296 THE COLLIERY GUARDIAN. February 5, 1915. THE FREIGHT MARKET. There has been a fair amount of activity in the outward freight market during the week, and chartering has only been limited by the shortage of tonnage—happily not so pro- nounced at the time of writing as it has been earlier—and the highness of rates. On the north-east coast, coasting business has been done at from 10s. 6d. to 11s. to London, a rate which shows a little weakening on that quoted in last report. This beneficent result has been brought about by the employment of several interned enemy steamers in the coasting coal trade, and the pity of it is that international law does not seem to allow of that process being extended to the coal trade of this country with other countries. How- ever, if the Admiralty can so arrange it that these “ coast- ing traders ” are given a virtual monopoly of coasting business, a good many British vessels will then be freed for competition for freights in other directions, and the freight reductions which are a paramount necessity for the weal of the coal trade will result. North France is easier at from 19s. 6d. to 20s. to Rouen, and from 18s. 6d. to 19s. 3d. to Havre. The Bay has fallen to 23s. 6d. to St. Nazaire, as compared with 27s. last week. The Mediterranean is 6d. cheaper to Genoa, that port now being done at 37s. At Cardiff fixtures are not quite so numerous as last week. The Bay is rather dearer, at from 22 to 22} fr. to Bordeaux, as compared with from 20} to 22 fr. last week, and 21 fr. to St. Nazaire, as against 19} fr. to 20 fr. The Mediterranean is steady, with Genoa at 30s., and Marseilles at 32 fr. The River Blate is inclined to ease. The Can’ary Islands are markedly lower, with Las Palmas at 22s., as against 25s. North France rates are a shade firmer. On the whole our forecast of a fortnight ago is being abundantly borne out. At that time we expressed our belief that outward freights had reached their maximum, and that, although they might remain at the figures then prevailing for a few days or even for a week or two, the descent would commence. It has now commenced, especially so far as north-east coast rates are concerned, and is likely to continue accelerated rather than abated. Homewards, rice ports are quite steady, with from 47s. 6d. to 50s. quoted from Burmah. Java wants more sugar tonnage at from 45s. to 50s. to United Kingdom.^ The East Indies are stronger, with 47s. 6d. on d.w. quoted from Calcutta for February-March, and with 40s. paid from Bombay for two ports United Kingdom. The Mediter- ranean is firm, with a rather stiffer tendency. America is very firm for cotton freights, up to 155s. having been paid from Gulf to Havre. Grain rates are well maintained at 10s. from Northern Range to Marseilles. Coal tonnage is being booked at full recent figures. The timber tonnage enquiry is small, owing to the inability of the deal and lumber trades to compete for tonnage with rates so high. The River Plate is still taking up a good deal of shipping, and is conceding 63s. 9d. up river for fairly large tonnage for March loading.. Tyne to Algiers, 5,000, 26s. 9d.; Brest, ;2,800, 22s. Bayonne, 2,600, 25s.; Bordeaux, 2,300, 24s.; Boulogne, 1.300, 19s.; Calais, 2,500, 20s.; 1,200, 19s. 9d., from Dunston; 1,800, 18s. 6d.; 1,500, 20s.; Cherbourg, 1,000, 20s.; Catania, 4,000, 37s. 6d., reported; Caen, 800, 19s. 6d.; Civita Vecchia, 3,800, 37s. 6d.; Dartmouth, 1,800, 12s. 6d.; Danish port, 2,000, 16s., mid-Feb.; Gibraltar, 5,000, 25s.; 1,600, 24s. 6d.; Genoa, 5,700, 37s.; 5,000, 37s.; 4,400, 37s.; 1,800, 37s.; Havre, 1,800, 18s. 6d.; 2,000, 19s. 3d.; 1,300, 19s.; 1,350, 19s. 3d.; 2,500, 18s. 6d.; London, 12 “ C.T.’s,” 1,700-2,500, Ils.; 1,400, 11s.; 3,000, 10s. 6d.; 2,500, Ils.; Las Palmas, 2,600, 24s.; Lisbon, 2,600, 25s.. 6d.; Leghorn, 3.100, 37s. 6d., 600; Marseilles, 4,000, 25s. . 