January 7, 1899.
THE ESTATES GAZETTE
16
tenders. No syndicate appears to have tendered, and the success which has attended the issue is, therefore, the more marked.
* * *
The directors of the London and Westminster Bank, after providing for all bad and doubtful debts, have declared a dividend of 7 per cent., for the half-year ended December 31 last, making, with the dividend paid in July last, 14¿ per cent, for the year. About £10,000 is carried forward. Last year the dividend was 6¿ per cent., and £18,580 was carried forward.
PROYIN CIAL
PROPERTY SALES.
BERKSHIRE.
At the Crown Hotel, Earingdon, on December 13, Mr. George John Dyke sold a dwelling house now used as the Post Office, Paringdon, let at £30, and the public-house adjoining, known as the Angel Inn beerhouse, with small shop, stable, etc., let at £25, land tax £1 7s. Id., rent payable to the lord of the manor 5s. 4d., for £1,800. It is worthy of remark that this property was offered by auction over 40 years ago by Mr. Dyke’s father, and then withdrawn, as the reserve of £600 was not reached. The solicitors were Messrs. Bubb and Co., Cheltenham.
DEVONSHIRE.
On December 29, Messrs. Hussey and Son, of Exeter, at the New Inn, Whimple, sold by auction a freehold estate known as Higher Yel-lands, containing 34a. lr. 29p., for £870 ; and three closes of pasture land, 6a. 3r. 33p. m extent, for £400.
LEICESTERSHIRE.
Recently, at the Beaumont Arms, Coleorton, Mr. Harry German (of Messrs. German and German, Ashby-de-la-Zouch), held a¡ sale of freehold property, consisting of the manors of Thringstone and Pegg’s Green, accommodation lands, gardens, small holdings, cottages, and a fully-licensed public-house. The following were the prices of the several lots:—A messuage and garden adjoining the Ashby and Loughborough-road, rent of £7 10s., was sold for £150 ; seven messuages1 and gardens, total rent of £24, for £260 ; a messuage and gardens, rent £2 12s., for £34 ; messuage and garden adjoining the Hinckley and Melbourne-road, rent £3 18s. 9d., for £90 ; three messuages and gardens adjoining Short-lane, for £60 ; messuage and garden adjoining the Hinckley-road, rent £3 18s., for £67 ; two messuages, with large gardens attached, adjoining the Hinckley and Melbourne main road, for £106 ; messuage and garden adjoining the Hinckley main road, rent £3, for £50 ; messuage and garden adjoining the Hinckley main road, rent £3 18s., for £40 ; garden ground, together with three cottages and gardens attached, rents £8 13s., for £123 ; accommodation field, together with the garden adjoining, and containing a total quantity of la. lr. 34p., or thereabouts, rents £5, for £130 ; cottages and gardens, rents £6 15s., for £170 ; messuage and garden, rent £3 18s., for £52 ; messuage and garden, with small garden, rents £4 11s., for £100 ; garden ground situate close to Workhouse-lane, rent 15s., £10 : garden ground at the rear of Mr. Knight’s cottages, rent 15s., for £10 ; messuage with garden and small croft, on the south-east- side of Workhouse-lane, rent £4 10s., for £81 ; garden ground on the east side of the last named, rent 5s., for £13 ; two messuages and gardens, rents £7 10s., for £121 ; dwelling house and small croft adjoining, covering a total area of 0a. 3r. 33p., for £141; fully-licensed public-house, known as the Engine Inn, two fields of pasture land, together with two pieces of garden ground, 6a. 3r. 22p., for £1,050; two fields of old pasture land, a strip of garden ground and small intake, with stables ahd cowsheds, all adjoining the main road, and containing 3a. 2r. lip., or thereabouts, together with the freehold messuage, for £336 ; two fields of accommodation land, with two pieces of garden ground, containing a total area of 5a. lr. 16p., for £222 ' messuage and garden adjoining the main road, rent £4 11s., for £66 ; messuage and garden adjoining the main road, for £10 ; messuage, garden and outbuildings, adjoining the main road, rent £5 4s., for £75 ; messuage and garden adjoining the main road, rent £3 18s., for £31 ; messuage and garden adjoining the main road, rent £5 4s., for £75 ; messuage, with large garden attached, rent £6 10s., for £82 ; a close of old pasture accommodation land, containing 2a. 3r. 10p., rent £6, for £126; a piece of garden ground with two freehold cottages, for £20 ; garden ground with old cottage, rent 10s., for £17 ; messuage and garden adjoining the main road, rent £4 11s., for £70; a piece of freehold ground adjoining the Hinckley and Melbourne road, with old cottage, rent 15s., for £38 ; dwelling house at Thringstone, and known as the Manor House, rent £6 10s., for £157 ; the manors or reputed manors of Thringstone and Pegg’s Green, in the parishes of Thringstone and Swannington, in the county of Leicester, for £2,250. The total amount of the sale was £6,415.
