December 4, 1914.

THE COLLIERY GUARDIAN.

1187

BOOK NOTICES.

Private Companies : Their Utility and the Exemptions they

Enjoy. By Herbert W. Jordan, managing director
of Jordan and Sons Limited. Price, 6d. net; by
post 8d.

No business is too small or too large to form into a
private company, and the Companies Acts are so com-
prehensive in their scope that almost every business may
be carried on as conveniently by a company as by an
individual. The above book has been written with the
object of pointing out the advantages of a private com-
pany, and commercial men wishing to safeguard their
business by limiting their liability will find it well worth
consideration in the present circumstances.

A new edition of Who's Who in Mining and Metal-
lurgy is now in preparation, to succeed that which
appeared in 1910. This, as its name implies, gives the
records of British and foreign mining engineers and
metallurgists, with particulars of the leading societies,
and an index of leading manufacturers. Readers who
desire to have their records included should communi-
cate without delay with the editor, Mr. George Safford,
18, Eldon-street, E.C.

THE FREIGHT MARKET.

Shipping operations at most of the ports of the country are
still hampered by that shortage of tonnage in which, there
is reason to fear, shipowners are assisting other malign
influences—malign, that is, so far as coal business is con-
cerned. On the north-east coast the outward freight market
has attained only modest dimensions during the week under
reivew. The same does not apply to the rates of freight,
for these -do not appear to have yet reached their zenith.
Coasting business, for example, is up to 6s. IJd. to London
from the Tyne. North Erance has ranged from 12s. to
12s. 6d. to Rouen, an advance of fully Is. on the week. The
Bay is fully 9d. dearer, with St. Nazaire at from Ils. 9d.
to 12s. The Mediterranean, however, is easier, Genoa
having receded to from 18s. 3d. to 18s. 6d., and Port Said
being weaker at from 19s. 3d. to 19s. 6d. It is noteworthy
that a 2,500-ton vessel has been fixed for Venice at 25s. At
•South Wales, the Mediterranean is based on from 15s. 6d.
to 16s. to Genoa from Cardiff, with Port Said at from 19s. 6d.
to 20s.—rates which do not show much change on the week.
The River Plate is markedly dearer, at from 16s. 6d. to
17s. 6d. The Bay is fully J fr. advanced. Rates in most
other directions are harder.

Much business is being lost to British coal producers by
reason of the shortage of tonnage, whatever the cause of that
shortage may be. A noteworthy example is the diversion
of an order for 80,000 tons of coking coal from Durham dis-
trict (to which the contract usually comes) to America, on
account of the prevalent high rates of freight. This is by
no means the only instance ;• colliery managers have some
sad tales to tell of likely business rendered impossible by
reason of the lack of carrying facilities from this country to
our Continental customers.

Homewards, North Pacific rates are more firmly held,
and over 50s. is quoted for January loading. Tonnage for
nitrate ports is at a premium also. The East Indies are
quiet, with Bombay to United Kingdom at 17s. for a handy
early boat, and Kurrachee mentioned at about 17s. 6d.
There is little enquiry at the rice ports for new season
tonnage. The American market is very lively, and
a good many steamers have been taken up for grain, etc.
Much neutral tonnage figures in the list of fixtures. Coal
and other cargoes are wanting tonnage, and there is a keen
demand for lumber carriers; owners, however, ask very high
rates. The River Plate is firm and brisk, and high rates
are asked for December and January loading. Up river
ports to United Kingdom will probably be done at 32s. 6d.
for December-January, and 31s. 6d. to 32s. for January.
Bahia Blanca has paid 30s. for heavy grain and 40s. for
oats for January-Eebruary shipment.

