet at year end totalled 80 units allocated as follows:

Hamilton 44 Niagara Falls EZ Brantford 5 Welland 14 Cambridge 5

Conclusion

The slow-down of development in the community is reflected in the H.S.R.’s slowed growth. Economic pressure on the average consumer of substantially higher gasoline prices and automobile ownership costs appear to have had no discernible effect of any significance on our passen- ger volumes as yet. Careful monitoring of service levels will be needed in the months ahead therefore, to meet budgetary objectives within the pres- ent fare structure. Where H.S.R. service is being extended under agree- ments into Area Municipalities to replace C.C.L. commuter routes, an eff- ort should be made to ensure uniformity in establishing classes of fares and the qualifications for passengers under each class.

In The Canada Coach Lines, Limited, measures to correct the financ- ial imbalance have produced a limited result in controlling the deficit pos- ition. The conditions at the terminal station facilities occupied in Hamil- ton are falling below acceptable levels in spite of the steadily increasing expenditures for maintenance. It is now apparent that the structure in its present form has outlived its usefulness in that the expense of rehabil- itation and modifying it sufficiently to meet today’s standards may well prove to be prohibitive.

The “‘Inter-Regional Bus Transit Study, Oakville-Hamilton”’, con- ducted by the Ministry of Transportation & Communications, Ontario, in which our Management participated, has concluded that H.S.R. and C.C.L. services to Burlington should be integrated into the GO network, and that the service contracts for connecting bus links to GO rail-heads should be gradually transferred from the present carrier to contracts for service with C.C.L. Discussions are underway at staff level to prepare an implementation proposal for consideration by our respective Principals in the near future.

Respectfully submitted,

(Signed) F. A. COOKE, General Manager.

THE HAMILTON STREET RAILWAY COMPANY THE CANADA COACH LINES, LIMITED

Feb.2nd 1979. Hamilton, Ontario.

AUDITORS’ REPORT

We have examined the balance sheet of The Hamilton Street Railway Company and its wholly-owned subsidiaries, The Canada Coach Lines, Limited and Safety Service & Adjusters Limited as at December 31, 1978 and their respective statements of earnings, retained earnings, contributed surplus, and reserves for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests and other procedures as we considered necessary

in the circumstances.

In our opinion these financial statements present fairly the financial position of the companies as at December 31, 1978 and the results of their operations for the year then ended in accordance with generally accepted accounting principles applied on a basis consistent with that of the

preceding year.

MacGILLIVRAY & CO.

Chartered Accountants.

Hamilton, Ontario,

Rebtuary 2, 1979.

THE HAMILTON STREET RAILWAY COMPANY

BALANCE SHEET AS AT DECEMBER 31, 1978

ASSETS CURRENT

Clas ie tes hv cee tor SE ta ae ae a Working fundstadvanced to°emplovyees.7..145-a. ae eee SHOLt-tErMi nV eStats 7. t a ae ce ACCOUNTS TECCIVADIE 4 (Alas aoe ee Le ee eee Due from The Regional Municipality -

Of Hamilton-WentwWOrthc. mes sess eee Due from wholly-owned subsidiaries ................. Inventory of parts and supplies—

ALCAMELA RE! COSUs 2a 5.2.0 4 iehels a -TLx des ogc tte Aeee eae een ee Prepaid exmensess.% eiaua daisy ot e,.cee oe ane ee

INVESTMENT IN SHARES OF WHOLLY-OWNED SUBSIDIARIES (at cost)

The Ganada Goach Lines, Linnted 4. 4.5). 5. eee Satety Service é Adjusters Limited. snes. ee eee

FIXED (at cost) band, buildings and operating equipment. 2... 45ers

Accumulated depreciation: 5". 22s |e nee eee

o>» 1247/08

35,000 200,000 208,053

1,655,920 126,555

401,288 20350 4

2,999,299

916,500 13

9167515

17,083,728 852595059

8,824,669

$12,696,475

THE HAMILTON STREET RAILWAY COMPANY

BALANCE SHEET AS AT DECEMBER 31, 1978

LIABILITIES CURRENT Accounts payable and accrued liabilities .............. $ 1,430,311 Note payable —

Perione: Municipality of Hamilton-Wentworth ...... 1,000,000 Liability for tickets and passes held by public.......... 63.272 Estimated liability and reserve for public

Petey ee INS ee, alas sea cck ie RS a ci ag cae pune eee 295,009 mummemienoriionvor long-term debt, 0.5.45! os ak en ee 378,000

