June 13, 1913.

THE COLLIERY GUARDIAN.

1295

COAL, IRON AND ENGINEERING COMPANIES.

Blaenavon Company Limited.—The directors have de-
clared an interim dividend of 2| per cent, (actual) for the
half-year ended March on the ordinary shares. The last
ordinary dividend paid was 5 per cent, for 1909-10.

Brown (John) and Co. Limited.—The directors recom-
mend the payment of a final dividend on the ordinary
shares of the company, making 7| per cent, for the year,
less income tax, and the appropriation of .£50,000 towards
expenditure during the year on the various extensions,
carrying forward to next account the sum of £89,721.

Cade (Joseph) and Co. Limited.—This private company
has been registered, with a capital of £15,000 in £1 shares,
to take over the business of coal merchants, &c., carried on
by J. Cade and H. B. Nash as Joseph Cade and Co., the
British Coal Supply Company, the Humber Coal Company,
the Star and Echo Coal Company, and the Womb well Main
Coal Company, &c, their head office for all such businesses
being at 58/60, White Horse-lane, Stepney. First directors:
J. Cade and H. B. Nash. Registered office, 58/60, White-
horse-lane, Stepney.

Cornwell Bros. Limited.—This private company has been
registered, with a capital of £100 in £1 shares, to carry on
the business of coal merchants, &c. First directors, J. H.
Cornwell, D. Wenham, and D. C. Lloyd.

Doncaster Main Colliery, Limited.—This company has
been registered, with a capital of £100 in £1 shares, to
carry on the business of colliery and mine owners, pro-
spectors, explorers, miners, &c. The subscribers are :—
A. Gilbert Studleigh, Fitz william-street, Rotherham, ac-
countant, 1 share; J. J. Carr, 26, Albany-street, Rother-
ham, clerk, 1 share. The number of directors is not to
be less than two nor more than five; the subscribers are
to appoint the first. Qualification, 1 ordinary share. Re-
muneration as fixed by the company (free of income tax).
Solicitors, Parker Rhodes and Co., Rotherham.