Tyne to Algiers, 1,700, 16s., 600; 4,000, 15s.; Azores,

1.500,	13s. 6d.; Barcelona, 2,000, 16s.; 6,000, 16s.; Cher-
bourg, 850, Ils. 9d.; Catania, 2,700, 18s. 6d., 600; Civita
Vecchia, 4,600, 19s.; 2,200, 19s. 6d.; Dunkirk, 1,900,
10s. 6d.; Dieppe, 2,000, Ils.; Genoa, 4,000, 18s. 6d., guar-
anteed discharge; 5,000, 18s. 6d.; 2,300, 19s.; 3,500, 18s. 6d.,
time counts from arrival; 3,000, 18s. 3d.; 4,000, 18s. 6d.;
6,600, 18s. 3d.; 5,200, 18s. 4id.; Honfleur, 1,200, Ils.;
London, 4,500, 5s. 9d.; 2,900, 6s.; 1,700, 6s.; 1,500, 6s. Ijd.;
3,000, 6s. Ijd.; 1,700, 6s. 9d., reported; Lisbon, 3,000, 13s.;
Marseilles, 3,500, 16s. 9d.; 3,000, 16s. 9d.; Messina, 2,000,
18s.; Nice, 2,600, 17s.; 3,800, 17s.; Naples, 4,600, 18s. 6d.,
800; Port Said, 4,500, 19s. 6d.; 4,800, 19s. 3d.; Piraeus,
7,000, 19s. 3d.; Rouen, 2,100, 12s. 6d.; 2,500, 12s. 3d.;

1.700,	12s. 3d.; 3,000, 12s.; 2,100, 12s.; 2,000, voyages over
six months, Ils.; St. Nazaire, 3,000, 12s.; 2,100, Ils. 9d.;
Savona, 5,200, 18s. 4^d.; Trapani, 1,600, 18s. 6d.; Venice,

2.500,	25s.

Cardiff to Alexandria, 5,000, 19s.; 5,000, 18s. 9d., Dec. 30;

5.500,	19s.; Algiers, 5,500, 15 fr. ; Ancona, 4,500, 21s.,
Dec. 7 ; Bordeaux, 2,800, 13 fr.; 3,300, 13 fr.; Buenos Ayres,
4,200, 17s. 6d.; Bombay, 20s., P. and O. terms, Dec.; Cam-
pana, 5,000, 17s. 6d.; Chantenay, 3,300, 13| fr.; 2,700,
14 fr.; Djibouti, 21s.; Daker, 2,200, 15s.; Gibraltar, 1,800,
12s., Dec. 6; 3,400, 12s.; Genoa, 4,000, 16s.; 3,900, 15s. 6d.;

2.700,	16s.; 3,500, 16s., Dec. 10; Honfleur, 1,700, 10s.,
voyages over three months; La Rochelle, 3,000, Ilf fr.;
2,000, 12 fr.; 3,000, llj fr.; Marseilles, 5,000, 15 fr., Dec. 5;
Monte Video, sail, 15s. 6d.; sail, 15s.; Nantes, 3,200, 14 fr.,
Dec. 7; 1,900, 14 fr.; 3,000, 13 fr.; 2,200, 13| fr.; Naples,
4,000, 15s. 6d.; 3,000, 15s. 6d.; Oporto, 1,350, 14s. 3d.;
900, 14s. 6d.; Palermo, 3,000, 16s. 4|d.; Palma, 1,500, 15s.;
Port Said, 6,000, 20s.; 3,800, 20s.; 4,500, 20s.; 6,000, 20s.,
Dec. 10; 7,000, 19s. 6d., Dec. 10; 5,000, 19s. 6d.; Rio de
Janeiro, 5,000, 18s.; 5,500, 18s.; 6,000, 18s. 3d., early Dec.;

5.800,	17s. 6d., Dec. 10; 5,000, 17s. 6d.; 15s., Dec.; River
Plate, 4,800, 16s. 9d., Dec.; 4,300, 17s. 6d. ; 4,500, 16s. 6d.;
Rosario, 5,000, 18s.; Rouen, 1,500, 9s., voyages over three
months; 1,700, 10s., voyages over three months; 3,000, Ils.;
2,400, 11s.; 500, Ils. 10|d.; 1,600, Ils. 6d.; 1,700, 12s.;

1.800,	12s. 3d.; 1,150, 12s. 3d.; 1,600, 12s. 6d.; 12s. 4|d.;
St. Nazaire, 2,500, 12J fr.; 3,000, 12 fr.; 2,200, 13 fr.; 3,500,
12| fr.; Seville, 3,000, 13s. 6d.; 2,500, 14s.; St. Servan,
1,300, 7s. 6d.; Villa Constitucion, 5,000, 17s. 6d.; Venice,

4.500,	21s., Dec. 7.; Zarate, 3,000, 18s., Dec. 15.

