August 20, 1915.

THE COLLIERY GUARDIAN.

389

9

held on August 6, but on that occasion the parties failed to
agree, and the proceedings were adjourned. Since May last
the men have been granted two advances—one of 9d. per day,
and another of 6d. per day—which makes the present rate of
wages in most districts 8s. 3d. per day. The men base
their claim for a higher rate of wages upon the increased
price of coal. The parties again failed to agree, and it was
decided to refer the question in dispute to Sir George Askwith.

At a meeting of the executive committee of the National
Union of Scottish Mine Workers, held prior to the meeting
of the Conciliation Board, the question of the working policy
of the miners was considered. The committee resolved not
to come to a decision with regard to the working policy until
after the national joint conference between mine owners and
miners’ representatives, which will be held in London within
the next fortnight.

The miners employed at the Lady pit, Whitburn, at the
time of writing are still on strike. Since this pit started
the men have been on the “ make-up ” system; this they
declare is unsatisfactory, and have asked for an increase of
Is. 6d. per ton. Several meetings between the management
and men have been held without any agreement being
arrived at.

Iron, Steel and Engineering Trades.

About four months ago the Weardale Steel, Coal and Coke
Company Limited restarted one of its large blastfurnaces—
which had been out of blast for about two years—at Tudhoe
Iron Works, Spennymoor. Since that time the furnace has
worked extremely well, producing many thousands of tons of
haematite iron. For several weeks, however, the company
has had difficulty in securing the special ore necessary. It
has now been decided to damp down the furnace for the time
being owing to this shortage, and about 100 men have been
paid off temporarily.

This is the annual holiday week of the Tees-side iron-
workers, but, in view of the activity of production
necessitated by the war, the respite is being considerably
curtailed at several works. The workmen at the Cargo
Fleet works are continuing as usual, the firm having
appealed to them not to delay deliveries of important con-
tract quantities of shell steel. The men at the
Middlesbrough works of Messrs. Bolckow, Vaughan and
Company Limited, the North-Eastern Steel Company
Limited, Messrs. Dorman, Long and Company Limited, and
the Stockton Malleable Works are taking the usual week,
those at Messrs. Richardsons, Westgarth’s works have con-
tented themselves with three days, and those at the West
Hartlepool works of the South Durham Steel and Iron
Company Limited having had a week’s holiday commencing
with the beginning of August, have continued at work. The
prime reason for the holidays is the necessity for the over-
hauling, cleaning and repair of the machinery. Needless to
say, the blast-furnacemen do not share in the cessation of
labour.

Eight Hours Act.

The Coal Organisation Committee met at the Home Office
on Wednesday to consider the question . of convening a
national conference of the coal mining industry to consider
the position as to the necessity or otherwise of suspending
the operation of the Coal Mines (Eight Hours) Act. Sir
Richard Redmayne (Chief Inspector of Mines) presided, and
there were present Messrs. A. Nimmo (Scotland), A. E.
Pease (Durham), and C. E. Rhodes (Yorkshire), representing
the coal owners; and R. Smillie (Scotland), Stephen Walsh,
M.P. (Lancashire), and Vernon Hartshorn (South Wales),
representing the men. The whole position of the coal trade
and its requirements was discussed in the course of a four
hours’ sitting, and the result was an informal understanding
that the Home Office will call a national conference of the
industry to consider the position for and against a suspension
of the Mines (Eight Hours) Act. The date of the national
meeting was not definitely fixed, but it will, in all pro-
bability, take place on either Wednesday, September 1, or
the following day. There is a considerable difference of
opinion among both the coal owners and the miners as to the
policy of suspending the operation of the Act. Some of the
owners believe that the possible gain in output of coal by
the working of longer hours will be more than offset by the
disturbance which will be caused .among the workmen. The
Scottish and South Wales coal owners are also opposed to
a national meeting, contending that the conditions of the
trade and the requirements of the State vary so greatly
between the different districts that the Home Office should
call local conferences in districts where the production is
not equal to the requirements of the State. The miners are
in favour of a national conference, but certain districts are
strongly opposed to any suspension of the Act. Mr. Smillie
has stated that the men will only agree to such a policy on
a clearly proved case for a larger output, and with the most
complete safeguard as to restoration of the Act intact after
the war. South Wales miners are “ bitterly hostile ” to the
proposal.

