670

THE COLLIERY GUARDIAN.

March 26, 1915.

COAL, IRON AND ENGINEERING COMPANIES.
REPORTS AND DIVIDENDS.

Addie (Robert) and Sons Collieries Company Limited.—
After carrying £1,200 to the special depreciation fund for
heritable properties, there was a loss for the year of £23,352,
from which there falls to be deducted the balance of £1,457
at credit of revenue brought forward from last year, leaving
a debit balance of £21,895. The directors have transferred
the sum of £16,144 standing ait the credit of general reserve
fund to the credit of profit and loss appropriation account,
leaving a balance at debit of profit and loss appropriation
account to be carried forward of £5,751.

Beardmore (Wm.) and Company Limited.—The report
for the year ended December 31 last states that the profits
are £219,142, to which is added £186,947 brought forward,
making a total of £406,089. After allowing for interim
dividend on preference shares, free of tax, there remains
£367,089, which the directors recommend be disposed of as
follows :—Placing to special preference dividend, reserve,
£50,000; dividend at the rate of 6 per cent, per annum on
preference shares, free of tax, for the second half-year,
£31,000; dividend at the rate of 5 per cent, per annum on
ordinary shares, free of tax, for the whole year, £85,000,
leaving to be carried forward £193,089.

Bell Brothers Limited.—The report for 1914 shows a profit
of £45,969, which, with the balance brought forward,
£23,686, makes £69,655. Interest on 4 per cent, debenture
stock for the year absorbed £15,134; dividend on 6 per cent,
preference shares for the half-year to June 30, £15,000;
amount carried to reserve fund, £3,649; and since
December 31 the following has also been paid thereout :—
Dividend on 6 per cent, preference shares for half-year to
December 31, 1914, £15,000; balance carried forward,
£20,872.

Bengal Iron and Steel Company Limited.—The net balance
brought forward was £18,063, to which is added profit for
the year ended September 30, 1914, of £79,238, making
£97,302. After deducting interest, etc., there is £93,005, out
of. which there has been transferred to the credit of deprecia-
tion and colliery sinking funds £18,090, and debenture
interest has been paid (amounting to £6,576, leaving a net
balance of £68,337. The directors transfer to reserve
£10,000. The dividend is 12 per cent, for the year on the
ordinary shares (payable 6 per cent., on March 31, 1915, and
6 per cent, on September 30, 1915), leaving a balance of
£22,831 to be carried forward.

Birmingham Small Arms Company Limited. — The
directors have declared interim dividends for six months
ended January :—On the “A” preference shares, 5 ^er cent,
per annum; on the “ B ” preference shares, 6 per cent, per
annum (less income-tax); and on the ordinary shares, 10
per cent, per annum, the last free of income-tax.

British Electric Transformer Company Limited.—The
net profit for 1914 is £16,234; brought forward, £4,108;
making £20,343; to reserve account, £5,000; to deprecia-
tion reserve, £1,500; 71 per cent, on the ordinary shares
(3 per cent, of which was paid in September); the amount
carried forward is £3,477.

British Westinghouse Electric and Manufacturing Com-
pany Limited. — The net profit for the year amounts to
£151,627, to which is added the balance brought forward,
making a total of £158,121. The directors appropriate to
general reserve £50,000; to patents, goodwill, etc., amount
written off, £25,000; dividend on preference shares at the
rate of 7| per cent., £75,000; .and carry forward £8,121.
Substantial sums have again been charged against revenue
for the maintenance of the Works and plant, and, in addi-
tion, the sum of £50,846 has been applied to depreciation.
Since the end of the year under review the company has
acquired from the American Westinghouse Companies their
interest in the French, and through it Italian Westinghouse
Companies.

