426 THE COLLIERY GUARDIAN. March 3, 1916. United Alkali Company Limited.—After paying 8} per cent, on the preference shares (7 per cent, for the year, and 1} per cent.. arrears), the directors recommend a dividend of 5 per cent. (Is. per share) on the ordinary shares for the year, with £75,000 to the reserve, and about £46,000 carried forward. Vulcan Boiler and General Insurance Company Limited. —The report states that the balance of revenue account on December 31, 1915, after deducting the interim dividend paid in July last, amounts to £49,587. This 'the directors recom- mend shall be disposed of as follows :—£22,500 in payment of a dividend of 6s. per share, in addition to the interim divi- dend of 4s. 6d. per share, both subject to deduction of income- tax; £7,500 in payment of a bonus of 2s. per share, subject to deduction of income-tax; £7,500 to the current risk and reserve fund, increasing it to £90,000; £3,750 to the super- annuation and benefit fund; £8,337 to be carried forward. Workington Iron and Steel Company Limited.—Interim dividend of 6 per cent, per annum on the ordinary and pre- ference shares, less tax, for half-year ended December 31 last. NEW COMPANIES. Banghan and Company Limited.—Private company. Regis- tered office, 8-10, London-street, Reading. Registered February 25. To carry on, develop, extend, and turn to account business of electrical, consulting, and general engi- neers carried on at above address. Nominal capital, £2,500 in 2,500 £1 shares. Director : A. H. V. Banghan. Bruce (Charles) and Company Limited.—Private company. Registered office, Pinners Hall, Old Broad-street, E.C. Regis- tered February 25. To carry on business of iron founders, civil and mechanical engineers, manufacturers of machinery of all kinds. Nominal capital, £15,000 in 15,000 £1 ordinary shares. Subscribers (one share each) : W. McFarlane and G. F. Church. Griffiths (T. H.) and Company (Depots) Limited.—Private company. Registered February 19. To carry on business of coal and coke merchants and depot owners, and carry on business of coal exporters, general merchants, shipping agents, etc. Nominal capital, £10,000 in’1,000 £10 shares. First directors : T. H. Griffiths, M. P. Moliner, and S. Madrona. Instone (S.) and Company (Italy) Limited.—Private com- pany. Registered office, Billiter-buildings, ’Leadenhall-street, E.C. Registered February 18. To carry on in Italy, the United Kingdom, and elsewhere business of coal merchants and exporters, brokers, and agents for the sale of.coal, coke, and patent fuel, produce broker’s, shipping agents and owners, marine, electrical, mechanical, and mining engineers, timber merchants. Nominal capital, £20,000 in 2-0,000 £1 shares. First permanent directors : S. Instone, T. Instone, M. P; Davis, . A. Instone, and R. Albertone, Genoa. Normanton Engineering Works Limited.—: Private com- pany. Registered February 22. Nature of business indi- cated by title. Nominal capital, £1,000 in 1,000 £1 shares. Subscribers (one share each) : H. Shelley and E. B.. Cree. Scott, Kirk and Company Limited. —.Private company. Registered office, Montgomery. Works, Rockingham-stree:, Sheffield. Registered February ,21. To carry on business of general, electrical, and mechanical engineers, machinists, hammer and tool manufacturers, iron, founders, steel and munition makers, light, power, and- heat producers, ■ gas engineers, etc. Nominal capital, £1,000 in 1,000 £1 shares. First directors (one share each) : M. Scott'and H. H. Green. Smerdon (A. C.) (1916) Limited.—Private company. Regis- tered office,'265a, Finch toy-road, N.W. Registered Feb. 23. To acquire, take over, and carry on business of coal merchants and factors now carried on by J- H. Gill at above address as A. C. Smerdon, coal and coke-merchants, colliery proprietors; mine owners, and general engineers, etc. Nominal capital, £1,000 in 1,000 £1 shares. First permanent directors : J. H. Gill, F. S. Batchelor, and A. C. Smerdon. _____________________________________________________ ________________________________________________________________________________________________________________ COAL, IRON AMD ENGINEERING COMPANIES. REPORTS AND DIVIDENDS. Beyer, Peacock and Company Limited. — The directors recommend a dividend on the ordinary shares of 7} per cent, per annum, less tax. Brown Bayley’s Steel Works Limited.