September 25, 1914.

THE COLLIERY GUARDIAN.

681

COAL, IRON AND ENGINEERING COMPANIES.

REPORTS AND DIVIDENDS,

Arauco Company Limited.—The directors have declared
an interim dividend of 3 per cent., or 6s. per share, less
income-tax, on account of the current year.

Armstrong (Sir W. G.), Whitworth and Company Limited.
—The directors have declared interim dividends for the half-
year ending June 30 of 10 per cent, per annum on the ordi-
nary shares, 4 per cent, per annum on the first preference
shares, and 5 per cent, per annum on second preference
shares—all less income-tax—payable after September 30.

Birmingham Small Arms Company Limited.—The direc-
tors recommend final dividends for the year ended July 31,
1914, payable on October 5 next, as follows :—On the “A”
preference shares, 2J per cent., making 5 per cent, for the
year; on the “ B ” preference shares, at the rate of 6 per
cent, per annum for the half-year; on the ordinary shares,

5	per cent., together with a bonus of Is. per share, free of
income-tax, making with the interim dividend a distribution
equal to 15 per cent, for the year.

British Aluminium Company Limited.—The directors have
decided to pay a six months’ interim dividend at the rate of

6	per cent, on the preference shares.

Cammell, Laird and Company Limited.—The directors
have declared an interim dividend on the ordinary shares of
2| per cent.

Coltness Iron Company Limited.—The net profits for the
year ended July 31 were <£95,117, and £17,033 was brought
forward. Dividends on the ordinary shares amounting to
8 per cent, are proposed, writing off £38,146 for redemption
and depreciation, adding £3,000 to the blast furnace relining
reserve, and carrying forward £17,254.

Curtis’s and Harvey Limited.—Interim dividend of 2J per
cent.

Fernhill Collieries Limited.—The report for the year ended
June 30, 1914, states that the profit for the 12 months was
£32,008, to which must be added the balance brought for-
ward from last year of £4,934, making together £36,942.
The directors now recommend a dividend of 10 per cent, on
the ordinary shares for the year (less income-tax), carrying
forward £12,442. Under normal conditions the directors
would have felt justified in recommending a dividend of
16 per cent, on the ordinary shares for the past year, but in
consequence of the war, and the financial stringency result-
ing therefrom, they consider it a safer policy to pay 10 per
cent, on the ordinary shares, and carry a larger balance
forward. It will be observed in the balance-sheet the com-
pany hold £31,800 of their 5 per cent, debentures, which
have been acquired from time to time. In view of the
uncertainty of the financial aspect for the present year, the
directors have decided to offer these debentures to the share-
holders at 90 per cent, (that is, £45 for each £50 bond),
which carry interest from July 1 last. The directors are
prepared to take up to £8,000 of the debentures referred to,
should the full amount be not applied for by the share-
holders. The output of coal for the year was 672,656 tons,
as against 618,224 tons the previous year.

Furness, Withy and Company Limited.—The directors
have appointed the Bight Hon. Lord Furness chairman, and
Mr. Frederick William Lewis deputy-chairman of the com-
pany. Lord Furness is the son of the late Lord Furness,
founder of the business, and has for some years been a
director of the company. The creation of the post of deputy-
chairman is an innovation. Mr. Lewis, apart from his
active managerial control of Furness, Withy and Company,
is also a director of no less than 23 of its affiliated com-
panies. He has been connected with the London portion
of the business since it opened 24 years ago, and has been a
director of the company for the past 15 years.

Glenboig Union Fireclay Company Limited.—The accounts
for the year ended August 31, 1914, after providing for main-
tenance of works and for current charges, and including
£2,226 from the previous year, show a gross profit of £37,364.
The directors recommend that £4,000 be appropriated for
depreciation, £2,000 for writing down cost.of electric plant,
and £30,000 in payment of a dividend of 20 per cent., less
tax, carrying forward £1,364.

Hamstead Colliery Company Limited.—The accounts for
year to June 30 last show a loss, after providing for interest
on mortgage and debentures, of £1,017, increasing a debit
balance brought forward to £37,660.

Hedley’s Collieries Company Limited. — Mr. Justice
Sankey has made an order for the compulsory winding up
df this company, on a petition by creditors, including colliers
claiming for wages due.

