560 ____________________________________________________________________________________________________________ THE COLLIERY GUARDIAN., March 12, 1915. THE FREIGHT MARKET. For the first time since the outbreak of war the supply of tonnage on the north-east coast actually exceeds - the demand, and as a result steamers are competing for business, and rates are falling. This happy result is’ attributable, it seems, to the Admiralty having drafted a. considerable number of vessels — stated at about 40 — previously requi- sitioned for transport purposes, into the coasting and French coal trades. The employment of these ships in.these, trades, however, is likely to be only temporary. ■ For the time being, however, coal shippers are deriving a considerable amount of benefit from this diversion. At the Tyne coasting rates have receded to 12s. to London, as compared with up to 15s. 6d. for the previous week. North France has been done at 22s. 6d. to Rouen, as against a minimum of 23s. 3d. the week before. The Bay has Bordeaux at the steady rate of 30s. The Mediterranean has fallen to 41s. 6d. to Genoa, as against 43s. At the time of writing, indeed, London is quoted at from 10s. 6d. to Ils. 6d., Rouen at 21s. 6d., St. Nazaire at 27s. 6d., and Genoa at barely 40s., without, however, definite fixtures being available to back up these figures. There is little doubt, however, that, should the supply of tonnage favour shippers for some little time, further very marked reductions in rates will be noted. South Wales freights are somewhat chaotic this week. A comparison with those which ruled a .week previously reveals the fact that rates to Bordeaux, Barcelona, Buenos Ayres, Chantenay, Marseilles, Nantes, Rochefort, River Plate, Rio de Janeiro, and St. Nazaire have all advanced; From Total cargo. Total bunker. Bristol Channel ports 5 North-western ports North-eastern ports Humber ports .. Other ports on east coast Other English ports Total from England and Wales Ports on east coast of Scotland Ports on west coast of Scotland Total from Scotland Irish ports Total from United Kingdom 1914. 1915. 1914. 1915. Tons. 310,548 262,554 713,219 226,740 11,797 2,719 Tons. 171,393 245,891 511,829 160,935 3,586 4,142 Tons. 18,037 69,436 28,156 13,858 8,671 3,979 Tons. 17,039 ■ 55,258 25,107 13,444 10,195 5,663 .1,527,577 1,097,776 142,137 126,706 85,907 107,451 27,750 111,961 16,227 47,907 10,810 32,096 193,358 139,711 64,134 42,906 13 — 3,187 4,218 1,720,948 1,237,487 209,458 173,830 The destination of cargo shipments is shown below those to Genoa, Las Palmas, Leghorn, Savona, Spezzia, and Teneriffe are lower; and those to Gibraltar, Algiers, Granville, Oporto, and Rouen are unaltered. Chartering from Cardiff has been very heavy, comparatively speaking, during the week. Homewards, Eastern business is somewhat limited in volume, but rates show no sign of weakening. Burmah is firm at 75s., and Saigon at from 82s. 6d. to 85s. India is very quiet, at unaltered figures. The North Pacific needs more tonnage, and quotes 75s. to United Kingdom. In American trades grain tonnage is in fair request from Northern Range at Ils. 6d. to Rotterdam, and 10s. 6d. to Marseilles, with coal vessels receiving from 37s. 6d. to 39s. 6d. for Monte Video. The River Plate is quiet for early loading, weather conditions being adverse, but rates have altered very little, and 62s. 6d. for May has been paid. Tyne to Algiers, 3,300, 32s. 6d.; Bordeaux, 2,500, 31s. 3d.; 2.600, 30s.; Calais, 1,300, 24s. 6d.; Caen, 800, 24s. 6d.; Genoa, 3,000, 43s. 6d. ; 6,000, 42s. 3d., special terms; 6,000, 41s. 6d.; Gibraltar, 800, 29s.; 2,200, 28s.; Las Palmas, 3,000, 26s.; London, 4,200, 14s. 6d.; 3,000, 12s., C.T.; 1,600, 14s 6d.; 1,600, 13s. 6d.; 1,400, 13s. 7|d., from Dunston; 1,300, 13s.; 2,000, 12s.; Lisbon, 12,000, 23s.; Marseilles, 3,000, 38s. 3d.; Oran, 1,800, 32s. 6d.; Port Said, . 