227
THE ESTATES GAZETTE
February Ü, 1899.
of London Electric Lighting Company, Limited, making, with the dividend of 2¿ per cent, paid, a total of 6 per cent, for the year. For 1897^ the dividend was 10 per cent. The diminution has led to a sharp fall in the company’s shares, hut we should think there must be some exceptional reason for the poor results and would counsel any of our readers who may be shareholders, and who contemplate selling, to wait until after the meeting, when an explanation ־null no doubt be forthcoming.
A “Housebreaker’s” Action.—On Thursday last, Mr. Yerey, Official Referee, tried this action, which was brought by Mr. ;Nathaniel Fortescue, the well-known housebreaker and excavator, of Mare-street, Hackney, against Mr. William Hyam, proprietor of the White Horse public-house, Fetter-lane, City, for £72, the balance of the contract price for pulling down and clearing the site of the old White Horse. Mr. Powell appeared for the plaintiff, and Mr. Morton Smith (instructed by Mr. H. H. Richardson) for the defendant. The principal point in the case was whether basement walls which retained the roadway were included in the description in the specification of “ all walls,” Mr. Fortescue setting up a custom in the trade that retaining walls were never pulled down unless actually specified, and that a provision for shoring the roadway should have been included׳ if these walls had been intended to come down. Considerable evidence ־was given by housebreakers on one side, and surveyors, including Messrs. J. Cubitt, F.R.I.B.A., and G. F. Coiiinson, F.R.I.B.A., 2, Broad-street-buildings, E.C., Mr. T. Woodbridge Biggs, and Mr. Strudwick, on the other, and in the result the Official Referee found against the alleged custom and directed judgment to be entered for the defendant with costs.
Another New Street eor London.—The London County Council have sanctioned the construction of a new street for traffic extending from the north side of Fulham-road to Darlan-road. It enters Fulham-road at a point contiguous to the Convent Schools and within a short distance from Parsons-green station. The land, which has been acquired for building operations, is the side of Arundel House, and besides being one of the few unmolested ancient houses of interest around London, was till recently the residence of the vicar of Fulham. The old place has been razed to the ground, and shortly will be seen in its place a number of shops and residential flats. It may, therefore, be said that “It’s place knoweth it no more.” The venture is that of Messrs. Rogers and Bully, contractors, and the works are proceeding under the direction and supervision of Mr. Arthur Blackford, F.S.I.
^umrnarg iif Cmttents.
BRIC-A-BRAC (p. 228).—Notes and reports on articles of vertu are specially contributed.
CITY TOFIOS (p. 227).—Money matters are here treated by an expert.
COMPENSATION OASES (p. 232).—A Middlesex jury have awarded Mr. W. F. Cave, a builder and contractor, residing at West Hampstead, the sum of £625, compensation in respect of the acquirement of a quantity of land at Willesden-green by the Metropolitan Eailway Co.—The interesting and important case of “ Francis and Co. v. London County Council," in which the well-known cement manufacturers of Vauxhal'l, claimed £40,000, for the acquisition of their wharf in connection with the Vauxhall Bridge improvements, was concluded at the London Sheriff's Court, the jury awarding £24,126, which amount included the value of the lease, loss or damage to business, and fixtures.
FARM AND FIELD (p. 219).—Agricultural topics are discussed by a land agent in this column.
FABM, THE (p. 215).—Mr. H. W. Eaffety, F.S.I., continues his treatise on the care and management of farms.
FORESTRY (p. 215).—Mr. Charles E. Curtis, F.S.I., continues his articles on its science and practice.
FUENITUEE OLD AND NEW (p. 220).
INJUEIOUS AFFECTION BY EAILWAY. COMPANY (p. 219).—An important action against the Great Central Eailway Company is reported.
LAND AND HOUSE PBOPEBTY YEAE BOOK p. 221).—Correspondence endorsing the suggestions of Mr. W. Herbert Daw, F.S.I. (Messrs. Herring, Son and Daw, Ironmonger-lane, E.O.), in regard to the publication of the Year Book, is published.