—The directors recommend a dividend of 12} per cent., less tax. Celtic Collieries Limited.—The directors have declared a dividend at the rate of 10 per cent, per annum for the half-year ended December 31, making 10 per cent, for the year. Electrical Distribution of Yorkshire Limited.—The report for 1915 states that after payment of directors’ remuneration, the balance brought forward from 1914 was £601, which, added to the profit for 1915 of £3,638, makes a disposable balance of £4,239. The directors recommend a dividend (free of income-tax) for 1915 at the rate of 6 per cent, per annum on the amount paid up on the ordinary shares; to increase the reserve fund to £4,000 by adding £1,000; and to carry forward, subject to any remuneration voted to the directors, £1,031. Flemington Coal Company Limited.—Dividend of 3s. per- share for year, less tax. After writing off £700 for deprecia- tion on colliery, and £200 on brickworks, £712 is carried forward. Fox (Samuel) and Company Limited.—The directors have paid an interim dividend at the rate of 5 per cent, per annum (6d. per share). Imperial Navigation Coal Company Limited. — The directors recommend a dividend of 10 per cent, for the year. Jessop (William) and Sons Limited.—The directors recom- mend a final dividend on the ordinary shares of 6s. per share, being, with the interim dividend paid in September last, at the rate of 10 per cent, for the year, and a bonus of 4s. per share, free of tax. Mirrlees Watson Limited.—The directors recommend pay- ment out of the profits of the past year of a dividend of 5 per cent., less tax. New Hucknall Colliery Limited.—The report shows that, after writing down plant and Converted Consols £20,016, and allowing for interest on debentures, the profit, including £5,659 brought forward, amounts to £88,718. After account- ing for the interim dividends on the ordinary shares and the dividends on the preference capital, there remains a balance of £59,318. The directors recommend a final dividend of 10 per cent, on the ordinary shares, placing to reserve fund £25,000, and carrying forward £7,618. North British Locomotive Company Limited. — The directors recommend a dividend of 8 per cent., free of tax, on the ordinary -shares for the past year. •' For each of the two previous years 10 per cent, was paid. North’s Navigation Collieries Company Limited.—The net profits for 1915 were £130,071, and £10,496 was brought for- ward. ■ A final dividend of 5 per cent, and a bonus of 2} per cent, are recommended on the ordinary shares, making 12} per cent, for the year, writing off £15,000 for depreciation, adding £35,000 to the reserve, and carrying forward £10,567. Nova Scotia Steel and Coal Company Limited.—The assets at close of year amounted to 5,015,890 dols., as compared with 2,777,606 dols. at end of 1914, an increase of 2,238,284 dots. On the other hand, liabilities'had been reduced to 1,866,378 dols., as against 2,622,723 dols., a decrease of 756,345 dols. The special reserve stands at 1,773,423 dols., an increase of 633,875 dols. The Eastern Car Company, the subsidiary, has an undivided surplus of close on 500,000 dols. Powell Duffryn Steam Coal Company Limited.—The report of the ■ directors for the year ended December 31 last show that, after making allowances for excess profits duty and depreciations which the directors consider ample, there remains a balance of profit for the year of £438,799 18s. 3d. Out of this there was paid in September last interim divi- dends for the half-year ending June 30, 1915, at the rate of 6 per cent, per annum on the preference- shares' (less income- tax), and'of 10 per cent, (free of income-tax) on the ordinary shares, amounting in all to £167,095 16s., leaving the sum of £271,704 2s. 3d. To this must be added £116,115 17s. 4d. ___________________________ brought forward from 1914, making a total to be dealt with of £387,819 19s. 7d. The directors recommend that this sum should be dealt with as follows :—(1) That a dividend at the rate of 6 per cent, per annum be declared on the preference shares for the half-year’ ending December 31, 1915 (less income-tax), £4,673 17s. ; (2) that a dividend of 10 per cent, (free of income-tax) be declared on 1,572.657 ordinary shares (fully paid), and on 103,125 ordinary shares (partly paid), upon the amounts paid up thereon in respect of capital for the half-year ending December 31, 1915, £162,856 19s. 3d.; (3) that there be added to reserve for income-tax in respect of the dividends paid on the ordinary shares for the year 1915, £50,052 15s.; (4) that there be placed to general reserve account (making it £450,000), £50,000; (5) and that there be carried forward the balance of £120,236 8s. 4d. The output has continued to decrease owing to the war and the calling up and enlistment of further numbers of the company’s work- men, and for the past year only amounts to 3,564,186 tons. A great number of roads and working places have had to be stopped owing -to the shortage of- men, and it will-involve very heavy expenditure after the war to re-open and re-instate them. The number of the company’s employees who have joined his Majesty’s Forces represents 19 per cent, of the clerical staff and 26 per cent, of the workmen, and the allow- ances to their dependants, together with the contributions to various war funds, have amounted to £54,587 15s. 2d. since the commencement of hostilities. The.company are putting down distillation plant for the purpose of obtaining trinitro- toluol. Arrangements have been concluded by which the company’s mineral areas have been increased by the acquisi- tion of properties in the Rhymney and Aberdare valleys, and although it will involve some further expenditure to develop them, it is not contemplated that fresh capital will be required at present. - • Shelton Iron, Steel and Goal Company Limited.—The profits for 1915 were £109,554, and after providing £40,000 for debenture interest and sinking fund, there remains £88,977, including £19,423 brought forward. The directors propose to place £20,000 to reserve, and recommend a divi- dend of 6 per cent., carrying forward £42,337. Tyneside Electrical Development Company Limited.—The report for the year to January 31 states that the profits amount to £2,602, which, with the amount brought forward (£3,427), makes £6,029. The directors propose to declare dividends as foltows At the-rate of 6 per cent, per annum on the preferred ordinary shares ; 10 per' cent, on the deferred ordinary shares; transferring to general reserve account £1,000; and carrying forward £3,654. THE FREIGHT MARKET. The most noteworthy feature of the outward markets this week has been the remarkable advance in rates, resulting in the establishment of further records for many directions. The continued heavy weather has had a good deal to do with the unsettled state of the freight markets at South Wales and the North-East Coast. At both these centres, the paucity of prompt coal cargoes has been very pronounced for some considerable time, whilst the pressure for supplies has gradually increased. When last week, therefore, loading turns were opened out somewhat owing to the non-arrival of steamers, the cargoes thus thrown on the market were eagerly snapped up, and buyers were obliged to pay almost any price ship owners cared to ask for the very inadequate supply of tonnage available. This was particularly so at the Tyne, and, whilst at the time of writing a rather easier tone prevails, rates are substantially higher than a week ago. Coasting is neglected, and a boat has been secured for London at the tower figure of 14s. North France is from 2s. to 3s. 6d. advanced on the week to Rouen, but is now weaker in consequence of the closing of the ports of Rouen and Dunkirk. Baywards, the unprecedented rate of 52s. 6d. has been paid for Bordeaux, with 50s. done for Rochefort, but present quotations are on the basis