35s., March; Porto Ferrajo, 4,500, 42s. 6d.; Rouen, 5,700, 25s.; 2,800, 24s. fid.; 3,000, 25s.;, 2,800, 24s. 6d.; 2,300, 24s.; 2,300, 22s. 6d.; Savona, 2,600, 43s. 6d. Cardiff to Algiers, 1,900, 30 fr.; Alexandria, 4,500, 32s. 6d.; 3,000, 34s.; 4,000, 34s.; Bordeaux, 3,500, 21 fr.; 3,000, 21J fr. ; Bizerta, 5,000, 30 fr. ; Barcelona, 3,100, 28s. 6d.; Buenos Ayres, 5,000, 30s.; 5,500, 32s. 6d.; Bagnoli, 4,500, 33s. 6d.; 4,700, 32s. 6d.; 3,500, 31s. 6d.; Brindisi, 4,500, 34s. 6d., 10d., 600, charterers paying war risk; Belfast, 270, 8s.; Bayonne, 1,200, 23 fr., 500; Cork, 470, Ils.; Chantenay, 1,300, 20 fr.; Fecamp, 1,100, 15s.; Gibraltar, 1,500, 21s., March 17; Granville, 1,000, 12s. 9d. ; Genoa, 4,000, 32s. 9d., guaranteed berth; 3,800, 33s.; 4,700, 32s. fid., 500; Havre, 1,400, 14s. 9d.; 1,250, 15s.; 1,750, 15s.; 650, 14s. 6d. ; Honfleur, 700, 15s.; Lisbon, 1,750, 19s. fid., 350; 1,250, 20s.; 2,900, 19s.; 2,400, 19s., 500, 19s. 3d., 350; 1,000, 19s., 500, 19s. 3d., 350; 3,000, 19s.; Las Palmas, 2,000, 21s.; 3,500, 21s.; Leghorn, 4,700, 32s. 6d., 500; 4,000, 31s., 500; Monte Video, 27s., reported; Marseilles, 3,000, 36J fr., as early as possible; 3,000, 361 fr., March 18; 2,000, 36 fr., March 15; Naples, 4,700, 31s.~6d., 800; 4,000, 31s., 500; Nantes, 1,600, 20 fr.; 2,200, 19ffr., free brokerage;'1,300, 20 fr.; Oporto, 900, 22s.; Pirseus, 1.500, 35s., 500, lid.; 4,400, 35s., March 18; Port Said, 6,000, 30s., reported; 6,500, 32s. 6d., March; Porto Ferrajo, 4.500, 32s. 6d.; 4,700, 31s. fid.; 3,500, 31s.; Rosario, 3,000, 30s.; Rochefort, 1,300, 20 fr.; River Plate, 5,800, 30s.; 3,000, 30s., March; 4,000, 32s. 6d., March 20; 5,200, 31s. 6d., March 17; Rouen, 1,800, 16s.; Rio de Janeiro, 32s. 6d., 500, March; St. Nazaire, 2,300, 19Jfr., March, 1.600, 19J fr.; 1,600, 19| fr.; 2,200, 19Jfr., free brokerage; 3,300, 20 fr., March 19; Santa Fe, 3,000, 32s. fid.; Savona, 3,800, 33s.; 4,700, 32s. 6d., 500; Spezzia, 3,800, 33s.; Teneriffe, 2,000, 21s.; 3,500, 21s.; Torre Annunziata, 4,700, 31s. fid., 800; Valencia, 1,500, 27s., patent fuel. Swansea to Rouen, 650, 17s., reported; 1,000, 16s. 9d.; 580, 17s.; 2,300, 16s. 9d. ; 1,900, 16s. fid.; 1,400, 16s. 6d.;. Havre, 1,200, 15s.; Honfleur, 700, 15s. fid., 880, 15s. 9d.; Nantes, 1,700, 19J fr.; St. Nazaire, 2,100, 191 fr.; Dublin, 260, 8s.; 240, 7s. 6d.; London, 12, 7s. 6d.; Fecamp, 1,050, 15s. ; Cork, 470, Ils. ; Alicante, 1,400, 27s. ; Dieppe, 800, 15s. 6d., four consecutive voyages; Belfast, 300, 8s.; Caen, 500, 15s.' fid.; Trouville, 750, 15s. 6d.; St. Malo, 400, 13s. 3d., fuel; St. Servan, 1,250, 12s, 6d.; Valencia, 2,000, 27s., fuel, March; 1,600, 27s. 6cl. coal, 28s. 3d. fuel, 1896 tax clause; 2,000, 28s. 6d. fuel, March; La Rochelle, 1,900, 19^ fr.; Rochefort, 1,900, 19J fr.; Tonnay Charente, 1,500, 20 fr. Newport to Rouen, 1,600, 16s.; Gibraltar, 1,300, 21s., March 20; Buenos Ayres, 5,000, 30s.; Naples, 4,400, 31s. 6d., 800; 5,400, 31s. 6d., 800; Torre Annunziata, 5,400, 31s. 6d., 800; Dublin, 320, 10s.; Genoa, 6,500, 32s. 6d., March 17; Marseilles, 