Immingham Coal Exports.—Returns for the week ending
August 13 show that the coal exported from Immingham
was as follows :—Foreign : To Dieppe, 750 tons. Coastwise :
To London, 2,220 tons; against 14,139 tons foreign during
the corresponding week last year.

South Wales and Monmouthshire School of Mines.—We
have just received a copy of the calendar issued in con-
nection with the coal owners’ schools of mines at Treforest
and Crumlin for the session 1915-16. The syllabus shows
no signs of retrenchment due to the war, and this is to
be welcomed, because one of the things on which _we
assuredly cannot afford to economise is technical education.
The courses of instruction drawn up by the principal, Mr.
George Knox, are essentially of a practical nature. They
comprise a three years’ full-time mining course of 30 hours
per week, for a 30 weeks’ session; this is for the joint
diploma of the Mining Board and the council of the
University College of South Wales and Monmouthshire, the
first year being taken at Cardiff, and the second and third at
Treforest. In addition there are part-time day courses for
four years of one day of eight hours per week for mine
managers, mechanics, electricians and chemists; and a three
years’ course for mine surveyors; a three years’ full-time
colliery engineering course; and special courses for officials
and for surface foremen. Preference is given to students
who have successfully completed the courses arranged in
mining and engineering by the county council or other
education committee. The fees are extremely moderate,
and facilities are provided which will compare with those
arranged in any other coal field. It may be added that the
general equipment of the schools is exceptionally good. The
first term commences on October 5, 1915.

THE FREIGHT MARKET.

The predominant feature in the outward freight market
during the week under review has been the sensational
advance in rates from the Bristol Channel. The scarcity
of steamers reported last week has become more pronounced",
and owners have taken advantage of that fact to demand
extraordinary increases in prices. In the earlier part of
the week, difficulties in obtaining licences to ship coal
reduced business to a minimum, but that did not prevent
the rise in rates which is equalled only by that which
occurred in the early part of the year. At the time of
writing, tonnage for the Mediterranean appears to be rather
more plentiful at Cardiff, and rates have, for the moment,
ceased to soar. North France is very firm, and Rouen has
advanced from 2s. 9d. to 4s. 6d. on the week, while Havre
and Honfleur are up to 5s. 6d. dearer, with Dieppe 5s. up.
The Bay has increased to about 21J fr. to Nantes, an advance
. of 10J fr. on the week. Bordeaux is about 3s. 3d. higher ;
but the most remarkable rise has been in the case of St.
Nazaire, rates for which have doubled. In the
Mediterranean, Genoa is from 5s. to 6s. up, Leghorn 7s.
dearer, Naples 4s. 6d. more, and Savona from 5s. 6d. to
7s. advance. A comparison of present rates with those of
the pre-strike period is interesting. North France is 2s. 6d.
dearer to Honfleur, and up to Is. 9d. increased to Rouen.
Rates for the Bay show an all-round increase of about 6 fr.
Mediterranean-wards, Leghorn is 3s. dearer, and Genoa,
Savona and Spezzia Is. 6d. advanced. South America is the
only direction in which rates show reductions. Rio de
Janeiro is about Is. 9d. lower, and the River Plate from
4s. to 5s. down. Business >at the north-east coast ports has
been of a very scrappy nature, chiefly owing to the shortage
of tonnage and the comparative inactivity of the prompt coal
trade. Owners have been holding for bigger prices and,
except in the coasting trade, appreciable advances have
been recorded. Coastwise, London has been done at down
to 6s. from the Tyne, a decrease of Is. on the week’s work.
North France is hardening for the first week for a month or
two and, though Rouen was done at a reduction of 3d. in the
early part of the week, rates are now fully 3d. advanced. An
increase of 3d. to Bordeaux is to be noted in Bay rates.
Prices from the Mediterranean have again stiffened, and
Genoa now stands at an increase of about 2s. on last week’s
rates.

Homewards, the Eastern market is showing rather more
animation than of late. Bombay has paid 52s. 6d. to
United Kingdom, and Kurrachee is steady at 40s. for barley,
while Calcutta is reported at 70s. on d.w. for September
loading. Saigon has advanced to 80s. paid for Hull for rice
meal. There is a good demand for coal tonnage at America,
and up to 40s. is indicated for West Italy, and 36s. 6d. for
Marseilles. Owing to the poor demand for maize from this
country, there is little doing at the River Plate, but 70s.
has been secured for Rotterdam. A representative figure
for September loading at up-River is 65s. The enquiry from
the North Pacific is negligible, but the nitrate ports are
steady on the basis of 80s. to France or United Kingdom,
and 82s. 6d. to the Mediterranean. The Mediterranean is
almost idle and very dull.

