1352

THE COLLIERY GUARDIAN.

June 20. 1913.

other works, for the Thatcham Rural District Council*
Copies of the general conditions from Major Tulloch, C.B.,
R.E. (retired), 28, Victoria-street, Westminster, or from
Mr. H. J. Weaver, M.I.C.E.I., MI.Mech.E., F.G.S.,
Northgate Mansions, Gloucester, on payment of £2 2s.
(returnable).

THE FREIGHT MARKET.

The outward chartering on the north-east coast has not
been great in volume during the week, transactions being
restricted by the scarcity of tonnage and the dulness of the
coal trade. Rates are on the upward grade, however, as
will be seen from the appended fixtures. An exception
must be made in the case of the Baltic, figures for which
show little alteration on the week. At South Wales,
chartering has been fairly active. Rates for the Mediter-
ranean are well maintained, and handy boats are in good
request. The River Plate is dull. The Bay and coasting
ports are quiet. At the Humber, business is not brisk.
The Clyde reports a fair business at about former rates.
Homewards, less fixtures than ordinarily are reported. New
York advices state that the market, despite tonnage offering
at lower rates, is extremely dull. Charterers are refraining,
as far as possible, from booking tonnage for July, in the
hope of “ bearing” the market. The demand for grain and
timber vessels is slack. There is a limited enquiry at
steady figures for time-charter boats. At the Biack Sea
there is an improved enquiry, and the tone is firmer. The
Eastern market is steady, but without any pressure. The
Plate is firm, but unfavourable weather for loading has
checked operations, which are, further, impeded by the
indisposition of shippers to pay the higher rates for which
owners ask. The Mediterranean and ore trades are well
maintained. The Baltic is unchanged.

Tyne to Algiers, 5,000, 8s. fid. ; Antwerp, 2,400, 5s., from
Dunston ; Barcelona, 4,200, 10s. 4|d. ; 3,800, Ils., 600;

3.200,	Ils. ; Bourgas, 7,000, 12s., reported ; Bordeaux, 3,000,
6s. 6d. ; Cronstadt, 4,200, 5s. 3d. ; 5,600, 5s. 6d. ; Ci vita
Vecchia, 5,000, Ils, reported ; Christiansholm, 2,100, 5s.,
from Dunston ; Couronne, 2,000, 7s. 3d. ; Carthagena, 1,250,
12s. 3d. ; Castellamare, 3,000, 13s. 9d. ; Genoa, 3,200,
10s. 6d. ; Havre, 1,700, 5s. ; 1,000, 5s. 3d. ; 1,500, 5s. 3d. ;
900, 5s. 3d., from Elswick ; Hamburg, 2,000, 4s. 6d. ; 2,450,
4s. 3d. ; 2.600, 4s., from Dunston ; 2,500, 4s. ; 2,850, 4s. ;
2,750, 4s 3d., from Dunston ; Leghorn, 2,700, 10s. 9d., 800 ;
Libau, 2,200, 5s. 6d.; Marseilles, 3.100, 9s. 9d., 600 ; North
Norway, 1,450, 5s.; Norresundby, 900, 5s. 3d.; 2 200, 5s. 3d.;
Oran, 2,800, 8s. 10|d. ; Port Said, 5,400, 9s. 9d., 400;
Pczzuoli, 3,100, Ils. 3d. ; Rouen, 2,000, 6s., from Elswick
and Felling ; Rostcck, 1,400, 5s. 9d. ; St. Petersburg, 4 200,
5s. 3d. ; 1,600, 6s. 3d.; Spezzia, 3,200, 10s. 6d. ; Solovetsk,

1.200,	5s. 9d. ; Savona, 6,000, 9s. 9d. ; 3,200, 10s. 6d. ;
St. Nazaire, 2,300, 6s. 6d. ; Varna, 7,000, 12s., reported ;
Venice, 5,200, Ils. 3d. coal, 13s. 9d. coke ; 5,200, Ils. 4|d.,
from Dunston ; Volo, 1,000, 12s.