6d., three, voyages; Naples, 4,000, 36s., 1,000; Nantes, 3,400, 23s. 6d.; Rouen, 1,150, 20s., £40 demurrage; 2,000, 20s.; 2,000, 19s. 6d.; 1,300, 19s. 6d.; St. Nazaire, 3,000, 25s.; 3,400, 23s. 6d.; Southampton, 1,200, 16s.; St. Vincent, 2,400, 25s., early February; Treport, 1,200, 20s.; Venice, 3,000, 45s. Cardiff to Algiers, 3,700, 30 fr., 600, Feb. 9; 3,000, 32 fr., 800; 3,200, 30 fr., 600; Bordeaux, 3,500, 22 fr.; 2,800, 22 fr.; 3.300, 22} fr., 500; 2,300, 22 fr.; 2,100, 22} fr.; Barcelona, 3,000, 29s. 9d.; 2,000, 29s. 6d.; 30s.; Bagnoli, 3,300, 32s.; Boulogne, 850, 15s. 3d.; Caen, 1,200, 14s. 6d.; 1,600, 15s.; Chantenay, 1,900, 22 fr.; Civita Vecchia, 4,400, 31s., 500; Calais, 3,000, 15s. 6d.; 3,000, 15s.; Cadiz, 650, 21s., sail; 1.600, 20s.; Cape Verds, 2,000, 26s.; Charente, 1,200, 24 fr.; Colombo, 8,500-9,000, 32s. 6d.; Dartmouth,, 500, 8s. ; 1,000, 8s. 3d.; Dieppe, 1,000, 14s. 6d.; Genoa, 4,000, 30s., Feb. 15; 6,500, 30s., Feb. 10; 5,000, 30s., Feb. 15; Gibraltar, 1,900, 23s.; 2,400, 23s., fast as possible; Havre, Canal, 900, 14s. 9d.; 1,500, 15s. 6d., two voyages ; 1,300, 15s. ; Honfleur, 600, 14s.; Havre, 1,400, 14s. 6d.; 2,800, 14s. 6d.; Lisbon, 1,600, 20s. 3d.; 750, 20s.; 1,800, 19s. 6d., 350; 1,800, 20s., 400, mid-Feb.; La Pallice, 1,600, 21 fr.; Leghorn, 3,000, 30s,, 800; Las Palmas, 1,600, 22s.; Mar- seilles, 4,000, 32 fr.; 3,000, 32 fr.; Nantes, 2,200, 22 fr.; 2,200, 20} fr.; 1,300,-22} fr., 500; 1,300, 22 fr., 500; 1,700, 21} fr., 600, free brokerage; Naples, .3,300, 30s., 800, Feb. 15; 4,000, 30s., 800; 4,800, 30s., 800; 4,000, 29s. 6d., 800; 3,500, 30s., 500; Oporto, 1,300, 25s.; Port Said, 4,000, 30s., Feb. 8; Portland, 1,000, 8s. 3d.; Porto.Ferrajo, 3,300, 32s.; Rio de Janeiro, 6,000, 28s., 500; Rouen, 1,200, 16s.; River Plate, 4,500, 27s.; 4,000, 26s.; St. Nazaire, 3,800, 21 fr.; 2,100, 21 fr.; Santos, 6,500, 25s. 6d., 1,000, earlv Feb.; Savona, 5,000, 30s., Feb. 15; 6,500, 30s., Feb. 10"; St. Malo, 1,500, 12s. 6d.; St. Servan, 750, 12s.; Santa Fe, 3.600, 29s. 6d.; Torre Annunziata, 4,400, 31s., 500, 30s. 6d., 800; 3,300, 30s. Swansea to Havre, 1,400, 14s. 6d.; 1,200, 15s.; Bordeaux, 2.100, 22 fr.; 1,500, 25 fr.; 1,500, 24 fr., 500; Rouen, 800, 15s. 6d. ; 1,600, 16s.; 3,600, 16s.; 1,200, 16s. 6d.; Sables, 21} fr.; Chantenay, 1,600, 23 fr.; 2,700, 22} fr.; La Rochelle, 1,700, 21} fr.; St. Nazaire, 2,200, 21f fr.; Charente, 1,700, 21} fr. coal, 22 fr. fuel; Rochefort, 1,700, 21|fr.; Nantes, 1,600, 22 fr.; 1,200, 22} fr., 500; 1,600, 23 fr.; Caen, 1,300, 14s. 6d.; 1,300, 15s.; 900, 15s. 3d.; Honfleur, 1,400, 15s.; St. Malo, 800, 12s. 6d. coal, 13s. fuel, voyages over four months; Trouville, 800, 14s. 9d.; Dieppe, 1,500, 14s. 6d.; 1,000, 15s. 9d.; Boulogne, 800, 15s. 3d.; Cherbourg, 650, 15s. 6d.; Barcelona, 3,000, 30s.; 1,900, 30s.; St. Brieux, 600, 16s. Newport to Seville, 1,400, 22s. 6d.; Marseilles, 4,000, 32 fr., Feb.; 3,800, 34 fr.; 