Tyne to Bordeaux, 2,400, 17s.; Caen, 1,200, 14s.; Calais,
300, 20s., coke; Dunkirk, 900, 13s.; Fecamp, 1,600, 12s. 9d.;
1,500, 13s.; Genoa, 2,500, 24s.; 4,500, 25s.; 2,600, 25s.;
Gibraltar, 2,400, 17s. 6d.; Havre, 1,650, 12s. 9d.; 1,650,
13s. ; London, 1,900, 7s.; 900, 6s. 9d.; 1,700, 6s. 7|d., from
Derwenthaugh; 1,200, 6s.; Oporto, 2,100, 19s. 3d.; Rouen,
2,000, 13s. 3d.; 1,750, 13s. 9d.; 1,650, 13s. 6d.; 1,800,
14s.; Rochefort, 1,600, 16s. 6d.; St. Malo, 1,650, 13s.; St.
Nazaire, 1,750, 16s. 6d.; St. Servan, 1,650, 13s. ; Treport,
600, 20s., coke; Trouville, 700, 13s. 6d.; Valencia, 1,400,
Qoq nnala and /xnlrA

Cardiff to Algiers,'4,000, 25 fr.; 3,500, 26 fr.; Barcelona,
950, 20s.; 2,100, 20s.; Bordeaux, 1,600, 24 fr.; 3,400, 24 fr.;
2,000, 22-1 fr-; 3650j 22 fr.; Caen, 800, 12s. 6d.; 1,300,
14s. 6d.; 1,000, 14s.; direct nitrate port, sail, p.t.; Dieppe,
800, 14s.; Genoa, 4,800, 22s.; 3,000 , 22s. 6d.; 6,600,
23s. 6d.; 3,700, 24s.; Honfleur, 1,000, 12s.; 1,300, 14s. 6d. ;
Havre, 1,300, 12s.; 1,300, 14s.; Lisbon, 1,750, 12s. 3d.;
1,950, 18s., 350, 17s. 6d., 500; 1,000, 18s.; La Rochelle,
2,000, 22 fr.; Leghorn, 3,700, 24s.; Marseilles, 4,500, 22 fr.;
2,000, 25 fr.; 5,000, 26 fr.; Nantes, 3,500, 16 fr.; 2,400,
21 fr.; 2,000, 22 fr., fuel; Naples, 6,600, 20s. lOJd., 1,000;
Port Said, 5,000, 23s.; 5,000, 22s. 6d.; 6,400, 24s.; Palma,

2.200,	18s.; Palermo, 3,200, 24s.; Rochefort, 2,100, 22 fr.;
Rouen, 2,200, 13s.; 800, 15s.; 1,500, 15s.; 1,500, 15s. 3d.;
Rio de Janeiro, 5,000, 23s.; River Plate, 5,000, 22s. 6d.;
St. Nazaire, 2,000 , 22 fr., fuel; 2,500, 21 fr.; 4,000, 21 fr.;
2,100, 21| fr.; Savona, 3,000, 22s. 6d.; 3,700, 24s.; Spezzia,
3,000, 22s. 6d.; Sables, 1,600, 22 fr.; St. Malo, 700, 13s.

Swansea to Brest, 750, 9s.; Treport, 830, Ils., free charges,
tin-plates; Oran, 2,000, 24 fr., 200, patent fuel; Rouen,

1.700,	Ils. 6d.; 1,200, 13s. 6d.; 1,200, 15s.; 1,800, 15s. 3d.;
900, 15s. 3d.; Nantes, 3.500, 16 fr.; Caen, 950, 15s.; Bor-
deaux, 1,800, 25|fr., fuel: Barcelona, 1,000, 20s.; Dieppe,
800, 12s. 6d.; 600, 15s.: Belfast. 420, 5s. 6d.; London, 1,000,
8s. 6d.; Havre, 600, 14s.; 1,000, 14s. 6d.; Fecamp, 900,
15s.; Cagliari, 1,500, 23s. coal, 23s. 9d. fuel; Honfleur,

1.200,	15s.: Marseilles, 1,000, 27J fr.; Genoa, 3,200, 23s. 9d.;
Messina, 3,000 , 24s. 9d., 400.