Cardiff to Alexandria, 5,400, Ils.; 4,200, Ils., June 24;
Algiers, 5,500, 10| fr.; 3,600, 11 fr.; 3.600, 11 fr., June 23;
Almeria, 2,200, 10s. 6d.; 1,400, 10s. 61.; Alboniria, 1,400,
10s. 6d.; Ancona, 5,500, Ils. 6d.; Agua Amarga, 1.900,
Ils. 6d.; Bizerta, 3,700, ll|fr.; Bordeaux, 3,000, 8 fr.;
Buenos Ayres, 20s. 3d., with Is. 3d., June; Bjorkoe or
Lappvik, 2,000, 6*. 31.; Barcelona, 5,400, 10s. 3d.; Cape
Verds, 4,300, 10s. 3d., June 25; Cronstadt, 3,300, 5s. 10|d.;
Cherbourg, 1,200, 5s. 9d.; Calais, 2,100, 5s. 3d., June 23;
Cronstadt, 3,400, 5s. 10|d., June 26; Cork, 500, 4s. 9d.;
Campana, 4,200, 20s. 9d.; Chatham, 2,800, 3s.. Admi-
ralty; Constantinople, 3,300, 12s. 6d., June 23; Casa
Blanca, 900, 20s. 9d. coal, 21s. 6d. fuel ; Chan-
tenay, 2,500, 8fr. ; Devonport, 2,800, 3s., Admiralty;
2,000, ditto, ditto; 3,800, ditto, ditto; Dieppe, 5s. 7jd.;

1.200,	5s. 6d.; 2 100, 5s. 3d., June 23; Danube, 6.000,
Ils. 6d.; Genoa, 4,300, 10s.; 6,800, 9s. 6d., 84 hours ; 3,300,
10s. 6d.; 5,900, 10s.; 5,600, 9s 9d., June 26; Garrucha,
1,900, 11s. 6d., 400, June 25; Havre, 1,300, 5s. 6d.; 2.200,
5s. 6d.; 2,400, 5s. l£d.; 2,900, 5s. 6d.; Huelva, 2,500,8s. 3d.;

2.500,	7s. 3d.; Honfleur, 1,500, 5s. 6d.; Lappvik, 1,100,
6s. 3d.; Leghorn, 5 300, 9s. 9d.; Lisbon, 2,800, 7s. lOJd.,
400; 1,750, 8s.; La Pallice, 3,000, 7|fr.; 2,500-2,700, 7|fr.;

2.300,	7 62|fr.; 1,900, 7|fr.; Las Palmas, 4 800, 9s. 3d.;

4.400,	9s. 3d, June 23; La Rochelle, 3,000, 74fr.; 2,300,
7 624fr.; Monte Video, 5,000, 19s., early July; Marseilles,
6,000, 114fr.; 3,600, 114 fr. and 124 fr.; 5,500, 11 fr. ;
Malaga, 1,900, 10s. 6d., 350; Malta, 5,500, 9s. 3d.;
Messina, 4 800, 9s. 6d., free dues, June; Maran-
ham, 19s., July ; Naples, 5,000, 9s., 800; 9s. 9d., 500,
10s., 400, June; 5,500, 9s. 9d., 800, June; Oporto, 1,400,
8s. 6d. ; 800, 8s. 6d. ; Port Said, 7,000, 9s. 9d., June; 6,000,
10s., June 25 ; 6,700, 10s*. 14d., end June; Palermo, 9s. 9d.,
500, 10s., 400, June ; Pembroke, 300, 3s. 6d.; Pernambuco,

5.500,	17s., July ; Rio de Janeiro, 18s. 3d., fuel, early July ;
10,000, 16s. 6d., 300, July 8 ; 7,000, 16s. 6d., July ; River
Plate, 5,500, 20s. 6d. , 5,900, 21s., June ; 5,000, 21s. ; 20s. 3d.,
with is. 3d., June ; 5,500, 21s., 5,800, 20s. 6d., early July ;
20s. 3d., July ; three steamers, 20s. 6d., lower ports, June 17,
June 20 and July 1-15 respectively; 5,000, 20s., August 5
cancell ng ; 5,500, 20s., early July ; 6,000,20s., July ; Rouen,
1.600 6s. 3d.; Rosario,3,600, 22s., Is.discharge; St. Nazaire.

3.200,	7f fr. ; Savona, 3,300, 10s. 6d. ; 5,600, 9s. 9d. ; 4,300,
10s. ; Seville, 1,500,9s. 9d. ; Sveaborg, 1,700,6s 3d., June 25 ;
Sheerness, 2,800, 3s., Admiralty, 380, 5s. 3d. ; Spezzia, 4,400,
10s. ; Svendborg, 1.700, 6s. 3d. ; St. Servan, 1,900, 5s. 6d. ;

1.200,	5s. 6d. ; 1,950, 6s. 44d.; Teneriffe, 4,800, 9s. 3d. :
Trouville, 1,000, 5s. 7|d.; Tarragona, 2,700, 10s. 6d.; Venice,

6.400,	11s. ; 5,500, Ils. 6d.; Villa Constitucion, 4,200, 20<9d ;
Valencia, 1,900, ]0s. 9J. ; 4,100, 10s. 6d., 400 ; Zarate, 3,800,
21s., end June ; Zeebrugge, 2,300, 5s. 3d.

