August 28, 1914.

THE OOLLIBKY GUARDIAN.

481

present trying times. A notice was posted at his lordship’s
head offices, at Walkden, last week, stating that he desires
it to be understood that he does not wish any business
consideration to prevent those working for him from
joining some branch of his Majesty’s service. The grant
will probably amount to one-half the wages or salary, and
it is expected that every case will be dealt with on its
merits. The men who go on active service will find their
positions open when they return.

Notts and Derbyshire.

The Timber Question.

The statement circulated in the district that Nottingham-
shire collieries have been shut down because of the failure
of the supply of pit props, is understood to be false. No
pit in Nottinghamshire had been closed. There is no
superabundance of pit props, but the shortage is not yet
acute. The statement that local coal owners have
approached the owners of forest land in Notts, and
guarantees of a supply of pit wood have been given, and
that woodmen are now cutting timber in Sherwood Forest
for Nottinghamshire pits, is also inaccurate.

The council of the Derbyshire Miners’ Association at
Chesterfield, on Saturday, passed a resolution appreciating
the action of those colliery companies who have decided
that the families shall be granted certain allowances of
money and rent during the absence of the breadwinner.

The 4,000 men and boys working at the Mansfield,
Creswell and Pleasley (Notts) collieries are contributing
Id. and ^d. per day—in the case of men and boys respec-
tively—towards the maintenance of the families and
dependants of their comrades who have gone to the front.
At Pleasley these contributions amount to 10s. weekly for
each family and 5s. weekly for the dependants of single
men. The Bolsover and Stanton colliery companies are
doubling these amounts, and are also allowing the families
and dependants of men who have been called up to live
rent free, in addition to supplying them with free coal.

Endeavours are being made to obtain something of a
local supply of timber for colliery use, and already felling
has commenced in the wooded districts around Newstead,
Annesley, and Bestwood. The main hope is fixed on the
stocks at the ports, as it is the practice throughout the
summer to collect as much timber as possible against the
time when the Baltic is closed during the winter. There
is also the possibility of obtaining supplies from Canada and
America if the situation should become strained. The use
by Basford Board of Guardians of pit props for conversion
into firewood in the labour yards has led to enquiries from
several local collieries, and the board have now decided that
the companies should have the opportunity of tendering for
some of the timber which is in stock, and which amounts to
several hundred tons.

The Midlands.

Water Difficulties at Keresley.

Progress in the sinking of the shafts of the new Keresley
Colliery of the Warwickshire Coal Company has been
impeded by the volumes of water met with in the red sand-
stone. On Wednesday a shot was fired in one of the shafts,
there was an inflow of water of 3,500 galls, a minute, and in
20 minutes the water rose 25 ft. When the three pumps
were got to work they dealt with 2,670 galls, a minute. The
boring in this particular shaft has been carried to a depth
of 200 yds., and it is hoped in the course of a few days to
overcome the inflow by means of “ coffering.” Work in
the companion shaft is altogether at a standstill owing to
the water. Some days ago work was entirely suspended
owing to the pumps being drowned out, and it required a
week to put things right.

Scotland.

Mr. W. King, who has been manager of Fordell Colliery,
Fifeshire, for several years, has been presented with a roll
top writing desk, together with a well filled purse of
sovereigns, from the employees of Fordell and St. David’s
Collieries, on the occasion of his leaving to take up a more
important mining appointment in Lanarkshire. Mr. King
is to be succeeded at Fordell by Mr. Cunningham,| who
hails from the Lothians.

Mr. Wm. Bauld, who for the long period of 13 years has
been under-manager at Glencraig Colliery, Fife, has been
promoted to a more responsible post with the Fife Coal
Company at Leven.

Tn consequence of the war, matters are turning out very
badly at several of the collieries in East Lothian. Two
pits have been completely shut down, as a result of which
350 men have been thrown out-of employment. Taking
Mid and East Lothian all over, about seven to eight days
per fortnight has been the average for the past three weeks.

Owing to the outbreak of the European hostilities, the
Carron Company have been compelled to close down their
mine at South Craigend Colliery, Stirlingshire. In respect,
however, that the company has been able to utilise the
greater amount of its own output at Maddiston Colliery,
work has been fairly steady in that district.

