701
THE ESTATES GAZETTE
April 29, 1899.
the “heavy” shares have been largely bought. These include Lake View Consols, Golden Horseshoe, Ivanhoe, the Kalgurli group, and Great Boulders, which have all been exceedingly popular, and :have all gone up in price. At the carry-over on Monday some extraordinary contangoes were paid for the privilege of continuing shares over to another account, and the market has apparently got rather inflated. It would be risky now to buy the shares mentioned unless they could be paid for, for to have to carry them over at rates varying from 10 to 20 per cent, would be ruinous were it repeated over two or three settlements. There are, however, several classes of shares׳ that may be picked up, because they have not yet entered the boom. The entire Westralian Market, however, must just now be considered of a purely speculative character.
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The issue of Egyptian Government Irrigation 4 per cent. Trust Certificates was a great success. Only £430,000, in 4,300 certificates of £100 each, were offered for subscription, out of a total authorised issue of £2,714,700, the price being put at 101. Now a 4 per cent. Guaranteed Stock in these days is a thing not to be despised, and it was no wonder that the market fairly went for these certificates. The list was opened on Tuesday morning and was closed soon after 11 o’clock owing to the enormous number of applications received. Altogether about 11;!: millions sterling was applied for, thus covering the issue about 25 times over. In the Stock Exchange the certificates were quoted at a premium of 4 to 5 per cent., the market being necessarily limited owing to the small amount of stock that could be dealt in. The reason of this is that the Government agreed to pay the contractors only for work done and materials supplied as the works progress. Future issues will therefore be made as necessity arises. But nobody expects the next issue to be placed as low a® 101.
* * *
It is to Rhodesia that we think investors should turn their eyes. Here there is plenty of scope for enterprise and the employment of capital. Already some sixty odd companies are working, prospecting, exploring and mining; crushing returns are published every month, and two undertakings, the Bonsor and the Geelong, have declared dividends. For those who have the courage to go in now and buy—discriminatingly and prudently—•there are large profits waiting, for it is a moral certainty that once the public takes the fit into its head it will go for Rhodesian shares far more wildly than it ever did for the Witswatersrand group. A great future awaits Rhodesia; it is in English territory—a great point in its favour. Englishmen there are not Outlanders—or outlaws, the terms in the Transvaal are almost synonymous—they are on their own soil, under their own Government, and there are no disabilities similar to those so patiently borne by the miners of .Johannesburg. Then, another exceedingly favourable point is the railway that is going to be built, and that will extend from the Cape to Cairo. People are pretty familiar with the scheme by now. What it means to Rhodesia we can hardly grasp yet. That it ־»ill be made is without doubt, for in spite of Government supineness, Mr. Rhodes has practically got the money. The opening out׳ of Central Africa in this manner will form the beginning of an era in the history of the world’s civilisation.
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An extraordinary general meeting of !the British South Africa (Chartered) Company will be held on May 2, to enable the Right Hon. O.
J. Rhodes to meet the shareholders before his return to South Africa, and to lay before them his views as to the future policy and prospects of the company with regard to railway matters. This meeting, it is hardly necessary to say, is being looked forward to with much interest. Mr. Rhodes is still one of the most balked of men to-day. Chartered Shares have been unusually active lately, and have actually been bought at 4¿, a price that has not been reached for a very long time past.
A Good Investment.—The real estimation in which ground1 rents are held as a choice form of investment is proved week after week by the steady appreciation in value which they reveal. In fact, it is just now difficult to satisfactorily estimate the value of a really firsticlass security of this kind. There is to be offered to auction at the London Mart, on Thursday, May 11, by Messrs. H. .1. Bliss and Son, a freehold ground rent of £91 10s., secured on the valuable freehold property known as the Edinburgh Castle, Stepney, and the Assembly Hall and premises at the rear, in !the occupation of Dr. Bamardo, and forming part of the well-known home for destitute boys, together with nineteen dwelling houses adjoining. The whole of this block of property is let on a full repairing lease of sixty years from September 29, 1849, and the reversion to the rack rentals, which are estimated at over £1,000 per annum, will, therefore, occur in ten years. It may be mentioned that £7,000 has quite recently been spent by Dr. Barnado on the Institute buildings.
Citjj Шорт.
[SPECIALLY CONTRIBUTED.]