of about 48s. for the former port. In the Mediteranean section, rates have bounded upward to the previous record of 90s. for Genoa, but are now easier at. about 88s. 9d. for Genoa or Savona. The conditions bearing on the market at South Wales are similar to those prevailing at the Tyne, but there is no sign of easiness in any section. North France is from Is. to Is. 6d. dearer to Havre, and Caen is from Is. 6d. to 2s. up, while Rouen is fully steady. The Bay is strong, and 46J fr. has been conceded for Nantes—a further record. Bordeaux is 1 fr. advanced, and St. Nazaire from } to 2 fr. increased. The tone of the Mediterranean market is extraordinarily firm, and rates have risen rapidly to the level of 85s. for Genoa, and 93 fr. for Marseilles from Swansea. The Islands are steady at about 40s., and the- South Mediter- ranean is firmer at 75 fr. to Oran. It .is expected that the Cardiff market will be weakened somewhat by the release of German steamers at Portugal for trading purposes. Homewards, there is little change in the position at the River Plate, and 155s. for March loading is still the indicated figure in the open market, with about 147s. 6d. quoted for forward positions to United Kingdom. On Government account, 135s. from San Lorenzo or Bahia Blanca is the prevailing rate. Tonnage is' in heavy request at the States, and 17s. 6d. to 18s. is quoted in the open market for prompt boats for the Bristol Channel, and about 16s. 9d. for April- May loading. The ideas of the Wheat Committee, however, are based on from 14s. 6d. to- 15.s. for early shipment. For the French Mediterranean, 24s. is offered in the open market, but 19s. is the best obtainable for West Italy through the Committee. There is little doing in coal business, owing to tonnage scarcity. There is a fair demand for timber, cotton and flour boats. There is practically nothing doing in the Eastern markets and, -although boats are extremely -scarce, shippers are holding off, and the general tone is one of ease. Owners, however, continue to quote about late rates. ■ Tyne to Biibao, 3,000, 40s.; 1,600, 40s. ; Brest, 2,000, 35s.; Bordeaux, 2,800, 47s. 6d.; 2,000, 48s. 9d.; 1.400, 52s. 6d.; 2,200, 49s. ; Boulogne, 950, 33s. ; 1,500, 31s. ; Calais, 950, 33s.; Caen, 800, 34s. 6d. ; Dunkirk, 900, 33s.; 500, 44s., coke: Genoa, 4,000, 86s.; 4,500. 85s.; 4,000, 82s. 6d.; 2,500, 90s.; 1,800, 90s.; 3,200, 87s. 6d. ; 2.500, 87s. 6d.; 3,700, 87s. 6d.; 1,700, 87s. 6d. ; Gibraltar, 2,000, 47s. 6d.; 3,000, 47s. 6d.; Havre, 800, 31s. 6d. ; 2,000, 30s.; 900, 44s., coke; 1.700, 30s.; Honfleur, 800, 34s. 6d. ; 1,300, 33s. 6d.; Las Palmas, 2,000, 40s.; 2,500, 40s.; London, 1,500, 14s.; Mar- seilles, 1,800, 80s. ;.Nice, 2,000, 80s.; Naples, 4,000, 82s. 6d.; North French ports, 1,400, 42s. 6d., coke; 1,250, 33s., coke, voyages over six months; 2,000, 33s., four trips coals, com- bined; four trips coke, 43s. ; Oran, 2,500, 52s. 6d.; Palma, 2,000, 55s.; 1,300, 55s.; Rouen, 1,900, 32s. 6d.; 2,400, 33s.; 2,400, 34s. 6d.; 1,700, 33s.; 1,400, 43s. 6d., coke; Roche- fort, 1,500, 50s.; 2,000, 50s.; St. Nazaire,-3,000, 43s. 6d.; St. Vincent, 2,500, 45s.; Savona, 4,500, 85s.; 2,000, 90s.; Treport, 950, 33s. Cardiff to Bordeaux, 2,500, 51 fr. ; 2,000, 52 fr.; Chantenay, 1.600, 45 fr. ; 1,550, 46} fr.; Caen, 1,600, 25s. 6d.; Cape Verdes, 4,500, 43s. 9d.; Cherbourg, 1,600, 25s. 6d.; Dakar, 2,000, 40s., 500; 2,900, 40s., 500; 2,000, 40s., 500, March; 2,900, 40s., 500, March; 6,000, 38s.; 6,000, 38s., 750; Gibraltar, 5,000, 38s. 6d., 500 ’: 2,100, 38s. 6d.; Genoa, with four options, 2,000, 80s.; 3,500, 75s., with options; 3,000, 83s. ; 2,700, 82s. 6d. ; 2,900, 82s. 6d. ; 2,000, 82s. 6d. ; 5,700, 82s. 6d.; .3,000, 82s. 6d.; 4,000, 85s.; Havre,. 1,600, 25s.; Leghorn, 2,900, 82s. 6d. ; 5,700, 82s. 6d.; 2,000, 82s. 6d. ; 3,000, 82s. 6d.; 4,000, 85s.; Las Palmas, 40s., March; Lisbon, 2,000, 37s. 6d., 500: Monte Video, 4,500, 43 fr. ; Malaga, 1,450, 51s.; 1,750, 51s.; Marseilles, 4,000, 90 fr.; 5.600, 90 fr.; 2,000, 92 fr.; Nantes, 900, 45 fr.; 1,550, 46} fr.; Oran, 2,000, 70 fr. ; 450, 2,100, 70 fr., 500; 1,500, 75 fr., 500; Rio de Janeiro, 6,500, 45s., 500; 3,700, 48s., 500; 6.500, 48s., 500, March, 48s. Feb. 28-March 10; Rourn, 25s.; River Plate, 4,500, 47s. 6d. March, 47s. April; 4,000, 46s., March; 4,000, 47s.; St. Nazaire, 2,100, 45 fr. ; 1,900, 44} fr.; Savona, 3,000,-83s; ; 2,700,.82s. 6d.; 5,700, 82s. 6d. : 2,000, 82s. 6d. : 3,000, 82s. 6d.; 4,000, 85s.