Newport to Calais, 2.600, 5s. 3d. ; Bordeaux, 3,000,8| fr. ;
Cadiz, 1,200, 9s. fid.; Nantes, 2,600, 7| fr.; Seville, 1,500,
9s. 9d. ; Depots, 800, p.t. ; Ibicuy, 22s. 6d., July ; Gibraltar,

2.300,	9s. ; 1,700, 9s. 3d.; 1,400, 9l 3d., 500 ; Venice, 6 000,
Ils. 6d. ; Alexandria, 4,400, 10s., July 1 ; Genoa, 4,500, 10s. ;
Savona, 4,500, 10s.

Swansea to Chantenay, 2,200, 74 fr. ; Rouen, 780,6s. 44d.;
1,600, 6s. 3d.; Caen, 900, 5s. 9d.; Bayonne, 1,800, 94 fr. and
104 fr.; 900, 94 fr.; Bordeaux, 2,500, 9 fr., 500; Palermo,
3,000, 12s.; Calais, 1,900, 5s. 6d. ; 2,600, 5s. 3d.; 1,100,
5s. 6d. ; La Pallice, 1,600, 8 fr.; 6,900, 8 fr.; St. Naziire,
4,000, 74 fr.; 1,600,8 fr.; Callao, 1,600, 13s. 6d.; La Rochelle,
1,900, 8 fr.; 1.300, 8 fr.; Boulogne, 1,650, 5s. 6d.; Savona,
9s. 9d. coal, 10s. 6d. fuel; Valencia, Ils. coal, Ils. 9d. fuel,
250, 1896 tax clause.

Wear to Hamburg, 2.100, 3s. 9d.; Cronstadt, 2,800,

5s. 74d.; River Plate, 5,000, 20s. 6d.; 20s. 9d., with up-river
options; Rostock, 1,400, 5s. 9d.

Hartlepool to Norresundby, 1,950, 5s.; Hamburg, 2,900,4s.

Biyth to St. Petersburg, 2,400, 5s. 74d.; 3 200, 5s. 74d.;
Wallvik, 1,900, 4s. 10|d.; Cronstaat, 2 400, 5s. 74d.;
Norresundby, 1,300, 5s. 3d.; Sundswall, 2.100, 4s. 9d.

Seaham Harbour to Bordeaux, 2.000, 6s. 9d.; Fecamp,
600, 6s.; Civita Vecchia, 3,200, Ils. 3d., 500; Hamburg,

2,400,	4s. 3d.; Kj ge, 900, 5s. 6d.

Hamburg to Savannah, 2,900, IOl 9d., kainit, June.

Bo’ness to Aarbuus, 1,500, 5s. 74d.

Hull to Riga, 1,900, 5s.; Genoa, 3,200,10s. 3d.; Cronstadt,
3 000, 5s. 6d.; 2,600, 5«. 6d.; 2,500, 5 s. 4jd.; 3,000, 5s. 7|d.;
St. Petersburg, 3,000, 5s. 74d.; Buenos Ayres, 5,000, 20s.,
end June; Pernau, 1,900, 5s. 3d.; London, 2,600, 4s.;
St. Brieux, 900, 5s. 104d.

Immingham to Cronstadt, 5,200, 5s. 6d.; 2,300, 5s. 9d.,
June 23; River Plate, 21s.

Partington to Cronstadt, about 5s. 3d., June; Sydney,
C.B., gravel, p.t.

Fowey to Rouen, 600, 8s.; 600, 7s. 9d., china clay.

Sharpness to Melbourne and Brisbane, sail, salt, basis
19s. Melbourne.

Wales to direct nitrate port, sail, 17s. 3d., July; Monte
Video, sail, 17s., with options; 16s. 9d.; River Plate, 21s.,
June; Buenos Ayres, sail, 16s. 9d.; Monte Video, Buenos
Ayres or Rio, sail, 17s. 3d., option Acapulco 24s.; Iquique,
sail, 17s.