LEGAL PEOCEEDINGS (p. 216).—The numerous cases reported this week are in respect of a mortgage dispute; tenancy at will; an architect’s claim for fees; landlord and tenant; a question of estoppel; rights of mineral owners on common ,land; and the construction of the Conveyancing Act, 1881.
LEGAL TOPICS (p. 218).—The principal points arising in various cases recently decided are dealt with by “ Barrister.”
LECTUEES ON AGBICULTUEAL HISTOBY AT OAMBrviDE, by Sir Ernest Clarke (p. 233).
LICENSED PEOPEETY NOTES (p. 228).
LONDON WATEE SUPPLY FEOM WALES (p. 221).— We give a resume of an interesting paper upon this question read by Mr. Beginald E. Middleton, F.S.I., MlInst.O.E., before the Sanitary Institute.
MEMS. FEOM THE MART (p. 233).
NOTES BY THE WAY (p. 234).
PERSONAL (p. 230).
PRIVATE TREATY SALES (p. 219).
PROVINCIAL PEOPEETY SALES (p. 230).—Results of auctions in the country find mention.
QUERIES AND REPLIES (p. 229).
BATES AND EATING (p. 229).
ROYAL COMMISSION ON LOCAL TAXATION (p. 214).—The recommendations contained in the reports of the Eoyal Commission appointed to inquire into the subject of local taxation are published under this heading.
SAYINGS AND DOINGS (p. 220).
SURVEYORS' INSTITUTION (p. 233).—The discussion on the paper entitled “ The London Building Act and the Official Supervision of Buildings,” read before the Institution in December by Mr. Wm. Weaver, surveyor to the Kensington Vestry, was resumed for the second time at the ordinary general meeting on Monday evening.
We hope and trust that the policy will be extended to other Eastern enterprises, where such is desirable.
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A “private and confidential” prospectus of the National Unity Assurance Company, Limited, is in circulation. The company has not yet been registered, but if a confiding public will subscribe sufficient to provide the directors with the £20,000 necessary as a deposit, which the Life Assurance Companies’ Acts demand, it will, the prospectus states, be “incorporated under the Companies’ Act, 1862 to 1898.” We really think the directors might have found this comparatively small sum before they bad come forward and asked for £100,000. It would have been such a show of confidence on their part in the company’s prospects. As it is, not a penny seems to have been got together at the time of the issue of the prospectus, and until the public have subscribed the £20,000, and the money has been deposited in accordance with the Act referred to, it can have no existence. We cannot advise investors to -assist in the promotion of this undertaking. At the best it is an experiment, and with competition go keen in insurance matters, is a very risky experiment.
It is not an easy task to find investments yielding a good rate of interest, with the minimum of risk attaching to the security, and we may render a service by calling attention to the Four per cent׳. Debenture Stock of the New London Brewery Company, Limited, which is quoted no higher ■than 101 to 103, and therefore yields nearly the full face value. The company is in a strong position, paying big dividends on its Ordinary capital, and, subject to a loan of £43,000, this Debenture Stock ranks as a first charge. It has nearly 40 years to run, and is redeemable at the expiration of that time at 110 per cent. Other brewery Debenture Stocks, less favourably placed, stand at much higher figures.
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The London County Council is in the market for a loan of £600,000. The sum is to be raised by means of London County Bills, which will be in amounts of £1,000, £5,000 or £10,000, and which will be dated February 18, 1899, and will be payable at six months after date, viz., on August 18. Tenders must be sent to the Bank of England on the 14th instant.
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The accounts of the Bristol Tramways and Carriage Company for the past half-year show that the gross receipts amount to £78,258, and the expenses to £55,806, leaving a balance of £22,452, out of which the directors recommend a ׳dividend on the ordinary shares at the rate of 7 per cent, per annum. It is proposed to issue 25,000 4 per cent- cumulative preference shares, to provide more working capital, in the proportion of one new preference share for every two ordinary shares held.