than £60,000, which, with the £10,000 working capital remaining after he has been paid his purchase money, will be used for the purposes of the company. Did ever anybody hear of such magnanimity? And what a fine prospect is opened up for the share and debenture holders in this company! They start their operations, practically, on borrowed money! La haute finance hasn’t a chance with the gentlemen who framed this wonderful prospectus.
* * *
The experience of the shareholders of the Kent Coal Exploration Company has not been a happy one, and naturally not a little soreness was expressed towards the directors at the meeting of shareholders on Wednesday last. Professor Boyd Dawkins attempted to pour oil upon the troubled waters, but his very diplomatic speech did not have the soothing effect which the directors possibly anticipated. Here are a few passages from the Professor’s speech :
“ At Ropersole they were now on the very tiptoe of excitement, for within a comparatively short time, if things went on at their present rate,	they	would have all	the	information
they	desired, and there	was	the very
highest probability that they would strike into	the	coalfields there. If	they did
not actually find them, they would׳ get information which would tell them where to look	for	them. The ultimate	result of
their explorations would be not merely of the keenest scientific interest, but of very great commercial importance. In saying that, he did not forget that there was an element of uncertainty in it, but the initiation of the Exploration Company fully contemplated some sort of risk, and they must balance that against the extraordinarily great rewards that they would get if they were successful.” The concluding words had better be taken to heart by those shareholders who think that in a short time Kent will be a formidable rival to Newcastle. As the Professor points out, they will have had a good run for their money, even if they are unsuccessful, and then, what a lot they will have done for science!
* * *■
The total amount of new capital which the North Eastern Railway Company will be empowered to raise in the event of Parliament sanctioning in the ensuing Session the two Bills which will be promoted jointly or separately by them is no less than £4,000,000. Of this sum, £1,000,000 may be raised by the issue of Debenture stock, and £3,000,000 by the creation of either Ordinary or Preference stock. The aggregate amount of capital required is equally divided between their Additional Powers Bill and the Bill they are promoting jointly with the Hull and Barnsley Railway for a joint dock at Hull. It does not, however, include any portion of the capital which will have to be provided by the Hull and Barnsley Company.
* * *
Now that the dividends are out money has become easier, and bankers experience difficulty in lending their balances. Naturally there is a disposition to anticipate an early reduction in the Bank rate as a result of this condition of things, and provided that there is no serious development of the monetary stringency at Berlin, the directors will probably bow to public opinion, and bring the rate down. It will certainly be useless of them to attempt to support the rate at its present figure without having recourse to borrowing in the open market, and of late the tendency has been to pay off loans rather than to seek to borrow afresh. One thing seems certain ; the discount houses will have to reduce their terms of allowance for deposits; they now give 2¿ to 2| per cent., whereas the rate for three months’ bills is only 2| per cent., and money from day to day is worth no more than 2 to 2¿ per cent. Working at these rates gives little or no margin for profit on deposits.
* * *
Writing last week we asked, “ How long will it be before there is a relapse in the prices of American Railway Securities ? ” Our question was answered almost as soon as it was put, for there has been a decline in prices nearly all down the list, and to use a hackneyed saying, all the wind has been! taken out of the sails of the market. Every day gives more evidence of the professional character of the market, and every day shows how difficult is the task which the professionals have set themselves in maintaining prices. We can only hope that the market will remain in the hands of the professionals, for if the public come in and buy now, as is devoutly wished by these operators, their “ flutter ” is likely to cost them very dear.