Bank Rate 3 per cent, (changed Feb. 2,1899)
Money during the week has been in fair abundance. This means that it could be easily borrowed for a day at 1 to Ц per cent., for a week at l¿ per cent., and to the middle of next month at If. The last-mentioned is the rate now obtained by the India Council for its loans This apparent ease in the Money Market seems to many prudent people to have come about too suddenly to last. Only a short while back brokers were going to the Bank of England for financial accommodation, ׳and now, or at least until the last day or two, money appeared to be to use a City phrase, “ all over the place.” People are now coming to the conclusion that the monetary ease is not so great as it looks. Probably they are right. The recent issues of the Egyptian Irrigation Loan and the Mashona-land Railway, combined with a heavy call on the late New Zealand Loan, locked up ׳temporarily at least a million and a half of capital, and although some of this׳ was let out the same day and the day after, the market unmistake■ ably felt the pinch, and rates were almost auto matically forced up. There is then, so far as can be judged, only a small margin between ease and stringency, and any day may see a tightening up of rates. Discount has׳ been steady all along, and although three months rate at one time went a fraction under 2 per cent., it is now 2 3-16 per cent., if not, indeed, 2A point in favour of cheap money is the fact that the Continental demand for gold remains “ off,” and that small quantities of the precious metal are daily going into the Bank.
* * *
One of the chief features of the week has been a sudden jump upwards in the price of silver. For weeks past this metal has stood at about 27^d. the ounce, rising occasionally to 27^d., and ■then dropping back again. On Tuesday last a strong demand set in towards the evening, and the price rose to 27 ll-16d., and the next day the “fixed” quotation was 28d. As it turned out, the advance was purely speculative, on some idea that the newly-formed smelters’ combination in America was going to “ corner ” the market. The idea was rather absurd, for one might almost as׳ well try to corner wheat as silver, but this market seems to be growing as sensitive as the Stock Exchange in these de generate days, and it only needed the holding back of supplies to ■at once force up the price. Whether it will be maintained is another question altogether. As a direct sequence to the appreciation of metal, came a prompt rally in what are known! as “silver” securities. Among these Mexican Government Internal Bonds, the various issues of the Mexican (Yera Cruz) Railway, and the Central, National and Inter-oceanic, as well as the stocks of the Denver and Rio Grande Railway, were all quoted one or two points higher, and a generally active business was done in them. How long it is all going to last it is impossible to say. It is a dangerous position altogether.
* * *
Next to silver, copper. The copper boom continues gaily, and hardly a day passes without an advance upon the previous day’s quotations. The latest story is that a group of financiers, including Mr. J. P. Morgan and the Rothschilds, have formed a combination to buy up nearly every copper mine of importance in the world and to float a big company with a capital of something like four hundred million dollars. The tale looks very fine, on paper, but it is not true. The whole movement is a gamble pure and simple. As we have said before, there is at the present- time a greater demand for copper for industrial uses than the mines are able to supply, but this will not always be the case, and as soon as .the supply overtakes ׳the demand the values of copper and copper producing companies will find their level most likely a much lower one than at present.
* * *
During the week the Stock Markets have, with one or two exceptions, pursued a fairly level course. Consols and other high-class securities have fluctuated fractionally with the value of money, while the various railway markets, together with Foreign Government Bonds, have been one day steady and another dull. Public interest in the markets is for the moment suspended, and although general business can hardly be said to stagnate, it is in distinct and well-defined places that most activity is shown. The large firms of stockbrokers are doing—as they always do, even in times of stagnation—a more or less flourishing business, for there must always be a steady demand for, or sales of, stocks by trustees, capitalists and other people who constantly have money for disposal. But the rush that was expected after the Easter holidays by the general speculating public is ׳still being looked for, and to all appearance remains yet in the future.
* ' * *
As we have said, however, there are exceptions. The !Vest Australian Mining Market is one. In this section there has been all the constituents of a boom. What- are known as
of decorations, and untold millions spent in entertainments. £4 to £10 per square foot, or half a million per acre, was paid, and the value of leasehold houses of £40 to£90 ׳ a year had gone up to £5,000 to £80,000. The Duke of Westminster owned the greater portion of Oxford-street up to •the Thames at Yauxhall. The Grosvenor Estate, although most wealthy, had not nearly so great an income as reputed, great alterations taking place by re-building and other premises being pulled down, whilst great liberality had been shown by giving wide areas for the widening of the streets. Mr. Warner dealt exhaustively with the tenures existing on the various estates, and drew attention to the enormous difference in the status of the denizens of these fashionable quarters, “ where now the almighty dollar reigns supreme.” He concluded by expressing a hope that the old English families and aristocracy might be enabled to restore the old regime, and continue to cast their shadows over the office doors of estate agents. (Loud applause).
Mr. Walter Simms proposed a hearty vote of thanks to Mr. Warner, which was seconded by Mr. James Boyton, and carried.
