838

THE COLLIERY GUARDIAN.

C CTO BEK 16, 1914.

COAL, IRON AND ENGINEERING COMPANIES.
REPORTS AND DIVIDENDS.

Albion Steam Coal Company Limited. — The directors
have provisionally decided to pay one year’s preference divi-
dend on account of arrears at the end of the present month.

Algoma Steel Corporation.—The report for the year ended
June 30 last states that in view of the present outlook and
of the continuing necessity for outlay upon the older plants
and properties, the directors have not on this occasion paid
anything to the Lake Superior Corporation by way of.
dividend on the preference stock. The accounts show net
earnings from operations $1,762,100, dividends and interest
on investments, etc., $172,900, giving a total of $1,935,000.
Interest charges absorb $1,238,800, there has been written
off against depreciation, renewals, etc., $480,000, a sum of
$136,100 has been allowed for doubtful debts and losses
-incurred in previous years, while a further amount of
$62,400 has been written off in respect of discount and
expenses relating to securities sold, leaving to be carried
forward $17,100.

Babcock and Wilcox Limited.—The directors announce
an interim dividend for the past half-year of 5 per cent,
on the ordinary shares.

Baldwins Limited.—The annual report and balance-sheet
for the year ending June 30, 1914, states that the profits
on manufacturing and trading accounts, etc., for the year,
including balance of interest and dividend account, amount
to .£209,178. Against this sum the following charges have
been made : £15,472 for management expenses, £15,264 for
expenditure on alterations, improvements, and development
of mines, and £30,000 for depreciation. The payment of
premiums on sinking funds for the redemption of lease-
holds and debenture stock absorbs £11,357, and payment
of the debenture interest £22,500. The amount required
for the preference dividend is £13,750, which includes the
dividend payable on August 1, 1914. To the balance thus
left of £100,834 has to be added the sum of £49,054 brought
forward from last year, making a total of £149,888. From
this sum £13,750, being an interim dividend on the ordinary
shares of 2J per cent., paid on April 4, 1914, has to be
deducted, leaving £136,138. Out of this sum the directors
have appropriated £25,000 to reserve, leaving a balance of
£111,138. They recommend that a final dividend of 7|
per cent., free of income-tax (making 10 per cent, for the
year), be paid on the ordinary shares; this would require
£41,250, leaving £69,888 to be carried forward to the
credit of next year’s account.

Canadian Explosives Limited.—The directors announce
a dividend of If per cent, on the 7 per cent, cumulative
preferred shares for the quarter ended September 30, 1914.

Dick, Kerr and Company Limited.—The report for the
year ended June 30, shows that the profits earned amount
to £44,761 13s. 3d., which, added to the sum brought for-
ward from last year (£10,324 16s. lid.), make a total of
£55,086 10s. 2d. Out of this sum the debenture interest and
trustees’ fees have been paid, and there has been reserved
the sum required to provide for the premium payable on the
redemption of the present debenture stock. These items
absorb £11,261 2s. 3d., leaving a balance of £43,825 7s. lid.
available for appropriation as under :—Dividend of 6 per
cent, per annum on the preference share capital (half-yearly
dividends to December 31, 1913, and June 30, have already
been paid), £18,300; carry forward, £25,525 7s. lid. The
directors do not recommend the payment of dividend on the
ordinary shares. The sum carried forward may be
required to meet possible contingencies resulting from the
state of war. A material reduction in value of investments
and assets generally is also to be anticipated, but the direc-
tors propose to utilise the reserve of £150,000 for adjustment
of values when the permanent depreciation can be assessed.
The preference shareholders are being asked to sanction an
issue of additional debenture stock. The necessity for
more working capital has been clearly indicated by the
later balance-sheets, but is now intensified by the indications
existent of increased business to be expected from the dimi-
nution of German competition at home and abroad.

Frodair Iron and Steel Company Limited.—The profit for
the year ended June was £11,845, making with the balance
brought forward £13,689. The directors recommend a divi-
dend on the ordinary shares of 10 per cent, per annum;
£2,000 is put to general reserve fund, and the balance carried
forward is £989.

Kinneil Cannel and Coking Company Limited. — The
directors have declared a dividend of 2J per cent. (5s. per
share), free of income-tax, for the past half-year, making
5 per cent, for the year, writing off £4,500 against depre-
ciation, and carrying £321 forward.