Llanelly to Havre, 900, 13s. 9d.

Port Talbot to Bordeaux, 2,900, 18 fr.; 1,800, 23 fr.;
Nantes, 1.600, 21 fr.; La Pallice, 2,100, 20 fr.

Partington to Genoa, 3,700-4,000, 21s.: Savona, 3,700-
4,000, 21s.: Civita Vecchia, 3.700-4,000, 21s.

Newport to Rouen, 2,200, 13s.; 1,450, 14s.; 2,400, 15s.;

1.700,	15s.; Bordeaux, 3,500, 20 fr.; Caen, 800, 12s. 6d.;
1,000, 14s.; Marans, 1,400, 16^ fr. coal, 17 fr. fuel; Naples,
6.500, 21s., 1,000 ; 3.000, 25s. 3d., 800; 5,600, 22s., 800;
Torre Annunziata, 5,600, 22s., 800; Bahia Blanca, 6,000,
22s.; Buenos Ayres, 6,000, 22s.

Tees to Boulogne, 1,200, 14s. 6d.

Seaham Harbour to Rouen, 2,500, 13s. 9d.; London,
1,650, 7s. 3d.

Wear to Rochefort. 1.650. 16s. 3d.; Rouen, 2,100, 13s. 9d.;
Havre, 1,700, 13s. 6d.; Lisbon. 5.500, 17s.

Sharpness to Brisbane, sail, 2.000, 35s.; option part cargo,
Melbourne, 25s.

Blyth to London, 1,150, 7s.: Havre, 900, 12s. 9d.; Rouen,
2,000, 14s.

Warkworth to Stugshund, 1,500, 14s. 6d., Aug.: Hudiks-
wall, 1,500, 14s. 6d., Aug.: Sundswall, 1.500, 14s. 6d., Aug.

Granton to Folding. 2.200, 12s. 6d., 400.

Hull to Genoa, 3.200, 22s. 6d.; Savona, 3,200, 22s. 6d.;
Alexandria. 2.200, 22s. 6d.

Burntisland to Sun ds wall, 3,000, 14s. 6d., subject to
licence.

Liverpool to Melbourne and Newcastle, N.S.W., sail,
31s. 3d., Aug.-Sept.

Immingham to Genoa, 3,200, 22s. 6d.; Savona, 3,200,
22s. 6d.; Alexandria, 2,200, 22s. 6d.; London, 750, 6s.

Leith to Alexandria, 1,200, 22s. 6d., Aug.; Boulogne,
1,250, 14s. 6d.

Goole to Calais, 700, 13s.; Boulogne, 850, 12s. 3d.; Havre,
800, 13s. fid.

Methil to Sundswall, 3,000, 14s. 6d., subject to licence.

COAL, IRON AMD ENGINEERING COMPANIES.
REPORTS AND DIVIDENDS.

Antrim Iron Ore Company Limited.—Interim dividend of
Is. 2d. per share (less tax), being at the rate of £2 16s. 8d.
per cent, per annum for the half-year.

Astley and Tyldesley Collieries Limited. — The directors
have declared dividends of 12s. 6d. per share on the fully-
paid (£10) ordinary shares and 10s. per share on the £8
paid shares, free of tax, which are at the same rate as those
paid in February. The balance carried forward is £8,688.

Fernhill Collieries Limited.—The directors have decided to
recommend the payment of dividends as follows :—At the rate
of 7 per cent, per annum on the preference shares for the
half-year ended June 30, and of 16 per cent, on the ordinary
shares for the year ended June 30, 1915, both less income-
tax. The year’s profit was £'31,685, and the balance brought
forward £12,442, making £44,127, of which *£10,000 will be
placed to reserve, and £11,127 will be carried forward. The
output of coal was 554,646 tons, as against 672,656 tons in
the previous year, this diminution being due to over 30 per
cent, of the company’s workmen having joined the Colours.
Allowances amounting to £1,976 have been paid to their
dependants.