* * *
Tenders were opened on Thursday, at the London and Westminster Bank for the issue by the Government of Natal of £1,000,000 Three per Cent. Consolidated Stock. The stock was offered at a minimum price of £94 per cent. The total sum tendered for was £1,639,000, at prices ranging from the minimum up to £101 ! per cent. Tenders at £94 will receive about 1 ] per cent. ; above, in full. The loan was sub-J scribed for principally by comparatively small
CtfD ®OpitS.
[SPECIALLY CONTRIBUTED.]
Bank Rate i per cent, (changed Oct. 8, 1898)
Interest in African mining shares continues to expand, and in regard to Rhodesian properties there has been quite an outburst of buoyancy. It was somewhat of a shock to the market to receive information of a new issue of “ Chartered ” shares, but surely no better time could have been chosen? It cannot be said that no warning was given of the impending issue, for months ago it was intimated by the directors that they would require additional capital at some future date to continue the plan of operations which they had mapped out, and which the shareholders cordially approved of. The Chartered Company’s position is daily becoming stronger; and the present issue of shares will probably meet all future capital requirements. Any further expenditure should be met out of revenue, which is now a steadily increasing item. At least three of the mines in which the company holds a preponderating influence are now producing gold, and though not on a large, yet on a profitable, scale. The Geelong Company has now got its working costs down to 18s. 3d., which contrasts very favourably with mines working in the Transvaal. Of course, “ Chartered ” shares are not yet in sight of a dividend, but the time is not so far distant, we think, when some form of distribution will be made. The present issue of shares is made at £2 10s., whereas the market price of the shares is £3.
* * *
A leading feature of Stock Exchange business this week has been the rise in the prices of Copper shares. It results, not so much from the proposed combination in the United States to restrict the output—a combination which we deplore, as we must do all “ rings ” and “ pools ” formed to create artificial markets—as from the great demand for the metal for legitimate purposes. The growth of Electrical enterprise is the main factor influencing this demand, and it need scarcely be said that there is no end to the requirements under this head. Electricity has already made great strides, but it is׳ as yet in its infancy as a motive power ; the next few years will see an immense development, and as copper plays׳ an important part in electrical traction, the demands for the metal will increase at a corresponding rate. The stocks in hand and in sight are now almost the lowest on record since any reliable statistics were kept; there was a large increase in the past month, but that was due entirely to an accumulation through the intervention of the
Christmas holidays.
* * *
A copper company which is attracting attention at the moment is the Utah Consolidated. A few months back the £1 shares were worth little more than their par value ; now, they have risen to £5, and there seems every justification for the appreciation if the expectations of the company’s engineer are borne out. It was computed in November last that there were about three-quarters of a million tons of ore in sight, and the recent discoveries, as was pointed out at the meeting on Wednesday, have added greatly to the value of the mine, because they show that the ore is continued to a depth of 2,200ft. But not only copper exists in the mine; there is also gold and silver, which of them- I selves are expected to pay all the working costs of the mine. The capital of this company is £300,000, and the chairman is Mr. J. E. Dudley Ryder. We would also draw attention to Namaqua shares, as likely to prove a good purchase. But for the fact that the market in them is somewhat circumscribed, there would have been a larger rise before now. It is hoped, however, that before long they will be taken in hand by some of the dealers in the foreign section, thereby making a freer market in them.
* * *
The first joint stock production of the year is a very poor affair. It concerns Burney’3 New; Cross Brewery, which, although no doubt very old-established, is but little known to those outside of the district in which it carries on its useful work. That district is the well-known one of the Old Kent-road. On the basis of last year's figures, the brewery produced a net profit of £5,890, while in addition it received, in the form of rentals, £6,465. Such an income is good enough for any ordinary individual, but apparently the vendor is not impressed with, it, for he is now giving the public an opportunity of acquiring the whole for the modest sum of £220,000. His modesty is the more apparent when we grasp the fact that, of this sum, £160,000 is to be paid over in hard cash. Eor the balance, he is content with Ordinary shares in the company, which, as the prospectus leads us to infer, is a very great mark of confidence on the part of the said vendor. But the confidence does not stop here ; the vendor is even prepared to advance to the company, at fair interest, and on good security, no less a sum
February. As has been pointed out by other correspondents, the old time race meeting seldom concluded without a cock fight or a “pugilistic trial of manhood.” At Swaffham races in April, 1759, it was announced :—•“On Wednesday and Thursday, April 25 and 26, being the two last days of the races, will be fought a main of cocks between the Rt. Hon. the Earl of Or-ford and Henry Cornish Henley and William Mason, Esqs., to show 21 cocks for 10 guineas the battle and 100 the main.” The times have changed wonderfully since then.
