1138 THE COLLIERY GUARDIAN. May 28, 1915. THE FREIGHT MARKET. The difficulties attendant upon the obtaining of licences for the exportation of fuel to neutral countries—which were dealt with at some length in last issue—continue to hamper operations in the outward freight market, but indications of a more hopeful state of things are not lacking. The advent of Italy into the European conflict, involving as it does the total cessation, of all German competition with British coal- fields for Italian business, is bound to have a very stimu- lating . effect on the demand for coal from this country for Italian consumers. Another factor which has militated against the volume of chartering this week has been, of course, the Whitsuntide holidays. On the north-east coast tonnage has been rather scarce during the period under review, consequent very largely on the detention of vessels at French ports, and rates in most directions have advanced. Coasting is, however, steady, at about 7s. from the Tyne to London. To North France a rise of from Is. to 2s. to Havre or Rouen is indicated. The Bay is fractionally dearer. Mediterranean ports are markedly advanced, and Genoa has increased by from 2s. 6d. to 3s. More tonnage is now coming to the district ports, however, and'it is not unlikely that figures will show some ease during the next few days. At South Wales the same causes have operated to restrict the amount of business done, and to increase the price of cargo space. North French ports are from , 9d. to Is. dearer from Cardiff. The Bay has advanced for Bordeaux by about 1 fr., with 2 fr. more done for St. Nazaire. Genoa is shown to be from 5s. to 7s. 9d. higher, and Leghorn is 6s. 6d. up. The River Blate appears to be slightly, easier. Just at this moment any prediction as to the probable course of outward freights in the near future must be an exceed- ingly tentative character, for very much depends on the demand for fuel from our Allies, especially from those who have most recently come into the fray. Any exceptional demand from Italy could not fail to have a very stimulating effect upon rates of freight, and this is a factor which cannot at the moment be foreseen with any definiteness. Homewards, the North Pacific demand is quiet. Java indicates 80s. for sugar cargoes. The rice ports are fairly firm, at 80s. from Burmab, with Saigon rather weaker , at 85s. The East Indies are quiet, but steady, on the basis of 50s. to the United Kingdom from Kurrachee. The Mediter- ranean ports are dull. The American market is fairly steady, with 110s. paid for cotton from New Orleans to Liverpool, 10 days’ loading, for liner boat. For coals from the Northern States to Spain, 40s. has been paid. The grain tonnage market is quiet, and inclined to ease. There is not much doing at the River Blate, but figures are fairly steady. Tyne to Algiers, 3,000, 23s. 6d., reported; 3,000, 22s.; Bordeaux, 2,800, 16s. 6d.; Calais, 650, 15s. 6d.; 750, coke, 24s. fid.; 850, 16s.; 700, 23s. 6d., coke; Dieppe, 750, 15s. 6d.; Flushing, 1,100, 15s. fid.; Genoa, 4,600, 30s.; 5,700, 30s.; 3,100, 30s. 6d.; Gibraltar, 2,100, 20s.; Havre, 3,400, 15s.; 2,000, 17s. fid.; London, 1,800, 7s.; 2,400, 7s.; 3,000, 7s.; Malta, 1,900, 25s.; Oran, 3,500, 21s.; Rouen, 1,600, 16s. 3d.; 1,200, 17s. 3d.; 3,200, 17s. 6d.; 1,500, 17s. 6d.; 1,500, 18s. 6d.; 2,000, 17s. 9d.; Savona, 3,000, 30s. 6d.; Treport, 900, 15s. 6d. Cardiff to Bordeaux, 2,000, 17 fr. ; Brest, 950, 10s.; Bor- deaux, 2,200, 17 fr.; Caen, 800, 11s.; Campana, 3,000, 25s. 6d., June 1; Genoa, 3,200, 30s.; 3,000, 32s. 9d.; 5,000, 32s.; Havre, 950, 11s.; Huelva, 1,300, 19s.; Las Palmas, 1,700, 18s.; 1,100, 18s. 6d.; Lisbon, 1,500, 15s. fid., 350; Leghorn, 5,000, 32s.; Monte Video, 4,000, 25s., early June; Patras, 1,700, 27s. 6d.; Port Said, 5,600, 22s. fid.; River Blate, 3,900, 25s. 9d.; 3,000, 25s. 9d.; Rosario, 3,000, 26s., June 1; Rouen, 1,400, 13s. fid.; 750, 13s. 9d.; Sierra Leone, 3.800, 22s.; St. Nazaire, 2,300, 16 fr.; Teneriffe, .1,100, 18s. 6d.; Villa Constitucion, 3,000, 25s. 6d., June 1. Swansea to Naples, 2,000, 28s.; 3,200, 30s., 800; Caen, 1.800, Ils. ; Sundswall, 2,000, 22s.; Cagliari, 1,800, 26s. 6d.; Barcelona, 1,300, 23s. 9d., fuel; Rouen, 900, 13s.; 1,550, 13s.; Morlaix, 400,, 12s. two voyages;.St. Brieux, 400, 12s., two voyages ; St. Nazaire, 1,500, 14 fr.; Torre Annunziata, 3,200, 30s., 800; Genoa, 3,000, 30s.; Bordeaux, 2,300, 16J fr.; Cadiz, sail, 200, 14s.; .Marseilles, 5,000, 25 fr. Thames to Passages, 1,200, 22s. 6d., pitch. , Port Talbot to St. Nazaire, 1,200, 15 fr.; Nantes, 1,200., 15J fr.; 1,000, 15 fr.; Hommelvik, 1,400, 17s. 6d. ? Blyth to London, 1,200, 7s. ■ Wear to Havre, 650, 15s. 6d.; 1,350, 15s. 6d. Hull to Rouen, 2,000, 16s. 6d.; 1,100, 16 s.; 1,700, 17s. fid.; 1,530, 17s.; 2,800, 18s.; Calais, 15s.; Fecamp, 15s.; Caen, 15s. 6d.; Havre, 15s. 6d. ; Cowes, 750, 13s., free delivery. Glasgow to Barcelona, 23s. 6d., reported; Rouen, 1,800, 18s. fid. Briton Ferry to.Cadiz, sail, 240, 