Guest, Keen and Nettlefolds Limited. — In their 15th
annual report for the 12 months ended June 30, 1915, the
directors express their profound regret at the great loss which
the company has sustained by the death of their esteemed
chairman, Mr. Arthur Keen. The directors have also to
report, with sincere regret, the death of Mr. William Evans,
the general manager of the company’s Dowlais and Dowlais-
Cardiff works and collieries, which position, he had occupied
for the last 13 years.’ The board records with satisfaction
that nearly 4,000 of the company’s employees have joined
his Majesty’s Forces since the commencement of the war.
Substantial allowances have been made to the wives and
children, and, under special circumstances, to other depen-
dants. After making provision for bad and doubtful debts,
the accounts show a profit of £384,400 5s. 2d., to which must
be added the amount brought forward from last year,
£270,440 Ils., making an available balance of
£654,840 16s. 2d. Deducting from this the amount paid
for debenture interest for the 12 months, and interim
dividend on the preference and ordinary shares, amounting
altogether to £158,022 4s. 2d. (as detailed in the balance-
sheet), there remains a sum of £496,818 12s., which the
directors recommend should be appropriated as follows :—To
pay a dividend on the preference shares at the rate of 5 per
cent, per annum, free of income-tax, for the six months ended
June 30, 1915, £43,000; to pay a dividend on the ordinary
shares at the rate of 10 per cent, per annum, free of income-
tax, for the six months ended June 30, 1915 (making 10 per
cent, for the year), £48,250; to pay a bonus on the ordinary
shares of Is. per share, free of income-tax, £48,250; to carry
forward £357,318 12s.

Henley’s (W. T.) Telegraph Works Company Limited.
—The directors have declared an interim dividend on the
preference shares at the rate of 4| per cent, per annum, less
income-tax, and on the ordinary shares at the rate of 10 per
cent, per annum, less income-tax, for the half-year ending
June 30 last, both payable September 1 next.

Jessop (William) and Sons Limited. — The directors
announce an interim dividend at the rate of 5 per cent, per
annum, free of income-tax, on the ordinary shares for the
half-year.

Lofthouse Colliery Company Limited.—Interim dividend
of 6s. per share for the half-year, against 2s. 6d. per share
last year.

Main Colliery Company Limited.—The directors, in pre-
senting the accounts for the year ended June 30, 1915, state
that the output of coal for the year was 398,052 tons, as
against 462,013 tons for the previous year. The directors
regret that they are unable to recommend the payment of a
dividend for the year. Considerable expenditure is required
in connection with additional ventilating machinery, safety
lamps, and electrical and other developments at the collieries,
and a large sum will shortly be required for renewal of plant
and works. The directors have thought proper to place
£8,500 to reserve for these developments and renewals, and
£3,500 has been added to the steamer insurance and depre-
ciation reserve. The directors have also written off £5,000
on account of depreciation of property. After making these
necessary provisions, the net profit will amount to
£4,669 2s. Id., to which must be added £1,496 19s. 6d.
brought forward from last year, making a total of
£6,166 Is. 7d., which it is proposed to carry forward.

Marbella Iron Ore Company Limited. — The directors
announce that no interim dividend.has been declared owing
to the war.

Mather and Platt Limited.—The directors have declared
an interim dividend on the ordinary shares of 3 per cent.,
less income-tax, for the half-year ended June 30, being at
the rate of 6 per cent, per annum.

Ocean Coal and Wilsons Company Limited. — The
directors have declared an interim dividend of 6 per cent.,
free of income-tax.

Roberts (Charles) and Company Limited.—The report for
the year ended June states that the amount brought forward
was £305, and the year’s profit £17,721. The directors
recommend a dividend of 6 per cent, and a bonus of 21 per
cent., making 12| per cent, for the year; apply to deprecia-
tion of buildings and machinery £5,000, depreciation of
wagons £3,000, and reserve fund £5,000, carrying forward
£527.

Scott (Walter) Limited. — The report for the year ended
June 30, 1915, states :—The profits of the steel works,
collieries, etc., for the 12 months amount to £81,849 10s. 2d.,
to which must be added the balance of profit brought forward
from last account, £422 8s. 2d., making a total of
£82,271 18s. 4d. Out of this the following amounts have
been provided :—Directors’ fees for year to June 30, 1915,
£1,500; interest on 4 per cent, debenture stock for year to
June 30, 1915, £12,000: dividend on 6 per cent, preference
shares for half-year to December 31, 1914, £9,000: amount
carried to special reserve account, £7,531; additional amount