Nant-y-glo and Blaina Ironworks Company Limited.—The
directors have declared a dividend of £3 per share, less
income-tax, on the preference shares on account of arrears.

Nobel-Dynamite Trust Company Limited.—The directors
have declared an interim dividend on the 5 per cent, cumu-
lative preference shares of 5s. per share, being at the rate
of 5 per cent, per annum in respect of the six months ending
31st inst., less income-tax.

Parsons’ Marine Steam Turbine Company Limited.—The
17th annual report for year ended June 30 states that after
all charges, including depreciation, etc., and after trans-
ferring £14,609 to experimental and pioneer account, and
writing off £1,436 to reduce holding in Consols to 70 per
cent., the profit amounts to £42,723, making, wTith £19,300
brought forward, an available total of £60,023. The direc-
tors recommend a final dividend of 4 per cent., making net
interim payment 10 per cent, for the year, and also a bonus
of 10 per cent., carrying forward £19,767.

Sadler and Company Limited.—The report for the year
ended June 30 last states that, including the amount brought
forward, £3,883, the available balance of profit is £27,819,
which it is proposed should be dealt with as follows :—
Interest on debentures and prepaid shares and for income-
tax, £4,212; interim dividend of 3 per cent., £4,775;
directors’ and auditors’ fees, £1,050; depreciation of plant,
£6,000; to be added to reserve fund (making it £35,000),
£5,000; balance to be carried forward, £6,781. The direc-
tors think that under the present circumstances, and in the
best interests of the company, the question of a further
dividend should be left for consideration later on, and that
in the meantime the balance of profit be added to the
amount to be carried forward. The amount owing on
debentures has been further reduced by the sum of £1,100
paid off during the year.

Sneyd Collieries Limited.—The accounts for the year to
June 30 last show a net profit, after providing for deben-
ture interest, etc., and including £26,717 brought forward,

of £78,962. The directors recommend a further dividend of
5 per cent., making 10 per cent, for the year, the same as
for the previous 12 months. It is proposed to write off the
balance (£18,125) of special expenditure suspense account,
and to transfer £10,000 to the debenture sinking fund,
leaving £31,338 to be carried forward.

Steel Company of Canada Limited. — On account of
general depression in business conditions the payment of
the quarterly dividend due November 1 has been deferred.

West Canadian Collieries Company Limited. — The
accounts for the year ended December 31, 1913, show, after
writing off £24,238 as development works, and deducting
the debit balance of £18,960 brought forward, a credit
balance of £1,895.

NEW COMPANIES.

Harpham (A. E.) Limited.—Private company. Regis-
tered October 9. Ironfounders, mechanical engineers, elec-
trical engineers, etc. Nominal capital, £500 in £1 ordinary
shares. Directors and subscribers (one share each) :—L.

E.	Brown, 26, East-parade,. Leeds, incorporated accountant;
A. E. Harpham, 107, Monks-road, Lincoln, plumber.
Qualification of directors, £25.

Oil Sales Company Limited.—Registered office, 57, Moor-
gate-street, E.C. Registered October 5. To carry on busi-
ness of trading and dealing in and of manufacturing, dis-
tilling, refining, and otherwise treating shale, coal, iron-
stone, fireclay, and other minerals and crude and refined
oils, sulphate of ammonia, and all products or by-products
of coal, shale, oil, and petroleum. Nominal capital,
£30,000, in £1 shares. Minimum subscription, seven
shares. No persons have yet consented to act as directors.
Qualification of directors, £50. Remuneration of directors
to be determined by company in general meeting. Sub-
scribers (one share each) :—J. E. Way, 23, Wavency-
avenue, Peckham Rye, S.E. ; A. Warbey, 537, High-road,
Tottenham, N.; J. A. Newman, 240, Murchison-road,
Leyton; W. A. Hino, 112, Fircroft-road, Upper Tooting,
S.W.; J. H. Jones, 212, Totterdown-street, Tooting, S.W. ;

F.	W. Feetum, 6, Evesham-road, New Southgate; E. V. G.
Jeeves, The Retreat, Whitton, Middlesex—all solicitor’s
clerks.

Premier Cooler and Engineering Company Limited.—
Private company. Registered office, Broadway-court,
Broadway, Westminster, S.W. Registered October 6.
Ironfounders, electrical and mechanical engineers, tool
makers, metal workers, millwrights, etc. Nominal capital,
£8,000 in £1 shares. Directors and subscribers (one share
each) :—F. A. Yerbury, Newland Cottage, Walton-on-
Thames, engineer; H. H. Cook, Hurlingham-gardens,
London, S.W., engineer.

