1210

THE COLLIERY GUARDIAN

June 14, 1918.

COAL, IRON AND ENGINEERING COMPANIES.
MEETINGS.

Siemens Bros, and Company Limited.—The ordinary
general meeting was held on Tuesday, the 11th inst., at
Winchester House, Old Broad-street, Mr. G. Mure
Ritchie, the chairman, presiding. The chairman said that
during the past year the company had adhered to its
past policy, and the volume of the business done exceeded
that of 1916 by about one-third. The expansion in out-
put occurred principally in insulated wires and cables,
ebonite and batteries. In regard to the development of
automatic telephony, which the company foresaw before
the war, the advantages of eliminating the human ex-
change operator had been demonstrated in practice and
all technical difficulties surmounted, and they were
equipped to provide large exchanges for public service,
and also private exchanges of 25 to 500 lines. Notwith-
standing the demands of war work, they had completed
a semi-automatic exchange of 1,000 lines at Port Adelaide
for the Commonwealth of Australia, and a full automatic
exchange of 1,300 lines at Grimsby for the G.P.O., while
good progress had been made with a full automatic ex-
change of 950 lines for Stockport, also for the G.P.O.
Many private exchanges had been established in muni-
tions factories, and had given every satisfaction. After
speaking of the cordial relations existing between the
company and the workpeople, the chairman went on to
say that the year’s profit of £208,524 showed substantial
increase over that of 1916, due to the very much larger
volume of business done. An interim dividend of 10 per
cent., free of income tax, had been paid, but no further
distribution for the year 1917 could be considered until
the Government claim for excess profits duty had been
adjusted. The balance sheet showed £764,524 for mate-
rials, manufactured goods and work in hand. This was
more than double the pre-war amount of £377,385, the
increase being due entirely to the growth of expenditure
on orders in hand, which at December 31 exceeded in
value £1,500,000. An important asset was the holding
of the entire issued capital of Siemens Bros. Dynamo
Works Limited, namely, £200,000 in shares and £200,000
in debentures. At the outbreak of war the share capital
of Siemens Bros, and Company Limited was £600,000,
with £150,000 of 4 per cent, debentures, nearly all the
shares and about one-third of the debentures being held
by Germans. Moreover, the German shareholders had
supplied funds to meet the capital requirements of the
growing businesses of the two companies. When war
began, the entire German interest in the shares and the
additional capital referred to was vested in the Public
Trustee, who took steps to realise it by sale to a British
buyer, and on Dec. 14, 1917, the share capital of Siemens
Bros, and Company was purchased by Messrs. C. B. Crisp
and Company. The contract provided for the issue to
the Public Trustee by the company of £1,330,000 of 4|
per cent, debentures to provide for the repayment of
capital (other than share capital), and the participation
in the 4 per cent, debentures employed in the business
by the former German owners, and the Public Trustee
had a right after the conclusion of peace to call for the
redemption of these debentures on one year’s notice.
Subject to such arrangement they were redeemable by
annual drawings calculated to extinguish the whole in
25 years from the date of issue. Following this arrange-
ment with the Public Trustee, the Board was re-consti-
tuted, and now consisted of Mr. G. Mure Ritchie (chair-
man), Sir William Bull, M.P., Sir Clifford Cory, M.P.,
Lord Queenborough, Mr. H. J. Thomas, and Mr. G.
Chauvin (managing director). The new Board had de-
voted attention to many questions concerned with the
development of Siemens Bros, into a great national manu-
facturing asset, leaving little time for discussion of a
scheme of rearrangement of the share capital. The Board,
however, recognised the advisability of changing the
capital arrangements so as to establish equilibrium be-
tween share capital and debenture debt, and at an early
date the shareholders might be asked to approve a scheme
for increasing the share capital to £1,500,000 (or even
more) in £1 shares, of which a substantial portion would
remain in reserve for future developments; but as to
£400,000, if issued for cash, the proceeds would be avail-
able for the retirement of a corresponding amount of
debentures. If the matter were carried through on the
lines thus indicated, the joint concerns—Siemens Bros,
and Company and Siemens Dynamo Works—would be
represented by an issued share capital of £1,000,000, with
£150,000 of 4 per cent, debentures and about £1,000,000
of 4| per cent, debentures, the latter being held by the
Public Trustee. These readjustments were all subject to
the consent of the authorities concerned, but he could
go so far as to say that as the Board of Trade wished
the company to be so assisted as to ensure its future
expansion in British hands, they were justified in. be-
lieving that sympathetic consideration would be given
by the authorities to their proposals for the financial
reconstruction of the company when they were put for-
ward. Dealing with Siemens Bros. Dynamo Works
Limited, entirely owned by Siemens and Company, the
chairman said that the turnover in 1917 increased in the
United Kingdom and decreased overseas as compared
with 1916. The value of unexecuted orders on December
31 was £1,145,000. Siemens Bros, and Company and the
Dynamo Works had purchased £50,000 of War Loan, and
had provided several thousands of pounds to give tem-
porary assistance to War Savings Associations for th©
workpeople. Since the entry of the new directors into
office, negotiations had been inaugurated with other com-
panies doing similar industrial business, with the object
of bringing such manufacturers together for the reduc-
tion of unnecessary competition and the avoidance of
duplicating machinery, workshops and offices. Co-opera-
tion would make for the more continuous running of
plants, with the attendant advantages of cheaper pro-
duction, increased efficiency and improved quality of the
work done, avoiding unnecessary expense in storage,
selling organisations, and reducing the duplication of
stocks to a minimum. An even more important advantage
aimed at was the amalgamation of designing offices and
interchange of experience, designs and methods to the
promotion of economy and efficiency. Such industrial
alliance would, moreover, make it possible to carry out
complete installations within the allied group. An
alliance of this nature had already been arranged with
Messrs. Dick, Kerr and Company Limited in the field of
dynamo installations in all its ramifications, and other
alliances were contemplated. He moved the adoption of
the report and accounts, and the 'motion was unanimously
carried. A vote of thanks to the chairman concluded
the proceedings.

