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THE COLLIERY GUARDIAN.

February 19, 1915.

THE FREIGHT MARKET.

There is once again a very limited number of fixtures to
report;, so far as, outward chartering from the north-east
coast is concerned, and rates regrettably have once more
bounded upwards. Curiously enough, the upward move-
ment practically synchronised with the Prime Minister’s
optimistic, statement in the House of Commons towards the
end of last week. Mr. Asquith, who was lamentably badly
informed, told his audience that, thanks to the employment
of a number of formerly-interned enemy vessels in the coast-
ing *coal trade, the rate' from Tyne to London had now
declined to 10s. At that very moment, however, that
particular journey stood at IBs., and London is now quoted
at from 13s. to 13s. fid., with up to 14s. done for a small
boat of 600 tons. It should be perfectly evident to the
Premier and his advisers that (1) the released steamers are
npt being employed in such a way as will lead to the reduc-
tion of coal freights, and (2) that some stronger measure
than the employment of these steamers must be adopted if
freights are to be reduced to anything approximating to
their normal, and a healthier condition of things. for the
coal trade restored. At the moment, it is true, the -coal
trade is booming, so far as the Tyne is concerned, and famine
prices are being- asked and paid. It is obvious, however,
that with 18s. per ton for best Blyth steams, and a freight
of 40s. for such coal for Mediterranean ports, the consumer
is having to pay so’ heavily for his -supplies that- only an
abnormal scarcity of fuel will drive him to do it, and that,
if fuel supplies can be obtained more cheaply from any othei
coal producing region on earth, we stand to lose a good deal
of our- trade—perhaps for a long time, maybe for ever. As
to the first point mentioned above, Mr. Runciman, defend-
ing the action of the managers of the “ C. T.” steamers in
getting full market rates for the vessels under their charge,
said that to have offered. these vessels at a considerable
reduction would merely have meant the diversion of com-
peting tonnage into other directions. Mr. Runciman does
not appear to realise that, even if that were so, such diver-
sion would increase the available supply of steamers in those
other directions, and reduce rates proportionately for the
journeys for which they were employed, thus having
precisely the desired effect.

In all directions rates from the north-east coast have
advanced. North France is up to fully 20s. to Rouen. The
Bay has jumped 7s., and is now quoted at 30s. to Bordeaux.
The Mediterranean is represented by -from 39s. to 39s. 6d.
to; Genoa, with one fixture at 40s. At South Wales the ,
amount of business done is somewhat short of that of a week
ago. . Rates in ;most. directions, however, show some ease
on the week. The exception is the Mediterranean, to which
vessels are being chartered at slightly higher figures. On
the whole, the market at Cardiff is distinctly in charterers’
favour, alike for near ports, those on the west coast of
Europe, the Canary Islands, and the River Plate.

Homewards, the North Pacific is firm, at last week’s
quotation of 65s., and tonnage is somewhat scarce: The
nitrate ports are unaltered. The rice ports are considerably
dearer, with 70s. quoted for Burmah-United Kingdom. - The
East Indies have an improved demand, but rates offered are
too low to attract tonnage1 when compared with those at the
rice ports. The Mediterranean is very steady,, with borders
somewhat 'scarce,- . America is considerably quieter, especi-
ally for .cotton, and rates have slumped severely. Coal and
lumber tonnage is. in fair demand. Holidays at the River
Plate are interfering with business, and up-river ports are
easier for. March ’loading, '.	■

Tyne, to Bordeaux, 5,000, 24s.; 5,000, 24s. 6d.; 2,500,-
30s.; Barcelona, 1,800, 31s.; Bayonne, 2,500, 32s. fid.;
Calais, 3,000, 18s. 6d.; Caen, 1,400, 20s. ; 1,300, 19s. 9d.;
Cherbourg, 1,600, 19s.; Gibraltar, 1,600, 24s.;., Genoa,
5,000, 37s. 6d., reported; 2,200, 37s. 6d.; 3,800, 37s. 6d.;
3,500, 39s.; 3,800, 39s. 6d.; 2,000, 39s. 6d.; 4,100, 40s.;

4.300,	39s. 3d.; 5,200, 39s.; Havre, 1,500, 19s.; London,

3..	000. 12s. l|d., from Dunston, 3,100, 13s.; 600, 14 s.; 1,500, ,
IBs.; 1,400, 13s. 3d.; Las Palmas, 1,400, 24s. 6d.;. 2,400,
24s.; 6d. ; -Leghorn,. 3,600, 40s.; North Norway, .2,000,
18s. 6d.; Port Said, 5,200, 32s. fid.; 7,000, 32s. fid.; Pirams,