-; Spezzia, 3,000, 83s.; 5.700, 82s. 6d. ; 2,000, 82s. 6d. ; 3,000, 82s. 6d. ; 4,000, 85s. ; West Italy, 80s. Swansea to Rouen, 1,600, 25s.; 1,600, 25s. 6d. ; 1,950, 24s.; Bordeaux, 3,150, 52 fr. coal, 53 fr. fuel; Corcubion, 900, 38s.; St. Malo, 700, 20s. 6d. ; Marseilles, 2,000, 92 fr.; 3,200, 93 fr.; Belfast, 220, 12s. 6d.; Charente, 1,700, 44J fr.; Cher- bourg, 500, 25s.; St. Nazaire, 1,650, 47Jfr., fuel; Honfleur, 950, 24s. 9d. ; Barcelona, 800, 57s. 6d.; Dublin, 250, Ils.; Valencia, 700, 55s. Newport to Oran, 2,000, 70 fr., 450; 2,100, 75 fr., 500; 1.500, 75 fr., 500; Gibraltar, 1,150, 39s. 6d., 500,. March; 500, 30s.; 550, 35s.; Huelva, 3,100, 40s., March; Bordeaux, 1.700, 52 fr. ; Malaga, 1,450, 51s.; St. Nazaire, 1,700, 47} fr., fuel. Port Talbot to Oran, 2,000, 70 fr., 450; 2,100, 70 fr., 500; 1,500, 75 fr., 500; Algiers, 1,500, 75 fr.; Rouen, 1,600, 25s. 6d.: Dunkirk, 1,100, 33s.; St. Nazaire, 1,700, 47} fr., fuel; Genoa, 3,700, 82s. 6d.; Savona, 3,700, 82s. 6d. Wear to Dunkirk, 400, 33s. 6d.; Bordeaux, 1,800, 47s. 6d. Seaham Harbour to Honfleur, 900, 32s., Clyde to Genoa, 3,500, 82s. 6d. Glasgow to Genoa, Savona, or Leghorn, about 80s. ; Genoa, 82s. 6d. Hull to Dunkirk, 850, 31s.; Rouen, 1,100, 31s. 6d. Hartlepool to Genoa, 3,000, 90s. Blyth to Caen, 600, 33s. West Hartlepool to Genoa, 2,000, 90s. Wales to St. Nazaire, 1,700, 46} fr. coal, 47} fr. fuel. 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 The Mirrlees Watson Company inform us that they have recently received the following orders for their condensing plant :—-Manchester Co-operative Society Limited, the Lanarkshire Steel Company, Joseph Crosfield and Sons Limited, Warrington (two sets),.Powell Duffryn Steam Coal Company (two-sets), Steel Company of Scotland (three sets), Frcdingham Iron and Steel Company, David Colville and Son Limited (Motherwell), Stanley and Mapperley Collieries, Digby Colliery Company, Moira Colliery Company, and Nobel’s Explosives Company Limited. Also a number of separate condensers and air pumps for various munition works, and for France and Russia. Coal Imports at Genoa.—Messrs. Robert Bauer and Com- pany have compiled the following statistics showing the imports of coal into Genoa and Savona during 1915 :— Year. Genoa: . Savona. Tons. Tons. 1915 ... 2,665,351...1,107,927 1914 ... 3,168,305...1,265,362 1913 ... 3,192,299...1,246,780 1912 ... 3,044,985...1,115,964 1911 ... 3,127,778...1,164,534 ■ 1910 ... 3,068,358...1,233,489 . 1909 ... 3,257,028...1,222,212 1908 ... 3,037,664...1,110,327 The sources from which these Year. ” Genoa1. - Savona. ■ Tons. Tons.- 1907 ... 3,003,863...1,013,890 1906 ... 2,737,919... 882,978 1905 ... 2,425,777... 854,991 1904 ... 2,355,465... 773,040 1903 ... 2,493,970... 799,577 1902 ... 2,424,047... -721,070 1901 ... 2,220,972... 716,163 1900 ... 2,455,623... 610,200 imports were obtained are shown below :— British Ports : Tons. Cardiff and Barry ... 720,731 Port Talbot ...... 42,881 Newport ........ 85,850 Swansea ....-...... 136,972 Bristol ........._____ 3,401 Newcastle & Shields 343,329 Sunderland ...... 114,143 ...... West Hartlepool ... 9,451 Partington ........ 1,741 Seaham .......... 3,497 Hull ............ 43,408 Middlesbrough ......... ’ 508 Liverpool ........ 23,484 Manchester ...... ’ 5,958 Garston ___.......... 8,134 Glasgow ........ 336,504 British Ports : Tons. Greenock ......... 3,496 Ardrossan ....... 2,794 Ayr .............. 2,648 Troon ........... 21,868 Methil ........... 4,661 Burntisland ...... 2,571 London .......... 915 American Ports : Philadelphia ..... 28,105 Baltimore ........ 155,647 Norfolk „........... .549,868 Newport News ....... 3,657 Other Countries : France ................... 4,2] 0 Italy ............ 4,919