* ■־•• *
Victorian Government 4 per cent. Debentures, to the amount of £1,500,000, falling due for repayment on July 1, the Government have decided to raise the necessary money by an issue of Three per cent, stock, and are now inviting tenders for such stock through the London and Westminster Bank, Limited, at■ a minimum price of £95 per cent. This is the first time that Victoria has ventured upon a Three per cent. Loan, but from the success which attended the recent issue of New Zealand stock we have no doubt that the loan will prove a success. We are surprised, however, that the privilege was not given those holders of the Four per cents., who are to be paid oif, the opportunity of conversion into the nen stock at a fixed price. It would have been cheaper for the Government and more agreeable to existing holders. As it is, not a word is said in the prospectus of the new loan about them.
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Reference is made above to the success of the New Zealand Government Three per cent. Loan; as a. fact, it was covered more than three times, and the price obtained was very satisfactory. The minimum price was 96, and tenders at £96 8s. only get 37 per cent., those above being allotted in full. One enthusiastic investor put in a tender at £101, thereby disclosing woeful ignorance, for if he was so anxious for the stock he could have bought it in the open market, and at the price of 96¿! This is only another example of the disadvantages of the tender system—from the point cf view of the tenderer.
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The settlement which was concluded in the Stock Exchange yesterday was a very heavy one, and much pressure was put upon certain operators to close their accounts. The dealers do not like the way in which the speculative “ bull ” position has been built up, and are determined that the market shall not come to grief from an overdose of speculation. So they are “freezing out” those who refuse to pay for their stock by refusing to “carry over,” and the process is responsible for much of the oscillation in prices.
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A final dividend of 3¿ per cent, on the Oi'dinary shares has been declared by the City
view, even although Parliament-street will still be much wider after the erection of new Government offices. Yet it is hopeless to expect that any concession will be made to artistic fitness. The scheme that is being carried out will cost about a couple of millions, and we are notoriously far too poor a nation to afford to pay for sentiment. All the same it is a thousand pities.
Lord Llandaff’s Commission is still at its dreary and interminable task of enquiring into the London Water Supply. This week the East London Company has been pointing out that the figures laid before Lord Balfour’s Commission as to the amount of water which will be required in their district in the future are altogether unreliable. It is all very well to estimate that because the population of a given area has increased by 10,000 in a certain time that it will continue to increase at an equal rate. As was shown to the Commission, East London is getting built up, and there is no reason to suppose that its population can increase at a greater rate than 18 per cent., which would require 60 million gallons a day, instead of the 110 millions which the County Council estimated would be required. This is almost as the difference between five and ten, and clearly upsets altogether any calculations based upon the higher figure.
GTitll ®0|rirs
[SPECIALLY CONTRIBUTED.]
Bank Bate 3 per cent (changed Feb. 2,1899),
The Board of Trade officials have lost no time in carrying out some of the suggestions made by Sir Robert■ Giffen at a recent meeting of the Royal Colonial Institution. In the Returns of Trade and Navigation for the past month ■there is included in the exports, the value of new ships (not registered as British), which amounts to £545,190. By reason of the inclusion of this item the increase in exports is brought up to £1,115,830, and statisticians are presented with a new difficulty. All will be well if they take the various items separately, and deal with them on their merits ; but when it comes to the totals, a comparison with the figures of last year is quite out of the question, and the increase of £1,115,830 which the Returns present as the total increase in the exports over January is distinctly misleading. True, the authorities append an explanation that they have included ships in their figures of this year, but ׳even so we cannot see how they can reconcile their procedure by incorporating the actual total in the increase over last year. A. better plan would have been to give the value of the new ships exported separately, and left the statistician and the public to deal with the figures as they chose. If the present system is continued until the end of the year, and the value of new ships is in the same proportion as last- month, we shall be presented with an increase in exports from this item alone of 6¿ millions sterling, though, in reality, the increase may not exceed even the half million.