Swansea to Rouen, 2,300, Ils.; 3,200, Ils. 6d.; 2,800, 12s.;
2,000, 13s.; 1,600, 12s. 6d.; 1,100, 12s. 3d.; 1,100, 12s. 3d.,
Dec.; Naples, 4,000, 16s. coal, 16s. 9d. fuel, 800; Caen,
1,000, 8s. 9d.; Genoa, 3,000, 16s. 6d.; 3,300, 16s. 3d.; 3,200,
16s.; Bordeaux, 2,100, 13j fr.; St. Nazaire, 4,200, 13 fr.;
5,000, 12£ fr.; Bayonne, 1,500, 15 fr.; Honfleur, 950,
10s. 6d.; Chantenay, 2,700, 14 fr.; St. Malo, 700, 10s.; Bar-
celona, 2,000, 15s. 6d.

Hull to Genoa, 3,000, 17s., private terms; Savona, private
terms; Rouen, 1,600, consecutive voyages from Dec. to Feb.,
Ils. 6d.; private terms; 3,700, 12s.; 3,800, Ils., Dec. 10;
4,600, 13s.; 2,400, p.t.; Dieppe, 2,400, p.t.; 2,300, Ils.;
Fecamp, 1,500, p.t.

Immingham to Rouen, 1,600, consecutive voyages from
Dec. to Feb., Ils. 6d.; Fecamp, 1,500, p.t.

Partington to Rouen, 3,800, 10s. 6d.; 5,000, Ils. 6d.;
Reykjavik, 1,200, 15s. 6d.; Porto Vecchio, about 18s. 6d.,
early December.

Newport to Rouen, 1,700, 12s. 3d.; Genoa, 4,000, 16s.;
Savona, 4,000, 16s.; Spezzia, 4,000, 16s.

Forth to Caen, 5,000, 12s. 6d.; Dieppe, 5,000, 12s. 6d.;

1,800,	12s. 6d.

Blyth to Elsinore, 1,700, 8s. 9d., 300; Danish Port, 1,350,
10s. coal, 300-400 tons coke, 12s.

Liverpool to Aalborg, 750, 10s., salt; Sydney and New-
castle, sail, 15s.

Glasgow to Bayonne, 14 fr.: Genoa, 4,500, about 16s. 7|d.;
Savona, 4,500, about 16s. 7|d.; Leghorn, 4,500, about
16s. 7|d.

Goole to Fecamp, 1,100, 12s.

Ardrossan to Chile, 21s. 6d.

Clyde to Chile, sail, 23s. 6d.

CONTRACTS OPEN FOR COAL AND COKE.

For Contracts Advertised in this issue received too late
for inclusion in this column, see Leader and Last
White pages.

Abstracts of Contracts Open.

Cardiff, December 12.—About 2,935 tons of large screened
house coal, 1,090 tons of large smokeless steam, 3,470 tons
of washed steam nuts, 550 tons of washed steam beans, 217
tons of washed anthracite nuts, 60 tons of smith’s coal, and
40 tons of small coal; also 560 tons of gas coke, for the Cor-
poration. Forms from J. L. Wheatley, town clerk, City
Hall, Cardiff.

Grimsby, December 12.—About 11,000 tons of fine slack
coal for the Corporation (Electricity Department). Forms
from W. A. Vignoles, borough electrical engineer, Electri-
city Works, Grimsby.

Hatfield.—Good steam coal and coke for steam roller
use for the Hertfordshire County Council. Forms from
County Surveyor, Hatfield, Herts.

London, N.W., December 7.—Best gas coal for the St.
Pancras Borough Council. Forms from C. H. F. Barrett,
town clerk, Town Hall, Pancras-road.

London, S.W., December 8.—Welsh smokeless steam coal
for H.M. Commissioners of Works, etc. Forms from Con-
troller of Supplies, H.M. Office of Works, 18, Queen Anne’s-
gate, Westminster, S.W.

The date given is the latest upon which tenders can be
received.

CONTRACTS OPEN FOR ENGINEERING, IRON
AND STEEL WORK, Ac.

Churchill, December 14.—Water Mains.—About 1,587
yards of 3 in. cast iron water mains for the Kidderminster
Rural District Council. Specification from G. J. Shepherd,
85, Chester-road, Kidderminster, on deposit of two guineas
(returnable).

Finchley, December 23.—Fuel Oil.—About 300 tons of
fuel oil for the Urban District Council. Forms from E.
Calvert, electrical engineer, Squire’s-lane, Finchley.