551665592 DEFERRED DEBT — less current portion (note 4)....... 834,000 SHAREHOLDERS’ EQUITY CAPITAL STOCK Authorized, issued and fully paid — ZO eOO snares without pat ValUxs. 2.0.5.5. one. sae 400,000 CONTRIBUTED SURPLUS TO FINANCIAL CAPITAL OES) CU IQS | Sy ae en ne a ae ee eee a 5,967,764

RETAINED EARNINGS

ROTA CISION tito ge ade ok olen ria! gain Rae Re mele o> LO 6 7h Since acquisition — Capital reserve for improvement PIGERe LAGE EN ay ce. ete fy ee ene Fn es 761,000

Pie ys oe ES,

8,695,883

$12,696,475

THE HAMILTON STREET RAILWAY COMPANY

STATEMENT OF RETAINED EARNINGS SINCE ACQUISITION

FOR THE YEAR ENDED DECEMBER 31, 1978

DIRECT REVENUES FROM - OPERATIONS = 3.3.2. naeeae Dat Pal be) AY fo FARE EQUALIZATION payments received from

The Regional Municipality of Hamilton-Wentworth .... 1,973,136 FARE STABILIZATION payments received from

The Regional Municipality of Hamilton-Wentworth .... 6,438,117

17,552,988

DIREGI“CGCOST OF PROVIDING SERVICES sa ee 1637595524

DEPRECIATION, being amount chargeable to recover proportion of original costs

of buses, buildings and equipment... 4... 412,086 RINANGE GHARGES (feta; «1.02 ake eee 94,543 17,266,453

EXCESS OF REVENUE OVER EXPENDITURE before providing for the following... .1.4.0) 1. eee 286,835

Deduct — DIVIDEND TO THE REGIONAL MUNICIPALITY OF HAMILTON-WENTWORTH (for payment of debenture;charges\ 4... ee (- $286,835)

INCREASE IN RETAINED EARNINGS FOR TR BE IS VAR sc, 5 let a Pte hous ee ee ee ee =

RETAINED EARNINGS SINCE ACQUISITION — DEgInNMNe Oliver .28 kaa ae oe ea —

RETAINED EARNINGS SINCE ACQUISITION — CTs OL-VEAT i. ssi ake Gels aoc WN enh eee $ —

THE HAMILTON STREET RAILWAY COMPANY

CONTRIBUTED SURPLUS TO FINANCE CAPITAL ADDITIONS

FOR THE YEAR ENDED DECEMBER 31, 1978

Poe Aas —- Desinning of Veal foi cee pe bans 2 ao $ 5,028,175 Add — recovery under Province of Ontario’s

Mansi Capital Assistance Program .0:.5. 60; 4.080463 1,501,228 Deduct — allocation to offset depreciation on

meeersminancea Dy above Program... 2264.5 etre becan ( 561,641)

Se EP ENALOL YCALs 2 5.02 cet ding oe be iw eed ee ne $ 5,967,762

STATEMENT OF CAPITAL RESERVE FOR IMPROVEMENT AND REPLACEMENT

FOR THE YEAR ENDED DECEMBER 31, 1978

BALANGE — beginning and end of year ............... $ 761,000

STATEMENT OF RETAINED EARNINGS ON ACQUISITION

FOR THE YEAR ENDED DECEMBER 31, 1978

BALANCE — beginning and end of year .............-- SoG 7 219

THE CANADA COACH LINES, LIMITED

BALANCE SHEET AS AT DECEMBER 31, 1978

ASSETS CURRENT CASH ete ai a ire ee ee $ 178,234 Working funds advanced to employees. -2 2.2. ee 19,009 ACCOUMS TCCEIVADIE 25 scGeas «oss abo eee ee 205,274 Due from The Regional Municipality of Hamilton=Wentworth: =. .0)..005 2. = see eee 643,556 Inventory of supplies — at average cost............... 6,429 Prepaid expenses, . =P .0. 2s. aye eee nae ee 63,673 LATS.i eS FIXED (at cost) Land, buildings and. equipment... i-...2. 440. .2e< ee eee 3,474,645 Accumulated: depreciation... .. 4206s sce ee ee 2,708,443 766,202 FRANCHISES AND GOODWILL i553. tae eee 255,000