The President gave the toafft of the Visitors, and _ Mr. Newman replied. Thanks to the Chairman concluded the proceedings׳.
Compensation Case. — On Tuesday, at Westminster Guildhall, before Mr. H. Trout-beck, the High Bailiff, and a special jury, the case of the “Lion Brewery Company v. H.M Treasury” came on for hearing. This was i compensation claim of £2,700 for the Lion Brewery Company’s interest in the Rising Sun public-house, Gardener’s-lane, Westminster, acquired by the Treasury for the Westminster improvements. On behalf of the claimant! Mr. G. M. Freeman, Q.O., Mr. Lowe, and Mr. H. St. G. Peacock appeared ; the Solicitor-General (Sir R. Finlay, Q.O., M.P.) and Mr. Danckweits represented the Crown. After the jury had viewed the property, and on their return, counsel announced that a settlement had! been arrived at, and the parities׳ n agreed to a verdict to be given for £1,250. Judgment, was accordingly entered for that amount. The experts retained for the claim ant included Mr. John Marks (Messrs. Orgill, Marks, and Orgill), and Mr. Janies Haxell, of 46, Bloonffibury-square, hotel and public-house valuer; whilst for the Treasury Mr. Wm. Edgar Home, F.S.I. (Messrs. Horne, Son, and Co., 85, Gresham-street, and Great George-street); and Mr. Wm. Rolfe, hotel valuer, 102, Great Russell-street; and Mr. J. H. Townsend Green, P.A.S.I. (Messrs. W eaitherall and Green, 22, Chancery-lane), were present.
^mnntarg of Contents.
BRIC-A-BRAO (p. 718).
BRISTOL (p. 700).—A paper dealing with the principal features of Bristol was read by Mr. W. Sturge at the meeting of the Surveyors’ Institution on Wednesday.
CITY TOPICS (p. 701).
COMPENSATION CASE (p. 717).—The arbitration proceedings in respect of the acquirement of a brickfield near Chatham by the Chatham, Gillingham and Rochester Water Co. were resumed at the Surveyors’ Institution on Wednesday and Thursday of last week.
ESTATE BUILDINGS (p. 656).—A further excerpt from the new edition of “ Land Agency ” is given
FARM AND FIELD (p. 699).
FORESTRY (p. 717).
FURNITURE OLD AND NEW (p. 700).—Thomas Chippendale.
IMPORTANT FURNITURE SALE (p. 696).-An interesting sale of antique furniture and other effects was conducted by Messrs. Eiloart and Co., of Folkestone, at the Old) Manor House, Hythe, last week.
INSTITUTION OF ESTATE AND HOUSE AGENTS (p. 701).—At the social meeting on Wednesday evening, Mr. W. H. Warner read an interesting paper on the “West End.”
IRISH LAND AGENTS’ COMMITTEE (p. 697).—The annual meeting and dinner of the Irish Land Agents’ Committee of the Surveyors’ Institution were held in Dublin on the 20th instant.
LEGAL PROCEEDINGS (p. 710).
LEGAL TOPICS (p. 694).
LICENSED PROPERTY NOTES (p. 695).
LONDON BUILDING ACT (p. 697).—Tribunal of Appeal.
LONDON IMPROVEMENTS (p. 710).—The Select Committee appointed to consider the Bill containing the proposal of the London County Council in regard to the construction of a new wide thoroughfare from Southampton-row to the Strand, began their enquiry on Fridas־׳ of last week. The evidence already given by expert witnesses is reported.
MARKETS (p. 719).
MEMS. FROM THE MART (p. 715).
NOTES BY THE WAY (p. 713).
OBITUARY (p. 716).
PRIVATE TREATY SALES (p. 716).
PROPERTIES IN THE MARKET (p. 700).
PROVINCIAL PROPERTY SALES (p. 714).
RAILWAYS AND THE FARMERS (p. 696).—A paper on this subject, by Mr. W. M. Acworth, was read at the Bristol meeting of the Surveyors’ Institution.
RATES AND RATING (p. 717).
SAYINGS AND DOINGS (p. 702).
SMALL HOUSES BILL (p. 697).—A paper dealing with the proposals to enable working men to purchase their dwellings was read by Mr. Howard Martin, at the Bristol meeting of the Surveyors’ Institution.
SURVEYORS’ INSTITUTION (p. 698).—The second provincial meeting in connection with the Surveyors’ Institution was held at Bristol this week. The proceedings, which were entirely successful, are fully dealt with in a special report.
INSTITUTE OF ESTATE AND HOUSE AGENTS.
PAPER ON THE “WEST END AND MAYFAIR.”
