September 11, 1914.

THE COLLIERY GUARDIAN.

58 L

THE FREIGHT MARKET.

The outward freight market is decidedly more active this
week, although, even now, the total volume of business is
nothing to exult over. On the North-East Coast, despite the
dangers to shipping caused by the presence of so many sub-
merged explosive mines, the market has been busier than
at any previous time since war was declared. Coasting
business is being done at from 4s. 3d. to 4s. 9d., Tyne to
London, with North France at 6s. 6d. to Havre from Duns-
ton. The Baltic is represented by two fixtures to Gefle at
8s. 6d., whilst the White Sea has one boat for Archangel
at Ils. 3d. The Bay is based on 5s. 9d. to Santander. The
Mediterranean has Genoa at from 8s. 9d. to 9s. 4id., Mar-
seilles at from 8s. 6d. to 9s., Barcelona at from 8s. 3'd. to
8s. 6d., and Port Said at 9s. 6d. At South Wales there has
been a fair number of orders in the market. Mediterrean
rates are rather weaker. The River Plate is steady. There
is no improvement to record in the position of the shorter
trades. At the Humber the market is quiet, with few fix-
tures to report, save the chartering of some tonnage on time
for Archangel. Homewards, American business is very
quiet. Timber tonnage is freely offered at rates which tend
to decline. The River Plate is dull, and is down fully 2s.
on the week. The Australian demand for steamers is very
moderate indeed. The East Indies are taking up practi-
cally no tonnage at present. The Black Sea is inactive,
with low rates offering. Owners are inclined to bring their
vessels from that district in ballast, rather than accept the
poor prices tendered.

The way of the shipowner is hard at present. In addition
to the restriction in the demand for tonnage, and the general
decline in freights, coupled with the high cost of war risks
insurance, there is the ever-present financial question with
which is allied the trouble arising from detention of vessels
due to the congestion of many ports, and to the inability of
charterers or their agents to provide the necessary cash to
provide for the vessels’ disbursements. Many owners have
large amounts of money in respect of freight tied up abroad.
It has been received all right by their captains or agents,
but the present position of the foreign exchange problem
prevents it being remitted to this country. Happily, how-
ever, there are Treasury proposals under consideration,
which, if adopted with requisite modifications and improve-
ments, will probably overcome this grave obstacle to com-
merce. We note that the Advisory Committee of the
Newcastle Chamber of Commerce is very actively occupied
in endeavouring to secure the desired reforms, and, at a
recent meeting, sought the advice of the colliery owners,
merchants, retail traders, shipowners, and miners’ repre-
sentatives, following which it has taken the counsel of Sir
Algernon Firth, president of the Associated Chambers of
Commerce, and of the Chambers of Commerce of Glasgow,
Hull, and Cardiff. The members of the committee recognise
the extreme importance of making satisfactory arrange-
ments for the transference of money to neutral and allied
countries in payments for cargoes shipped, and intend to
leave no stone unturned to secure an equitable adjustment
of the present difficulty.

The decision of the Admiralty to withdraw, for the time
being, all aids to navigation on the East Coast of England
and Scotland by night has resulted in insurance rates on
cargoes for Mediterranean and Bay ports being advanced
10s. per cent., while those for trans-North Sea trade have
advanced 20s. The Admiralty announces, by the way, that
the Wilson liner “ Runo,” which was sunk by a mine in a
known mine field, departed from Admiralty directions
which would have assured her a safe voyage. There is,
therefore, especial danger attendant on neglect of such
warnings.

Tyne to Antwerp, 1,100, 8s.; Aberdeen, 500, 2s. 9d., free
delivery, 3 trips; 500, 3s., free delivery, 5 trips; 340, 2s. 9d.,
f.d.; Archangel, 3,000, Ils. 3d.; Barcelona, 4,000, 8s. 4|d.;

3.100,	8s. 6d., Sept. 16; 4,500, 8s. 4|d.; 6,000, 8s. 3d.;
Genoa, 4,800, 9s. 3d.; 4,000, 9s. 4jd.; 3,500, 9s. 3d.; 4,600,
8s. 9d. ; 5,000, 8s. 9d.; Gefle, 2,300, 8s. 6d.; 1,600, 8s. 6d.;
Havre, 1,400, 6s. 6d., from Dunston; London, 1,100, 4s. 9d.;
1,700, 4s. 6d.; 2,500, 4s.; 3,000, 4s. 3d.; Leghorn, 4,000,
8s. 6d.; Marseilles, 4,500, 9s.; 6,000, 9s.; 5,000, 9s.; 4,100,
9s.; 5,400, 9s.; 5,500, 8s. 6d.; Oran, 3,700, 7s. 6d.; Port
Said, 4,000, 9s. 6d.; 4,500, 9s. 6d.; Santander, 3,000, 5s. 9d.;
Zeebrugge, 1,400, 7s. 6d.