A point of some difficulty has arisen at Fauldhouse
colliery in West Lothian as to whether drawers drawing
to the pit bottom should or should not be responsible for
placing their loaded hutch on the cage and removing the
empties. It was claimed that if the management insisted
on this being done it would constitute a breach of the
Coal Mines Act, 1911. Mr. Robert McLaren, H.M. inspector
of mines, was called in to adjudicate on the contentious
point which had cropped up, and his opinion is, after
reviewing all the facts and circumstances, that there
would be no contravention of any rule or regulation under
the Act if the men complied with the instructions from the
management.

Immingham Coal Exports.—The quantity of coal exported
from Immingham during the week ended August 21 is shown
by the official returns to be as follows :—Foreign : To
Aarhus, 2,250 tons; Bergen, 1,544; Oporto, 1,429; Rotter-
dam, 5,065; and Stockholm, 1,046; making a total of 11,334
tons, compared with 48,920 tons for the corresponding week
last year. There were no shipments tQ coastwise destina-
tion, as was the case last year.

COAL, IRON AND ENGINEERING COMPANIES.
REPORTS AND DIVIDENDS.

Brightside Foundry and Engineering Company Limited.
—The annual report of the directors for the year ending
June 30 states that the operations of the year, after pro-
viding for depreciation and all charges, have resulted in a
profit of £7,161 2s. 2d., to which is added the amount
brought forward from last year, £1,953 14s. 2d., making
£9,114 16s. 4d. From this sum has to be deducted the
interim dividend at the rate of 5 per cent, per annum for
the first half of the year on £45,000 5 per cent, preference
shares, £1,125, leaving a balance of £7,989 16s. 4d. The
half-year’s preference dividend to June 30, paid on July 1,
has absorbed £1,125, leaving to be disposed of £6,864
16s. 4d., which the directors recommend shall be dealt with
—(a) in payment of a dividend of 10 per cent., free of tax,
on 40,000 £1 ordinary shares, £4,000; (6) placing to reserve
account £1,000; and (c) carrying forward the balance of
£1,864 16s. 4d.

Canadian Collieries (Dunsmuir) Limited.—The directors
announce that owing to the difficulties caused by the financial
crisis, and the necessity of conserving all the resources of
the company, they have decided not to pay, for the present,
the coupon falling due on the bonds of September 1.

Dalmellington Iron Company Limited. — The directors
announce a dividend of 2s. 6d. per share on the ordinary
shares, making 5 per cent, for the year, payable September
21 (free of income-tax).

Glencoe (Natal) Collieries Limited.—Authority has now
been received to pay the dividend, and warrants will be
posted to the shareholders.

Hill (Richard) and Company (1899) Limited.—The direc-
tors’ report for the year ended June 30 shows that the profit
on trading amounts to £10,233 2s. 10d., to which must be
added transfer fees and the balance brought forward, making
a total of £12,825 8s. Id., which the directors propose
should be applied as follows :—Directors’ remuneration and
travelling expenses, £700; depreciation on plant, etc.,
£1,500; on loose plant and tools, £171 Is. lid.; on office
furniture, £10 Is. lOd.; dividend on preference shares at
6 per cent, per annum, £5,400; dividend on ordinary shares
at 5 per cent, for the year, £12,031 3s. 9d.; balance carried
to next year’s account for the equalisation of dividends and
other purposes, £794 4s. 4d. With a view to strengthening
the board the directors have invited Mr. Malcolm Dillon
to join it, and his election will be submitted for confirma-
tion to the shareholders.