Kayser, Ellison and Company Limited.—The directors, in
their report for the year ending June 30, state that the profit
and loss account, including the amount brought forward from
last year, shows a balance of £37,150 9s. 5d. After payment
of the full yearly dividend on the preference shares, viz.,
£6,000, and an interim dividend on the ordinary shares of
5s. per share for the six months ending December 31, 1913,
viz., £5,250, placing £7,500 to the reserve fund (making this
£100,000), the balance available is £18,400 9s. 5d. The
directors now recommend a final dividend of 7s. 6d. per
share on the ordinary shares, making 12| per cent, for the
year, and in addition a bonus of 2s. 6d. per share, less tax,
carrying forward the balance of £7,900 9s. 5d. Messrs. C.
H. Mackinder and A. J. Halcomb have been invited to join
the board of directors, and the shareholders will be asked to
confirm these appointments.

Lambert Brothers and Company Limited.—A dividend on
the ordinary shares at the rate of 10 per cent, for the year
ending June 30, 1914, has been recommended.

Palmers Shipbuilding and Iron Company Limited.—The
directors report for the year to June 30 last, that the trading
profit, after providing for cost of upkeep of plant and repairs,
amounts to £96,644, as against a trading profit for previous
year of £36,262. Debenture and other interest amounts to
£31,548, leaving a net profit of £65,096, compared with
£2,267 in previous year. The necessary repairs, alterations,
and general maintenance of the plant and works having
been met out of revenue, it is not intended to allocate any
part of the profit for the year for depreciation, but to apply
the whole in reduction of the balance to the debit of profit
and loss account, thus reducing it to £61,050. New plant
and machinery for the engine works and shipyards have been
installed during the year. An opportunity having occurred
during the year of acquiring the remaining portion of the
shares not held by the company in the Grinkle Park Mining
Company Limited, the company purchased these, with a
view to securing a continuance of the supply of ironstone
necessary for their blastfurnaces.

Partington Steel and Iron Company Limited.—The report
states that very great and unlooked for difficulties have been
encountered. In February a strike of blastfurnace men and
coke oven hands took place, and three departments were laid
idle for six weeks, involving a loss to the company estimated
at £25,000. A further stoppage was caused by the York-
shire coal strike. The deficiency on the trading account, in
the judgment of the directors, is legitimately chargeable
against capital expenditure as representing items inseparable
from the cost of starting an undertaking of this magnitude.
It is therefore proposed that £70,479 be placed to a suspense
account, and be written off out of profits at a later date.
The course of trade up to the end of July was exceedingly
unsatisfactory. ’The outbreak of war with Germany has,
however, already completely revolutionised the whole situ-
ation, and has removed Great Britain’s most dangerous and
unscrupulous rival in the home and foreign iron and steel
trades.

Pearson and Knowles Coal and Iron Company Limited.—
The directors report that the profits for the year ended June
30, 1914, amount to £98,812, and the balance brought for-
ward is £19,548, making together £118,361. An interim
dividend at the rate of 6 per cent, per annum on the first
and second preference shares, and 5 per cent, per annum on
the ordinary shares was paid in March last for the half-year
ended December 31, 1913, amounting to £25,377. The
directors now recommend that a dividend be paid for the past
half-year at the rate of 6 per cent, per annum on the first
and second preference shares, and 5 per cent, per annum on
the ordinary shares, making, with the interim dividend,
5 per cent, for the year, and a total distribution of £50,699.
The directors further recommend that £20,000 be added to
the reserve fund, raising it to £402,500, that £10,000 be
placed to a special reserve fund, that the sum of £13,450,
which represents the expenditure on capital account for the
year, and £2,368—the cost of issuing the new bonds—be
written off, leaving £21,842 to be carried forward. In view
of the difficulties affecting business in all its branches, and
of the uncertainty attaching to the immediate future, the
directors consider that provision should be made out of the
profits of the year to meet any unforeseen contingencies that
may arise, and they propose that the special reserve of
£10,000 be set aside for that purpose. A resolution will be
submitted to the meeting placing at the disposal of the
directors the sum of £5,000 to be used at their discretion
for the purpose of assisting the wrives and families of those
of this company’s workmen who have joined Kitchener’s
Army, and the Territorials and Reservists.

