133
THE ESTATES GAZETTE
January 28, 1899.
London. The total income from all sources was £3,840, and the expenses have been £2,807, leaying a net profit of £1,033, out of which the directors recommend the payment of a dividend for the half-year at the rate of 5 per cent, per annum, leaving a balance of £115 to be carried forward.
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The	Press	Association	states	that	a	ninth
dividend of 9d. in the pound, making altogether 17s. 9d. in the pound, has been notified by the Official Receiver to the creditors of the London and General Bank, Limited. This is the only company amongst the whole of the Balfour group which has been enabled to return a dividend to the creditors. The shareholders do not expect to get a farthing.
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Company	meetings	are	often	productive	of
much excitement, but never, we should say, was !such an electrical effect produced upon a body of shareholders as that which marked the statement of the Chairman of Parr’s Bank that £40,000 of the proceeds of the recent robbery of £60,000 had been restored while he was addressing them. The notes were returned by post to the head oifice, and when the manager had convinced himself that he was not dreaming, and that he actually held the greater portion of the lost paper in his hands, a sharp move was made to the meeting of shareholders and the welcome news conveyed to them through the mouth of the chairman. Only a few minutes previously the latter had been expounding his theories as to how the loss occurred, and where the responsibility would be, and it was as much a sensation to him to receive a note from the head office of the recovery, as it was to the shareholders.
• * *
So many unkind remarks have been made about the directors of the South Eastern Railway Company, in connection with the recent dividend blunder, that it is only fair to say that the explanation of the error which the chairman was able to give the shareholders at the meeting on Thursday was considered by all present to thoroughly exonerate them from any complicity in concealing facts for any time longer than was necessary, and so giving the opportunity to certain persons of dealing in the company’s stocks. No such suggestion was made in this column, and we cannot think how any respectable journal should have raised the question of the good faith of such a body of gentlemen as that which constitutes the Board of the South Eastern Railway Company.
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The vacancy at the “Standard” City office, caused by the transfer Of Mr. A. J. Wilson’s services to the “Daily Chronicle,” has been filled by the appointment of Mr. A. W. Kiddy, of the City staff of the “Daily News.” Mr. Kiddy is quite a young man, and his journalistic experience does not extend over a period of more than eight years; but he has obtained a reputation as a conscientious and hard working man, and it is generally recognised that he will be a worthy successor to Mr. Wilson. We understand that Mr. Kiddy will continue to edit the “Bankers’ Magazine.”
The Great Central Railway Company’s report for the past half-year shows increases of £71,316 in receipts, and of £67,236 in expenses. After paying the Preference charges up to and including the 1891 Preference stock, a balance of £5,267 is carried forward. The directors refer at length to the extension to London, and state that by the action of the Metropolitan Company the Great Central Company will be prevented from carrying the traffic in dispute until the fine is ultimately opened for passenger traffic. The directors confidently trust that the energy with which the various works are being prosecuted will ensure, subject to the approval of the Board of Trade, the opening of the railway for all classes of traffic in March. It is proposed that capital already authorised be created, at the special meeting to be held after the ordinary meeting of the proprietors, to the amount of £5,000,000. The directors do not at present propose to raise more than a small amount to meet the immediate requirements of the company.
©biittarg.
ME. W. H. GEEEAED.
The death of Mr. William Henry Gerrard, of 92, Park-avenue, Oswestry, took place on Wednesday. Mr. Gerrard, who was 53, had been in failing health for some time, and a few days before his death he took a cold which developed into pneumonia, and to this he succumbed. He went to Oswestry 23 years ago, and until 11 years ago he was connected with the auctioneering business of Mr. McKie. Mr. Gerrard, who was a man of independent means, was unmarried. For some years past he lived a retired life, and his genial nature made for him a number of steadfast friends.
quiring may save him many pounds. Any of the daily financial newspapers will assist him to make a suitable selection.
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A fortnight ago we referred to the great probability of an improvement in a number of South African shares—to the exclusion of the “rubbish.” A week ago we again enumerated certain shares as likely to rise. It is a satisfaction to note that our expectations have been fulfilled. Of Rand mines we said a week ago (these shares) “have risen to 36§, and are well on the way to £40.” They have now reached £38 10s., which is already very near our price. Again, of East Rand we said (these) “have advanced to 7£ and look like getting up to £10 without much effort.” The price is now 7¿, and our remark still holds good. Yan Ryn, another selection, have not moved much above the £3 10s., at which they were a week ago, but the circular which the directors issued on Wednesday is of such an encouraging character that a rise in them is only a question of a short time ; we think that they will certainly see £5. Modderfontein, yet another selection of ours a fortnight ago, have risen to over £9. Angelo and Comet shares may now be added to our list of recommendations.