Ebbw Yale Steel, Iron and Coal Company Limited.—
The report of the directors for the year ending March 31
states that the collieries have produced a record output with
an increased profit, and the profits arising from the opera-
tions in iron and steel have shown a gratifying increase.
Winding of coal commenced in July at Cwmcarn, where a
second pit is being sunk. At Victoria a second pit is being
electrically equipped for working the Black Vein steam coal
on the company's freehold. The lease of the Marine
Collieries, which would have expired in 1918, has been
renewed for a long term, with a substantial additional area,
on satisfactory terms, and arrangements are being made for
the necessary sinkings. The new steel galvanised corru-
gated sheet works on the company’s freehold have been
completed, and were successfully started in March of
this year. A new by-product coke plant, to produce
4,400 tons of coke weekly, is now being constructed, and
it is hoped to have it completed by the spring of 1914
In order to recoup the outlay upon the large additions to
the company’s properties and plant during recent years,
and to provide for those now in contemplation, and the
consequent requisite increase of working capital, the direc-
tors have decided to call up the outstanding portion of the
share capital, and propose thereafter to sub-divide the
shares. As the existing debenture trust terminates on
June 30 instant, the directors have authorised a new issue
of £600,000, of which it is proposed at present to issue only
such amount as is necessary to replace the existing deben-
tures. The total expenditure upon new work during the
year amounted to <£168,135 Is. 6d. Of this sum £23,423 6s. 3d.
has been charged against revenue, and £96,715 4g. 2d. to
property account, and the balance, £47,996 Ils. Id. has been
placed to suspense outlay account. The balance of profits
brought forward was £7,472 Os. 4d., and the gross profits for
the year amount to .£184,108 4s. 7d., making together
.£191,580 4s. lid. From this are deducted current and legal
expenses, £8,281 8s. 7d., interest on debentures and calls
paid in advance £23,708 3s., leaving an available balance of
£159,590 13s. 4d. From this has to be deducted expendi-
ture in new work £23,423 6s. 3d., and the directors propose
to apply in reduction of outlay in suspense account £50,000,
and recommend a dividend of £1 per share, being
at the rate of 10 per cent, for the year, absorbing £74,475,
and leaving a balance to be carried forward of £11,692 7s. Id.
In the course of a circular to shareholders, the directors
state that the development of the company’s operations
during recent years has involved large expenditure on new
works and plant, and a corresponding increase of working
capital. In the 10 years ending March 31, this expenditure
has amounted to £617,740, of which sum £428,147 has been
charged against revenue, £106,163 to property account, and
£83,430 remains at the debit of outlay in suspense, this
amount being in respect of new plant not completed. The
principal heads of expenditure comprise:—New colliery
at Cwmcarn, electrically equipped, and extensive railway
sidings; new coke ovens at Victoria; new blast furnace
(No. 3 Victoria): equipment of two blast furnaces
(Nos. 1 and 2 Victoria), with electric hoists and loading
gear; new Bessemer department; new steel tube
works; new steel corrugated sheet mills; new electric
generating station ; new foundry, pattern shop, stores, &c.;
new brickworks at Ebbw Vale and at Sirhowy; new wagons,
and other miscellaneous expenditure. In addition, expendi-
ture is being incurred, or is in contemplation, in respect of
the sinking and equipment of a second pit at Cwmcarn;
further sinking enlargement, and electrical equipment of a
pit at Victoria ; the superseding of the whole of the
scattered coke ovens at Ebbw Vale by a consolidated
by-product plant of 100 ovens of the latest and most
economical design ; the sinking and equipment of a new pit
at the Marine Colliery, and (later) of two new pits in
connection with the recently-acquired coal area there; the
provision of modern and more economical machinery, and
the electrification of the several collieries of the company.
The directors feel the time has now c?me when additional
capital should be provided adequate to the increased require-
ments of the company. They have accordingly resolved to
call up the outstanding liability of £3 per share, thus
making the share fully paid. The directors desire to avail
themselves of the opportunity to reorganise the capital
account of the company by bringing it into a more con-
venient and popular form. The share capital of the com-
pany, when the above calls have been paid, will be :—74,475
shares of £13 each, fully paid, equal to £968,175, and the
directors now propose to increase the share capital of the
company by £31,825 to the total sum of £1,000,000 divided

into; 600,000 ordinary shares of £1 each, £600,000, and
80,000 preference shares of £5 Jeach, £400,000, isuch
preference shares to be preferential both as to capital and
dividends, and to carry a cumulative preferential dividend
at the fixed rate of 6 per cent, per annum. Present share-
holders will receive in exchange for each fully-paid share of
£13 eight ordinary shares of £1 each, all fully-paid, and one
preference share of £5, fully paid.

Gwaun-cae-Gurwen Colliery Company Limited.—
Interim dividend of 5 per cent, per annum, free of tax, on
the ordinary shares. A year ago the interim dividend was
at the same rate.

Oakwood Colliery Company Limited.—This private com-
pany has been registered, with a capital of £25,000 in £1
shares, to take over the Oakwood Colliery, in the parish of
Michaelstown-super-Avon, Glam., and to adopt an agree-
ment between F. S. Jones, the National Provincial Bank of
England (Limited), F. E. Jacob, and J. P. Jacob.
Solicitors, Beor and Wilson, Temple-street, Swansea.

North Brancepeth Coal Company Limited. — The
directors announce an interim dividend of 5s. per share.

Priorfield Collieries, Limited.—This private company
has been registered, with a capital of £2 000, in £1 shares,
to take over the Priorfield Colleries, Cosely, near Bilston,
and No. 13 Pit, Moat Colliery, Tipton, carried on by J. and
A. Marsh. First directors, J. Marsh and A. Marsh.