REPORTS AND DIVIDENDS.

Brown (John) and Company Limited.—The directors
recommend a final dividend of 7^ per cent, on the ordinary
shares, making 12^ per cent, for the past year. The distri-
bution for the three preceding years was similar to that
recommended for the past twelve months, while 10 per
cent, was paid on the ordinary shares for 1913-14.

Brush Electrical Engineering Company Limited.—The
report for 1917 states that after providing for general
charges, maintenance of plant and buildings, and interest
on debenture stocks and loans, there remains a balance
at profit and loss of £34,191; £13,857 was brought for-
ward, making £48,048, subject to excess profits duty. The
directors recommend a dividend at the rate of 6 per cent,
per annum on the ordinary stock for each of the years
1916 and 1917, to place to depreciation of buildings and
plant £7,331, to depreciation of patents and goodwill
£699, further 4 per cent, interest oi' prior lien par-
ticipating second debenture stock £2,044, general reserve
£12,674, and to carry forward £12,700. In view of the
desirability of consolidating the numerous small holdings
and fractions that exist of ordinary stock, the directors
propose that payment of dividends on holdings of less
than £10 and on fractions of £1 shall be postponed.

Cooke (William) and Company Limited.—The directors
recommend a distribution of 10 per cent., free of tax, on
the ordinary shares. Mr. H. C. Else has been appointed
chairman in succession to the late Mr. W. D. Holford.