Brush Electrical Engineering Company Limited. — The
report for 1914 states that the profit and loss account shows
a balance of £19,110. The directors recommend that
£10,000 be placed to a reserve 'account for depreciation, that
£2,044 be (applied in payment of the further 4 per cent, to
which the holders of the company’s 6 per cent, prior lien
participating second debenture stock are entitled out of the
first net profits available for dividend in any year, 'and that
£7,066 be carried forward. To meet the outlay necessary
for various developments, and also to improve the manufac-
turing equipment in other departments, the directors propose
(subject to the consent of the Treasury) to issue, when
required the balance of the 6 per cent, prior lien participating
second debenture stock.

Cammell, Laird and Company Limited. — The directors
recommend the following final dividends in respect of the
year 1914, namely :—2J per cent, on the preference shares,
and 5 per cent, on the .ordinary shares, both payable on
April 7 next, less income-tax. This makes the full dividend
of 5 per cent, on the preference shares, and 7J per cent, on
the ordinary shares for the year. The sum of £100,000 is
carried to reserve, and £25,937 6s. is carried forward to next
account.

Canadian Collieries (Dunsmuir) Limited.—Pursuant to the
provisions contained in the second schedule to the trust deed,
dated August 6, 1910, securing the 5 per cent, first mortgage
gold bonds, a meeting of the holders of the said bonds was
held on Friday last. Mr. W. E. Bundle (general manager
of the National Trust Company Limited, trustees for the
bondholders) presided. Mr. H. S. Fleming (chairman of the
executive committee of the Collieries Company) explained
the necessity for the meeting. • He said, first of all, they had
a two years’ strike, which affected the company whilst in
the middle of its construction work. Then there was the
trade depression in the condition of trade on the Pacific
Coast at the end of 1913 and beginning of 1914. Finally,
there came the war, which for the time being had entirely
disorganised the most important branch of their business,
viz., that of supplying ships’ bunkers with coal. They had
had to shut down two mines, and the others were only
working two or three days a week. However, the war
would not last for ever, nor would the trade depression.
Resolutions were then passed in an amended form sanction-
ing certain modifications of the rights of the bondholders
against the company or its property, and of the provisions
contained in the trust deed.

Cleveland and Durham Electric Power Limited. — The
directors, in their annual report, state that during the year
ended December 31 last, the capital expenditure on works
has amounted to £14,915 Os. 3d. The gross profits for the
year, which have been adversely affected by the war,
amounted to £36,838 11s. 8d. After providing for debenture
interest, there remains a net profit for the year of
£16,826 Is. 8d., which, together with the sum of

£8,798 15s. 4d., brought forward from the last account, gives
an available balance of £25,624 17s., which the directors
propose to deal with as follows :—In payment of a dividend
of 4 per cent, on the preference shares, £13,348 4s.; in
transferring to depreciation and renewals account, £3,000;
in reduction of expenses of issue of debentures, £1,000; and
carrying forward the balance of £8,276 13s.

Curtis’s and Harvey Limited.—‘The report for 1914 states
that the net profit, after payment of debenture interest and
other charges, is £77,755, which, added to the amount
brought forward, makes £94,366. This has been dealt with
as follows :—Interim dividend of 2J per cent, (less income-
tax), £6,709; transferred to reserve account, £40,000;
leaving £47,657. It is proposed to pay a final dividend of
7J per cent, and a bonus of 5 per cent., both less income-
tax, leaving to carry forward £14,709.

Dundee Coal Company Limited.—The output for 1914
shows a decrease of 7,219 tons. At December 3.1, 1913, the
cash assets showed a surplus of £12,783 over cash liabilities;
on December 31, 1914, £22,737. After paying debenture
interest, £4,984, and providing for dividends declared during
the year of £19,187, and £15,502 for depreciation, £6,269
is carried forward.

Garnet Colliery Company Limited.—Under the compulsory
liquidation of the Garnet Colliery Company Limited, incor-
porated in May 1912, with a nominal capital of £35,000.
for the purpose of acquiring .and working certain mineral
estates and a colliery at Jersey Marine, near Swansea, the
Official Receiver has issued a summary of the statement of
affairs. This shows liabilities £17,799, of which £15,749
were expected to rank, and estimated assets £1,622,
absorbed by preference and debenture holders’ claims, a total
deficiency of £39,819 being disclosed with regard to the con-
tributories. The directors attribute the liquidation to the
serious mining difficulties encountered, one important seam
proving faulty and another disappearing.