Cardiff to Aden, 5,800, 9s. 6d.; Ancona, 3,000, 8s. 6d.,
600; Alexandria, 5,600, 8s. 6d., 700; Algiers, 2,800, 7’62| fr.;

2,600,	7f fr.; Azores, 2,600, 8s.; Bordeaux, 2,200, 6 fr.;
4,500, 5f fr.; 4,000, 51 fr.; 3,000, 6 fr.; Bombay, 5,000,
10s. 9d.; Barcelona, 3,000, 7s. 6d.; Colombo, 6,000, 9s. 6d.;
Cherbourg, 760, 6s. ; 750, 8s.; Civita Vecchia, 7s. 3d.; 5,000,
7s. 3d., 400; 4,000, 7s. 3d., 500; Campana, 15s. 6d.; Fayal,

2.600,	8s., 250; Gibraltar, 2,200, 7s.; 3,000, 7s. 3d.; 3,000,
7s.; Genoa, 2,900, 7s. 6d., 350, 5,500, 7s.; 4,800, 7s.; 4,800,
6s. 9d.; 4,600, 6s. 9d.; 5,300, 6s. 9d.; 5,000, 7s.; 3,000,
7s. 6d.; 5,500, 6s. 9d.; 5,000, 7s. 3d., 400; Huelva-, 2,300,
7s.; Lisbon, 800, 6s. 6d.; 900, 6s. 6d.; Leghorn, 4,600,
6s. 9d.; 4,600, 7s. 3d., 500; Marseilles, 5,300, 8f fr.; 4,300,
81 fr.; 5,400, 8J fr.; 81 fr.; 5,000, 8| fr.; Malta, 5,500, 7s.;
Monte Video, 5,000, 13s. 6d.; Messina, 3,600, 7s. 3d., 400;
Naples, 4,600, 6s. 9d. ; 4,000, 7s. 3d.; 4,300, 7s. 3d., 500;
4,000, 7s. 3d., 500; 4,600, 7s. 3d., 500; 7s. 3d.; Oporto,
1,300, 6s. 3d.; 1,300, 6s. 9d.; Port Said, 4,000, 8s. 6d.;.
4,000, 7s. 6d.; 4,800, 8s.; 4,500, 8s.; River Plate, 4,000,
14s. 6d.; 7,500, 14s. 9d.; Rosario, 16s., mid-Sept.; Reggio,

3.600,	7s. 4|d., 350; Savona, 5,500, 6s. 9d.; 4,400, 7s. 3d.;
St. Nazaire, 4,500, 51 f«r., Sept. 14; Spezzia, 5,500, 6s. 9d.;
Sables, 1,700, 7 fr.; Santa Liberta, 5,000, 7s. 3d., 400;
Santander, 1,350, 5s. 6d.; St. Michael’s, 2,600, 8s., 250;
Torre Annunziata, 5,000, 7s. 4|d., 500; Valencia, 1,700, 7s.;
1,700, 8s., 300, Sept. 12, 1896 tax.

Swansea to Rio de Janeiro, 6,000, 13s. 9d.; 5,100, 13s. 9d.;

6.100,	13s. 9d., fuel 14s. 6d.; Alicante, 1,200, 9s.; Rouen,
800, 6s. 6d.; Genoa, 2,500, 7s. 10|d.; 3,000, 7s. 10|d.;
Savona, 3,000, 7s. 10|d.; Spezzia, 3,000, 7s. lOJd. ; Leg-
horn, 3,000, 7s. lOjd.; Gandia, 900, coal 8s. 6d., fuel
9s. 3d.; Havre, 1,000, 5s. 9d.; Littlehampton, 3,000, 6s.

Fife Port to Esbjerg, 1,900, 6s. 9d.

Hartlepool to Marseilles, 1,700, 9s.