6.800,	37s. 6d.; Rouen, 1,100, 19s. 6d.; 3,000, 19s. 6d.;

2.300,	20s.; 3,600, 20s., reported; 5,000, 21s., reported; St/

Nazaire’, 5,000, 24s.; Salonica, 3,700, 45s..; Trouville, 800,
19s. 6d.	'	•

Cardiff to Algiers, 3,200/ 27 fr.; Ancona, ' 3,000, 41s/;.
Alexandria, 4,500, 30s.;'Belfast; 370, 8s.; Bordeaux, 1,800,
20fr;; Catania, 2,000, 33s.-, fuel, 400, Is’.; Cherbourg, 1,250,
14s. 10|d'.; Dublin, 450, 7s. 6d.; Dieppe, 1,500, -14s. 3d.;
Genoa, 5,000, 32s.; 5,000, 31s. 9d., early March; 4,500,
31s., 500; 2,500, 32s.; 3,000,’32s.’ 6d..; 3,300, 32s., Feb.- 27 ;.
6,000, 33s. ; Granville, 900, ,12s'. 9d,; Havre, 1,250, 14s.. 3d.;
2,400, 14s. 4Jd.; 1,600, 14s. 3d.; Havre Canal, 1,600,
15s. 10id.; Leghorn, 4,800, 30s. fid., 800, lOd.; 5,000, 32s. ;
3,500, 31s. 6d., 500; 3,000, 32s. 3d.; Las Palmas, 2,900,
22s., Feb. 22; Lisbon, 3,200, 19s?, 500; 1,250, 19s. 6d., 350;

2.500..	19s, fid., 500; 1,800, 19s. 6d., 350; 2,300, 19s., 500;

1.800,	19s.; Madeira, 2,900, 22s., Feo. 22; Messina, 2,000,
33s., fuel, 400, Is.; Nantes, 1,600, 21 fr.; 1,300, 20 fr., 500;
3,200, 19J fr.; Naples, 5,000, 30s. fid., 800; 4,500, 31s. fid.,
800; Oporto, 1,300, 25s.; Palermo, 2,000, 33s., fuel, 400, Is.;
Port Said, 5,000, 29s. ; 8,000, 29s.; Rouen, 1,200, 16s.; Rio
de Janeiro, 2,800, 28s., 300; 600, 27s., 300, March 1-15;
Rochefort, 2,000, 20 fr.; River Plate, lower port, 5,500, 25s.,
Feb.; 25s., Feb.-March; 4,500, 24s? fid., early March; 5,000,
25s.; St. Nazaire, 2,800, 19J fr.; 3,400, 19 fr.; 2,300, 19J fr.;
Savona, 5,000, 32s.; 2,500, 32s.; 3,000, 32s. fid.; 3,200,
32s., Feb. 27; 6;100,'33s. ; Spezzia, 5,000, 32s.; 2,500, 32s.;
Venice, 3,300, 41s.; 2,000, 42s;; Vigo, 1,500, 19s. 6d.

Swansea to Tonnay Charente, 1,600, 20J fr. coal, 20^ fr.
fuel; 1,600, 20 fr.; Nantes, 1,100, 22 fr.; Dieppe, 900,
15s. 6d.; 700, 15s. 9d.; 900, 15s. 9d.; Treport,- 900, 16s. 3d.;
Granville, 400, 15s. 6d.; Rouen, 1,500, 16s. ljd.; 2,000,
16s. fid.; 2,000, 16s. l|d.; 650, 16s. fid.; 2,200, 16s.; Trou-
ville, 900; 15s.,9d.; Havre, 1,400, 14s. 6d.; Valencia, 1,100,
27s/fid., .250, 1896 tax clause; Honfleur, 950, 15s.; Dublin,

460..	-7s.; Naples, 2,200, 32s., fuel, 500; Bordeaux, 600,
21 fr., fuel; Rochefort, 1,700, 19| fr.; La Pallice, 1,900,
191 fr.; Caen, 800, 16s.; Dundalk, 320, 7s. 6d.

/Port Talbot to Bordeaux, 1,800, 20fr.; Nantes, 2,800,
20 fr.; Rouen, 2,200, 15s. 9d.; Trouville, 1,5001 15s..; Con-
cepcion- del. Uruguay, sail, 24s., March.