Cory (Wm.) and Son Limited.—The report for the year
ended March 31 states that the net profit, after providing
for excess profits duty, charging all expenses, cost of
maintenance, and making special provision for further
maintenance charges and depreciation, is £492,734;
£130,897 was brought in, making £623,631. After pro-
viding for debenture interest there remains £586,631.
Deducting preference dividend and interim dividend on the
ordinary and employees’ shares there is left £497,321. The
directors propose placing £90,000 to reserve account
(making £650,000), £60,000 to insurance fund for steamers
(making £100,000), £25,000 to staff pensions fund (making
£75,000, exclusive of interest), pay a final dividend of
6 per cent, on the ordinary and employees’ shares, less
tax, making 10 per cent, less tax, for the year, together
with a tax free bonus of 10 per cent., and to carry for-
ward £135,084. With the view of consolidating its
interests and extending its sphere of operations both at
home and abroad, the company has acquired the old-
established business of Mann George and Company, and
more recently that of R. and J. H. Rea. To enable the
directors to make provision for these purchases and to
allow for future developments, it is proposed to increase
the capital by the creation of an additional 2,000,000 ordi-
nary shares of £1 each. It is not possible at present, in
view of prevailing conditions and restrictions, to make
any announcement in regard to the issue of these shares.

Coventry Chain Company Limited.—Six per cent, per
annum (7-2d. per share) on ordinary shares for half-year
(interim), payable July 1. Last year dividend same.

Dinnington Main Coal Company Limited.—The directors
recommend a final dividend of 2s. per share, tax free.

Ebbw Vale Steel, Iron and Coal Company Limited.—
The directors announce that the Treasury has consented
to the increase of the capital by £2,000,000 to £4,150,000.
It is proposed to convert the 5 per cent, debentures into
6 per cent, debentures, and the 6 per cent, preference
shares into 7 per cent, preference, and to subdivide them
into £1 shares. It is also proposed to offer 600,000 new
£1 ordinary shares to preference or ordinary shareholders.

Great Western Colliery Company Limited.—Dividends
of Is. per share (5 per cent.) on the A and B shares.

Head, Wrightson and Company Limited.—The report
shows the profit for the year ended April 30, 1917, has
been £96,653, to which has been added the balance of
undivided profits from the year ended April 30, 1916,
£7,205, making a total of £103,858, out of which the
following amounts are appropriated up to April 30, 1917 :
Interest on debentures for year ending April 30, 1917,
£6,760; dividend on preference shares to March 31, 1917,
£9,302; directors’ fees (excluding management salaries),
£1,000; reserve accounts, £30,000; depreciation written
off, £20,000; interim dividend on ordinary shares at 5 per
cent., £10,500, the remainder being divided up as follows :
Reserved for dividend on preference shares from March 31,
1917, to April 30, 1917, £845; final dividend at the rate
of 5 per cent, on the ordinary shares (making a total of
10 per cent.), less income tax, and a bonus of 2s. 6d.
per share, £15,750; balance to be .carried forward, £9,710.

Nova Scotia Steel and Coal Company Limited.—The
report for 1917 states that the volume of business was
12,359,113 dols., against 11,425,439 dols. Combined profits,
after allowing maintenance and renewals, were 3,069,449
dols. Commissions and discounts on securities written
off, depreciation, income tax, etc., absorbed 976,113 dols.,
and profits, before charging interest, were 2,093,336 dols.
Interest took 752,858 dols., net profits being 1,340,477
dols. Dividend on the 8 per cent, cumulative preference
stock required 80,000 dols.; on the ordinary stock cash
dividends accounted for 562,500 dols., and stock dividend
2,500,000 dols. The surplus carried forward was 1,730,092
dols., against 3,532,114 dols. brought in.

Pease and Partners Limited.—The report for the year
ended April 30 last states that working profit, after pro-
viding for special taxation, income tax, etc., was £464,014,
and £94,839 was brought in, giving £558,852. Debenture
interest absorbs £24,750, depreciation of plant £37,275,
special expenditure £24,780, general reserve £80,000, re-
newals postponed, etc., £50,000, and provision of cottages
for soldiers or sailors who are permanently disabled on
active service and who were in the employ of . the com-
pany £10,000. The directors recommend dividends. of
25s. per share on the ordinary and deferred shares, making
with the interim dividends 17| per cent, for the year, and
carry forward £104,547. The company purchased whole
of shares of T. and R. W. Bower Limited, thus acquiring
Allerton Main Collieries, in West Yorkshire. The Treasury
has sanctioned the consolidation plan and new issue, but
has vetoed the proposal to split the capital into £1 shares.