Goole, December 16.—Carbonising Plant.—Erection of a
coal carbonising plant capable of producing 600,000 cu. ft. of
gas per 24 hours, for the Urban District Council. Specifica-
tion from gas engineer, J. Fazakerley, Doyle-street, Goole.

London, S.W., December 11.—Coal Bunker.—The Batter-
sea Borough Council invite schemes and tenders for the
erection of a reinforced concrete enclosure to form a coal
bunker at their Grove Wharf, Lombard-road, Battersea.
Specification at Town Hall, Lavender Hill, Battersea, on
payment of 10s. (returnable).

London, S.W., December 22.—Turbo-Generators.—Two
steam turbo-generators of 8,000 kw. capacity for the Green-
wich Generating Station, for the London County Council.
Specification from Clerk of Council, County Hall, Spring
Gardens, S.W., on deposit of £2 (returnable).

Odiham, December 11.—Steam Calorifier.—Erection of a
live steam calorifier, hot water system, for the Hartley
Wintney Guardians. Specification from T. 0. Belshaw, 2,
Army and Navy-mansions, 115, Victoria-street, S.W.

Sleaford, December 24.—Water Mains.—About six miles
of 4 in., 3 in., and 2 in. cast iron mains, for the Rural Dis-
trict Council. Specification from W. B. Marsden, 74,
Southgate, Sleaford, on deposit of £2 (returnable).

Storrington (Sussex), December 22. — Engines, etc.—
Two oil engines and borehole pumping plant, for the Thake-
ham Rural District Council. Specification from Major,
Tulloch and Haworth, 28, Victoria-street, S.W., on deposit
of two guineas (returnable).

Manchester Geological and Mining Society.—The ordinary
meeting of the members of the Manchester Geological and
Mining Society will be held at Queen’s Chambers, 5, John
Dalton-street, Manchester, on Tuesday, December 8, 1914,
Mr. George Ralph will give a demonstration of his firedamp
meter and read a short paper on “ Firedamp Detectors.” A
general discussion on the “ Use of Electric Lamps in Coal
Mines ” will follow.

Partnerships Dissolved.—The London Gazette announces
the dissolution of the following partnerships :—J. Gower,
J. T. Gower, and F. P. H. Gower, carrying on business as
engineers and boilermakers at Elstowr-road, Bedford, under
the style of J. Gower and Sons, as far as concerns J. T.
Gower; W. A. Nelson and J. L. South, carrying on business
as electrical engineers under the style of The Clifton Elec-
trical Engineering Company, at 3, New-street, Birmingham.

COAL, IRON AND ENGINEERING COMPANIES.

REPORTS AND DIVIDENDS.

Blaenavon Company Limited.—For the year ended Sep-
tember 30, including £31,998 brought forward, and after
providing ill,003 for the year’s debenture interest, £10,034
for renewals and reserve funds, and ,£1,500 for preference
dividend to June 30, 1914, a balance (which it is proposed
to carry forward) of 4-19,597 is shown, the loss on the year’s
trading having been £9,400. All debenture stock redemp-
tions required by the trust deed have been made. The
development of the company’s business has continued to call
for further large capital expenditure. The pit fire mentioned
in the last report continued to affect adversely the company’s
operations during the whole year, and has directly and
indirectly caused a very heavy loss, but it has now been
practically extinguished. The old washery has also become
worn out, and has proved incapable of dealing with the
small coal efficiently and in adequate quantity; consequently,
and also because of the war bringing about intermittent
working of the collieries, it was found necessary to suspend
the manufacture of coke, and to temporarily close down the
sulphate of ammonia, tar, and benzol factories pending the
completion of a new washery now in an advanced stage of
construction. Necessarily the intermittent working of the
collieries, coupled with expenditure caused by recent legis-
lation, has resulted in an increased cost of production.

British Electric Traction Company Limited.—The direc-
tors have declared the dividend on the 6 per cent, cumulative
preference stock for the half-year ended September 30.