United Minerals Limited. — Private company. Regis-
tered office, 119, Palace-chambers, Westminster, S.W.
Registered October 5. To acquire lands of every descrip-
tion, including mines, quarries, and mining rights, mineral
and metalliferous lands, and to search for, prospect,
examine, and explore quarries, mines, mineral deposits, etc.,
and win, quarry, dress, smelt, and prepare for market
metalliferous quartz and ores, spar, sand, silica, and other
mineral and metal substances. Nominal capital, £20,000
in £1 ordinary shares. Directors :—L. W. Carder, H. J.
Dixon, G. A. Ogilvie, E. H. Saunders. Qualification of
directors (other than first directors), £100. Subscribers (one
share each) :—E. H. Saunders, 79, Salisbury House,
London Wall, E.C., solicitor; M. H. Thorp, Penshurst,
Sheridan-road, Merton Park, Surrey, solicitor’s articled
clerk.

Werfa Dare Colliery Company Limited. — Private com-
pany. Registered October 5. To acquire colliery under-
taking carried on at the Werfa Graig Colliery, Abernant,
Aberdare, and to carry on business of coal masters and col-
liery agents, coal, coke, and patent fuel merchants, etc.
Nominal capital, £5,000 in £1 shares. Directors :—R.
Williams, W. G. Williams. Qualification of directors,
£150.

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.

CONTRACTS OPEN FOR COAL AND COKE.

For Contracts Advertised in this issue received too late for
inclusion in this column, see Leader and Last White
pages.

Abstracts of Contracts Open.

Cairo (Egypt), October 20.—For the Egyptian State
Railways and Telegraphs Administration :—(1) 360,000
metric tons of Welsh steam coal, and (2) 40,000 metric tons
of Lambton’s steam coal. Forms from the General Manager,
Egyptian State Railways and Telegraphs, Cairo.* Price,
2s. each.

Cardiff, October 21.—Coal and coke to the College and to
the Training School of Domestic Arts. Particulars from

D.	J. A. Brown, registrar.

Cardiff, October 23.—House and steam coal for the Guar-
dians. Tenders to A. J. Harris, clerk, Union Offices,
Queen’s Chambers, Cardiff.

Chester, October 26.—Coal and coke for the Cheshire
County Council (Administrative Sub-Committee for the
Chester Union Area). Forms from County Education Office,
City-road, Chester.

Harwich, October 23.—Bestwood bright coals and coke
for the Corporation. Forms from G. D. Hugh Jones, secre-
tary, Harwich.

Huddersfield, October 21.—Slack for the Corporation.
Forms from Borough Electrical Engineer, St. Andrew’s-road,
Huddersfield.

Hull, October 21.—Coal required by the Property, Works
and Baths Committees of the Corporation. Forms from A.

E.	White, Guildhall, Hull.

Santiago (Chile), October 24.—300,000 metric tons of
coal and coke annually for three years, for the Chilian State
Railway Administration.*

Southampton, October 19.—Welsh steam coal for the
Corporation. Forms from Waterworks Engineer, French-
street, Southampton.

Stockton-on-Tees, October 19.—About 350 tons of treble
nut coals for the Education Committee. Tenders to J.

* Specifications, particulars, etc., may be seen at the
Commercial Intelligence Branch of the Board of Trade,
73, Basinghall-street, E.C.

Tweedy, secretary, Education Offices, 32, Dovecote-street,
Stockton - on - Tees.

Strokestown (Ireland), October 23.—50 tons of best
English or Irish coal, free of slack, for the Guardians.
Tenders to T. Murray, clerk.

The date given is the latest upon which tenders can be
received.

CONTRACTS OPEN FOR ENGINEERING, IRON
AND STEEL WORK, &c.

London, S.W., October 30.—Steel Work.—Erection of
steel work for construction of emergency gear store at the
Battersea Works of the Metropolitan Water Board. Speci-
fications from the Engineer, Metropolitan Water Board,
Savoy-court, Strand, upon deposit of £2 2s. (returnable).

Lowestoft, October 24.—Cast Iron Pipes.—About 2,483
yards of 6 in. and 7 in. socket and spigot pipes for the Cor-
poration. Particulars from Borough Engineer, Town Hall.