12s. Runcorn to Calcutta, 2,800, 27s. fid., salt; Chittagong, 2.800, 27s. 6d., salt. .' . A resolution has been introduced in the Pennsylvania Senate providing for a Commission to investigate and report on the increased cost of anthracite coal alleged to be due to the tax imposed in 1913. This tax of 2| per cent, was imposed upon the value when prepared for market of every ton of anthracite coal. It is stated that the tax did not, on the average, exceed 5c. per ton, but that the operators of the anthracite coal mines, although, refusing, except in a few isolated instances, to pay tax or any part thereof, and contesting its validity in the courts, have actually raised prices 25c. per ton, upon the pretence that the amount was for the purpose of paying the tax. On the other hand, the vice-president of the Delaware and Hudson Company, of New York, has stated that, in spite of the immense divi- dends, the Lackawanna Coal Company is earning only 41 per cent, on its capitalisation ; that the coal companies have not increased the price of coal during the past 10 years ; that the approaching termination of the miners’ agreement will mean increased costs in production; and, finally, that the Legislature will impose upon consumers of coal an increased price of 10c. merely by the enactment of the Workmen’s Compensation Bill. His explanation of the slim. earnings was that the company wras able to pay large dividends for the reason that money earned in previous years had not been expended, and the surplus has always been, large. COAL, IRON AND ENGINEERING COMPANIES. REPORTS AND DIVIDENDS. Anderston Foundry Company Limited.—Including £5,320 brought forward, the profit, after providing for depreciation and income-tax, amounts to £30,707. It is recommended that a final dividend of 15s. 6d. per share, making 20s. per shaie for the year, less tax, be paid, that £2,500 be placed to reserve fund, leaving £6,028 to be carried forward. Barrow Haematite Steel Company Limited.—A circular has been issued to the debenture stockholders stating that since the meeting of the stockholders on January 22, at which a resolution was passed postponing the repayment of the coin-, pany’s debenture stock for three years, viz., from July 1, 1915, to July 1, 1918, communications have passed between the trustees, the directors, and some of the stockholders, or their representatives, who opposed the resolution. At the above-mentioned meeting, stockholders representing £49,900 voted against the resolution, and both at the meeting and subsequently certain representatives of this minority have pressed their claims to be repaid on July 1, 1915, or, alter- natively, that some compensating advantage should be given them. The directors have therefore decided, by way of compensation for the postponement of the date of payment of the stock (1) to increase the rate of interest on the stock by per cent, per annum during the period of three years for which the life of the stock is to be extended; (2) if any further extension of time for payment of the stock is thought by the directors to be desirable, they will not issue formal notices convening a meeting of the stockholders to consider any scheme for that purpose without first sending to the stockholders at least 14 days before an informal notice of their proposals. It will not be necessary to call any further meeting to give effect to these arrangements. Glandown Colliery Company Limited.—A meeting of the creditors was held at Bristol on the 19th inst., before the Deputy Official Receiver (Mr. W. Ormiston), who stated that the winding-up order was made on February 2, 1915, on a creditors' petition. The company was incorporated on August 8, 1904, with a nominal capital of £15,000, and was formed to acquire the business of colliery proprietors and brick manufacturers formerly carried on by F. J. Bird, at Radstock, under the style of the Clandown Colliery Com- pany. The capital of the company was increased on May 27, 1910, to £20,000, by the creation of 5,000 5 per cent, pre- ference shares of £1. F. J. Bird purchased the business and colliery from the trustees of his father’s will in 1903. The consideration for the sale was fixed by the vendor at £15,000, payable as to £5,000 in 5 per cent, first debentures, and as to the balance of £10,000 in fully-paid ordinary shares. The following had acted as directors at various times :—F. J. Bird, G. E. Baten, W. Redwood, Henry Blaker, E. J. King, W. S. Pearce, H. Whiteley, J. H. Iles, and O. J. Gullick. Gilbert Ashman was appointed secretary on August 8, 1904, and he had acted in that capacity throughout the company’s existence. In 1907 certain difficulties were experienced on the Great Vein, by reason of flooding and want of ventila- tion, and the working of that part of the colliery had to be abandoned. The company appeared to have been in financial difficulties since its incorporation, and in September 1907 the overdraft at the bank amounted to about £1,250. At the end of