2,000, 36 fr. Briton Ferry to Caen, 800, 15s. 6d.; Rouen, 950, 16s. 6d. Hull to Rouen, 4,000, 24s. 6d.; 2,000, 24s.; 3,500, 24s. ; 1,850, 25s.; 3,000, 23s. 6d.; 1,600, 23s. 6d.; Buenos Ayres, p.t. Goole to Dieppe, 750, 22s.; Havre, 800, 23s. Port Talbot to Rouen, 2,500,, 16s. 6d.; 1,500, 16s. 6d.; Valencia, 2,000, 27s., fuel; 1,500, 27s., patent fuel; St. Servan, 750, 12s. 6d. Garston to Miramichi, sail, 500, 12s. 6d., salt. Wear to Genoa, 2,500, 40s.; Havre, 2,000, 22s.; Dunkirk, 800, 21s. Blyth to London, 1,500, Ils.; Caen, 900, 24s. _____________________ COASTWISE SHIPMENTS DURING JANUARY. 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 January and the corresponding month of 1914:— To ports in England and Wales ..... Scotland......... Ireland ......... Jan. 1914. Jan. 1915. Tons. Tons. 1,250,196 ... 790,991 94,260 ... 68,537 376,492 ... 377,959 Shipments to London during the month totalled 517,448 tons. _____________________________ Exports and Imports of Coal Tar Products. — During February there were no imports into the United Kingdom of alizarine and anthracene dyestuffs, aniline and naphtha- lene dyestuffs, or synthetic indigo, and only 16 tons of other coal tar dyestuffs were imported, the value being £149. The values of the coal products exported in February and. the first two months ended therewith were as follow :— February. Jan.-Feb. ___________ 1914. 1915. 1914. Coal products, not dyes— £ £ £ Aniline oil and toluidine 5,150... 6,457... 7,272... Anthracene ........... — ... — ... — Benzol and toluol _____ 15,044... 41,096... 43,959*.. Carbolic acid........... 11,170... 17,680... 22,225... Coal tar, crude ....... 256... 272... 1,098.,. ,, refined & varnish 5,237... 5,029.. 9,328 Naphtha ............... 1,666... 1,677... 4,670.*’ Naphthalene ......... 2,976... 3,013.. 5,157 Pitch _________________102,613... 27,703.. 235,573 Tar oil, creosote, &c ... 74,681... 37,741... 126,449... Other sorts............. 26,902... 29,592... 67,280.*’ 1915. £ 11,589 49,339 33,750 428 9,368 3,127 6,960 59,491 57,025 54,369 Total ..............245,695... 170,260... 523,011... 285,449 Coal tar dye stuffs .......... 11,897... 10,116... 27,221... 15,693 The following quantities of the above products were exported in February :—Coal products, not dyes : Aniline oil and toluidine, 199,1001b.; benzol and toluol, 823,578 galls.; carbolic acid, 10,226 cwt.; coal tar, crude, 1,488 cwt.; ditto, refined and varnish, 246,675 galls.; naphtha, 37,061 galls. ; naphthalene, 6,037 cwt.; pitch, 391,219 cwt.; tar oil, creosote, etc., 2,023,576 galls.; other sorts, 51,715 cwt.; coal tar dye stuffs, 2,493 cwt. The values of sulphate of ammonia exports were as follow :— To— Germany................ France.................. Spain and Canaries....... Italy.................... Dutch East Indies ....... Japan .................. United States of America... British West India Islands (including Bahamas) and British Guiana......... Other countries ......... February. Jan.-Feb. _____________ 1914. 191? 1914. 191? £ £ £ £ 5.974.. . — ... 26,295... — 2,088... 4,469... 10,771... 5,941 96.956.. . 103,168... 155,875... 161,181 5.748.. . 22,048... 10,175 35,891 32.885.. . 29,851... 43,209... 137,726 82,036... 22,015...251,324... 27,180 45.186.. . 55,396... 148,240... 89,756 8,286... 3,464... 23,360 16,782 51,279.. .157,419... 105,839.. .-264,985 Total _____ .........330,438... 397,830... 775,088... 