1,000, 34} fr., 600; Valencia and Cullera, 1,450, 35s., 1896 tax clause; Dartmouth, 500, 9s.; Bordeaux, 2,000, 22} fr.; Naples, 4,600, 30s., 800; Lisbon, 750, 20s., 350; Torre Annunziata, 4,600, 30s., 800; Oporto, 900, 25s. Immingham to London, 2,000, 9s. East Coast Port to Korsoer, 1,650, 18s. ; Marseilles, 26s.; two voyages. Port Talbot to St. Servan, 850, 12s.; Bordeaux, 3,000, 211 fr.; Caen, 1,600, 15s. Llanelly to Dublin, 280, 6s. 6d.; Dieppe, 1,000, 15s. 6d. Wear to Genoa, 6,000, 37s. Hull to Copenhagen, 1,300, 18s., mid-Feb.; Rouen, 3,100, p.t.; 3,000, 19s.; Buenos Ayres, 26s. Wales to direct nitrate port, sail, 14s. Hartlepool to Leghorn, 5,000, 37s. Bly th to North Norway, 1,700, 15s.; Rouen, 2,500, 20s. Glasgow to Hennebont, 1,000, 29s. Goole to Treport, 900, 17s. Partington to Genoa, 3,900, 31s.; Savona, 3,900, 31s.; Bagnoli, 3,900, 31s. 6d. Thames to Santos, sail, 25s., cement. COASTWISE SHIPMENTS DURING DECEMBER. According to the monthly coal tables issued by the Commissioners of H.M. Customs and Excise, the following were the quantities of coal shipped coastwise during the last month of 1914:— From Total cargo. Total] bunker. 1913. 1914. 1913. 1914. Tons. Tons. Tons. Tons. Bristol Channel ports 295,155 152,701 23,026 12,679 North-western ports 241,392 196,356 60,460 55,844 North-eastern ports 682,796 460,280 34,250 23,621 Humber ports 218,335 172,058 10,572 15,102 Other ports on east coast 9,018 2,896 8,778 13,352 Other English ports 2,125 1,995 4,071 6,853 Total from England and Wales 1,448,821 986,286 141,157 127,451 Ports on east coast of Scotland 118,890 34,349 20,136 13,796 Ports on west coast of Scotland 127,127 112,160 45,126 28,777 Total from Scotland 246,017 146,509 65,262 42,573 Irish ports — — 2,635 4,415 Total from United Kingdom 1,694,838 1,132,795 209,054 174,439 The destination of cargo shipments was as follow:— To ports in England and Wales Scotland.......... Ireland ........... Dec. 1913. Dec. 1914. Tons. Tons. 1,211,867 ... 754,578 102,753 ... 67,252 380,218 ... 310,965 Shipments to London during December totalled 495,822 tons. For purposes of comparison, in view of the present scarcity of coal supplies in London, the figures for the month of December 1913, which were 751,109 tons, will be of interest. COAL, IRON AND ENGINEERING COMPANIES. REPORTS AND DIVIDENDS. Albion Steam Coal Company Limited.—The profit for the year ending December last is £36,819 17s., from which has to be deducted the debit on profit and loss account of £8,062 3s. 6d. which still remained at the end of 1913. This leaves a balance of £28,757 13s. 6d., out of which one year’s arrear of dividend on the preference shares of the company, amounting to £13,200, was paid on October 31 last, and the directors propose shortly to make a further similar payment. Bessemer (Henry) and Company Limited.—The directors recommend the payment of a dividend on the ordinary shares of 7} per cent., making, with the interim dividend already paid, 10 per cent, for the year. Beyer, Peacock and Company Limited. — The directors recommend a dividend on the ordinary shares of 7} per cent, per annum, together with a bonus of 2} per cent, actual, less tax. Birmingham Railway Carriage and Wagon Company Limited.—The directors recommend a dividend at the rate of 12} per cent, per annum, and a bonus of 5 per cent., making 15 per cent, for the year. British Wagon Company Limited.