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Notwithstanding the attempts made in certain quarters to throw discredit upon the Government Guarantee, the TransvaalJEtailway Loan has been a huge success, and deservedly ■so, for the railway itself is sufficient security for the issue. Success has also attended the issue of the Chinese Government Loan, the amount being covered several times over. The latter is a Five per Cent. Gold Loan, and the price of issue was 98 per cent. It has the guarantee of the Chinese Government, besides the support of the British Government. The form of the guarantee and assurance will be gathered from the following extract from the prospectus : “ This Loan has been arranged with the knowledge of Her majesty’s Government, ■and an assurance from the Chinese Government that none of the railways named in the contract for the Loan shall be alienated to any Foreign Power has been officially communicated to H.B.M. Minister in Peking by the Tsung-li-Yamen. Her Majesty’s Government have consented to take note of the same as constituting a binding engagement on ■the part of the Chinese Government.” It is rather a new departure which our Government has taken in this matter, and the great success which has attended the issue may be ascribed to this “ paternal surveillance”—׳as one of our contemporaries expresses it—which it has accorded to ■the Loan, and to the railway upon which it is secured.
THE ESTATE MARKET.
The demand for investments at the Tokenhouse-yard Mart has been maintained and good prices have predominated ; very few lots failed to find a ready market. The most important lot submitted during the week comprised an area of 18,000ft., close by Farringdon-street Station, which, however, failed to reach the reserve of £185,000 placed upon it, a reserve which we consider was too high, for we do not recall au occasion when £10 per foot was obtained for properties in this district. The returns for the week altogether amounted to £218,949, an amount exceeding the corresponding week in last year by over £170,000, but of this amount no less than £163,000 is attributable to Gas Stock. The only important private treaty transaction during the week was that in regard to the Horton Estate, Northamptonshire, 3,300 acres, which realised nearly £90,000.
(Baastoital Jiotes.
There is nothing, as we know, new under the sun■—not even the possibility that it may some day burn itself out. Did not somebody discover only the other day that the very words of the famous “Jingo” music-hall song, “ We don’t want to fight, but, by jingo, if we do,” are to be found in classic Greek ? To think that anything can be new is a mere bit of modern self-sufficiency. But bit by bit all our claims to originality get whittled away. We had all thought, and assuredly Mr. Jesse Oollings had comforted himself with the conviction, that the present generation really had invented the cry of “ Three Acres and a Cow.” But here comes a digger and a delver who shows us that Defoe was the “ only begetter” not merely of the phrase but of the proposal itself. In his “ Journey from London to Land’s End” the author of “Robinson Crusoe ” propounds a scheme to convey refugees from the Palatinate, and to provide each of them with “ three acres of ground,” and rights of pasturage for a few sheep or cows. We are all plagiarists and can only console ourselves with De Mussett’s dictum that “ he who plants cabbages imitates too.”
There is still plenty of correspondence in the newspapers to demonstrate the urgency of relieving the clergy in respect of the rating of tithe. A “ Berk’s Vicar” writes to emphasise the point that, under the present arrangement, the clerical tithe, owner actually pays the rates for the occupiers of the land in titheable parishes, since the value of the tithe is constantly deducted from the rent of the land, the tenant being assessed on the balance. This clergyman complains, further, that his land-tax has been increased thirty-four shillings under the new assessment, yet every landowner in his parish pays less than formerly. “I am told that land-tax in one parish alone has been wiped out to the extent of £70 or £80, and yet the vicar’s is increased.” Hard lines, indeed ; but we may expect these anomalies to continue so long as the clergy are paid upon an antiquated system bound up intimately with feudalism.
If the rulers of this nation were persons of real artistic sensibility, and not particular to a million or two, the new Government offices in Parliament-street would never be built. Now that the site has been cleared the view that has been opened up is such as Londoners can hardly have dreamed of. The New Palace of Westminster and the Abbey are displayed as a bold and splendid background to the scene, and it is impossible not to feel that a grave artistic mistake will be made by blocking out this notable