Blyth to St. Nazaire, 4,000, 6s. 9d.; Archangel, 5,000,
11s.; Christiansand, 950, 6s. 9d.

Newport to Huelva, 2,300, 7s.; Marseilles, 5,400, 8 fr.;
5,000, 8^ fr.; Cherbourg, 750, 6s.; Carthagena, 1,100, 10s.;
Messina, 3,600, 7s. 3d.; Ancona, 3,300, 8s. 6d.

Wear to Genoa, 6,500, 8s. 6d.; 7,000, 8s. 6d.; 1,400,
6s. 6d.

Hull to Archangel, 4,000, Ils. ; 5,100, 11s.; Rotterdam,
1,800, 5s.; 1,800, 5s. 3d.; Monte Video, 13s. 6d., Sept.

Forth to East Norway, 8s. 3d.; 8s. 6d.; Aarhuus,« 2,300,
6s. 6d.

Grimsby to Archangel, 4,000, 11s.

Thames to South Australia, sail, 14s., superphosphates.

Burryport to Guernsey, 650, 5s.

Wales to Port Nolloth, sail, 21s., coke.

Glasgow to North Norway, 7s. 6d.

Partington to Bahia Blanca, 4,500, about 15s.

Barry to Port Said, 8s.

COAL, IRON AND ENGINEERING COMPANIES.
REPORTS AND DIVIDENDS.

Avery (W. and T.) Limited.—192 ordinary shares were
allotted on September 1 in exchange for ordinary shares of
Henry Pooley and Son Limited. The shares so allotted
ranked for dividend from September 1, 1913, and dividend
warrants at the rate of Is. per share are being sent out
with the certificates.

Bolckow-Vaughan and Company Limited.—The directors
have decided to recommend to the ordinary shareholders the
payment of a dividend at the rate of 6 per cent, for the year
ended June 30, less tax and less the interim dividend paid
in March last. They also recommend the appropriation out
of the profit for the year of .£21,634 for extensions of plant,
etc., and the carrying forward of £145,538. They propose to
pay the dividend as above as regards one-half on October 1,
and the remaining half at their discretion, at a date which
they hope will not be later than December 31 next.

British Electric Transformer Company Limited.—The
directors have paid an interim dividend at the rate of 6 per
cent, per annum, less income-tax, on the ordinary shares for
the half-year.

Carlton Main Colliery Limited.—At the last annual meet-
ing of the company the question was raised of the sub-
division of the £10 preference and ordinary shares into £1
shares, and as the result of a circular posted to shareholders
on June 17 a large majority was found to be in favour of
such a course. An extraordinary general meeting has been
convened, at which resolutions will be submitted dividing
the £10 preference and ordinary shares into shares of £1
each.

Edinburgh Collieries Limited.—The directors have had
under consideration the question of paying an interim divi-
dend on the preference shares of the company, but under
existing circumstances consider it inadvisable to do so.

Elliott’s Metal Company Limited.—The report shows a
profit of £36,720. It is proposed to pay a dividend at the
rate of 7J per cent, per annum on the ordinary shares, to
set aside £10,000 as an emergency fund, to place £10,000
to reserve fund, making it £30,000, and to carry forward
the balance, £3,116.

Fairbairn, Lawson, Combe, Barbour and Company
Limited.—In view of the present unsettled conditions created
by the war, the directors have decided, in the interests of
the company and of the shareholders, not to declare an
interim dividend on the ordinary shares. The warrants for
the interim dividend on the preference shares will be posted
on September 17.

Hardy Patent Pick Company Limited.—The report for
the year ended June 30 states that the net profit is £12,214,
and the profit brought forward £8,668, making a total of
£20,882. The board regret that they cannot recommend the
payment of any dividend at present, as the trade of the
company has been completely dislocated by the war, and
Continental accounts to considerable amounts are rendered
impossible of collection for the same reason. Further,
during the past year it has been found necessary, for the
safeguarding of the company’s future business, to spend
larger sums than usual upon new plant and buildings, and
to acquire more land in view of extensions that may shortly
become necessary. The directors propose to deal with the
profits as follows:—Interest on debentures, £1,268; depre-
ciation of tools and patterns, £1,000; depreciation of plant,
etc., £5,000; carry forward, £13,614.