Rhymney Iron Company Limited.—Dividend of 5 per
cent, for the year ended March 31 on the ordinary shares,
adding to the reserve fund £11,324. The ordinary shares
received 6 per cent, for 1916-17.

Roberts (Wm.) (Tipton).—The report for the year ended
March 31 shows a profit of £13,814; £1,089 was brought
in, making £14,903. Deducting debenture interest, di-
rectors’ fees and interim dividends, there remains £11,387.
Directors recommend a dividend at rate of 10 per cent,
per annum, free of tax, on ordinary shares, making 10 per
cent, for year, also a bonus of 10 per cent., free of tax,
and to carry forward, subject to excess profits duty,
£5,284. There have been redeemed 138 debenture bonds
of £100 each, leaving only one debenture bond of £100
outstanding.

Smith and McLean Limited.—The report for 1917 states
that the profits, after providing for estimated liabilities
to the Government, and also for directors’ fees, deprecia-
tion and all charges, amount to £33,482, to which has
to be added the amount brought forward from last balance
sheet, £18,813. The directors have placed to ordinary re-
serve fund £15,000, leaving £37,295. The directors recom-
mend a dividend on the ordinary shares of 20s. per share,
free of income tax, leaving balance to be carried forward
of £20,108. To provide room for future extensions the
company has purchased additional ground.

South Hetton Coal Company Limited.—No interim divi-
dend will be paid.

South Wales Electrical Power Distribution Company
Limited.—The report for 1917 states that units sold were
36,959,049; increase 6,900,588, or nearly 23 per cent.
Negotiations have been completed for a further substan-
tial increase of output. No detailed revenue account, as
undertaking is operated by Treforest Electrical Consumers
Company. After payment of all expenses, credit on year’s
working was £24,748. Deducting interest on prior lien
debenture stock and original debenture stock and depre-
ciation of new plant, there remains £64 to be carried
forward.

Vulcan Boiler and General Insurance Company Limited.
—Nine per cent. (4s. 6d. per share), less tax, on ordinary
shares (interim), payable July 1. Last year the dividend
was the same.

NEW COMPANIES.

British Engineering Company (London) Limited.—
Registered June 5. Objects indicated by title. Nominal
capital, £2,000, in 1,900 10 per cent, ordinary shares of
£1 and 2,000 deferred shares of Is. Director: S. B.
Saunders.

Farlums Limited.—Registered June 7, to carry on the
business of acquiring, testing and exploiting of any pro-
cesses concerning or consisting of or relating to the treat-
ment of any alloy of steel, iron, and any other metal.
Nominal capital £500, in 500 £1 shares. Directors :
T. Farrar, C. Harrington, W. Lumb, J. W. Pickles, and
J. Swainson.

Frodingham Ironstone Mines Limited. — Registered
June 1, to carry on the business of ironstone and limestone
miners, and merchants, iron masters, steel and iron
founders, smelters, etc. Qualification of directors, 1 share.
Subscribers (1 share): G_. W. Winn and F. W. Croft.

Plaskynaston Foundry Company Limited.—Registered
June 4, to carry on the business of engineers and iron
founders. Nominal capital, £3,000 in £3,000 £1 shares.
Directors: T. Longdin and Norah Constance Longdin.
Qualification of directors, £300 shares.

Walker, Matheson and Company Limited.—Registered
June 3, to carry on business of engineers. Nominal
capital, £1,000 in 1,000 £1 shares. Directors : J. Walker,
B. Matheson, and others. Qualification of directors, £100
shares.

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 FREIGHT MARKET.

