February 25, 1899.
THE ESTATES GAZETTE
322
visable to spend any more money on the property.” Accordingly, he has! abandoned the leases, and proposes selling the remaining assets of the company and winding it up. The company first saw the light of day in 1895, when the shares were dealt in on the Stock Exchange at considerably over par. The purchase consideration was £65,000, payable £10,000 in cash and
£55,000 in fully-paid shares׳.
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The report of the Law Life Assurance Society shows that 446 new life policies׳, assuring £657,944, or, deducting re-assurances, £524,269, had ׳been effected during the year. The total net premium income was £262,049, the net renewal income showing an increase for the 7th year in succession. The expenses of management (including commission) were £11 9s. 6d. per cent, of the total net premium income. The total claims׳ by death amounted to £408,768, being about £23,000 more than the expected amount. The claims, however, during the preceding three years, being the first three years of the current quinquennium, were about £187,000 less than the expected׳ amount. The total funds at the end of the year amounted to £4,968,264, showing an increase during the year of £49,975.
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Tenders for the issue of £200,000 West Ham Corporation Three per cent. Stock (second issue) were opened on Wednesday at the head ofiice of the London and County Banking Company, Limited, and amounted to £294,470. Applicants who tendered at and above £102 Os. 6d. receive allotment in full. Those at £102 (the minimum price) will receive about 23 per cent, of the amount applied for by them. The average price obtained was £102 2s9 .׳d.
TRESPASS.—In tho oa.se rut bv “ W. B. S. ” as it is stated that A is liable for the state of tbp fenc<\ Ido not s^e how he eantaVeany prooeedinps against B. B's rempdy against him would bo by injunction, and action f^r damaga°, if B is injured by the improper state of the fence.—Barrister.	[70O]
Drawing A L^ASE. In answer to “Estate Agent” I think that to do what, is proposed would he for the agent, t<־> act as a solicitor, and would th־jref־׳>re he illegal. I do not consider that the fact of no change being made, except for the stamp, wonld alter th’s.— Barrister.	[7013
Commission.—The ease put bv “G. O. B.” is one on which I think it would be well for him to place all the facts and correspondence before counsel in the usual wav. Subject to this, I am of opinion on the brief statement before me, that Q! A is entitled to deduct his commission from the deposit, and (2) that his principal cannot, now repudiate A’s authority to sign the contract.—Barrister.	[704]
DRAWING will.—In answer to “,Regular Subscriber,” it would be clearV illegal for A to act in the manner suggested.—Barrister.	[7oB1
Notice to Quit-The landlord could not eject in the County Court under the circumstances mentioned by “Possession.” A distress is a waiver of the notioe to quit 8nd the term continues —Barrister.	[702]
Garden Land in Brixton.—At the Sheriff’s Court, Holborn, yesterday (Friday), Mr. Bur-chell, the Under-Sheriff, and a jury determined the compensation payable to Mr. W. C. Edmonds for half an acre of garden land in the rear of Hambly House, No. 46, Acre-lane, Brixton, acquired under compulsory powers by the London School Board. The experts giving evidence for the claimant were: Mr. James Duncan, E.S.I. (Messrs. Duncan and Kimp-ton); Mr. Edwin Eox, F.S.I. (Messrs. Edwin Fox and Bousfield); and Mr. I’Anson Breach, F.S.I. (Messrs. Farebrother, Ellis and Co.); and for the Board, Mr. Douglas Young, F.S.I. ; Mr. J. R. Cooper, F.S.I. (Messrs. Yentom, Bull and Cooper); and Mr. David Burnett, F.S.I. The jury awarded £965. Our Teport is unavoidably held over.
The Farmers’ Year Book.—We have received from Messrs. Sutton and Sons a copy of their Farmers’ Year Book for 1899. The explanatory notes relating to the pedigree roots are simply and lucidly written, and should prove helpful to all interested in agriculture. An interesting feature of the publication is that part which relates to grasses for permanent and temporary pastures, which are described and illustrated at great length. An innovation in the present issue of the Farmers’ Year Book is an excellent calendar with monthly notes suitable for country requirements. A copy of the work may be obtained on application to the publishers at Reading.
of our contemporary as to the value of money entering into the question of the repayment of these loans is, therefore, scarcely sound.
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If we cavil at the remarks of the “ Financial News” regarding its arguments on municipal finance, we must acknowledge we owe it a debt of gratitude for the enjoyment which it has brought us from reading the subjoined in its advertisement columns. “ To Speculators.— Will any benevolent Stock Exchange gentleman who has made thousands out of the rise in South African shares buy an annuity of £200 a year for a city clerk (40), who !has had a hardworking life, and now wants to spend the rest of his days in quietness? Unexceptionable references given to any bona fide inquirer who is willing to do this act of real charity. Buyer will have advertiser’s prayers for the rest of his life, so that the investment will be a good one. —Apply, in the first instance, to Tired, ‘Financial News’ Office, E.O.” The writer of this column is open to receive equal attention at the hands of any kindly disposed speculator.