Glasgow to Buenos Ayres, 20s. 6d, 250, Is. 3d., end June.

Sundswall to Cape Town, sail, 62s. 6d., June.

Burntisland to River Plate, 2Is., June.

Neath Abbey to Havre, 950, 5s. 104d.

Garston to Buenos Ayres, sail, about 21s.

Forth to Raa, 1,200, 5s. 3d.; Cronstadt, 2,700, 5s. 9d.

Barry to Santos, 5,900, 21s. 6d., July.

Port Talbot to Bordeaux, 2.250, 8 fr.; Genoa, 6,300,9s. 9d
Rotterdam to Bagnoli, 6,500, 9s. 6d., June 25; 7,300,
9s. 6d., June 30; Porto Ferrajo, 6,500, 9s. 61., June 25;

7.300,	9s. 6d., June 30; Buenos Ayres, 5,000, 21s., June 20-
Juiy 10; Genoa, 4,000, 9s. 9d.; River Pla e, 5,000, 21s.;
Seville, 3,400-3 600, 10s.; Marseilles, 5,000, lli fr., June 23;
Bordeaux, 4,500, 6s. coals, 6s. 9d. fuel, June 23; Lisbon,
3,800, 8s. 104d.

Hamburg to West Coast South America, sail, p.t., July.

Homeward charters :—Sulina, 4,900, Rotterdam 6s. 9d.,
Antwerp 7s., spot; 3,400, Denmark, 10s. 6d. one port,
10s. 9d. two ports. Ils. three ports, June ; Sydney (N.S. W.),
2,541 net, United Kingdom-Continent, 32 June; Kurrachee,

3	055 net, Mersey 16s. 6d., other p p. 16s. 7£d., Hamburg
17s. 14d., July; 3,047 net. Barry and Sharpness, 17s. 4£d.,
June-July ; 2,801 net, U K.-Cont., 16s. 3d., p.p., July; 16s.,
July; 2,936 net, Antwerp, 16s, June-July; Newcastle
(N.S.W.),4,551 net, Singapore 14l,option Java or Philippines
14g 6d., July; Saigon, 6,600max., France, 28s. one port,29s.
two ports, rice, July; Virginia, 2,903 net, River Plate,
about 20s., early July; San Lorenzo, 5,600, 10 per cent.,
United Kingdom-Continent, 15s. 6d. o c., less 6d., June;
5,000, 10 per cent, 15s. 6d. o.c., with options, July; 6,600,
10 per cent, 15s. o.c., less 6d , less 3d. more if L noon or 6d.
if Rotterdam direct, July-August; 4 400, 10 per cent.,
15s 3d. o.c., less 6d., September ; 15s. 6d , August-September;

6,200,	Marseilles, 15s. 3d., ppt.; 5,300, 10 per cent., Rotter-
dam, 14s. 6d., no reduction direct, June-July ; 4,800, 10 per
cent., United Kingdom-Continent, 16s. o.c., less 6d., July;

4,500,	10 per cent., 16s. o.c., less 6d., with options, June-
July ; 4,500, 10 per cent., 16s. 3d. o.c., less 6d., ppt.; Hornillo
Bay, 3,500, Cardiff. 5s. 3d., ppt.; Sanjuan, 3 800, Rotter-
dam, 7s , ppt.; 3,500. 7s 3d., ppt.; Bilbao, 3,400, Sunderland,
5s., ppt.; 3 200, Boulogne, 6s., ppt.; Marbella, 3,300,
Rotterdam, 8s. 3d., f.t., ppt.; Pensacola, 700 stds., West
Italy-Sicily, 126s. 3d. two ports, July; Ertrasteria, 2,200,
Antwerp, 7s. 3d., ppt.; Carthagena, 4,200, Middlesbrough,
6s. 3d., July ; 4.600, Calais, 6s. 9d., ppt.; Wallaroo, sail, 27s.,
Callao; Bay of Fundy or Grindstone I-land, 50s., West
Britain or East Ireland, July; Cuba, 2,816 net,
London, Liverpool or Greenock, 15s., option Northern
States 10 c. per 100 lb., July; New York, 1,795
net, Mediterranean, four ports between Italy and
Bulgaria, basis, 23 c.. one port, August; 3s., Lisbon;
Savamah, 1.944 net, Ui Led Kingdom-Continent, 38s. 9J.,
p.p,, Form O, July; Agutlas, 3,900, Antwerp, 7s. 3d, ppt.;
Castro-Alen, 1,800 Middlesbrough or Stockton, 5s. 91., ppt.;
Hornillo Bay or Almeria, 3,000, Newport, 6s., June; Mira-
michi, 51s. 3d., West Britain or East Ireland, July; time
charter, 5s. 3d., about seven months delivery Japan,
re-delivery Australia, via North Pacific; time charter, States
and West Indies, 1,700. .£700, six months, delivery January ;
3s., one round trip, delivery north of Hatteras ; Eupatoria,