Business in the outward freight market on the north-
east coast has once more been almost exclusively confined
to Scandinavian fixtures. Christiania is reported to have
been done at 165 kr., which is an advance of 5 kr. on
the previous fixture; Warberg at 180 kr., a similar in-
crease; and Gothenburg twice at 205 kr., an increase of
25 kr. The considerable hardness of these rates is mainly
due to the difficulty of securing early loading turns, the
local coal trade being almost exclusively occupied with
the execution of orders on official and home account.
Rates for the coaling stations are steadily upheld, and
Gibraltar has been twice done, for large steamers, at the
old figure of 100s. Coasting business is represented by
one fixture to London at the fixed price of 17s. For other
destinations the market is devoid of engagements,
although orders are in numerous circulation at fully late
record rates. At South Wales, excepting for a fixture
for Huelva at 400s., business has been wholly monopolised
by the taking up of vessels for French Atlantic destina-
tions at scheduled figures, practically no neutral tonnage
being on offer, albeit business for neutral directions is
offering very considerably.

Homewards, the River Plate is steady at 225s. from lower
ports to United Kingdom, with 250s. for French Atlantic
discharge. Virginia to the Plate with coal is quoted at
80s., with 84s. for Brazil unloading. Eastern figures are
firmly held. The Mediterranean and Bay ore ports con-
tinue to have a big demand for steamers for discharge at
Allied ports, and top rates are readily conceded.

Tyne to Christiania, 1,300, 165 kr, reported; Gibraltar,
5,000 and 7,000, 100s.; Gothenburg, 2,100, 205 kr. ;
London, 3,900, 17s.; and Warberg, 1,600, 180 kr., reported.

Cardiff to Caen, 1,300 and 1,500, 46s. 6d., neutral; and
700, 48s., neutral; Havre, 600, 47s. 3d., neutral; Huelva,
3,000, 400s., Spanish; Nantes, 1,000, 29s., inclusive of
war risks, Allied; Rouen, 1,100, 1,200, 1,400, 1,500, 1,600
1,700 and 1,800, 48s. 9d., neutral; 250 and 300, 34s., in-
clusive of war risks, Allied; 1,400, 74s. 3d., coke; and
St. Servan, 700, 30s., inclusive of war risks, Allied.

Swansea to Caen, 800 and 900, 48s., neutral; 1,300 and
1,500, 46s. 6d., neutral; Bordeaux, 2,000, 69s., neutral;
Calais, 200, 80s. 6d.; Dublin, 300, 17s.; and Rouen, 1,200,
48s. 9d., neutral.

Liverpool to Huelva, 3,000, 400s., Spanish.

Blyth to Gothenburg, 3,300, 205 kr.

Later. — The following additional fixtures are re-
ported :—

Tyne to London, 800, 17s.; Port Said, 6,000, 200s.; and
Stockholm, 2,800, 205 kr.

Cardiff to Caen, 1,300, 46s. 6d., neutral; and Rouen,
2,700, 47s. 9d., neutral.

Swansea to St. Brieux, 300, 33s. 6d;, including war risks,
Allied; and Rouen, 1,500, 48s. 9d., neutral.

Glasgow to L’Orient, 800, 81s., pitch, neutral; and
Barcelona, 2,400, 400s., neutral.

Cleveland Iron Prices and Wages.—The accountants to
the Board of Conciliation and Arbitration for the Manu-
factured Iron and Steel Trade of the North of England
have certified the average net selling price of iron bars
and angles for the two months ending April 30 last at
£14 Is. 9-54d., as compared with £13 16s. 7-64d. for the
previous two months. This carries an advance of 3d. per
ton on puddling, and 2-J>: per cent, on all other forge and
mill wages, to take effect from the 22nd ult., but in
accordance with the Ministry of Munitions lines of settle-
ment of January 3 last and February 20 last, this advance
will merge into the 12| per cent, bonus and the 7^ per
cent, bonus granted under those settlements.