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The subjoined is from the report cf the directors of the Artizans, Labourers and General Dwellings Company, Limited, to be presented at the meeting on Wednesday, March 8;—“The directors recommend that a dividend at the rate of 5 per cent, per annum, free of income tax, be paid on the Ordinary capital for the second six months of 1898, making a dividend of 5 per cent., free of income tax, for the year. This will require £35,572 18s. 4d., leaving £2,502 11s., of which it is recommended that £2,000 be added to the revenue reserve, and the balance, £502 11s., be carried forward to the account of 1899.” Thus it will be seen that it is possible to combine nhilanthropy with sound business principles. The pity is that there are not a few more of such companies, and then we should hear less about the difficulty of finding living room.
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The London County Council having acquired the undertaking of the London! Tramways Company, Limited, the latter is now being liquidated. On March 14 the whole of the Preference capital will be paid off, together with the dividend on the shares, which became due on December 31. On the same date the liquidators will also pay to the Ordinary shareholders the sum of £6 per share on account of the £10 per share paid up. Due notice will be given׳ of further payments.
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The board of directors of the Val de Travers Asphalte Paving Company, Limited, have decided to recommend to the proprietors at their forthcoming annual meeting a further dividend of 13s. per share, making, with that paid in; September last, 18s. per share, or 9 per cent, for the year 1898, together with a bonus of 2s. per share, free of income tax, carrying forward £5,052 19s. lOd. These results are very satisfactory, and the shares of the company have accordingly risen, closing at about £18 for the £10.
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It seems that the directors of the Millwall Dock Company are soliciting proxies in their favour for use at the forthcoming meeting. After the recent sensational disclosures, this is a pretty cool proceeding on their part, and we think the shareholders would be well advised in refusing to sign! any such documents. Those who have already done so had better cancel them by appearing in person at the meeting. Whatever the missing managing director has done, and however much he has deceived his codirectors, it is impossible to exonerate the latter from gross negligence. Of what is the use of directors if they allow themselves to be made nuppets of by one of their number? And evidently this is what they have allowed, or there could have been no such scandal as just disclosed. To allow them to retain their seats on the board would, therefore, be to court further disaster.
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Another mining fiasco. The liquidator of the Mount Kowe Consolidated Mining Company, Limited, who was appointed some time back with a view to effecting the re-construction of the company, now announces׳ that he has received advices from the mine “that it is not ad-
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freehold residence distinguished as Besthorpe, 67, Priory-road, West Hampstead, let upon repairing lease at £120 a year, for £2,110. Among the properties offered by Mr. A. Roger Rowden (Messrs. May and Rowden) was a freehold shop at present let at £90 a year, but after June next rising to £95. This realised £1,690. Small leasehold investments were successfully dealt with by Mr. A. J. Sheffield and Messrs. Dolman and Pearce; a freehold shop and dwelling house, No. 6, Vere-street, Strand, in the line of the projected new road from Holborn to the Strand, and let at rentals amounting to £100 a year, beiDg disposed of by the latter for £825. Reversions and life interests w׳ere sold by Messrs. Slade and Butler for a total of £2,100.
Onlooker.
dity ®opirs.
[SPECIALLY CONTEIBUTE-D.]
Bank Rate 3 per cent (! hanged Feb. 2,18D9).
South African shares continue to attract a large amount׳ of attention, and a few hints as to what is- likely to rise may be appreciated. First of all, however, we must congratulate ourselves upon the correctness of our “tip” to buy Modderfontein. These were about £8 when we first recommended a purchase ; they have since touched £12, but are now back a little. The “Sunday Special,” in referring to these shares, says that “ the Tan■ Ryn reef is being traced all through the property, it being three to four feet wide, and assaying 23dwt. to the ton.” Now for our other recommendations. We think Oceana will prove a good purchase ; also Yan Ryn and Yogelstrius Consolidated Deep. The latter company has hitherto suffered from a lack of funds, but now there seems a chance of all the required money being raised, and important developments׳ may be looked for in the near future. What work has been done discloses some very rich ore, and the reefs appear to be of more than average width. The shares are £1 fully paid, and can be obtained at l¿. Of course, a purchase must be regarded in the light of a speculation, but then this applies to all mine shares'.
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The shares of J. Lyons and Co., Limited, have been extensively bought during the week, and the price for the £1 is now £8. It seems a stiff figure, but we believe that prospects justify an even !higher price. The business of the company is forging ahead at a very rapid rate, and when the establishment in Throgmorton-street is ready, and the arrangements at the Crystal Palace, and for supplying the neighbourhood of the Crystal Palace are completed, Lyons’ shares should be well up to £10. Another share likely to i mprove further is that of Salmon and Gluck-stein. We may also refer to the Preference Shares of the Baku Petroleum Company as a good speculative lock-up. And while giving “tips,” we would again draw attention to the Four per cent. Debenture Stock of the New London Brewery, ciuoted about 102. The company’s report has just been issued. It recommends a dividend of 12^ per cent, on the ordinary capital, with substantial sums to reserves. With such a large and profitable business going forward, it is extraordinary that this Debenture Stock ■should be quoted so low.