739,442 The following were the quantities exported in February France, 379 tons; Spain and Canaries, 8,034 tons; Italy, 1,743 tons; Dutch East Indies, 2,474 tons; Japan, 1,900 tons; United States, 4,543 tons; British West Indies, 281 tons; other countries, 12,630 tons—making a total of 31,984 tons,, as against 25,609 tons in February 1914. COAL, IRON AND ENGINEERING COMPANIES. REPORTS AND DIVIDENDS. Alley and Maclellan Limited. — The directors, in their report for 1914, state that, as the increasing demand for the company’s manufactures necessitates the extension of several departments, and in view of the abnormal times through which the country is passing, they consider it advisable to retain in the business the bulk of the profit. They therefore recommend that only the dividend on the preference shares be paid. The profit, after meeting all necessary charges, amounts to £23,530, to which has to be added £1,741 brought forward. The dividend on the pre- ference shares requires £3,300, directors’ fees absorb £950, and the board have transferred £10,000 to. reserve, and applied £9,113 for depreciation, etc., leaving £1,908 to be carried forward. A year ago the ordinary shares received a dividend at the rate of 6 per cent. Barrow Haematite Steel Company Limited.—The result of the company’s operations for the year, before deducting debenture interest and depreciation, was a credit balance of £51,518. From this is 'deducted interest on debenture stock £15,896, depreciation £24,000, and the amount written off expenditure on extensions and improvement of works and colliery £10,000, leaving a balance of £1,622. To this is added the amount brought forward from 1913, making the total amount at credit of profit.' arid loss account at December 31 last £16,997. The directors recommend the payment of the cumulative dividend on the first preference shares for the year 1914,' carrying forward a balance of £14,735. Bolckow, Vaughan and Company Limited.—The directors have decided to pay the usual interim dividend of 5 per cent, per annum for the half-year ending December. Had it n'ot been for the balance brought forward, £145,538, no interim dividend could have been paid. The effect of enlist- ments has been not only seriously to diminish the output of every branch of the company’s .works, but to cause a great increase in the cost of production, which was not counter- balanced by any corresponding rise in prices. British Hydraulic Foundry Company Limited. — Final dividend, including bonus, of 15s. per share, making a total distribution of 20 per cent., free of tax, for the year. After making provision for depreciation of plant.and machinery, and placing £2.000 to reserve (raising it to £11,000), the balance of £3,937 is carried forward. British Westinghouse Electric and Manufacturing Com- pany Limited.—The directors have decided to pay a divi- dend on the preference shares for the past year of 71 per cent. Canadian Collieries (Dunsmuir) Limited.—The committee representing the holders of the £2,054,800 of 5 per cent, first mortgage gold bonds has issued a circular intimating that while ready to concede that in the circumstances it is not unreasonable for the company, in order to maintain the continuity of its business, to ask the 'bondholders to refrain from enforcing their full rights, the committee considers that no concessions should be made without the same being sub- ject to effective control on behalf of the bondholders. With that object, the committee is in negotiation with the repre- sentatives of the principal interests involved, and, after con- sultation with the managing director, who is expected to arrive in England this week, will be prepared to recom- mend at the meeting on the 19th inst. certain amendments to the company’s resolutions. Canadian General Electric Company Limited. — The directors have declared a quarterly dividend of 1^ per cent.’ for the three months ending March 31 on the common stock. Edinburgh Collieries Company Limited.