Rhymney Iron Company Limited.—The report of the
directors for the year ended March 29 states that the profits
for the year were £87,344 7s. 7d., to which must be added
the sum of £14,724 5s. lOd. brought forward, making a
total of £102,068 13s. 5d. Deducting £33,732 10s. lOd. for
interest and sinking fund on the two debenture loans of the
company, the net profits available for distribution are
£68,336 2s. 7d. Tne directors recommend to the proprietors
that this sum be appropriated as follows:—To general
reserve fund, £15,000; payment of a dividend of 4 per
cent, (less tax) for the year, £40,000; leaving to be
carried forward to the accounts of the current
year £13,336 2s. 7d. The output of coal from the
company’s pits for the year was 1,240,698 tons,
against 1,059,898 tons for the year ended March 30, 1912,
an increase of 180,800 tons. The quantity of coke made
was 49,085 tons, against 46,555 tons for the previous year,
an increase of 2,530 tons. Since the issue of the half-yearly
report, dated January 10 last, the demand for all classes of
coal, as also for coke, has been maintained, with a further
increase of prices, and the immediate prospects appear
favourable. The Mardy pit, which was being sunk to the
lower steam coal measures, has reached coal, and tenders
have been accepted for the equipment of the pit. Satisfac-
tory progress has been made in deepening the Rhymney
Merthyr pits to also win the lower steam coal measures, by
means of which development the output of these pits should
be maintained. At the power-house erected at the coke
ovens for the development of electric energy from the
waste gases, one generating set has been put to work, and
the power is now being utilised for pumping and other
purposes.

Watson (Joseph) and Sons Limited.—The directors
recommend that the capital of the company be increased to
£1,400,000 by the creation of 260,000 new ordinary shares of
£1 each.

Whitehaven Haematite Iron and Steel Company
Limited.— I'he directors’ report states that the profits on
the year’s working were £18,697. Arrears of dividend on
the preference capital to March 1912 absorb £5,208; divi-
dend of 7 per cent, on the preference shares this year,
£1,773; dividend of 5 per cent, on the ordinary shares,
£2,452 : and depreciation, £5,000. There is transferred as
first contribution to reserve fund £2,500, and carried forward
unappropriated £1,763.

THE FREIGHT MARKET.

The volume of outward chartering done on the north-east
coast during the week has not been large. Two circum-
stances account for this—firstly, the coal trade is very dull;
secondly, tonnage is very scarce. Rates are very firmly
maintained, however, and tend to advance. At South
Wales, fixing is somewhat slow. Rates in all directions are
steady', and prompt vessels of handy size are in good
demand. The River Plate is strong, and higher rates are
quoted for Bay and coasting tonnage. At the Clyde the
enquiry is quiet, and the volume of business is small. The
Humber is dull at firm figures. Homewards, a good average
amount of business has been done. The Black Sea market
is dull, and cargo is scarce. Tonnage is ample for all
requirements, and rates generally are easy. The Danube
and Azof are inactive. Eastern freights are quiet, with a
slow demand and weak tone. The Mediterranean and ore
ports are steady. The Baltic is firm. America is feature-
less. The River Plate market is depressed. The slump is
attributed to the unfavourable climatic conditions for maize
shipment, aided by the state of this country’s markets and
the tightness of money. The forward outlook is better,
however.

Tyne to Antwerp, 1,400. 4g. l|d. ; Ancona, 4,200, Ils. ;
Archangel 1,450, 5s. 3d.; Bordeaux, 3,400, 6s. ; 2,100, 6s. ;
Cronstadt, 4,800, 5s. 6d. ; 1,200, 6s. ; 4,100, 5s. 6d. ;
Carthagena, 1,900, 12s., 250 ; Civita Vecchia, 5,000, Ils. ;
Dunkirk, 2,000, 4s. 6d. ; Genoa, 4,200, 9s. 9d. ; 3,900, 10s.;

6,300,	9s. 9d. ; 3,200, 10s., from Pelaw Main ; 3,200, 10s. ;
Hamburg, 1,800, 4s. ; Konigsberg, 2,000, 5s. 6d. ; Las
Palmas, 2,300, 9s. 3d. ; London, 2,800, 3s. 6d. ; Lisbon,

2,500,	8s. lid., 350 coke ; Memel, 1,400, 4s. 9d. ; Oporto,
1,200, 9s. 10|d. ; Odense, 1,050, 5s. lid. ; Palermo, 3,300,
Ils.; Port Said, 8,200, 9s. ; Palma, 1,300, 12s. 6d. ; Piraeus,
5,000, Ils.; Rouen, 1,300, 5s. 6d.; Riga, 2,200, 5s. 4|d. ;
1,700, 5s 3d.; Salerno, 3,300, Ils.; Spezzia, 5,800,10s., d.w.;
Venice, 4,700, Ils., 500; Wyburg, 1,400, 6s.; Wasa, 1,400,
5s. 6d., July.