Maclellan (P._ and W.) Limited.—The net balance for the
year to December 31 last at credit of profit and loss account,
after providing for bad and doubtful debts, directors’ fees,
and all other charges, and. including the balance from the
previous year, is £62,988 15s. 6d. Deducting the year’s
interest on debentures, £6,750, and the amount transferred
to depreciation account, £7,500, and adding £10,000, bring-
ing this fund up to £115,000, there remains a balance of
£38,738 15s. 6d. From this the directors recommend the
payment of the dividend on the preference shares of 6 per
cent., absorbing £9,000; a dividend of 6 per cent, per annum
on the ordinary shares, absorbing £9,000; and the payment
of a surplus dividend of 2 per cent, on both the preference
and ordinary shares, absorbing £6,000, leaving a balance to
carry forward to next year of £14,738 15s. 6d.

Robey and Company Limited.—The directors, in their
report for the year ending December 31 last, state that the
trading account shows a profit of £27,191 5s. lid., and, after
writing off £9,020 6s. lid. for depreciation, etc., there
remains a balance of £16,602 17s. 10d., from which must
be deducted £7,662 10s. for debenture interest, leaving, with
£5,630 18s. -7d. brought forward, a balance of £14,571 6s. 5d.
available for division. The directors recommend that this-
balance be appropriated to the payment of a dividend of 6s.
per share, free of tax, carrying forward £5,710 15s. 5d.

Rossington Main Colliery Company Limited.—The report
states there has been a further expenditure on capital
account of £96,377 during the year ended December 31, 1914,
and during the same period further calls were made, bring-
ing up the £1 shares to 12s. 6d. per share, paid up, or a
total, including calls in advance, of £267,456. The sink-
ings have made good progress, and it is anticipated the
Barnsley seam of coal will be reached in. No. 1 shaft this
spring. The erection of the plant has proceeded satisfac-
torily, and the machinery necessary to commence coal
winding has been completed.

Scottish Tube Company Limited.—The report for the year
ended December 31, 1914, states that the net profits for the
year amount to £50,322, to which falls to be added the
balance brought forward, £9,494; deduct interest on deben-
ture stock, £9,325, and the sum paid for redemption of
debenture stock as provided by trust deed, £5,675, and the
amount provided for depreciation, less £5,675 already pro-
vided as mentioned, £4,325, leaving £40,491. Out of this
has been paid interim dividend on the preference shares at
5 per cent, per annum for the half-year, leaving £32,991.
The directors recommend carrying to a reserve account
£10,000; dividend of 5 per cent, per annum on preference
shares for past half-year, and a dividend of 2J per cent, per
annum on ordinary shares for the year, leaving to be carried
forward £10,318.

Stewarts and Lloyds Limited.—The net profits for 1914
were £233,420, after providing for debenture interest, and
adding £100,000 to the depreciation fund, and £95,371 was
brought forward. A final dividend of 2s. per share is pro-
posed on the deferred shares, making 2s. 6d. per share (12|
per cent.), free of income-tax, for the year, adding £50,000
to the reserve and £10,000 to the employees’ benefit fund,
and carrying forward £97,666.

Transvaal Coal Trust Company Limited.—The report for
the year ended December 31, 1914, states that the profits
from coal mining amounted to £25,018, dividends on share-
holdings to £76,050,' receipts from Brakpan Township
£4,547, and interest, sundry revenue, etc., £4,124, together
£109,739, from which must be deducted depreciation and
war donations, £8,229, leaving a net balance to. credit of
profit and loss of £101,510.- Including the surplus brought
forward of £36,857, there is a credit balance of £138,368.
Government tax on profits and income-tax absorbs £1,376,
and dividends Nos. 29 and 30 (16| per cent.) £88,686, leaving
a balance unappropriated of £48,305. The profit from coal
mining shows a decrease of £1,957. Scarcity of water
resulted in a recurrence of the difficulties, and penalties
mentioned in last year’s report. The shortage and irregu-
larity of the supply of railway trucks, occasioned by the war,
also adversely affected the profits. Capital expenditure
during the year amounted to £13,273, additions to the
machinery, plant, and buildings at Oogies Colliery being
mainly responsible for this outlay.