4	500, Libau, 14g, salt, July 15-25; Bombay. 5,800, Stettin,
22s., ore, 600-700, ppt.; Baltimore, 5,800, Rio de Janeiro,
17s., coal, June-July ; 6,600, Alexandria, 6s. 6d.; Buenos
Ayres, 5,200, 10 per cent., L< ndon or Rotterdam, 12s. 9d., no
reduction direct, June 20; Oporto and or Leixoes, 1,100,
Bristol Channel, 6s. 3d., June; Buenos Ayres, sail, 22g,
Channel, f o.; 24s., Libau; 26s.; Transatlantic trade ; 7s.,
Hamilton Roads to West Italy ; Gulf to United Kingdom-
Continent, 7s., with one round trip, delivery and re-delivery
United Kingdom-Continent, 4s. 6d.; Azof, 18,000 qrs.; 10
per cent., 400, 10l 6d. no.; or any, Ils., Hamburg, ppt.;
Sfax or Sousse; 2,500, Bristol, 8s. 6d., fd.,July; Bougie,

3.300,	Cardiff, 5s. 3d., 600-600, ppt.; 4,400, Middlesbrough,
6s., ppt.; La Calera, 4,200, Rotterdam, 6s. 10£d., ppt.;
Santander, 2.000, Rotterdam, 5s. 7|d., ppt.; St. Andrew’s
Bay, sail, 21|dols.; Santa Fe; New York, sail, 7,000 barrels
refined petroleum, Gothenburg, 4s. 6d., July-August; West
Bay, 52s. 61., United Kingdom-Continent, July; Halifax,
51s. 3d., Bristol Channel.

The Edward Medal.—The London Gazette announces that
the King has awarded the Edward Medal of the Second
Class to the following:—Albert Henry Cooper (under-
managei), Arthur Bernard Hewitt (manager), and George
Thompson (workman), for rescue work after a fall of roof in
Markham No. 2 Colliery, Staveley, Derbyshire; Thomas
Tnompson, a collier, who worked almost without cessation
for 10 hours beneath dangerous roof to extricate a man
buried by a fall of roof at Swinton Common Colliery, York-
shire ; and to Thomas Chatterton and Albert Schofield, who
risked their lives in an unsuccessful attempt to rescue two
men who were overcome by noxious gases in some old
workings at Lodge Mill Colliery, Lepton, Huddersfield.

COAL. IRON AND ENGINEERING COMPANIES-

Argentine Iron and Steel Company Limited.—Dividends
at the rate of 9 per cent, per annum on the preference and
ordinary shares, and the placing of .£8,000 to reserve.

Barnitts Limited.—This private company has been
registered with a capital of .£2,500 in .£1 shares, to carry
on the business of ironmongers, iron, steel and tool
merchant*, tin, copper, and white smiths, engineers,
plumbers, &c., and to adopt an agreement with G. Barnitt
for the acquisition of the business carried on by him at
24, Colliergate, York, as “ George Barnitt and Co.”

Beatson and Co. Limited.—This private company has.
been registered, with a capital of .£3,000 in £1 shares, to
take over the business of an electrical engineer carried on
by H. Beatson at 14 Wingate, Sheffield, and 76. Frederick-
street, Rotherham. First director, H. Beatson (permanent)u

Cooke (William) and Co. Limited.—The report for the
year ended March 31 last states that after providing ample
depreciation the net profit for the year is .£15,147, to which
must be added balance brought forward .£3,856, making
together £ 19,004 The directors recommend a dividend of
5 per cent, for the year on the ordinary shares, leaving to-
be carried forward £9,004. The year’s trading has been
seriously interfered with by the railway and coal strikes.
The trading in Australia and New Zealand has resulted in a
slight profit for the year.