—The directors propose to pay the dividend on the preference shares for the vear ending January 31. The ordinary shares received 6 per cent, for 1913. Fletcher, Russell and Company Limited.—The directors recommend a dividend at the rate of 5 per cent, per annum, and a bonus of 2| per cent, per annum on the ordinary shares, making 7J per cent, for the year, payable (less tax) March 20. They also place £3,703 to reserve, and £5,485 is carried forward. Forth and Clyde and Sunnyside Iron Company Limited. —Including the balance brought forward, The profits amount to £9,998. The directors recommend a dividend of 10s. per share, free of tax, on the ordinary shares, leaving £3.498 to be carried forward. The dividend is the same as last vear, when £3,000 was carried to reserve for equalisation of dividend, and £2,843 forward. Glover (W. T.) and Company Limited.—The profits were £35,397 for 1914, and £5.128 was brought forward. Directors’ fees, etc., absorb £1,059, and debenture and pre- ference interest £12,577. There has been written off invest- ments £2,139, and transferred to the redemption fund £6,500. A dividend on the ordinary shares ’of 5 per cent, is nronosed, placing £5,000 to reserve, and carrying forward £7,950. Hadfields Limited.—A further dividend of 2s. per share, and a bonus of Is. 6d. per share, are announced, free of income-tax, making 22J per cent, for the year, as compared with 20 per cent, for preceding year. Ibbotson Brothers and Company Limited.—The directors have declared an interim dividend at the rate of 5 per cent, per annum, tax free. Jessop (William) and Sons Limited.—The report of the directors states that, including £19,244 brought forward, the total at credit of profit and loss account, after making allow- ance for depreciation , is £79,598. A final dividend is recom- mended on the ordinary, being 6s. per share, making 10 per cent, for the year, and a bonus of 4s. per share, tax free, leaving £79,598 to be carried forward. A further, amount of £4,500 has been paid off during the year, now leaving the debentures outstanding of £45,500. Legal Insurance Company Limited.—The seventh annual meeting was held at the Law Society’s Hall, Chancery-lane, W.C., on March 9, under the presidency of Mr. J. Field Beale, chairman of the company. According to the directors’ report and accounts, the gross premium income amounts to £278,571 7s. Id., and re-insurance premiums to £78,525 5s. lOd. Claims paid and outstanding after recovery under re-insurance amount to £109,459 18s. 4d., being 54-7 per cent, of the net premium income. Com- mission and expenses of management, including provision for depreciation of furniture and fittings, amount to- £76,766 5s. 5d., being 38*4 per cent, of the net premium income. ‘Subject to unexpired risk, the, accounts show a balance of £43,111 9s. 9d., and the directors recommend that this sum should be carried forward to the next account. The year’s trading, they add, though conducted under excep-