Mexborough & Swinton Times – Friday 04 January 1929
Mexborough Tramway Company’s Bold Scheme.
Protection From Competition.
The Mexborough and Swinton Tramway Company have deposited a Bill for introduction into Parliament this session. The text has already been advertised this paper.
The Company seeks in this Bill power to continue the conversion of its system of tramway into trackless trolley services In Mexboro’ Swinton, Rawmarsh, Greasbro’, Conisboro’, Bolton-on-Dearne, and Adwick-on-Dearne A good deal of conversion has already taken place, and before the end of February it is expected that the original track from the Rotherham boundary to the Mexboro’ eastern boundary will have been superseded by the trolley ‘bus system, and for some years trackless services, recently , reconditioned, have been in operation between Conisboro’ and Mexboro’, and Mexboro’ and Manvers Main.
The Conisboro’ service baa been extended to the new village of Conanby, and through services are now being run from Conisboro’ to Manvers Main and Conisboro’ to Rotherham, both via Mexboro’. It is estimated that the total cost of conversion and extension, including rolling stock, will be In view of this heavy capital expenditure the Company are seeking protection against unreasonable ‘bus competition on the routes now operated or proposed, including an alternative route to Rotherham and a route through Rotherham which is at present jointly operated by the Rotherham Corporation and the Mexboro’ and Swinton Tramway Company.
By Clause 14 of the Bill, therefore, provision is made to restrict the running of ‘buses in competition with the Company’s service so long as this service adequately meets the requirements of the district.
Clause 15 is a purchase clothes, but the option to local authorities does not become available until December 31, 1957, or at the expiration of any 10th year after that date.
There is to be financial reconstruction, and the existing ordinary issued capital, amounting to under £175,800, now divided into 35,160 ordinary shares of £5 each is to be converted on January 1, 1930, into 52,740 ordinary shares of £1 each, a reduction of the existing issued capital by hundred £123,060 or nearly two thirds. The bill provides power to raise additional capital to the extent of £122,260 and to borrow £50,600 on the reduced capital in substitution of existing borrowing powers and having borrowed this amount, the company of then empowered to borrow a further sum not exceeding half the amount of the additional capital over and above £58,600.