—The profits for 1914, added to £509 brought forward, amount to £66,868. Deben- ture and other interest for the same period amounts to £42,405. An interim dividend, paid July 27 last, of 4s. per share on the shares with £3 paid up, and of Is. 4d. per share on the shares with £1 paid up, less income-tax, absorbed £8,143. The directors propose a further dividend of 4s. and Is. 4d. per share on the above shares respectively, making 13} per cent., less income-tax, transferring to the reserve fund £5,000, and leaving to be carried forward £3,465. The reserve fund will stand at £166,000. The Rotherham works were sold in the early part of the year. Cortonwood Collieries Company Limited.—Interim divi- dend of 5 per cent, actual declared. Gas Light and Coke Company Limited.—The report for the half-year ended December 31 last states that, after providing for fixed charges and setting aside £10,000 towards redemption fund, there remains a profit of £230,892. The amount brought forward from the previous half-year being £535,314, there is a total available balance of £766,206, out of which the directors recommend a dividend on the ordinary stock at the rate of £4 13s. 4d. per cent, per annum, which will absorb £381,668, leaving to be carried forward £384,538. Knowles (Andrew) and Sons Limited.—A dividend of 1} per cent., making 4 per cent for the year, is declared, and £452 carried forward. Normanby Ironworks Company Limited.—The directors have declared an interim dividend at the rate of 6 per cent, both on the preference and the ordinary shares for the half- year ended December 31, 1914. Oswaldtwistle Collieries Limited.—Dividend at the rate of 10 per cent, per annum for the half-year. Scottish Wagon Company Limited.—To the year ending December last the revenue account shows a balance of £21,616 2s. 9d., out of which an interim dividend amounting to £8,268 15s. was paid in August last, leaving a disposable balance of £13,347 7s. 9d. The directors recommend that this should be applied as follows :—In payment of a further dividend on the paid-up capital of the company, making a dividend for the year at the rate of 7 per cent., less income- tax, £8,011 10s.; to reserve fund (bringing up the amount to £62,000), £5,000; and carry forward £335 17s. 9d. The company’s rolling stock, shown in the statement of accounts, now consists of 17,874 wagons, etc. Scott (Walter) Limited.—The interim dividend upon the 6 per cent, cumulative preference shares will be paid on March 1. Transvaal and Delagoa Investment Company Limited.— The report for the year ended August 31, 1914, states that the net profit was £41,382. The balance brought forward was £124,914, from which is deducted dividend No. 11 of 3s. 6d. per share (£32,375), bonus to directors (£500), and amount written off branch railway line (£5,000), leaving £37,875. With this' the total to the credit of profit and loss account is £128,421. The directors recommend that a divi- dend of 3s. 6d. per share (17} per cent.) be paid. This will absorb £32,375, and leave £96,046 to be carried forward. Cash assets, less sundry creditors, amount to £94,965. Debentures of mining companies have been written down £2,212. The Transvaal and Delagoa Bay Collieries, owned entirely by this company, produced 586,175 tons of coal, an increase of 47,137 tons. The width of the seam and excellent quality of the coal in both the old and new areas are fully equal to the standard of previous years. The sum of £7,762 has been written off for depreciation, and it has been deemed expedient to make further provision by deduct- ing £5,000 off the amount at which the branch railway line stood in the books. Capital expenditure amounted to £9,365. Watson (John) Limited.