Newport to Oporto, 1,100, 23s. 6d.; Naples, 4,200, 30s. 6d.,
800, lOd.; Torre Annunziata, 4,200, 30s. 6d., 800, lOd.;
Bordeaux, 3,400, 20 fr.; Salerno, 3,800, 30s. 6d., 800, lOd.;
Nantes, 3,200; 191 fr.

Methil.to London, 1,500, 13s.

Hull to Calais, 5,b00, 18s., Oporto, 1,200, 28s. 6d. ;
’Rouen, 1,600, 19s. 3d.; 4,500, 20s.; 5,000, 20s.; Brixham,
1,900, 9s. 6d.? dree delivery. ■	, ' .	’

Llanelly to Dieppe, 900, 15s. fid.

Wales to Chili, and home to U.K., sail, 52s., in and-out;
Santos, 32s. 6d., Feb.-March. '

Blyth to North Norway, 2,000, 18s. fid.; Aalborg, 900,
16s. 6d.

Wear to Genoa, 2,200, 38s.; London, 1,000, 14s.

Mersey to Calcutta, 30s.

Forth to London, 1,500, 13s. •	/ '

Neath Abbey to Caen, 800, 15s. fid.; Honfleur, 800, 15s. 6d.

COAL, IRON AND ENGINEERING COMPANIES.

REPORTS AND DIVIDENDS.

Astley and Tyldesley Collieries Limited.—Dividends (free
of tax) of 12s. 6d. per share on the £10 fully paid, and 10s.
;on the £8 paid ordinary shares, with £7,074 carried forward.

Beyer, Peacock and Company Limited.—The report for
the year ended December last shows a profit of £114,365,
making, with £3,556 brought forward, a credit balance of
£117,921. Depreciation, income-tax, and charges absorb
<£18,268; debenture interest and preference dividend take
£29,250, and the directors recommend a dividend on the
ordinary shares of 7J per cent, and a bonus of 21 per cent.,
making 10 per cent, for the year, less tax, placing .£50,000
to reserve, and carrying forward £1,945.

Birmingham Railway Carriage and Wagon Company
Limited.—Dividends,of 10 per cent, and a bonus of 5 per
cent, for the year, and of 6 per cent, on the preference
shares,- have been declared.

Consolidated Cambrian Limited.—The directors, in their
report for the year ended December 31, 1914, state that the
net income for the 12 months, including the. balance of
£531 4s. lOd. brought forward from .last account, amounts
to £140,628 3s. 9d., deducting interim dividend on the pre-
ference shares paid September 1 last, the sum of
£115,132 2s. 6d. remains available for, distribution. The
directors recommend that a dividend at the rate of 6 per
cent, per annum on the preference shares for the half-year
ended December 31, and a dividend of 10 per cent, on the
ordinary shares for the year, absorbing £106,421 14s. 6d..,
be paid, that the sum. of £7,500 be written off formation
account, and the balance, amounting to £1,210 8s., be
carried forward. The sum provided for the dependants of
the company’s employees who are serving their country now
amounts to £437 per week, at the rate of £22,724 per
annum. The constituent companies contributed 1,000
guineas to the Prince of Wales’s War Relief Fund, and
they, have since the close of the year subscribed 1,000
guineas, to the funds of the British Red Cross Society.

Crossley Brothers Limited.—The report for 1914 states
that the amount to the credit of revenue account is £53,847,
out of which a dividend has been paid on the preference
shares at the rate of 5 per cent, per annum for the first
half of the year. It is proposed to pay a further dividend
for the second half of the year -at the rate of 5 per cent,
per annum on the preference shares, and to carry forward
the balance of £33,678 to next account.

Dunlop (James) and Company Limited.—The directors’
report for the year ending. December 31 last, states that
the gross profit for the year is £19,310 0s. lid., from which
falls to be deducted general expenses, legal charges, etc.,
amounting to £4,439 Is. Ad., leaving the net profit for the
year £14,870 19s. 7d.; add balance brought forward,
£11,654 7s. 2d.; transfer from, general reserve, £5,000—;
total, £31,525 6s. 9d., out of which has been paid one half-
year’s dividend on preference shares at 6 per cent., £9,000,
leaving an available balance for disposition of £22,525 6s. 9d.,
which the directors propose to appropriate as follows :—
Provision for depreciation, £10,000; half-year’s preference
dividend to December 31, £9,000; leaving to be . carried
forward £3,525 6s. 9d. The directors regret that the
trading results have been unfavourable, and that they are
therefore unable to recommend a dividend on the. ordinary
shares. This is due to extreme competition, high rate of
wages, and the effects of the war.. ...