Sheepbridge Coal and Iron Company Limited.—The net
profit for the year ended June was £217,092 (against
£244,997), making with the balance brought forward, less
the dividends paid on February 1 and June 29, 1914,
£170,897. The directors recommend a final dividend of 5
per cent., making 15 per cent, for the year, less tax (against
20 per cent.). The amount to be retained towards the
development of new properties is £70,000, and the balance
carried forward is £65,044. In view of the financial posi-
tion created by the war, the directors deem it desirable to
conserve the resources, of the company by carrying forward
a larger balance than usual. The capital has been increased
to £1,250,000. The directors, having received a favourable
offer for the acquisition of a coalfield containing about 9,000
acres of the Barnsley seam lying immediately to the east
of the Dinnington coalfield, have entered into an agreement
with the Wallingwells Boring Company Limited for a
transfer of their leases and options to a new company called
the Firbeck Main Collieries Limited, which has been formed
for the purpose of establishing a colliery near Firbeck. The
nominal capital of the new company is £450,001, of which
this company has agreed to subscribe £150,001 towards a
first issue of £300,000. The leases are practically completed,
and steps are being taken for the provision of a branch
railway to the site of the proposed colliery.

NEW COMPANIES.

Eastville Engineering and Rock Drill Company
Limited.—Private company. Registered September 14.
General engineers, coppersmiths, etc. Nominal capital,
£2,000 in £1 shares. Directors and subscribers (one share
each) :—F. W. Hunt, Deanhurst, Brooksea-road, Filton,
Gloucestershire, gentleman; W. R. Tindall, 11, Devon-road,
Fishponds, Bristol, engineer; F. G. Tricks, 18, St. Nicholas-
street, Bristol, associated accountant and auctioneer.

Midland and South Wales Coal Company Limited.—
Private company. Registered September 16. Coal masters
and colliery agents, coal, coke, patent and other fuel mer-
chants, general shippers, timber merchants, saw mill pro-
prietors, dealers in clay, brick earth, etc. Nominal capital,
£5,000 in £1 shares. First directors to be appointed either
by subscribers or in general meeting. Qualification of
directors, £5. Subscribers (one share each) :—W. R.
Bourne, 166, Piccadilly, W., accountant; F. H. Bowden,
68, Ormiston-road, Shepherd’s Bush, clerk.

Rhodes (John) Limited.—Private company. Registered
office, Prince of Wales Collieries, Pontefract, Yorkshire.
Registered September 11. To acquire business of a colliery
proprietor and owner and worker of mines and minerals,
brick and tile manufacturer, etc., formerly carried on by
J. Rhodes to the time of his death, and since by the
executors of his will. Nominal capital, £150,000 in £1
shares. Directors and subscribers (one share each) :—F. W.
J. Rhodes, Pontefract, colliery manager ; T. Rhodes, Park-
field-road, Manningham, Bradford, gentleman; J. Rhodes.
Bankfield, Heaton, Bradford, gentleman. Qualification of
directors, 5,000 shares.

Times Coal Company Limited.—Private company. Regis-
tered office, Station-road, Finsbury Park, N. Registered
September 14. Coal merchants, cartage contractors, and
sand, gravel, and general builders’ merchants, builders, tar
paviors, brick makers, corn merchants, hay and straw sales-
men, etc. Nominal capital, £500 in £1 ordinary shares.
Directors and subscribers (five shares each) :—J. H. Beattie,
Cintra, St. Albans, coal merchant; C. J. H. McRea, Nideen.
Mill Hill, Middlesex, coal merchant. Qualification of
directors, £12.

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 directors of Furness, Withy and Co. Limited have
appointed Lord Furness chairman and Mr. Frederick
William Lewis deputy-chairman of the company.

THE FREIGHT MARKET.

There is a somewhat larger volume of transactions in the
outward freight market to record this week, at rates which
represent more remuneration to shipowners. On the North-
East Coast business has been comparatively brisk. Coast-
ing rates are higher, with London ranging from 3s. 9d. tq
4s. 6d. from the Tyne. The Baltic is stronger, at from
8s. 3d. to 8s. 6d. to Gefle. North France has been done
at 7s. to Rouen, with Ostend at 8s. 6d. The Bay is dearer
at from 7s. to 7s. 3d. to Barcelona, and 6s. 9d. to 7s. 6d.
to St. Nazaire. The Mediterranean has Genoa at from
8s. 9d. to 9s. 9d., with the higher figure now ruling. At
South Wales Mediterranean rates are firmer than they were
a week ago. Those for the River Plate and Brazils are quiet
and unaltered. There is a marked improvement in prices
for the shorter trades. At Hull the market is quiet, but
well maintained, with some enquiry for North French and
Belgian ports. Homewards, the North Pacific has some
need of tonnage. The River Plate is firmer, and up to
17s. 6d. is indicated for October for handy sized vessels load-
ing up the river. American grain freights are steady. The
Eastern market is practically suspended owing to cruiser
raids. The Black Sea is quiet.