Ibbotson Brothers Limited.—The report of the directors
for the business year ended June 30 shows that the profit
amounts to £22,230 3s. 7d. After deducting the interest on
fully paid shares, and the interim dividend (at the rate of
5 per cent, per annum, paid March 31) for the half-year
ended December 31 last, and bonus, and adding £22,857
15s. lOd. brought forward from last year, there is an avail-
able surplus of £33,774 17s. 8d. The directors recommend
that a final dividend of 6s. per share (free of tax) for the
half-year ended June 30 (making 10 per cent, for the year)
be paid on September 30, or as soon after as the directors
may determine, and that the balance of £26,679 17s. 8d.
be "carried forward. The directors recommend a donation
of £10,000 to the National Relief Fund.

Insoles Limited.—In their report for the year ended June
30, 1914, the directors state that the profit on the year’s
trading amounts to £23,745 0s. Id., which, with the balance
of £298 8s. 8d. brought forward from the previous year, and
deducting interim dividend on preference and ordinary
shares paid to December 31 last, leaves a disposable balance
of £16,843 8s. 9d. The directors recommend the following
payments :—A dividend at the rate of 6 per cent, per annum
on the preference shares for the six months ended June 30
last; a dividend of 3 per cent, on the ordinary shares, making
(with the 3 per cent, interim dividend) 6 per cent, for the
year; £3,000 to debenture redemption fund; leaving a
balance to carry forward of £6,643 8s. 9d., subject to such
reserve for depreciation as the shareholders may authorise.

Lincoln Wagon and Engine Company Limited. — The
directors have issued an interim dividend at the rate of 13
per cent, per annum, free of tax.

Jessop (William) and Sons Limited.—The directors
announce an interim dividend at the rate of 5 per cent, per
annum, free of income-tax, on the ordinary shares for the
half-year, payable September 12.

The Lothian Coal Company Limited.—The profit and loss
account for the year, after providing for the maintenance of
works, additions to and improvement of plant, and all
current charges, shows a credit balance of £28,378 4s. 9d.;
add balance from last year, £4,511 4s. Id., making £32,889
8s. lOd.; deduct preference dividend paid for the year,
£7,300; debenture interest paid for the year, £1.500;
directors’ fees paid for the year, £500; sum laid aside to
meet special expenditure next year, £8,000; and there
remains a sum of £15,589 8s. 10d., which the directors recom-
mend should be applied as follows :—To be paid as dividend
at the rate of 5 per cent, to ordinary shareholders, £11,050;
to be carried to next year, £4,539 8s. lOd. The strike of
dockers in Leith, which took place in June 1913, and lasted
for fully six weeks, caused a considerable loss of output, as,

shipments being stopped which take up more than half the
output, the collieries could be worked only to the extent of
the landsale requirements. With this exception, there was
no serious interruption to work throughout the 12 months.
During the first eight months of the financial year the
demand for coal was well maintained, and prices continued
at a level not inferior to that of the previous year. Since
January 1914 the demand has continued to decline, and
prices have had to be materially reduced. The prospects of
trade for the year now current are considerably less favour-
able than they were 12 months ago.

Midland Railway Carriage and Wagon Company Limited.
—The directors of this company have issued an amended
report, to be submitted to the adjourned meeting of the
proprietors on the 11th inst. The report issued on August 20
showed an available balance of £8,536 10s. 5d., which it
was recommended should be carried forward, but the
amended report states that the directors now propose the
payment of a final dividend on the preference shares at the
rate of 6 per cent, (free of income-tax), payable on July 1,
1915, or at such earlier date as the board may direct, this
absorbing £2,911 10s., and that the balance of £5,625 0s. 5d.
be carried forward.

Palmer’s Shipbuilding and Iron Company Limited.—The
directors propose to expend £250,000 on the installation of
gas engines for blowing the furnaces and provide gas-driven
machinery capable of supplying the needs of the shipyard,
engine works, blastfurnaces, and steel works, which will
enable large volumes of gas to be utilised that are at present
going to waste. It is proposed to spread the outlay over a
period of about two years. The work will be put in hand
at once, and it will be carried out in such a way as to
produce progressively beneficial results. To provide for the
expenditure the bankers will allow the company’s loan
account to be increased to £250,000, carrying interest at

5	per cent., or Bank rate if higher, in return for which a
first charge for the amount will be given on all assets of the
company. Until this charge to the bankers has been satis-
fied none of the profits will be distributed as dividend, but
after providing for the interest on the debenture stock and
the “A” debentures all will be retained for capital require-
ments. It is expected that the whole amount of this
expenditure will be repaid in about four years.