Cardiff to Ancona, 6,300, Ils., June 20; 4,300, Ils. 3d.,
500,; Augusta, 5,200, 10s.; Antwerp, 1,200, 4s. 9d., 500;
Algiers, 6,000, 10 37|fr., June 16; Aden, 5,500, 12s., P. and
O. terms, July; Barcelona, 3,200, 10s. 9d.; 3,100, 10s. 6d.,
June; Bari, 3,500, Ils. 6d.; Bizerta, 3,500, llj fr., 1,200;
Civita Vecchia, 2,900, 10s. 6d.; 10s. 9d.; Calais, 1800,5s.;
1,100, 5s.; 1,100,5s. 6d.; 2 200, 5s 3d.; Cronstadt, 1,700,
6s.; 4,400,6s.; 3,300,6s.; 3.800,6s., June 16; Dieppe, 1,100,
5s. lid.; 1,100, 5s. 6d.; 2,200, 5s.3d.; 1,500, 5s. 6d.; Devon-
port, 1,500, 2s. 10|d., with usual options, Admiralty ; 2,800,

do.; 2,400, do.; 350, 4g. 6d.; Genoa, 4,600,9s.; 4,200,9?. 6d.;

6.900,	9s. 3d.; 6,300, 9s. 3d., June 18; 4,400, 9s. 9d.,
reported; 4,200, 10s., June 20; Gibraltar, 3,600, 5s. 6d.,
June 18, Admiralty; Haulbowline and or Queenstown,
1,950, 3s. 3d., Admiralty; Havre Canal, 1,700, 5s. 7d.;
Honfleur, 1,200, 5s. 6d.; Havre, 3,800, 5s. 6d.; 2,200, 5s. 3d.;
Islands, 3,500, 9s.; Las Palmas, 3,500, 9s.; Leghorn, 4,500,
9s. 3d., 800, June 19; Lisbon, 2,000, 8s., 350; 1,600, 7s. 4|d.;

1.800,	7s. 9d.; London, 3,600,4s. 3d.; Messina, 5,500, 7s. 9d.;

4.500,	9s. 6d., free dues, June 18 ; Marseilles, 5,800, 11 fr.;

6.400,	11 fr.; 4 600, 111 fr. and 121 fr-; Monte Video,
18s. 3d.; 5,000,18s. 9d., June 20; 18s. 3d., end June ; Naples,
5,000, 9s. 9d.; Ostend, 1,800, 5s.; Oporto, 950, 8s. 3d. ; Port
Said, 6,000, 10s.» June 18; 6,000, 9s. 9d., June 25; 7,000,
9s. 9d. ; Passages, 900, 8s. 6d., June 20; Palermo, 5,000,
9s. 9d.; Rio de Janeiro, 7,500, 16s. 6d.; 6,500, 17s.; 10.000,
17s., second half June; 4,500, 17s.; 4,800, 17s.; River Plate,
18s. 101d., June; 6,000, 19s. 6d., reported; 4,000, 19s., June;
about 19s.3d.-, June, reported; 4,500, 20s., June, reported;
Rosario, 21s., June, reported ; Sables, 1,400, 81 fr.; Salonica,

3.900,	12s.; St. Malo, 2,000, 5s. 3d.; 1,350, 5s.; 1,200,
5s. 3d.; Savona, 4,200, 10s., June 20; 4,600, 9s.; 4,200,
9s. 6d.; 6,300, 9s. 3d., June 18; St. Petersburg, 2,000, 6s.;

3.300,	6s.; Spezzia, 4,600, 9s.; 4 200, 9s. 6d.; St. Servan,
2,000, 5s. 3d.; 1,900, 5s. 6d. ; Sb. Nazaire, 2,300, 71 fr.;

2.800,	61 fr. ; Torre Annunziata, 5,000, 10s. 3d., 400,
June 15; 2,900, 10s. 6d.; 10s. 9d.; Teneriffe, 3,500, 9s.;
Venice, 6,300, 11s., June 25 ; 5,500, Ils.; 6,500, 12s ; 4,300,
Ils. 3d., 500, June 16; 4,000, Ils. 6d., June 16; 4,600,
Ils. lid., 500 ; West Coast South America and home to
United Kingdom-Continent 47s. 6d. on the round;
Zeebrugge, 2,200, 5s., 1,000.