Tweefontein Colliery Limited.—The report to December 31
last states 'that, as a result of a further issue of shares, the
debenture stock has now been paid off, and the debenture
bond on the company’s property has been released. All the
arrangements for transferring to the company the coal output.
previously made by the Premier Coal Limited have been
completed, and the company received the sum of £5,150 in
dividends from the Premier Coal Limited to the end of the
year 1914. In (addition to the above amount of £5,150, the
company has realised plant taken over from the Premier Coal
Limited to the value of £8,200. The gross profit for the
year, including miscellaneous revenue, amounts to £31,250;

deducting debenture interest (to date of redemption), London
charges and allowances for depreciation, amounting to
£13,977, there remains *a balance of £17,273. To this there
falls to be ■added the amount carried forward from last year’s
accounts of £13,374. Out of this the directors recommend
that the expenses'in connection with the issue of new shares,
amounting to £1,939, be written off. They also recommend
the payment of a further dividend at the rate of 4 per cent,
on the cumulative preference and participating shares, and
a final dividend of 19 per cent, on the ordinary shares,
making the total dividends for the year 10 per cent, on the
cumulative preference and participating shares and 25 per
cent, on the ordinary shares. This will absorb £12,260, and
leave a balance of £14,034 to be carried forward. During
the year the sales of coal have amounted to 343,752 tons, as
against a total output for 1913 of 327,424 tons. Owing to
the shortage of railway trucks, due to the rebellion and war
in South Africa, the increase has not been so large as the
directors anticipated.

United Collieries Limited.—The profits for the past year
amounted to £57,600, out of which £20,000 has been appro-
priated towards capital expenditure. Interests and sinking
fund charges absorb £38,358, and after adding £37,554
brought forward, there remains £36,796 for first debenture
interest, etc.

Vickers Limited. — The directors regret that, in conse-
quence of the great pressure due to the war, it has been
found quite impossible to complete the yearly accounts for
presentation at the usual date. Every effort, however, is
being made, and it is hoped that the general meeting may
be held by the middle of next month. In the meantime, it
has been arranged that the final dividend of 5 per cent, on
the. preferred 5 per cent, stock and on the 5 per cent, pre-
ference shares will be paid to-day (Friday).

Walker (C. and W.) Limited.—The directors’ report for
the year ended January 31, says the profit for the year,
after allowing for depreciation, etc., amounts to the sum of
£15,657 5s. After adding the balance brought forward from
last year, there is a sum of £26,806 Is. 6d. standing to the
credit of profit and loss account, which the directors recom-
mend be dealt with as follows :—To dividend already paid
for six months ended July 31, 1914, viz., on preference
shares at the rate of 5J per cent, per annum, £1,100; on
ordinary shares at the rate of 10 per cent, per annum,
£2,000—total, 3,100; to payment of a dividend at the rate
of 5J per cent, per annum on the preference shares for the
six-months ended January 31, 1915, £1,100; to payment of
a dividend at the rate of 10 per cent, per annum, free of
income-tax, on the original ordinary shares for the six
months ended January 31, 1915, £2,000; to payment of a
bonus of Is. per share on the same, free of income-tax,
£2,000; to payment of a dividend at the rate of 10 per cent,
per annum, free of income-tax,' and a bonus at the rate of
5 per cent, per annum on the new ordinary capital, from
the dates when the calls were paid, £345 10s. 4d.; to be
carried to reserve fund (making it £40,000), £2,355 10s.; to
a contingent reserve fund, £4,000; to carry forward to next
year, £11,905 Is. 2d.; total, £26.806 Is. 6d.