Electrical Distribution of Yorkshire Limited.—The report
for 1914 states that the net profit was £2,963, as compared
with £2,568 in 1913, and £1,902 in 1912. After payment of
the ..directors’ remuneration, the balance brought forward
from'1913 was £573; which, added to the1 profit for the year 1
1914 of £2,963, makes a disposable balance of.£3,536. The
directors recommend that this, balance should be dealt with
as follows To pay a dividend (free of income-tax.) for the
year 1914 at the late of 6 per cent, per annum on the amount
paid up on the ordinary shares, amounting to £1,809; to,
increase the reserve fund to £3,000 by adding £1,000; and.
to carry forward, subject to any remuneration voted to the
directors, the balance of £727. In . February last 12,500
further shares of £1 each were conditionally allotted at par
to the shareholders in proportion to their, respective holdings, ,
applications being at the same time invited for any shares
not taken up. The shares were over-applied for. During
the year supply, was commenced in Birstall, Goole and dis-
trict, Rothwell and district, and Womb well and Wors-
borough.

France (William), Fenwick and Company Limited.:—The
trading profits for the year 1914 amounted to £95,399, as
compared, with £108,897 for the preceding year. After
providing for debenture interest, sinking fund, etc., there
remains (including £7,471 brought, forward) . a- balance of
£72,347. The sum of £35,000, against £50,900 last year, is
appropriated to reserve account, and £8,250 is applied in
payment of preference share dividend for the .year. The
directors now recommend a final dividend on the ordinary .
shares of 4 per cent., and a bonus of 7 per.cent., making in
all 15 per cent, for the year, leaving £6,597 to be carried
forward. , ,	,

Great Western Colliery Company Limited.—The directors*
recommend a dividend of 5s. per share on the fully paid,
and 3s. .per share on the partly-paid “ B ” shares, less
income-tax, making 10 per cent, for the year 1914.

Kent Collieries Limited. — A general meeting of the
holders ■ of the debentures was- held on Friday last at
Salisbury House, E.C., Mr. J. M-. Fells presiding. The
chairman said the debenture holders two years ago
sanctioned the' increase of the then debenture issue from
£150,000 to £250,000, in order that security might be given
to the Channel Collieries Trust, who were advancing large
sums for the further development of the properties. Those
sums were, in due course, advanced, and the property
during- those two years had been greatly improved. r The
sinking of the pits had now been completed to 1,625 ft., and
it was possible to wind coal, if thought desirable, from that
seam. They, were also within some 50 yds.- of a seam
which was considered to have better coal than that at the
1,625 ft. level. On December 31 they owed the Channel

Collieries Trust some £190,374, and for this the trust held
debentures for some £151,800. Under the scheme pro-
posed the indebtedness of the Channel Collieries Trust would
be changed to the extent to which that -company took up the
note issue, and .its security would to this extent, by the
creation and issue of debentures to secure this note issue, be
improved. The scheme would practically provide for the
development of the collieries for some seven or eight months
ahead, but the trust took the option to find further capital,
should it be required, such capital to be provided by means
of a further loan issue secured by further debentures. It
also provided for an extension of time for redemption and for
a sinking fund. After some further discussion, the scheme
submitted was approved, with one dissentient.

Marbella Iron Ore Company Limited.—The report for the
year ended December 31 last, expresses regret at the can-
cellation of the interim dividend. Owing to the outbreak of
the war a large sum of money which was due at the end of
July was unobtainable, a portion of which was ear-marked
for the interim dividend. The whole of this money has not
yet been received, but it is in no way a bad debt, and
eventually the company will recover the whole. The output
up to the end of June was 31,880 tons, which was nearly a
record. Owing to the closing down of the mines the output
for the last six months was only 11,300 tons, but the total
output for the year amounted to 43,180 tons, which is con-
siderably more than the average for several years. The
revenue account for the year shows a profit of £3,155, to
which must be added balance from last year, £1,716,
together £4,871. Although the accounts show a profit, the
directors do not think it advisable to declare any dividend.

Mather and Platt Limited.—The directors recommend a
final dividend of 5 per cent, and a bonus of 2J per cent, on
the ordinary shares, making 12J per cent., free of income-
tax, for the past year.

Merry and Cuninghame Limited.—The profits for the past
year, including £49,545 brought forward, amounted to
£70,861. The preference share dividend has been paid, and
it is proposed to carry forward the balance of £46,916.

