Municipal Ownership of Street Railways With An Analysis of the Accounts of the
Municipal Ownership of Street Railways With An Analysis of the Accounts of the
James D James David Marwick
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Further, the accounts are regular'^ audited by chartered accountants of high standing, thoroughly trained in their profession and characteristically inde- pendent in the discharge of their duties, who would not tolerate any irregularities or permit of any equivocation. That the accounts are not submitted in the same form as that generally approved in America is of relatively little importance. The differences are merely matters of detail. The capital account, which records the expenditures by G...lasgow on construction and equipment, shows a charge of $10, 226, 450, of which $9, 916, 525 was borrowed money. This amount has, however, been reduced to $8, 879, 835 by means of sinking fund accumulations. The present capital liability thus averages $60, 000 per mile of single track. In comparing this liability with that of American cities some allowance has to be made for the differences in cost of labor and material in the two coun- tries. Comparative capital liabilities per track mile where the overhead trolley system is in general use: Mileage Liabilities City.
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