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It has often been said that there is no more benevolent	body	than the gentlemen
who frequent the	floors of	the	Stock
Exchange, and	so	far	as	subscriptions and	donations outside	their	own
circle are concerned, this is undoubtedly true. Yet, curious to state, benevolence is not a strong point with the “ House ” when its own members and their clerks are concerned. There is a very useful institution called “ The Stock Exchange Clerks’ Provident Fund,” which has proved a	friend	in need to	many
a poor clerk who,	from no fault of
HINTON ST. GEORGE, SOMERSETSHIRE.
The baronial estate and manor of Hinton St. George, near Crewkerne, Somerset, to which special interest attaches in connection with the Poulett peerage romance, is one of the oldest and most interesting among English territorial domains. It was conferred by the Conqueror upon William de Ow, or Walter Dowai, and during the reigns of Richard I. and John belonged to the family of Powtrell. Thence the estate descended to Sir Philip Denband, and later to Sir William Paulet, the descendant of an old Picardy family, by his marriage with a daughter of John Denband, Esquire. In the. 16th century the family name changed to Poulett, and Sir John Poulett was raised to the peerage as Baron Poulett of Hinton St. George. In the last century, the fourth Baron was created Yiscount Hinton and Earl Poulett. The lately deceased holder of the title was the sixth Earl. The mansion is an ancient pile of buildings in the castellated style, and an illustration of Hinton House, which we reproduce, was given in the Estates Gazette of February 16, 1895. The park of 1,258 acres is as fine as that possessed by any one of the stately homes of England. Altogether, the estate comprises 10,960 acres, with a net rent roll of £14,310 per annum, and when the property was submitted to auction early in 1895, £600,000 was asked for it in Its entirety. The mansion is approached by three winding drives, and pretty features in the grounds are a dell in a jungle, where silver firs of prodigious size stand surrounded by immense yew trees, splendid forest timber, and a magnificent cedar walk. The interior of the house !contains an arched gallery of great length leading to a suite of handsome state apartments (used by Queen Anne on a visit), with ornamental ceilings and
the result was a nonsuit, with costs. An offer when accepted constitutes a contract, but not till then.
Last week we reported some proceedings with regard to certain premises in the Borough which raised a point of a good deal of interest to owners of house property, and which, we believe to be novel. At the Newington Sessions House, Mr. W. R. McConnell and a number of magistrates had before them an appeal by the owners of certain houses in Red Cow-alley, Borough, against a demolition order. It appeared from the evidence adduced that in March, 1895, the magistrates made a closing order in respect of the premises, and the appellants, who had since become entitled to the property, kept it closed and fenced off from the public. One of the owners stated that the property was not going to be relet, and that the houses were only left standing to preserve a boundary, and upon this statement the order for demolition was quashed. The Justices were unanimously of opinion that sections 32-35 of the Housing of the Working Classes Act, 1890, did not apply to houses which were and would remain unoccupied. We are not quite sure that they were right here, for the sections seem to contemplate the “health of the public” as well as that of occupiers and their neighbours. On the facts, however, the decision seems to be correct, for although the officer for the district and other witnesses were examined as to certain smells which they said were noticeable, Mr. James F. Field, F.S.I., among other witnesses, was called, and stated that he had examined the property and failed to discover anything that could, be injurious to the community.
MIDLAND COUNTIES TENANT-RIGHT VALUERS’ ASSOCIATION.
HINTON HOUSE.
his own, has fallen upon evil days. Since the foundation of the fund the amount distributed in relief exceeds £20,000, of which about £11,000 has been paid in cases of death and out of employment from the general fund, subscribed by the clerks, and the remainder for illness and special distress from the benevolent fund provided by donations and subscriptions from members of the Stock Exchange. It is now pointed out that, while the number of members of the society has increased from 660 in 1887, to 1,309 in 1898, the amount of donations and annual subscriptions from the members oi the Stock Exchange has remained almost stationary. Consequently grants have had to be curtailed, and a special appeal is being made to members to contribute more freely. We hope the appeal will not be made in vain.
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The great hall of the Cannon-street Hotel once more resounded on Tuesday with the eloquent words of Mr. Bottomley. He spoke for about an hour, and he told the shareholders of the Westralian Market Trust that he could go on speaking for 24 hours. We quite believe him. If there is anything Mr. Bottomley is great at, it is speech-making, and he has such a power of eloquence that he can enthral his audience and keep them from getting bored for hours together. True, his meetings are largely attended by friends—but that is a detail. To return to the Westralian Market Trust meeting, Mr. Bottomley has spoken, and he has assured shareholders that everything is !progressing in a most satisfactory manner. The reports from the mines which the company is interested in are as glowing as ever, the “ tip ” to buy Northern “Terrors” holds good, a dividend is within sight—in fact, but 1for the other directors, who are !more cautious, it would have been announced on Tuesday—and there is to be a new issue of capital. What could be more satisfactory—especially the new issue of capital?