Swansea to Messina, 2 600, 10s. 6d.; Chantenay, 2,300,
71 fr.; Havre, 1,100, 5s. lid.; Rouen, 720, 6s, 3d.; 1,200,
6\ 3d.; 2,200, 5s. 9d.; 1,700, 6s.; Monte Video, 5,500, 20s.,
fuel, June ; Ancona, 4,600, Ils. 6d.; Dieppe, 900, 5s. 9d. ;
St. Malo, 1,300, 5s. 6d. coal, 6s. fuel ; 700, 5s. 6d. ; Brest,

1.400,	5s.; Genoa, 3,500, 9s. 6d., June; St. Brieux, 580,
6s. 3d.; Calais, 1,200, 5s. 6d. ; Venice, 5,000, lie., June 16 ;
Savona. 3,500, 9s. 6d. ; Sables, 1,500, 81 fr. ; Belfast, 400,
4s. 3d.

Blyth to Lubeck, 2,100, 5s. 6d. ; Calais, 1,400, 4s. 3d. ;
Cronstadt, 4,800, 5b. 6d. ; Genoa, 3,200. 10s. ; 3,650, 10s. ;
Palermo, 2,900, Ils.; North Norway, 2,000, 5s. coal, 7s.
coke; Caen, 900, 5s. 6d.; Plymouth, 400, 5s. 9d. ; Havre,
1,000, 5s. 3d. ; Savona, 3,650, 10s.

Hartlepool to Cronstadt, 1,250,5s. 4id.; 3,200, 5s. 4id.

Dunkirk to Buenos Ayres, sail, 19s. 9d., pipes.

Wales to Monte Video, sail, 17s. ; Mexillones, sail, 17s.,
fuel ; West Coast South America and home to United
Kingdom-Continent, sail, 43s., nitrate, December-January.

Newport to Buenos Ayres, 19s. ; Bahia Blanca, 6,000-

6.500,	19s. 3d., June ; Torre Annunziata, 5,400, 10s. 3d. ;
Bilbao, 1,700, 6s. 6d. ; Vigo, 2,200, 7s. 9d. ; Genoa, 3,600,
9s. 6d., June 15 ; Savona, 3,600, 9s. 6d., June 15; Spezzia,
3,600, 9s. 6d., June 15 ; Marseilles, 6,600, 11 fr., June 20 ;
Algiers, 6,000, 10 37| fr., June 16 ; 2,500, 12| fr., fuel, river
loading ; Cronstadt, 2,000, 6s. ; 3,300, 6s. ; St. Petersburg,
2,000, 6s. ; 3,300, 6s. ; Genoa, 4,700, 9s. 3d., June 15 ; Bor-
deaux, 2,100, 8| fr.; Lisbon, 1,800,7s. 9d. ; Oporto, 900,8s. 6d.

Goole to Rotterdam, 1,450, 3s. 10jd. ; London, 3s. 9d.

Port Talbot to Calais, 1,200, 5s. 6d. ; Alexandria, 4,500,
10s., 700.

Garston to Genoa, 9s., June.

Barrow to Alexandria, 4,800, 13s. 6d., rails, ppt.

Hull to Cronstadt, 4,000, 5s. 4|d. ; 2,600, 5s. 7£d.; 2,000,
5s. 6d. ; 2,000, 5s. 7*d. ; Christiania, 850, 5s. ; St. Petersburg,

2.300,	5s. 7|d. ; Rouen, 1,500, 5s. 3d. ; Buenos Ayres, 6,000,
19s., end June; Barcelona, 3,600, 10s. 3d , June ; Riga, 2,600,
5s. Ijd. ; Genoa, 3,100, 10s. 3d.