Dominion Steel Corporation Limited.—The report for
the year ended March 31 last states that the net earnings
of the corporation and its constituent companies for the
year amounted to 4,714,057 dols., out of which 1,009,650 dols.
was set aside for depreciation, sinking funds, &c. Besides
providing for all charges and dividends, including 1,277,101
dols. on the common stock of the corporation, the reserve
funds and surplus were increased during the year by
1,272,199 dols. The prices received for steel products in
the earlier part of the year were low; the costs and output
were affected adversely by the pressure to complete the new
plant, and, as before, a considerable part of the product had
to be marketed in forms of finished steel which, owing to
the condition of the tariff, were unprofitable. In addition,
while part of the expenditure of new capital on the proper-
ties has increased fixed charges, it has not yet produced the-
increased earning power which shareholders are entitled to
expect. The acute depression in iron and steel prices,
resulting from the conditions which prevailed in the United
States, was severely felt by the company during the first
half of the year. During the year the capital expenditure,,
exclusive of the final payment of 350,000 dols. in respect of
the steel company’s purchase of coal company’s stock,,
amounted to 4 939,866 dols., of which 2,456,026 dols. was
expended on the new collieries and other property and
improvements connected with the coal business, and
2,483,839 dols. on the steel company’s plant, mines and
quarries. Of these expenditures the earnings of th©
combined companies supplied over 1,000,000 dols. On the
c >al company’s property, the reopening of Victoria mine
(now No. 17) has been commenced, also of the mine on the
Emery seam, known as No. 11, underlying No. 3 colliery,
the latter being now nearly exhausted ; 8 000 shares of the
common stock of the corporation were issued during the
year in exchange for an equal number of shares of
the common stock of the Dominion Iron and Steel Company
Limited, and were subsequently disposed of by the latter.
The directors have sold, at a satisfactory price, £200,000 of
the 5 per cent, consolidated mortgage bonds of the Steel
Company, and have under consideration the issue of a
further moderate amount of securities.

Everitt Allen and Sons Limited.—The report states that
the sum at the disposal of the company (including £9IS
brought from last account) is £4,238 The debenture
interest amounts to £4.208 (covering a period of about one
year and three weeks), and the balance, £30, is carried
forward.

Head Wrightson and Company Limited.—The report
states that the gross profit for the year ended April 30 last
has been £36,620, to which has been added the balance of
undivided profits from the year ended April 30,1912, £2,276,
making £38 896, which the directors propose shall be
applied as follows Interest on debentures for the year,
£6,750: dividend on preference shares, £10,148; directors’
fees, excluding management salaries, £1,000; reserve
account for general purposes, £2,000; reserve account for
workmen’s compensation, £1,000; depreciation of capital?
expenditure, £5 000; writing off expenditure on purchase
and development of patents, £2,000; a dividend at the
rate of 4 per cent, on the ordinary shares, free of income-
tax, £8,400; balance to be carried forward, £2,598.

Ingersoll-Rand Company Limited.—The directors have-
declared a dividend of 3 per cent, on the preferred stock.

Lancashire Brass Founders Limited.—This private com-
pany has been registered, with a capital of £5,000 in £1
shares, to take over the business of brass founders, &c.,
carried on by Richard Ainsworth and Co. Limited at Audley
Machine Works, River-street, Blackburn. First directors:
H. Gardner, J. Draydon, A. Morton, and E. Rennison.
Registered office, Audley Works, River-street, Blackburn.

Midland Coal Coke and Iron Company Limited.—The
profit on trading for the year was £12 295. After crediting
estate royalties and surface rents amounting to £6.205 and
deducting expenses of administration and mortgage and
general interest, there remains a balance of £8,926, which
has been transferred to the A debentures interest account.
Including the balance from last year, the amount at the
credit of this account is £17.397, from which has been
deducted the year’s interest on the A debentures at the rate
of 4| per cent, per annum, referred to in the last report and
paid in July 1912. The present available balance on this
account is £9,036, out of which it is proposed to nay a year’s
interest of 4| per cent., leaving a balance of £675 to carry
forward.

Midland Electric Corporation for Power Distribution
Company Limited.—The < ffer is announced of £400,000
5 per cent, first mortgage debenture stock at par, guaranteed
absolutely as to principal and interest by British Insulated
and Hel.-by Cables Limited. Of the £400,000, £118 400 has
been reserved for issue to the holders of the existing deben-
tures of the company. The company during the last 10 years
has established, and has now in full operation, a system*
within a district which covers about 70 square mOes of the
Black Country lying, in the main, between Birmingham,
Walsall, Wolverhampton and Stourbridge. The present ..