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The ״ Financial News” calls attention to the growing practice of British municipalities in ■seeking to borrow of private persons on terms which it regards as one-sided. But is our contemporary justified in its condemnation 2 It appears that most of the loans which it is sought to raise are repayable at six months’ notice. Thereupon the “Financial News” remarks, “ What is the investing public asked to do? To lend sums of money to these municipalities at 2¿ or 3 per cent., subject in the majority of cases to six months’ notice. If money should become very cheap these corporations would at once give the notice of repayment, and the deluded lender might find himself with ■the money on his hands or get an offer from his banker of 5 per cent, per annum for it. The bargain is like Bridgnorth election, as they say in Shropshire—a! on one side.” Now, in !the first place, we think it will be found that the six months' option applies to either party, and the lender may call in his loan at an equally awkward moment as the corporation. Again, would the current value of money be likely to influence the corporation? For, however easy money might be when the corporation decided to pay off its loan, the very reverse might be the case by the time the six months expired. Indeed, we venture to say, that to forecast the Money Market nowadays for six months ahead is a matter of impossibility, and any corporation or other body or person who attempted to do so would assuredly come to grief. The argument
Thursday.
The principal feature this Bournemouth afternoon was the offer by Sir Rent" J• Whittaker Ellis (Messrs.
Farebrother, Ellis and Co.) of freehold ground rents amounting to £1,804 per annum, secured upon residences, shops and Btabling, situate at Boscombe, which forms part of the favourite health resort of Bournemouth. The auctioneer reminded his company of the vast difference in the value of property at the present when compared with the prices realised in years gone by. “ I can look back,” said Sir Whittaker, “ some 55 years—it is quite 50 years since I first occupied a rostrum at this Mart, and a great improvement has taken place. Prices of properties in the City and elsewhere have quite changed. The value of money has altered, and the difficulty of the present day is not to find the money, but to find a means of investing it. That is the problem which I am endeavouring to solve, by making you these offers. I can only hope that your idea of the value will be identical with ours.” But it was very soon discovered that the opinion of those present as to value did not exactly coincide with that of the vendors. There were 16 lots, but only five were sold. First of all came the rents amounting to £63 17s. 6d., secured upon six shops and dwelling houses in Christchurch-road, with reversion in 69 years to the rack rents estimated at £950 per annum. The bidding for these reached £2,800, which is just under 45 years’ purchase, but it eventually transpired that the lot had not been sold. Those disposed of included the rents amounting to £234 8s. Id., arising out of a block of shops and dwelling houses in the same thoroughfare. Here, also, the reversion to the rack rentals, which amount to £2,500, is in 69 years. The price realised was £9,425. Sir Whittaker, however, sold a freehold ground rent of £25, secured upon property at Clapbam, reversion in 49 years, at 31f years’ purchase. He also found a purchaser for a freehold building site, situate at the junction of Wharncliff and Christchurch-roads, Boscombe, with a frontage of 386ft. and a total area of one acre, at £7,000.
The supply of brick and Shop mortar investments of the roper y. uguaj character was again good, sales being conducted by Mr. Edward Stimson (Messrs. Stimson and Sons), Mr. G־. F. Edwards (Messrs. Newbon, Edwards and Shephard) and Mr. Alfred Moore (Messrs. C. 0. and T. Moore). Three long-leasehold shops in Topsfield-parade, Crouch-end, producing a net profit rental of £280 per annum, were sold by Mr. Slater (Messrs. Edward Chesterton and Sons) for £4,750, whilst two freehold shops in Fulham-road, both let on repairing lease and together producing £175 a year, were disposed of at the same auction for £3,620. Mr. Slater also sold a freehold ground rent of £13 6s., secured upon five houses in Battenberg-road, Kew-gardens, rack rents £134, reversion in 94 years, for £360. Mr. Mark Liell (Messrs. Mark Liell and Son), Mr. H. S. Woodcock, of Wandsworth-road, and Messrs. Jones, Son and Day were also responsible for 8 large number of transactions. A long-leasehold property in Tudor-road, Upton-park, changed hands at the instance of Messrs. Alder and Co.
Houses
in
Brondesbury
Friday.
A few properties, comprising a portion of the estate of the late Alderman Halse, were submitted to-day by Mr. Frederick Hobson (Messrs. Hobson, Richards and Co.). A shop with residence in the Fulham-road, let on repairing lease at £185 a year, and held on lease for an unexpired term of 75 years at a ground rent of £20, thus leaving a net annual rental of £165, was sold for £3,380, whilst a corner shop and residence in Shepherd's-bush-road, West Kensington-park, leasehold, for 77 years unexpired, net annual rental £111, realised £1,800. The unsold lots included a row of villa residences, known as Brondesbury-villas, close to Kil-
burn station, all held on underlease for a term of which 66 years are unexpired, and the majority producing a net rental of £44 10s. For these investments there were no buyers, many of the lots having to be passed without a single offer. Mr. Hobson sold a