The rebuilding o׳f the George Canning, in Effra-road, Brixton, has now been completed. The whole neighbourhood has grown, and a new house has taken the place of the old familiar inn. Four years ago Mr. Edwin H. Gilbert took possession of the George Canning, and determined on a building in harmony with the traditions of the place. Messrs. E. I’Anson and Son (his architects) designed for him a splendid house, “old English domestic” in style, with a granite front, having a superstructure of stone, a bold, open verandah and white casement windows. The house is spacious, its saloon bar, 36ft. by 26ft., is beautifully decorated, the cabinet work being by Antill. The handsome billiard room, furnished by Thurston, has two championship tables, and the upholstery is by Penman, of Coldharbour-lane. A dining room, 33ft. by 17ft., will be occasionally used for club and society meetings. There is a complete installation of the electric light, and four spacious bars. In addition to the George Canning, Mr. Edwin H. Gilbert has two other fine houses at Kensington. Mr. Gilbert is chairman of the South London Licensed Victuallers’ Protection Association, and immediate past chairman of the Licensed Victuallers’ Asylum, and during his occupancy of the chair £18,300 was collected for this charity. The service of silver plate presented to Mr. Gilbert, with a diamond bracelet for his wife, fittingly recognised his splendid services.
At the Nottingham Transfer Sessions held on Wednesday, the transfer of the license of the Brunswick Vaults, Broad-street, from Joseph Cooper to Isaac Marriott, was supported by Dr. Bottrill and •opposed by Mr. Rothera. The applicant was called, and stated that he had been managing the house since a conviction of the previous tenant, and he had entered into an agreement with the Nottingham Brewery Company to keep it on if the transfer were granted. In reply to Mr. Rothera, applicant said he had agreed to pay £60 a year._ Dr. Bottrill explained to the Bench that immediately the conviction took place the brewery company got rid of the tenant, and obtained the services of a man of unblemished character, and the Bench would have the fullest security that the house would be well conducted. He produced testimonials as to character from several well-known tradesmen of Nottingham. Mr. Rothera submitted that if the owners of a house were immediately on a conviction to get rid of a tenant, put in a new •one, and apply for a transfer, they really needed to exercise no control over the conduct of their tenants. If the magistrates put some pressure on the owners of houses, as they could do under circumstances like that, they would find that the control was very much more strict. The Mayor announced that the magistrates were not prepared to assent to the application.
FORTHCOMING SALES OF
LICENSED ^PROPERTIES
Masons’ Hall, London, E.C.
J. J. HILL and WEAVER, 28, Tbeobalcrs-roaci, w.u. Rose and Orown, Cullum-street. City. F.L. THURSDAY. JANUARY ]2, at One.
MR. CHARLES BACON, 18, Ship-street, Brighton.
- Royal Pavilion Hotel, Castle-square, Steine-lane, Brighton. F.L.
New Cattle Market at Halstead.—Mr. Stanley Moger, auctioneer, who has conducted the weekly market in Halstead (Essex) High-street for the last six or seven years, recently opened his new sale yard, to which the market has been removed. Mr. Moger lately acquired a piece of ground lying between Colchester-road and Parsonage-street, and this has been conveniently laid out as a sale yard. Not only will business be carried on more privately and comfortably than was possible in the public street, but Mr. Moger is able to provide much better accommodation altogether, so that, if consigners desire, stock may be sent on the previous day and kept over night. There is room for as many as 20 beasts, besides stabling for horses, and space for some 80 pens for sheep and pigs. The area where the pens are pitched has been concreted and drained, to meet the requirements of the sanitary authorities, and the whole is arranged so that the place may be kept as clean as possible. There are also several sheds for poultry and other accommodation which cannot fail to prove useful to customers. Mr. Moger has had, built a rostrum or office, in front of which is a semi-circular enclosure, in which beasts may be shown and sold to the best advantage.