Another of -the series of delightful social gatherings which have made this Institute so well known was held on Wednesday evening, at the Hotel de Florence, Rupert-street, W., and was attended with great success. The large attendance, presided over by Mr. W. Bennett Rogers, F.S.I., the President, and the interesting paper read by Mr. W. H. Warner, F.S.I. (Messrs. Lofts and Warner), on the “ West-end and Mayfair,” after an excellent repast, combined to make the evening a very enjoyable one in -every respect.
Among those present were Mr. Walter Simms and Mr. G. Huntly Read (J. R. Kemp and Co.) ; Mr. Geo. F. Hampton and Mr. W. Rdland Peck (Hampton and Sons) ; Mr. Allen Drew (Debenham, Tewson and Co.) ; Mr. F. R. Love-grove (Taylor, Lovegrove and Co.); Mr. J. Bagshaw Mann (Robt. W. Mann and Co.); M!r. George W. Dixon (G. AY. Dixon and Co.) ; Mr. James Boyton (Elliott, Son and Boyton) ; Mr. G. W. Potter and Mr. Potter., junr. ; Mr. Frank Swain ;׳ Mr. Ernest Pennington ; Mr. Edward Chesterton and Mr. Cecil Chesterton (Chesterton and Sons) ; Mr. Frank Cowtan and Mr. M. D. Cowtan׳ (Cowtan and Sons) ; Mr. W. C. Warner ; Mr. Percy W. Rogers and Mr. H. M. Rogers (Rogers, Chapman and Thomas) ; Mr. David B. Bryett; Mr. W. Augustus Pooie (Poole, Macgillioray and Co.); Mr. H. D. Bott; Mr. Richd. Squire (Geo. Gouldsmith and Co.) ; Mr. H. Outhbert Y/illiams (Ellis Morris and Co.); Mr. Newman : Mr. C. S. Smith ; Mr. Wiggington; and the secretary, Mr. Walter J. Taylor.
Several visitors were also present.
After the loyal toasts had been honoured, the President proposed the Army, Navy and Reserve Forces׳, coupling with ■the toast the name of Colonel' G. W. Dixon, whom they were pleased to welcome safe from the Stella disaster.
Colonel Dixon, in acknowledging the toast, feelingly described his experience ■on the night of the wreck, and stated that he had received many kind letters of sympathy and congratulations from house and estate ׳agents.
Mr. W. H. Warner, F.S.I., in the course of his paper, said the district afforded much interesting matter from the social as well as the historical point of view. In the 17th century very little existed of the West-end as it now appears׳, except agricultural farms, with here and there a nobleman’s residence. Now it extended from Oxford-street on the north, Regent-street on the east, Piccadilly on the south, and Berkeley-square on the west ; within ■that district were to be found the most fashionable squares in London, and the presence of the nobility had had an extraordinary effect on the value of land and bricks and mortar in this area. The name of Mayfair arose from Brookfield Market-place, near Hyde Park, being used as the site of a fair. After the Great Fire of London in 1666, migration took place westward, and in the early part of the 18th century considerable building operations took place in May-fair. In 1808 one Shepherd, a builder, obtained a site for a market in Curzon-street, since known as Shepherd’s Market, and duck hunting was particularly favoured by butchers in a pond opposite a wooden public-house in the vicinity. In 1871 there was a turnpike at Hyde Park Corner. Hyde Park could be traced back to the Conquest. Charles׳ I. earned great popularity by opening Hyde Park as pleasure grounds for the public, but in 1635 it was׳ closed on Sundays and ■holy days. History related that in 1652 the park was sold in three lots for £16,000. It became the resort of wits and beaux, and obtained great notoriety owing to the duels fought there. Oliver Cromwell came a “cropper” while driving six horses in the park, and his downfall was accentuated by the explosion of a pistol in his pocket.
Mr. Warner passed in review historical and social incidents connected with the principal streets, areas and various noted churches׳ and chapels, and went on to speak of Burlington and Clarendon Houses, and other noble mansions in Piccadilly ; also of Berkeley-square and Grosvenor-square, giving details of their cost and value. From the evidence of architectural style about many of the old houses, it appeared that the Early Georgian period was a prolific time for its development, but these had been replaced by modem houses, and lovers of the picturesque could not but lament the removal of these fine old pieces of architecture. There had been great variations in value during the last two centuries, and an extraordinary appreciation of values during the last century ; in fact, these had more than quadrupled in the period referred to. As the West-end became the fixed centre of fashion, houses in the side streets let at £50 had subsequently realised £200 to £300 a year, and no greater example of the influence of fashion could be found than in rental values. On numerous noble mansions many millions had been lavished in the shape