$ 2,137,377

THE CANADA COACH LINES, LIMITED

BALANCE SHEET AS AT DECEMBER 31,1978

LIABILITIES CURRENT Accounts payable and accrued liabilities ..............$ 342,888 Unredeemable ticket liability — interline.............. 41,095 ——aielsy DHOlC . Sat 63,576 te FO) ASSOCIAICU COMPANIES .. 2. -- oe ee ee eee aa 209 Estimated liability and reserve for public 2 DLS VETTES Sieg SR ese inc meg 108,461 Sect ponmion of deferred debt............... 2.224... 74,400 728,679 DEFERRED DEBT — less current portion (note 4)....... 64,200 SHAREHOLDERS’ EQUITY CAPITAL STOCK Authorized less redeemed — 3,915 4% cumulative redeemable preference shares of the par value of $100 each 10,000 common shares of no par value Issued and fully paid — 0 SST or eee 10,000 TE PaRSPe ICON DING ey oe. cic G a a Waele no ees See eRe 1,534,498

1,344,498

$ 2,137,377

THE CANADA COACH LINES, LIMITED STATEMENT OF EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1978

REVENUE, FROM OPERATIONS) os oe eee $ 4,012,176 DIRECT COST OF PROVIDING SERVICES... ree 4 AT ee OO

BALANCE before necessary annual charges for depreciation ‘and debt servicing... Ge Ae. eee (. 4635263)

DEPRECIATION — being amount chargeable this year to recover a portion of the original

cost-ol buses, buildmgs-and equipments... s.caq aueee 176,054

( 639,317)

FINANCE GHARGES (etic. st ae eae) yee eee a2 OO ( 643,556)

GRANT — from The Regional Municipality of Hamilton=-Wentworth ) 4. ti...c soe ee 643,556

STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1978

BALAN Gie— Deginning ot veal... 42, cine a $ 1,304,498 PROCEEDS FROM SALE OFSCHOOLBUS ROUTES 2.2. 30,000

BATANCH--—*end*ol year. eee. ee $ 1,334,498

THE HAMILTON STREET RAILWAY COMPANY AND

THE CANADA COACH LINES, LIMITED NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 1978

SIGNIFICANT ACCOUNTING POLICIES

(a)

(d)

Depreciation —

The Hamilton Street Railway Company and The Canada Coach Lines, Limited record fixed assets at historical cost. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, with the exception of service cars, which are depre- ciated on a declining balance basis.

Recognition of Revenue —

Ticket and passes revenues are recognized when the tickets and passes are honoured on the vehicle. This treatment gives rise to an estimated liability for tickets and passes which have been sold during the year but which have not been redeemed or used at the end of the fiscal year.

Contributed Surplus—

The Hamilton Street Railway Company records as contributed surplus grants received under the Province of Ontario’s Transit Capital Assistance Program for 75% of the cost of certain capital expenditures. Annual depreciation on 75% of the cost of approv- ed assets has been charged against contributed surplus.

Franchises and Goodwill—

The Canada Coach Lines, Limited has valued this asset at histor- ical cost, and no amortization has been charged to operations.

SUBSIDIARY COMPANIES

Consolidated financial statements have not been prepared, as the companies’ operations are sufficiently different that it is considered such statements would not provide meaningful information to the municipal

shareholder.

oy

COMMITMENTS

(a)

The Hamilton Street Railway Company —

Thirty transit coaches scheduled for MelivenyenelOs 965... oa +c fs eee ee $2,622,030

Purchase of property from the

iy ean OMe ee ore a ee Eee 100,625

pany AAs Na Is

(b) The Canada Coach Lines, Limited — Three intercity coaches scheduled

for deliveryin’| 97OC sais sere ey ee ee

348,885

$3,071,540

It is anticipated that the transit coaches and the property purchase of

DEFERRE DODEBE

the Hamilton Street Railway Company will be eligible under the Transit Capital Assistance Program for up to 75% of the cost thereof.

The deferred debt comprises demand loans payable to bankers for

Hamilton Street Railway Company Being repaid at $4,000 per month ....... $ 48,000 Being repaid at $6,500 per month ....... 156,000 Being repaid at $21,000 per month ...... 1,008,000 Being repaid at $2,000 per month ....... — Being repaid at $1,500 per month ....... — Bemp repaid vat $2,700: per month... -4. — 121230008 Less instalments due in next twelve months shown as current liability...... 378,000

$ 834,000 $ 64,20

equipment purchases. The interest varies with the bank rate and at Decem- ber 31, 1978, interest was charged at 11-1/2% per annum. Repayment of these loans is in accordance with the following schedule:

Canada Coach Lines,

Limited

$ os

72,000 18,000 48,600 138,600

74,400

Total aggregate payments required to retire existing deferred debt

over the next five years are as follows:

Hamilton Street Railway Company | BOWES Bion Oe ee ON ee i eM eh turer mcrae 840," sea tt $ 378,000 VO SOL ges. dle Pad ceed on th ni Cal en Wes ens ceee ee ae 330,000 DOS a Pe a NS my SIO, aide vee er ae 252,000 POS he ah Che Seek la. Oc Toner cae A anes 168,000 1S Loko pete ee Re eer A NO ne ol oe Ar. 84,000

$1,212,000

Canada Coach Lines,

Limited

$ 74,400 40,200 24,000

$ 138,600

SAFETY SERVICE & ADJUSTERS LIMITED BALANCE SHEET AS AT DECEMBER 31, 1978

ASSETS

CURRENT COG a ee oars Ree rR eet ee ey Be $ 8,018 Eee TECCIVADIE 25 0b agent er hr ant aaeyan § lee va Ina ire 18,137 26,155

FIXED (at cost) Siiiceturiiure and equipment... ag). vane snes ta 7,689 Cem aled MepteclaliOlna. a. =a ce eae Agusan wet et 5,084 2,005 $ 28,760 LIABILITIES

CURRENT IDM erO@ads sOCIAteC «COM Paes ae. fet, onl oa ed ate ie $ 237295 PORGRINE CEN AD ILM Walin trict keys cheeses BA ee RA nee oe 425

Roe rA ¥

SHAREHOLDERS’ EQUITY

CAPITAL STOCK Authorized — 4,000 common shares of $10 par value

Issued and fully paid —

Me TT ITTLO TES IAAT CS cent 1 20. ste eee oi chi hh et ack ae eee 40

PEN OPE ARNIUNGS ink cca es hae d eke ous eee a

40 $ 28,760 STATEMENT OF EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1978

REVENUE

PT UTS COS Mee Pea emir c/ ae Pig space et we eS $ 122,088 EXPENSE

Bel SBANICIRCKOCTISES eo MicAinrt nua sx i gelina tao & earn § 1.954

Pee ET ROS te otter se te Ss oe Kos BDA g wim nd Scho 10,134

122,088

Sree Aki tNGS FOR THE YEAR. i. . 6 oun. aki des waives $ a

al

GENERAL STATISTICS — 1978

Revenue Passengers Carried....

PiMesmODerAled ¢ neice ies Ha Route Miles — Round Trip:

igebrolley Goaches., .....4.1%

(b) Motor Buses City

Suburban...

Revenue Vehicles in Fleet

6) ee gv Re ae for 8

@ te “@ ©) ce

Total Number of Employees (Dec.

0 Ney len 6. 1e--8 xe: (6.

Gross Payroll — 1978 Cost of Electric Power

Taxes and Licenses: Gas and Fuel Oil Property Oiierlaxcs and icensés... .

ef 0, Je. ped iO) wi ae: Ve Th! ‘e

oles) 4: ‘ence Sep ww Ke ‘s,s: 1¢ Je: "= “ss: @. <6

Total Taxes and Licenses

ste We

ORO) <0) le 16’ oe, Ot Key Te, 18) '6,

Revenue Passenger Carried per Mile

i) <4) ner 1e) <b. Hale “e,

SILAS ae

a 1.00 eh, ep bee fe! bl tay let

B.6F 656 oe ee 8 me

a te “0: fe) el (e ep eS Oe, 6S

ee) eek “6. Cin ethos Geis

a) Jel (6, Pee Kes (6) se 8. 8 fe

Principal Paid to Date on City Debentures ....

Installments due February 1,1979

Debenture Interest Paid to Date

oe 38. 6) a) er io! ve

fer (erie way ote eye) eee. ie.

Besa aliGss: 7 4 soa ook sh leas es Gasii Monthly Pass Tickets

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Table 3.

THE HAMILTON STREET RAILWAY COMPANY STABILIZATION AND EQUALIZATION PAYMENTS

Equalization

Special Equalization Pensioners’

Year Adults Students Passes Stabilization Total

1966 $ 35,000 $ 35,000 1967 60,000 60,000 1968 eM alles 157,190 1969 198,930 $ 24,723 a0 Ha BY Fe: 1970 204,068 254,184 458,252 1971 ee eO05 242,684 $ 62,753. “Sb. G49 al Lviz873 1972 129,592 294,096 rbowser: 1,313,594 2:2 12,006 1973 149,772 904,092 456,375 2,240,820 reas oe 2 he 1974 166,368 412,904 Slo al 20 cae 3,393,883 1975 35. B16 546,628 562,350 + A oe 5,443,853 1976 268,997 904,139 1952001 4,312,106 6,279,143 ros 2055/00 852,536 861,649 5,500,483 7,480,428 1978 280,962 789,985 SUA nag 6,438,117 SARI 233

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