Powell Duffryn Steam Coal Company Limited. — The
directors have decided to pay the usual interim dividends
for the half-year ended June 30 last, namely, at the rate of

6	per cent, per annum on the preference shares, less tax, and
2s. each upon the ordinary shares, free of tax.

Sheepbridge Coal and Iron Company Limited.—The
directors recommend a final dividend of Is. per share on the
fully paid preference and the old ordinary shares, and 4'8d.
on the preference shares (8s. paid). This, with the two
interim payments, makes a total distribution for the year
of 15 per cent.

Staveley Coal and Iron Company Limited.—The directors
have decided to pay a final dividend of Is. per share on the
fully paid shares, and 9d. per share on the part-paid shares,
making a total of 12| per cent., free of income-tax, for the
year. They state that wThen the war broke out the company
had extensive business relations with South America, India,
Sweden, and elsewhere abroad. Some of the payments on
account of this trade are held up through the impossibility
of getting the amounts transferred to England, and though
there will be some loss, it is hoped to be able eventually to
get payment; but as there is necessarily so much uncer-
tainty in regard to the time when the company may be
able to collect these accounts the directors considered it
advisable to hold them in suspense for the present. The
total of this suspense account is £94,197, the greater part
of which the directors hope will ultimately be collected.

Scremerston Coal Company Limited.—In the Chancery
Division recently, Mr. Justice Shearman confirmed an order
reducing the capital of the Scremerston Coal Company
Limited, and reduced to £28,470, divided into
2,847 shares of £10 each, in lieu of the former capital of
£36,800, divided into 230 shares of £160 each.

Steel Company of Scotland Limited.—The report for the
year to July 16 last states that, owing to a serious falling
off in the demand for steel, and to the partial stoppage of
Hallside Works during the last six weeks of the year on
account of a labour dispute, the output of finished material
has been less than that of the previous year. In all the
circumstances, the directors regard the result of the year’s
operations as satisfactory. During the year the trustees for
the debenture stockholders redeemed by drawing, carried
out in accordance with the provisions of the deed of trust,
£5,400 of the (“A”) first mortagage debenture stock, and
the total amount of this stock now redeemed is £75,000. This
year the company have provided £567 6s. for premiums and
other expenses, which sum has been charged to profit and
loss account. The net profit for the year, after writing off
special expenditure of £20,976 4s. 7d., providing for interest
and all other charges, and for depreciation of collieries and
of Hallside dwelling houses, amounts to £41,145 9s. 7d.
After deducting from this sum £1,025 13s. 8d. disbursed
for capital duty, etc., relative to the proposed issue of pre-
ference shares, together with £6,000 paid to the Froding-
ham Iron and Steel Company Limited—the company’s
contribution towards initial expenses in connection with the
Appleby Iron Company Limited—and adding the balance of
£20,433 13s. 7d. from previous year, there is available for
disposal £54,553 9s. 6d. The directors have placed £10,000
to the credit of reserve fund, and from the balance of £44,553
9s. 6d. they recommend that £23,512 10s. be appropriated
to the payment of a dividend at the rate of 5 per cent, per
annum, less income-tax, and that the balance of £21,040
19s. 6d. be carried forward to the present year. The com-
pany have now acquired 50,000 shares of the Appleby Iron
Company of £1 each, fully paid, and 125,000 shares of £1
each, on which the sum of 6d. per share has been paid. The
issue of the preference shares authorised at the extraordinary
general meeting of the members of the company, held on
February 4, 1914, and subsequently confirmed on February
19, 1914, will be delayed in consequence of the present
international crisis.

Walker Maynard and Company Limited.—The accounts
show a loss of £11,900, as against a profit of £18,500 in
the previous 12 months, and after deducting the amount
brought into the accounts a debit balance of £6,900 remains
to be carried forward.

Windsor Steam Coal Company (1901) Limited.—In their
report for the year to June 30, 1914, the directors state that
after charging all expenses, including interest on debentures,
there is a profit on the year’s trading of £14,242 18s. 6d.
Work at the colliery was considerably’ interrupted
during the year, notably owing to the disastrous