Despite untoward incidents in the North Sea, there is a
continued reduction in war risks insurance premiums. At
the time of writing London is quoted at only 12s. 6d., Malmo
at 40s., the Mediterranean ports generally at 20s., and the
Adriatic at from 25s. to 30s.

The financial outlook, also, is improved. Mr. E. F. Davis,
chairman of the Committee of British and Foreign Bankers,
states that now that the Royal Exchange has been reopened
and quotations have been fixed, there should be no great
difficulty in the near future in transferring money from
neutral to allied countries. Business, he states, is taking
place regularly with Italy, Holland, Belgium, France, and
Switzerland, although the rates of exchange may be high.
He adds that, as soon as confidence is re-established, and
three months’ bills come forward in large quantities from
abfoad, the exchange will be put on a better basis. This is
a very important and hopeful pronouncement from an
undoubted authority, and should do something to produce that
confidence which is the main requirement for the facilitation
of the coal trade and coal shipping.

Tyne to Bordeaux, 3,000, 7s.; 4,200, 7s. 3d.; Barcelona,

3.100,	9s. coal, Ils. coke; Caen, 1,600, 7s.; 900, 7s. 4|d.;
Cherbourg, 950, 7s. 3d.; Chantenay, 2,500, 7s. l|d. ; Cette,

2.800,	10s.; Christiania, 1,100, 9s. coke ; East Norway,

1.600,	6s. 9d.4 2,300, 6s. 9d.; Genoa, 3,000, 8s. 6d.; 5,500,
9s.; 5,000, 9s.; 3,500, 9s. 6d.; 5,600, 8s. lid.; 5,100, 9s. 3d.;

6.500,	9s. 7|d.; 3,000, 9s. 9d.; 3,500, 9s. 9d. coal, 12s. 9d.
coke; 4,200, 9s. 6d.; 3,000, 9s. 6d. ; 5,400, 9s. Ijd.; Gefle,
2,300, 8s. 6d.; 1,700, 8s. 3d.; Havre, 1,200, 6s. 6d.; Horsens,

1.800,	7s.; Licata, 2,000, 10s. 9d.; London, 2,100, 4s.;

2.800,	4s. 3d.; 1,700, 4s. ljd.; 3,800, 3s. 9d.; 1,800, 4s. 6d.;
Malta, 6,300, 7s.; 5,000, 7s.; Ostend,- 1,200, 8s. 6d.; Oran,
3,000, 8s. 9d. ; 2,500, 8s. 6d.; Port Said, 6,600, 7s. 10|d.;
Piraeus, 5,000, 10s., reported; 6,500, 9s. 6d.; Rouen, 2,500,
7s.; Rotterdam, 5,000, 3s., from Dunston; St. Nazaire,
5,000, 7s.; 2,300, 7s. 6d.; 3,800, 6s. 9d.; Savona, 6,000,
8s. lid., from Tyne Dock, option 9s. from Dunston; option
750 delivery, 3d. less; 3,000, 9s. 6d.; 4,200, 9s. 6d.; San-
tander, 1,700, 7s. 6d.; Southampton, 1,400, 5s. 3d.; Spezzia,
3,000, 9s. 6d.; Syra, 5,000, 10s., reported. ; Valencia, 2,000,
8s.; Zea, 5,000, 10s., reported.

Cardiff to Alexandria, 4,400, 8s.; 5,000, 7s. 9d.; Ancona,
5,000, 8s. 9d.; 5,000, 9s.; Bordeaux, 4,000, 5| fr.; 3,500,
5| fr.; 3,000, 5f fr.; 3,000, 6 fr.; Bayonne, 1,300, 5f fr.;
Brest, 1,500, 5s.; Civita Vecchia, 6,200, 6s. 10|d.; Cam-
pana, 4,000, 14s. 6d.; Colombo, 5,000, 9s., early October;
6,000, 9s., end September; Genoa, 6,200, 6s. 6d.; 3,900,
6s. 9d.; 5,400, 7s. l|d.; Havre, 1,250, 5s.; Lisbon, 3,000,
5s. 6d.; 1,500, 6s. 3d., 350; La Rochelle, 2,500, 5| fr.; Leg-
horn, 4,600, 7s. 6d., 500; Monte Video, 4,000, 12s. 9d., end
September; Marseilles, 4,800, 9 fr.; Naples, 3,900, 7s.;