Cargo Fleet Iron Company Limited.—The report states
that the balance at September 30, 1913, as per last account,
was £82,232 9s. 7d., less £60,000 written off for deprecia-
tion, leaving balance to be brought forward £22,232 9s. 7d.
The profits for the 12 months ending September 30, 1914,
amounted to £131,142 Is. 6d.; £153,374 Ils. Id. Deducting
debenture and other interest £46,223 7s. 8d., there is a dis-
posable balance of £107,151 3s. 5d. The directors propose,
that same should be appropriated as follows :—Dividend for
the twelve months ending September 30, 1914, at 2J per
cent, (less income-tax), ^payable on January 30, 1915,
£25,000; depreciation, £50,000; carry forward, £32,151
3s. 5d. During the year 4| per cent, first debentures to the
value of £14,200 have been cancelled, in accordance with the
provisions of the trust deed, thereby completing the annual
redemption for 1914, and anticipating to the extent of £7,600
the annual redemption for 1915. The directors regret to
record the sad and premature death of their colleague,
Sir Stephen Wilson Furness, Bart., M.P., which occurred
during the year. They have elected in his place the Right.
Hon. Lord Furness.

Hyderabad (Deccan) Company Limited.—The half-yearly
report states that the output for the first six months of 1914
was 23,272 tons more than a year before. The working
costs, however, were increased owing to a rise in wages and
enhanced cost of materials, an increase that affected the
latter half of last year. Further, owing to depressed trade,
the selling price per ton shows a slight decrease. It must
be borne in mind that the first half of 1913, with which
comparison is now made, gave results that were not main-
tained throughout the year. The profits for the first half
of 1914, though lower than those of the first half of 1913,
amount to practically one-half of those for the wdiole of 1913.
An abnormal rainfall in July and August, which increased
very largely the quantity of underground water to be dealt
with, for a time decreased the output, while increasing the
costs. During the last few years there have been large
additions to the expenditure on the colliery for enlarged and
improved plant, due to the greater depth of the workings,
resulting in an increased capacity for output. Owing to the
unsettled position, the board consider it advisable, in the
company’s interests, to adopt the precaution of limiting the
interim dividend to 9d. per share.

Petters Limited.—The directors announce that they have
decided to defer payment of any interim dividend on the
ordinary and preference shares for the time being.

Rhymney Iron Company Limited.—The directors, in their
interim report for the half-year ended September 26, 1914,
state that the output of coal from the company’s pits for the
half-year was 561,137 tons, against 661,214 tons for the half-
year ended September 27, 1913, a decrease of 100.077 tons.
The make of coke was 22,422 tons, against 24,695 tons in
the corresponding period of 1913, a decrease of 2,273 tons.
The large decrease in the output of coal is principally due to
an inadequate supply of labour, the pits having been kept
regularly at work during the whole period. The shortage
of men was very materially increased by the number of
men required for military service. No coal has been raised
during the half-year from the Mardy Pit on the company’s
freehold, and until sufficient labour becomes available it will
be impossible to open out the coal in that pit. Owing to
the present difficulties, and also to the uncertainty as to the
future, which depends so largely upon the duration of the
war, the directors, after reviewing all the circumstances,
have come to the conclusion that it would not be prudent to
make any distribution by way of dividend until they have
before them the results of the complete 12 months’ working ’
of the current financial year.

Transvaal and Delagoa Bay Investment Company Limited.
—The annual general meeting of this company was held at
Johannesburg on the 24th ult., when Mr. S. C. Black pre-
sided. The net profit, after making ample provision for
depreciation, and including in the working costs a consider-
able expenditure which might conceivably have been charged
to capital expenditure, totalled £41,382, while the cash
assets have been increased to £94,965. A dividend of 171
per cent, was declared for the year ended August 31, 1914,
absorbing £32,375, and leaving £96,047 to be carried forward
to the profit and loss account, after writing off a further sum
of £5,000 in reduction of the company’s own branch of the
railway line. The coal seam, both in the new area acquired
in 1913, and in the mine genera 11 v. has fully maintained,
both in width and quality, the high standard of previous
years. The re-modelling and equipment of No. 1 plant
with most up-to-date machinerv had been completed. The
output from the company’s collieries for the year was a
record one.

Tredegar Iron and Coal Company Limited.—The directors
announce an interim dividend of 2| per cent., free of tax.
on the “ A ” and “ B ” shares for the half-year ended
September 30 last.

Wankie Colliery Company Limited.—In their report for
the year ended August 31, the directors state the company
has paid off £20,000 of the 6 per cent, first mortgage deben-
tures under the provisions of the trust deed, so that of the