Midland Railway Carriage and Wagon Company Limited.
—The accounts for the year ended July 30 show a profit of
£24,908 Is. 5d.; adding to this sum the amount brought for-
ward from last year, viz., £5,324 3s. 6d., the sum to be
dealt with is £30,232 4s. lid. From this must be deducted
£5,000 set apart for the depreciation of plant and machinery,
£781 11s. 8d. part cost of the issue of debentures, £640 14s.
part of interest on capital during construction, together with
the debenture interest amounting to £12,395 12s. 8d., and
the interim dividend on preference shares, amounting to
£2,877 16s. 2d.; the available balance thus becomes £8,536
10s. 5d., which the directors recommend should be carried
forward to next year. An interim dividend was paid on the
preference shares for the half-year ending December 31 last,
but the directors regret that, in view of the present inter-
national position, they cannot recommend the payment of a
dividend for the past half-year. In accordance with the
resolutions passed last year, Mr. Jackson having retired
from the position of general manager, has been elected to a
seat on the board as a special director, and his place as
general manager has been taken by Mr. Herbert E. Allen,
M.Inst.C.E., whose appointment should be confirmed by the
shareholders. The dividend on the preference shares was
regularly paid to December last. The preference shares are
non-cumulative.

Penrikyber Navigation Colliery Company Limited.—
Interim dividend has been declared at the rate of 7| per cent,
per annum on the preference shares, and at the rate of 10
per cent, per annum on the ordinary shares.

Steel Company of Scotland Limited.—The accounts for
the year ended July 16 last show that after writing off
special expenditure amounting to £20,976, the directors
recommend that, subject to audit, £10,000 be placed to the
credit of reserve fund account, and that £23,437 be applied
to the payment of a dividend at the rate of 5 per cent, per
annum, less tax, carrying forward £21,116.

Stewarts and Lloyds Limited. — The directors have
declared the following interim dividends for the aalf-year
ended June 30 :—6 per cent, per annum on the preference
shares, 10 per cent, per annum on the preferred ordinary
shares, and a dividend of 6d. per share on the deferred
shares, to be paid on 31st inst.

Yickers Limited.—An interim dividend of Is. per share
(free of income-tax) has been declared on the ordinary
Cl rl D T*ACI

NEW COMPANIES.

Grimsley and Company (Leicester) Limited.—Private
company. Registered office, Queen-street, Leicester. Regis-
tered August 21. To acquire the business of engineers
now carried on by J. G. Grimsley at St. George’s Works,
Queen-street, Leicester. Nominal capital, £2,000 in 500
preference and 1,500 ordinary shares. First permanent
director, J. G. Grimsley. Qualification of above director,
£300. Qualification of any other directors, £100.

Jacobson (Richard) Limited.—Private company. Regis-
tered office, 50, Shoe-lane, E.C. Registered August 19. To
carry on business of manufacturers and vendors of life
saying appliances for mines, self-contained breathing appa-
ratus, oxygen reviving apparatus, fire extinguishers, smoke
helmets, etc. Nominal capital, £5,000 in £1 shares. Sole
first and permanent director, H. L. B. Crouch, 8, Manor-
place, Hornsey, N., specialist in life saving appliances.

Pinkney (Samuel) and Company Limited.—Private com-
pany. Registered August 19. To acquire and carry on
business of iron and steel merchants (being the business
formerly carried on by R. Farrow and S. Pinkney as Messrs.
S. Pinkney and Company at William-street, Sunderland).
Nominal capital, £4,000 in 1,500 preference and 2,500 ordi-
nary £1 shares. Permanent directors :—R. Farrow, Lynd-
hurst* Sunderland, oil, paint, and ship store merchant; S.
Pinkney, 15, West Wear-street, Sunderland, iron and steel
merchant. Qualification of above directors, 250 shares
(ordinary).

Western Foundries Limited.—Private company. Regis-
tered office, Bridge Works, The Green, Southall. Registered
August 14, Iron founders, mechanical engineers, and manu-

facturers of agricultural implements and other machinery,
tool makers, etc. Nominal capital, £1,500 in 1,000 ordinary
and 500 6 per cent, cumulative preference shares of £1 each.
Directors :—R. Carter, Rosemead, Osterley Park-road,
Southall, merchant; J. Healey, 2, Manor-parade, Southall,
engineer. Qualification of directors (other than first
directors}, £100.

This list of new companies is taken from the Daily
Register specially compiled by Messrs. Jordan and Sons
Limited, company registration agents, Chancery-lane, E.C.

THE FREIGHT MARKET.