NEW COMPANIES.

Hadgkiss, Thomson and Woodall Limited.—Private com-
pany. Registered March 19. To (acquire and carry on
business of brass and iron founders, machine and tool makers
and general engineers, now carried on by L. M. Hadgkiss,
as Hadgkiss and Woodall, at Cox-street, St. Paul’s, Bir-
mingham. Nominal capital, £10,000 in £1 shares. Directors
and subscribers (one share each) :—L. M. Hadgkiss, 39,
Woodland-road, Northfield, Worcestershire, manufacturer;
L L. Thomson, 302, Edward-road, Edgbaston, Birmingham,
manufacturer. Qualification of directors, £100.

Ibbetson and Stansfield Limited. — Private company.
Registered, with a capital of £1,500 in £1 shares (500 5 per
cent, cumulative preference), to carry on the business of
manufacturers of, agents for, and dealers in aneroid and
other barometers, philosophical, mathematical, scientific,
surgical, nautical, mining, surveying, and engineering
instruments, apparatus, and utensils, electrical instruments,
accumulators and appliances, gauges and testing apparatus,
metal and other discs and plates, cutlery and glass for
scientific, optical, photographic, industrial, and other pur-
poses, etc. First directors :—J. A. Ibbetson and T. Stans-
field (permanent governing directors). Qualification of
directors, £50.

Manley and Sandy (1915) Limited. — Private company.
Registered March 17. Electrical and mechanical engineers.
Nominal capital, £1,000 in £1 shares. Directors and sub-
scribers (one share each) :—J. W. Manley, Woodbury, New
Barnet, Herts, engineer; G. B. Dobb, 16-18, Knightrider-
street, E.C., manufacturer; R. B. Dobb, 2, Stone-buildings,
Lincoln’s Inn, W.C., solicitor. Qualification of directors,
£5.

Markham Main Colliery Limited., — Private company.
Registered March 15. To purchase, lease’ or otherwise
acquire and hold, develop, work, and deal with any
collieries, mines, quarries, coal, iron, slate, stone, fireclay,
and other minerals or mining or colliery rights. Nominal
capital, £300,000 in £1 shares. First directors may be
appointed by subscribers. Qualification of directors, one
ordinary share. Subscribers (one share each) :—A. B.
Markham, Bart., M.P., 47, Portland-place, London, W.; C.
Markham, Ringwood, Chesterfield, engineer.

Perchlorate Safety Explosives Limited.—Registered office,
Winchester House, Old Broad-street, E.C. Registered
March 15. To manufacture, sell, and deal in chlorates,
perchlorates, blasting powder, dynamite, nitro-glycerine,
guncotton, bombs, torpedoes, cartridges, fuses, etc. Nominal
capital, £100,000 in £1 shares. Minimum subscription,
seven shares. Directors : No persons have at present con-
sented to act as directors. (So long as Palmer-Perchlorate
Powder Company of Canada Limited shall be the registered
holders of not less than 30,000 shares of the company, it
shall have the right to nominate and have elected, whichever
shall be the larger number, two or one-third of the number
of directors.) Qualification of directors (other than first
directors), £100. Subscribers (one share each) :—H. A.
McMahon, Winchester House, E.C., secretary; T. A. Day,
3, Heather-road, Grove Park, Kent, secretary; G. W.
Parsons, Hill View, New Southgate, N., registrar of public
companies; E. E. Beaton, 13, Chesterfield-grove, Dulwich,
clerk; H. J. Longley, Braeside, St. Stephen’s, Hounslow,
accountant; H. W. Green, 34, Beaconsfield-road, Ealing,
W., accountant; S. Howard, 61, Kettlebaston-road, Leyton,
clerk.

This list of new companies is taken from the Dafly
Register specially compiled by Messrs. Jordan and Sons
Limited, company registration agents, Chancery-lane, E.C.,