August 1909 the. company’s .financial difficulties increased, and O. J. Gullick was appointed receiver for the debenture holders. The directors approached Mr. Henry Iles for assistance, and an arrangement was arrived at, under which the latter purchased the debentures held by the bank, and cleared off the balance of their overdraft. . On February 24, 1910, Mr. Iles purchased debentures for £5,100. In addition, he held further debentures for cash advanced. He had also advanced cash to the company without security, and he was returned as an unsecured creditor for £11,395 0s. 2d. The issued capital of the company was £10,000 ordinary shares and £657 preference shares, of which only the seven signatories’ shares were issued for cash. The preference shares were allotted to creditors in settle- ment of claims. No dividends had been paid by the com- pany. Of the ordinary shares, 9,551 were held by Iles. In August 1912 the colliery air shaft collapsed, which brought the business practically to a standstill for about five months, and necessitated an expenditure of nearly £4,000. The failure of the company was attributed by the secretary to faults encountered in the working of the colliery, damage by water, and collapse of air shaft in 1912; heavy expense in complying with the requirements of the Coal Mines Act, 1911, and pressure by creditors. In the opinion of the Official Receiver, the failure was also due to insufficiency of working capital. The statement of affairs disclosed unsecured liabilities amounting to £15,680 3s. 10d., while the assets were estimated to realise £7,791 3s. 7d. In other words, the preferential creditors’ and the debenture holders’ claims more than covered the value of the assets, so there was nothing for the unsecured creditors. It was decided to leave the matter in the hands of the Official Receiver, with a committee of inspection. At a subsequent meeting of the shareholders, a similar decision was arrived at. Evans (Richard) and Company Limited. — The directors announce a final dividend of 4 per cent., making 6 per cent, for the year. Foster (William) and Company Limited.—The report of the directors for the year ended December 31 last, states that the net profit amounted to £8,399 5s. 8d., to which has to be added £3,976 12s. Id. brought forward from the previous year. It is proposed to allocate the available balance of £12,375 17s. 9d. as follows :—In payment of a dividend of 4 per cent, on the preference capital in respect of the year 1907, £1,363 10s. 6d.; in payment of a dividend of 6 per cent, on the preference capital in respect of the year 1908, £2,045 5s. 8d. (making a distribution of 10 per cent, on the preference capital) in payment of a bonus of £250, placing to the reserve fund £5,000, and carrying forward, subject to directors’ remuneration, £3,717 Is. 7d. The directors have under consideration a scheme for altering the capital of the company, and it is hoped to call an extraordinary meeting of the shareholders towards the end of June to give effect to the arrangements. Last year the whole of the deben- tures became due for .repayment, and they were discharged. A new issue was successfully made of 5 per cent, debentures. Hallamshire Steel and File Company Limited. — The report for the year ended March last shows a net profit of £13,943 3s. 9d., to which has to be added the balance brought forward from last year, £5,298 8s. 4d., making £19,241 12s. Id. An interim dividend of 20s. per share, paid last December, absorbed £3,000, leaving the sum of £16,241 12s. Id. The directors now recommend a final dividend of 40s. per share (£6,000), making 60s. per share for the year, a bonus of 20s. per share (£3,000), transfer to reserve £2,000, and carry forward to next year £5,241 12s. Id. Hyderabad (Deccan) Company Limited. — The output during 1914 showed an increase of 3,857 tons, but the amount realised was £12,000 less, due to the sales having been 16,700 tons less, and to a reduction in the average sell- ing price. The decrease in tonnage sold is due to the demand for coal free from small and slack. This has arisen partly from the competition of Bengal coal, but largely from the action of the newly-instituted Coal Department, under the control of the Indian Railway Board, which has made it necessary to screen coal. Ten thousand tons of screenings were still in stock at the close of the year. Several high-priced contracts have terminated. Others have been considerably reduced, partly owing to the war, and partly owing to competition from Bengal railborne coal carried at a low long distance rate. This will to some extent readjust itself in time. The increase-in the colliery costs amounted to £8,643. Nearly half this amount has arisen from the increase in underground water, due to abnormally heavy rains. • Hardware stores and materials from Great Britain cost now 25 per cent, more than a year ago, and are likely to still further advance. The results from the extensive boring, operations have so