Boston to Moss, 950, 4s. 10$d.

Forth to North Norway, 1,750, 4?. lid.

Fife port to Cronstadt, 3,600, 5s. 4£d.

Glasgow and Liverpool to Madras and Calcutta, 23s.,
June, reported.

Whitby to Honfleur, 580, 5s. 6d. ; Dieppe, 950, 5s. 3d.
Amble to Cronstadt, 2,800, 5s. 9d.; 1,300, 5s. 10|d.

Seaham Harbour to Pillau, 1,150, 5s. 6d.; Cronstadt
2,000, 5s. 9d.

Leith to Pernau, 1,300, 5s. 3d.

Wear to Hamburg, 2,900, 3s. 9d. ; Genoa, 3,800,9s. 7|d. ;
5 500, 9s. 6d., half dues; Savona, 3,800, 9s. 7|d.; 5,500,
9s. 6d., half dues.

Trondbjem to Sydney and Newcastle (N.S.W.), sail,
67s. 6d.

Glasgow to Barcelona, 3,500, 9s. 10|d.; Genoa, 3,000,
9s». 1^d.; Savona, 3,000, 9s. l|d.; Leghorn, 3,000, 9s. 13d.

Antwerp to Buenos Ayres or Boca, sail, 21s. 6d.

Rotterdam to Nantes, 2,000, 5s. 7|d.; Ergasteria, 3,500,
Ils. 3d. coal, 13s. 6d. coke; Algiers, 1,500, part cargo;
Marseilles. 4 800-5,000, 11| fr.; Fiume, 5,400, 10s. 3d.,
June 15; Bilbao, 2,330, 5s. 6|d. coal, 7s. 6d. coke, 250-250,
June; Dieppe, 1,420, 4s. 9d.; St. Nazaire, 2,000, 5s. 9d.,
June 15-20; 3,400, 6s., Trignac terms, June 18-20; Seville,
3,400-3,600, 10s.

Homeward charters :—Kherson and Nicolaieff or Odessa,
two ports, 7,600, Hamburg, 7s. 9d., ppt. ; 4,400, Rotterdam,
7s., 3d. less barley, option Azof Is. more, ppt ; Newcastle
(N.S.W.), 2,786 net, Penang, Singapore or Java, 15s. 9d.,
June-July; Gulf timber port, 1,100 stds., 10 per cent.,
France one port and one port East Coast United Kingdom,
ex. London, 110s, June-July; 1,100 stds., 10 per cent,
Buenos Ayres, 150a., July-August; Rosario, 5,600, 10 per
cent., Liverpool, 14s., June-July ; 4,500, 10 per c^nt., United
Kingdom-Continent, 15s. o.c., no reduction, spot; 4.400,
10 per cent., 15s. o.c., no reduction, June; Norfolk, Va.,
5 700, Rio de Janeiro, 18s. 6d, June; 6,200-6,600, 18s.,
June-July*; 6,000, 17s. 6d , coal, June-July; West Australia,
3,041 net, Colombo, 29s. 3d., June 25; 35s. Cape ports,
option 31s. 3d. Bombay, jarrah ; 2 802 net, Bombay, 31s. 3d.,
option Cape Town-Delagoa Bay Range 35s., August;
Moulmein and Akyab, about 6,000. 10 per cent., United
Kingdom-Continent, 25s. 6d., with 6d. extra if two ports
discharge, June-July ; Bombay, 3,189 net, United Kingdom-
Continent, including France, two ports, 21s. on d.w., June-
July; 5,000, Barrow, 20s. ore, June; 5,400-5,900, Garston,
20g., ore, July-August; 2,443 net, Marseilles, 16s. 6d., June;
Buenos Ayres or La Plata, 5,600, 10 per cent., United
Kingdom-Continent, 12s. 9d. o.c., less 6d., option Mediter-
ranean 2s. extra one port, 2s. 6d. two ports, 3s. three, June;
4.200, 10 per cent., 12s. 3d. o.c., less 6d., option Genoa or
Marseilles Is. extra, Is. 6d. extra if both ports, option