The outward freight market continues to be of very
moderate dimensions, especially so far as East Coast ports
are concerned. There is, however, a distinct fillip to Cardiff
transactions. Little by little the barriers to business are
disappearing. The bond and the embargo on the exportation
of coals have now disappeared, and the two big obstacles
remaining are those of war risks insurance and of finance.
The market received an unpleasant shock at the beginning of
the week, due to the news of the destruction in the North
Sea of neutral vessels by German mines, and the sinking of
two British merchant ships by German cruisers in the
Atlantic. Insurance rates bounded up accordingly. The
momentary panic soon subsided, however, and, at the time
of writing, a much greater feeling of confidence appears to
prevail. The tonnage of neutral countries is obtaining a
great deal of employment from British ports at present, to
the exclusion of British registered boats. This is mainly
due to war conditions and war insurance producing the
natural tendency to send off cargoes in neutral bottoms. The
proposal of the Birkenhead Chamber of Commerce that,
instead of the State war risks scheme, the Government
should indemnify British owners and merchants against
loss or confiscation arising out of the war free of expense,
is meeting with a good deal of support. The securing of
freer exchange is a problem on which a good deal of thought
is being bestowed. It is contended that our banks should
show more disposition to accept good foreign paper, or, fail-
ing that, that the Government should approach neutral and
friendly countries and arrange for opening credits against
Government guarantees, when, of course, the banks would
be willing to fall into line. An extension of the moratorium
for another month—until our financial house is set in order
—is expected and generally wanted.

Rates of freight this week are based on more reasonable
estimates. At the North-East Coast the Bay has been done
at from 6s. 6d. to 7s. 6d., Tyne to Bordeaux, with the lower
rate now ruling. The Mediterranean is represented by the
not-out-of-the-way figure of 9s. 6d. to Genoa. The Baltic
has been done at 10s. to Aalborg, and 12s. to Stockholm.
French ports are typified by 6s. 9d. to Dieppe. London has
been done at 4s. At South Wales there is a fair enquiry at
weakening rates. The Humber market is very quiet, with
orders scarce. Homewards, business is quiet, owing to
financial difficulties. The River Plate is very dull. America
has taken up a fair amount of tonnage, chiefly for coal
cargoes. Grain business from America is slow. Tonnage is
plentiful at the East Indies, and rates are inclined to fall.
The Mediterranean and ore trades are fully’ steady. Almost,
needless to say, nothing is being done from the Black Sea
at present.

Tyne to Algiers, 3,000, 8s. 6d.; Aalborg, 2,500, 10s.;
Bordeaux, 2,000, 7s. 6d.; 3,000, 7s.; 3,500, 7s.; 5,300,
6s. 6d. ; 2,000, 6s. 6d.; Barcelona, 3,500, 9s.; 4,000, 9s.;
Carthagena, 2,000, coal 12s. 6d., coke 15s.; Cadiz, 2,000,
10s.; Caen, 700, 7s. 6d.; Dieppe, 2,800, 6s. 9d.; Genoa,

4.500,	9s. 6d.; Java, 18s. 6d., August, reported; Lisbon,

2.400,	9s. 9d.; London, 2,100, 4s.; Marseilles, 3,000, 10s. 3d.;
Malta, 5,000, 9s.; Naples, 4,500, Ils.; 4,000, 9s. 10|d.;
4,000, 8s. 9d.; Port Said, 5,300, 12s.; 5,800, Ils. 6d.; 4,500,
12s. ; 5,000, 10s. 6d.; 4,200, Ils.; St. Nazaire, 2,000, 7s. 6d.;
3,000, 7s.; 3,500, 7s.; Stockholm, 1,800, 12s.; Seville, 10s^

Cardiff to Aden, 5,000, 15s.; Algiers, 3,000, 10 fr.; 3,900,
10 fr.; Barcelona, 3,200, 10s.; 4,600, 9s. 6d.; 4,000, 9s. 6d.;
3,200, 9s. 3d.; 3,500, 9s. 3d.; 3,200, 9s. ljd.; 2,000, 9s.;
Bayonne, 2,200, 7 fr.; Brest, 1,300, 6s.; 1,000, 6s.; Bor-
deaux, 3,000, 7| fr.; Bizerta, 3,500, 8| fr.; Colombo, 5,500,
15s. 6d.; 5,000, 15s.; Civita Vecchia, 4,700, 8s.; Cape Verde,