Oystermouth, October 26.—Reservoir.—Construction of
a reinforced concrete service reservoir and filter tanks for
the Urban District Council. Specifications from W. P.
Puddicombe, surveyor, Council Offices, on payment of 10s.

Southend-on-Sea.—Iron Slag.—Good quality iron slag
for the Corporation. Particulars from E. J. Elford, borough
engineer, Sputhend-on-Sea.

Ynyshir, October 23.— Bridge Steel Work.—Erection of
about 45 tons steel work in plate and lattice girders for
the Rhondda Urban District Council. Specifications from
Council Offices, Pentre, upon deposit of £1 Is. (returnable).

Machinery Users’ Association.—The report of the council
for the year ending March 31, 1914, was presented at the
annual meeting held at the Westminster Palace Hotel
yesterday (Thursday). The report referred to important
changes in the conduct of the surveying work of the asso-
ciation and to the establishment of a special surveying and
valuing department in the charge of fully-qualified officials
who devote their whole time and interests to the work of
the association. The association are fortunate in having
secured the services of a gentleman who at the time was in
the employ of the Valuation Department of the Inland
Revenue, and who for several years previously had gained
considerable experience in the work of the association whilst
in the employ of Messrs. Humphreys-Davies and Company.
This gentleman has been placed at the head of the surveying
and valuing department, and in order to further ensure the
complete efficiency of this department, the committee have
appointed as chief assistant a gentleman who for 25 years
had been in the employ of a leading firm of rating surveyors.
Both of these gentlemen therefore possess not only the
highest experience in the rating of all kinds of manufactur-
ing premises, collieries, gas, water, and electrical under-
takings, etc., but are also particularly well qualified to'
deal wTith, and advise the members upon, other matters pro-
perly coming within the scope of the surveying and valuing
department of this association. The council have been able
to provide advice and assistance to members of the associa-
tion at nearly one-half of the charges it has been previously
compelled to make. Referring to the Revenue Bill, the
council say it is impossible to predict how far these pro-
visions will affect the question of the valuation of factories
for rating purposes, but they call for still greater activity on
the part of manufacturers in giving early attention not only
to the provisional valuations under the Act of 1909, but
also to the question of the present assessment of their pre-
mises to the poor rate. The association, through its com-
mittees and its officials, is giving this and other matters
most careful attention and consideration, and that nothing
will be left undone, even in the present state of national
crisis, which is necessary to protect those particular interests
of manufacturers which are confided to the care of the asso-
ciation. Another matter to which the council draw atten-
tion is the advisability of manufacturers having a valuation
made of their plant and machinery for the purpose of
ascertaining a fair valuation of those items for book pur-
poses. Experience has shown the association’s advisers
that in many instances the present values are based upon -
a valuation made several years ago, and from which a
regular percentage has been written off annually—renewals
and additions having also been taken into account. Such
a system, however sound it may be in principle, is not one
that can be slavishly followed for an indefinite length of
time, and tends under present conditions to become more
rapidly obsolete than in the past. The greater stringency
with wThich the Income-Tax laws are now administered, and
the importance of obtaining a proper allowance for deprecia-
tion in income-tax assessments, together with the advantages
of an agreed and priced schedule of plant and machinery
when settling a policy for fire insurance, or for loss of
profits consequent upon a fire, and the importance which the
question of machinery is likely to have in any land values
legislation, demonstrate most emphatically the necessity
of dealing with the values of plant and machinery in a more
scientific manner than in many instances has hitherto been
the case. The association has already carried out several
valuations for this purpose. It is mentioned that the solici-
tor of the association, Mr. B. Duncomb Sells, was appointed
by the President of the Local Government Board to serve as
a member of the Committee on Smoke Abatement, and the
association have invited several representative manufac-
turers to give evidence before the committee. Special
re-valuations of properties are in progress in various parts
of the country. The re-assessment at Birmingham is a very
important and large undertaking, and has called for much
work and attention on the part of the association and its
officials. With regard to the war and its effect upon trade,
the council has made arrangements for supplying any infor-
mation and advice that may be required. In the opinion of
the council the following is a summary of the more impor-
tant questions : (a) steps to be taken in regard to assess-
ments and other technical questions in the event of adverse
effects of the war; (5) opportunities and means of exten-
sion of trade; (c) working of enemies’ patents; (d) trading
with the enemy.