’ New Hucknall Colliery Company Limited.—The report
states that after carrying £10,000 to depreciation, the profit,
including £6,652 18s. lOd. brought forward, amounts to
£71,734 4s.. 5d. After allowing for the interim dividends
on the ordinary shares and the dividends on the preference
capital, there remains a ■balance of £42,334 4s. 5d., which
the directors recommend be disposed of as follows In
payment .of a final dividend of 2J per cent, on the ordinary
shares (making 10 per cent, for the year), £6,675; to
reserve fund, £30,000; leaving to be carried forward
£5,659 4s. 5d. The report adds that the sinking of the
Welbeck Colliery has been continued, and the Top Hard
seam was reached1 in the No. 2 shaft bn December 23 last.
The other works in connection with this colliery have pro-
gressed satisfactorily. In order to provide further capital
to complete the equipment and development of the Welbeck
Colliery, it has been decided to create £150,000 5 per cent,
debentures, of which £100,000 will be immediately issued.
The necessary resolution sanctioning the issue will be sub-
mitted to the shareholders at the general meeting.

New Sharlston Collieries Company Limited.—The report
of the directors for 'the year ending December 31, states that
the shortage of labour referred to in the last report, which
has increased since the outbreak of the war, has continued
to hamper the. working of the collieries. The directors
report the acquisition for a new coalfield adjoining the com-
pany’s properties, whereby the life of the collieries will be
extended for ,a long period of years. The directors propose
that the balance of the profit and loss account, £5,904 2s. 4d.,
and the balance for 1913, £4,139 13s. 3d., be disposed of
as follows ,:—To depreciation, £2,000; to a final dividend of
5s. .per share, free of tax, £2,887, which with the interim
dividend of . 5s. per share, free of tax, paid in July, makes
2J per cent, for the year, leaving to be carried forward
£2,269 15s. 7d.

Western Wagon and Property Company Limited.—The
accounts to December 31, 1914, show an available balance
of £22,559, which, with the £445 brought forward from last
account, . gives a total of £23,004. The following amounts
have already been distributed :—Interest on debentures and
deposits and banker’s interest, £8,705; interim dividend (for
the half-year ended June 30) at the -rate of 10 per cent, per
annum (less income-tax), £6,577; and the directors now
recommend a final dividend at the rate of 10 per cent, per
annum (less income-tax), making 10 per cent, for the year,
x-eaving a surplus of £1,378, which it is proposed to appro-
priate by adding to the reserve fund (bringing that fund
up to £87,500), £1,000, and carrying forward £378.

NEW COMPANIES.

Anglo-Spanish Lead and Zinc Mining Syndicate Limited.
—Private company. Registered office, 25, St. Mary Axe,
E.U. Registered February 10. To work and -develop zinc,
lead, copper, coal, and other mines .and mining properties,
and to carry on business of miners, smelters, colliery pro-
prietors, coal merchants, . ironfounders, engineers, etc.
Nominal capital, £1,200 in £1 shares. Directors G.
Constant, La Norvelle., Arpajon, Seine et Oise, France,
mining engineer; A. Firminger, 25, St. Mary Axe, London,
E.C., mine owner; J. Dixon, 25, St. Mary Axe, London,
E.C., mineral and metal merchant.

Birkenshaw Collieries Company Limited.—Private com-
pany. Registered office, Birkenshaw Colliery, Bradford-
road, Birkenshaw, Yorkshire. Registered February 11.
To acquire any coal and other mines, mining ground, and
minerals, and to search for and dispose of coal, ironstone,
and other ores and minerals. To carry on business of coal
masters, iron masters, smelters, engineers, brick, tile or
earthenware manufacturers, etc. Nominal capital, £6,000
in 500 “A” preference, 4,500 “ B ” preference, and 1,000
ordinary £1 shares. Directors and subscribers (one share
each):—T. Gill, Elm Bank, Cleckheaton, manufacturer;
J. Gill, The Laurels, Liversedge, manufacturer. Qualifica-
tion of directors, 50 shares.

Qualters and Smith Brothers Limited.—Private company.
Registered ^February 9. To acquire business of engineers
carried on by Albert Smith and Henry Smith at Old
Foundry, Summer Lane, Yorkshire, as electrical,
mechanical, sanitary, civil, and general engineers, etc.
Nominal capital, £12,500 in 1,250 £10 shares. Directors
and subscribers (100 shares each). Albert Smith, Oakroyd,
95, Dodworth-road, Barnsley, engineer; Henry Smith, 4,
Crooker-street, Barnsley, engineer.. Qualification of
directors, 100 shares.

. 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.