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The directors of the Properties Investment Trust, Limited, are well pleased with the results of the past six months’ working. In their report they state that the subscribed capital on December 31 last amounted to £46,730, and the sum of £105,601 has been expended in the acquisition of freehold and leasehold house and shop properties in or near
stained ■glass windows. A noble flight of carved oak stairs proceeds to a saloon with carved ceiling and panelled walls, bearing the crests and shields of the house of Poulett. There are many morning, drawing and dining rooms, and 63 bedrooms, whilst pictures by old masters, statuary, and tapestry, and sumptuous furniture are dispersed throughout the house.
(Citg ®opirs.
[SPECIALLY CONTRIBUTED.;]
---JO!--
Bank Rate 3i per cent, (changed Jan. 19, 1899).
The “ boom ” in South African mining shares is now in full swing. It has not yet reached the “rubbish,” but it is! !only a question of time before everything which can lay claim to having any connection with South Africa will be marked up in value. The public had therefore better be warned in time. They will shortly be asked to see merits in shares of a number of companies of the “ wild cat ” order —in companies which never have paid, never will pay, and oftentimes are never intended to pay. These companies, however, show remarkable vitality during “ boom ” times. Reefs are discovered on the properties in a surprising manner, and the richness of the “strikes,” which are reported from time to time, is dazzling. Years of inaction give place !to months of extraordinary vitality — on paper — and the shares are “rigged” up by steady stages until the attention of the public is attracted, and they come in and ibuy. When sufficient shares have been sold by those who are working the scheme, the activity at the mine becomes gradually less and the shares relapse to the price at which they started from—perhaps a few pence. There will be many shares which will “ boom ” in this way during the next few months, and much money will be lost by the unwary. To guard against being entrapped, it is a good principle to remember that a low-priced share _ is not necessarily cheap. If this fact is borne in mind it may result in a few enquiries being made when the would-be investor is asked to buy shares which are standing at a few shillings for the £1. And the initial trouble of en-
The annual meeting of the above association was held at the Bell Hotel, Leicester, on Thursday morning. Mr. James Cumberland (president) occupied the chair, and there was a large attendance of members, about 60 in all being present.
In the course of his presidential address, the Chairman alluded to the possibility of Government taking up the question of an amended Agricultural Holdings Bill, remarking that at present they seemed no nearer to it than they were a year ago. There were, in his opinion, several provisions of that Bill which would re- t quire careful handling and careful study by those who thoroughly understood the subject. He thought it would strike all intelligent valuers, for instance, that the clause as to notices was an unnecessary one, and that the sooner it was dropped the better. As to the question of compensation for continuous good farming, too, some of them were of opinion that this would lead to a good deal of discussion, and in many cases would be the cause of preventing valuers coming to terms. Neither did they approve of the appointment of official arbitrators, to be allotted to districts by Government, and paid by Government. These arbitrators would be nothing more than Government officials. Another alteration suggested, which they could not approve, was that a complete survey should be made of the farm and a full report made as to its condition before the tenant gave up possession. That would lead to endless trouble, and agriculturists in these days of depression were not in a position to pay the extra fees which would of course be entailed. In conclusion, Mr. Cumberland said that he believed that the task of valuers in the future would be hedged round with far more difficulties than it had been in the past.
On the proposition of Mr. Horton, seconded by the Chairman, it was unanimously resolved that Mr. David Royce (Oakham) be elected vice-chairman for the ensuing year, and to succeed to the presidency in 1900. Mr. Holloway (Market Harborough) and Mr. W. Pridmore (Coventry) were elected members of the coun-Cll•
The secretary (Mr. W. Burton) submitted the balance sheet for the past year, showing that the financial position of the association was very satisfactory.
Mr. John Royce (Oakham) introduced as a subject for discussion the question of the principle on which an allowance should be made for the application of basic slag. _
An interesting debate followed, in the course of which it was generally agreed that basic slag is a very valuable manure on heavy clay or peaty land, opinions varying somewhat as to its value on light lands. Ultimately it was resolved, on the ■motion of Mr. Marson (Leicester), seconded by Mr. Blastock, that the allowance for basic slag should be full cost after roots, nothing after com crop following roots, half after grass mown; three years’ principle on grass pasture.
The remaining amendments to the Agricultural Holdings Act, 1883, were also discussed.