4.600,	7s. 6d., 500; 4,000, 7s. 6d.; Plymouth, 600, 3s. 9d.;
Port Said, 4,800, 7s. 6d.; Rouen, 1,800, 6s.; Rochefort,

2.500,	5f fr. ; Rio de Janeiro, 5,500, 13s. 9d., end Sept.;

4.500,	13s. 9d.; 6,000, 13s. 9d.; 4,000, 14s. 3d.; 5,000,
14s. 3d.; 5,000, 14s.; Rosario, 4,000, 15s.; River Parana,
3,200, 15s., Sept.-Oct.; River Plate, 6,700, 14s. 4|d., Oct. 1;

4.100,	14s. 3d.; 3,800, 14s.; 4,000, 14s. l|d.; 5,100, 14s.;
6,000, 13s. 9d., lower ports; St. Malo, 500, 5s. 6d.; 2,000,
5s.; St. Servan, 1,500, 5s. ; Savona, 6,200, 6s. 6d.; St.
Michaels, 4,500, 7s. 9d.; St. Nazaire, 3,000, 6 fr.; Torre
Annunziata, 5,000, 7s.; 3,900, 7s.; 5,500, 7s.; Venice,
5,000, 9s.; 5,000, 8s. 9d.; Villa Constitution, 4,000, 14s. 6d.

Swansea to Holmstad, 1,000, sail, private terms; Genoa,
part cargo, 900, 8s.; 3,450, coal 8s. 6d., fuel 9s. 3d.; 1,100,
8s.; Rouen, 1,100, 6s. 3d.; 2,000, 6s.; Naples, 8s.; Stock-
holm, 1,700, 8s.; 1,800, 8s. 6d.; Chantenay, 2,200, 5f fr.;
Guernsey, 300, 5s. 6d.; Leghorn, part cargo, 900, 8s.

Wear to Bordeaux, 3,300, 7s. l|d.; 4,000, 6s. 10|d.;
Thurso, 7s.

Newport to Huelva, 2,000, 6s. 9d.; Havre, 1,500, 5s.;
Malaga, 1,650, 7s. 9d.; River Plate, 4,200, 14s. 3d.; Mar-
seilles, 5,500, 8J fr.; 3,800, 8 fr.; St. Nazaire, 3,000, 5| fr.,
September.

Hartlepool to Genoa, 5,000, 8s. 9d.; 4,500, 9s. 6d.; 3,000,
9s. 6d.; 5,500, 8s. 9d.; Leghorn, 3,000, 9s. 6d.

Blyth to Havre, 1,250, 6s. 6d.; North Norway, 2,100, 7s.

Port Talbot to St. Malo, 1,550, 5s.

Hull to Buenos Avres, 14s. 4|d., Sept.; Antwerp, 1,700,
7s. 6d.; Genoa, 6,300, 8s., 500; 6,300, 8s. ljd., 600; 6,300,
8s., 700; 6,200, 9s.; Sandviken, 1,200, sail, Ils.

Glasgow to Rio de Janeiro, 5,200, 14s. 9d.

Goole to Ghent, 800, 8s.; 1,500, 7s. 6d.; Bruges, 1,200,
8s. 6d.

Llanelly to London, 750, 4s. 9d.; Genoa, 6,300, 8s. 3d.,
500; 6,300, 8s. ljd., 600; 6,300, 8s., 700.

The ninety-second report of the Commissioners of his
Majesty’s Woods, Forests and Land Revenues for the year
ended March 31 last states that, exclusive of land let for
building purposes, foreshores and mineral rights, the Crown
property under the charge of the Commissioners extends
to about 348,358 acres, of which about 67,897 acres are
under the growth of timber. The total gross collec-
tion on account of income during the year amounted to
£730,319 0s. 7d., and the expenditure out of income was
£186,660 3s. 9d. The corresponding figures for the preceding
year were £705,205 2s., and £182,416 16s. 9d. respectively.
The payments into the Exchequer amounted to £530,000,