2.500,	10s. 6d.; 5,000, 10s. 6d.; Dieppe, 2,200, 6s.; Genoa,

4.500,	9s.; 4,000, 9s.; 5,200, 9s.; 6,000, 8s. 6d.; 4,200,
8s. 6d.; 4,000, 8s.; 6,000, 7s. 6d. ; 4,500, 7s. 6d.; 5,000, 8s.;
Gibraltar, 2,000, 8s. 6d., 500; Havre, 1,400, 5s. 9d.; 1,400,
5s.; 1,800, 6s.; Lisbon, 1,800, 8s. 6d.; 2,800, 8s.; 2,100,
8s., 350; 1,800, 8s., 350; 2,950, 9s., 350; 2,500, 8s., 350;
2,100, 6s. 9d., 350; Leghorn, 4,500, 9s. 3d.; 4,000-5,000,
9s. 9d., 500; Las Palmas, 3,700, 8s., August 28; 3,000,
8s.; Marseilles, 3,000, 13 fr.; 3,800, 12 fr.; 5,000, 12 fr.;
5,300, lOffr.; 4,700, 9| fr.; 3,800, 10|fr.; 3,200, 10 fr.;
Nantes, 2,300, 7| fr.; 3,000, 71 fr.; Naples, 4,500, 9s. 3d.;
4,000-5,000, 9s. 9d., 500; 5,000, 8s.; Oporto, 950, 9s.; 1,750,
8s. 6d. ; Port Said, 6,400, Ils.; 5,000, 10s.; 5,500, 9s. 6d.;
Port Mahon, 1,000, 9s. 6d.; River Plate, 5,500, 18s. 6d.;
17s. 6d., reported; 4,700, 19s.; 18s. 6d.; 18s.; Rio de Janeiro,

5.500,	17s. 6d. ; 4,500, 18s. fid.; 6,000, 17s. 6d.; 6,500,
14s. 6d., September; St. Nazaire, 4,000, 7 fr.; St. Servan,
1,000, 6s.; 1,300, 6s.; St. Vincent, 2,500, 10s. 6d.; 5,000,
10s.; Tarragona, 3,600, 7s. 9d., fuel; 1,000, 10s.; Torre
Annunziata, 4,200, 9s.

Swansea to Bordeaux, 2,200, 8 fr.; Barcelona, 3,000,
9s. 6d.; 1,800, 10s. coal, 10s. 9d. fuel; 3,500, 9s. 6d.; Ali-
cante, 1,300, 10s., 250, 65 cents tax; Belfast, 400, 3s. 6d.;
Shoreham, 470, 5s. 6d.; Cherbourg, 1.200, 6s. 9d. coal,
7s. 3d. fuel; Aarhuus, 1,500, 10s.; Chantenay, 1,800, 9 fr.;
Naples, 3,200, 9s.; Cagliari, 3,200, 9s.; Honfleur, 1,000,
6s. 6d.

Newport to Cette, 2,400, 10| fr.; Marseilles, 3,200, 10 fr.

Wales to West Italy, 8s. 9d., August-September; River
Plate, 17s. 10|d. ; Rio de Janeiro, 17s. 6d.

West Hartlepool to St. Nazaire, 4,200, 9s. 3d., 500; Bor-
deaux, 4,200, 9s. 3d., 500.

Glasgow to Christiania, 2,000, 8s.

Hull to Buenos Ayres, 4,500, 18s.; London, 1,500, 4s. 6d.;

Reykjavik, Ils. 6d.

Leith to Christiania, 700, 10s.

Methil to Reykjavik, 1,000. coal Ils. 9d., coke 13s.; Genoa,

4.400,	10s. 3d.; Savona, 4,400, 10s. 3d.; Leghorn, 4,40Q.
10s. 3d.

Llanelly to Dieppe, 980, 7s.; London, 650, 6s.

Grimsby to Barcelona, 1,500, p.t.

Partington to Buenos Ayres, 16s.

Liverpool to Fray Bentos, sail, 1,400, 20s,

London to Avonmouth, 2s, 6d.