—The directors recommend, after writing off £10,000 for depreciation, a final dividend of Is. 6d. and a bonus of Is. per share on the ordinary shares, making 15 per cent, for the past year, leaving £28,364 to be carried forward. The ordinary shares received 27} per cent, for 1913, and 30 per cent, for 1912, sums of £25,000 being set aside on each occasion, and £33,970 and £33,728 carried forward. NEW COMPANIES. Active Engineering Company Limited.—Private company. Registered office, Hive-buildings, Trafford Park, Manchester. Registered January 25. Machine builders, iron and brass founders, mechanical engineers, tool makers, metal workers, etc. Nominal capital, £5,000 in £1 shares. Directors :— Albert Taylor, Albion-place, Walmersley-road, Bury, butcher; James Kay, Kings Lynn, Bury Old-road, Heywood, engineer. Bainbridge (John W.) Limited.—Private company. Regis- tered January 25. To acquire business hitherto carried on by J. W. Bainbridge at 2, Fen-court, London, E.C., and to carry on the same, and carry on business as iron founders, mechanical engineers, heating and ventilating engineers, manufacturers of agricultural implements and othex machinery, tool makers, etc. Nominal capital, £3,000 in 1,000 6 per cent, preference and 2,000 ordinary £1 shares. Sole and governing director, J. W. Bainbridge. Harvey and Bishop Limited.—Private company. Regis- tered office, 10, Union-passage, Birmingham. Registered January 23. Iron, brass, and general iron founders and casters in cost iron or other metals, and manufacturers of ventilators and sanitary castings. Nominal capital, £100 in £1 shares. Director, H. C. Harvey, 41, Upper Thomas- street, Birmingham, iron merchant. Qualification of directors, 50 shares. London Foundry Company Limited.—Private company. Registered January 29. Iron and steel masters and manu- facturers, steel converters, founders, smelters, engineers, colliery proprietors, coal and coke merchants, etc. Nominal capital, £25,000 in £1 shares. First directors to be appointed by subscribers. Subscribers (one share each) :— A. Keenan, 7, Northumberland-mansions, Lower Clapton, N.E., clerk; T. W. Doran, St. Hilary, Woodfield-road, Leigh-on-Sea, clerk. Oddie Patent Gear-Box Syndicate Limited.—Private com- pany. Registered January 26. Steel makers, engineers, founders, smiths, machinists, manufacturers, and in particular to produce, manufacture, and sell clutches and variable speed gears and gear boxes for self-propelled vehicles. Nominal capital, £500 in £1 shares. Directors and subscribers (one share each) :—F. A. Oddie, 13, Essenden-road, Maida Vale, engineer; H. S. Varley, 20, Rodenhurst-road, Clapham Park, S.W., merchant. 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. In consequence of the resignation of Mr. Joseph Brailsford, the late chairman of the Ebbw Vale Steel, Iron and Coal Company, on account of ill-health, Col. Sir Charles Allen has been elected chairman, Mr.D. A. Thomas vice-chairman, and *Sir Henry Mather Jackson has accepted a seat on the board.