I The Day's Gossip. I Leader Office, Wcdnesdmjt. Prafeisor Arnold, of Bangor, had some straight things to say on the matter of the currency, at the Metal Exchange on Tuesday afternoon, and so has the Cun- liffe Committee, which has been consider- ing the currency problems. In their final report they consider that the foreign exchanges can only be restored by a deflation of the t fcwollen credit system of the country and I by the re-establishment as soon as possible of a froe market for gold in Lon- don, and they point out thait the nominal convertibility of the Treasury note into gold is of little or no value for purposes or international finance, for it is main- tained by prohibiting the export of gold. I (ioverniiieret borrowing must cease, and in I particuJar the system of borowing by overdrafts on the Bank of England, main- tained foi an indefinite period. So much for what the Government can do to re- store our financia-, position. The task I assigned to the general public is the in- crease, of production and a dra<ic re- straint on pereorthl expenditure. "Science as She is Spoke." I The following bit of scientific lucidity has been culled by a correspondent from a report of discussions by members of the Royal Astronomical Society on the theory of relativity. We offer no prizes for an interpretation The members were in- formed, amongst other things, that- So far as there was any distinction between space and time in external nature, it was simply that particles of matter were one-dimensial tracks in a iour-dimension continuum, and the ex- tended dimension was time, the proper time for the particle. The Constable of the Tower. I xx, seems passing strange that The' Yeomen of the Guard should be per- formed at Swansea this week by a com- pany of brilliant amateurs when "the very scene in which the chief incidents in the comic opera. are set is brought into prominence by reason of the death of Sir Evelyn Wood, which has ren- dered vacant one of the most romantic ap- pointments in the gift of the Crown,- that of the Constables-hip of the Tower. It is, of course, a purely decorative post, gating from the days when that ancient stronghold was a residence of the Kings of England, and magnificent is hardly the word for the uniform. The appoint- ment has always been held by distin- guished soldiers, and I am told that rumour has it that'Lord Haig is to suc- ceed Sir Evelyn. Fisher and Baruch. I Lord Fisher's writings hare revived the J discussion that received great promin- ence some time ago when Sir Arthur Quiller-Couch advised young writers to go to the Bible for their English. One man (says the 'Evening News") has declared Lord Fisher's works to be the most English piece of writing since The Pilgrim's Progress.' In a letter to the I -Times" on Friday, Lord Fisher quoted Baruch, a friend of Jeremiah, as if old Baruch was the chap living next door," as'one well-known writing man expressed it. I suppose," said one inquisitive gentleman of the trade of words to Lord Fiher. "youre no better than the rest of us~~J°u have to verify your quota- tions?" Verify!" exclaimed the Ad- miral in his ringing vouilg voice. L ';>rify? IV-h y P Well, old Baruch, What. about him?" "I hadn't to look up Baruch. He said wliit: tie'liad to sav six hundred years before the Christian ) era. That's given us time to learn it off hy heart, hasn't it?" j R.L.S. Discoveries. I ews of the discovery of some addi- [I tional passages of Woir of Hermiston may raise the hopes of Stevensonians ac. tsays a correspondent in the "Morning! l'Orlt "),% to the possibility of there yet I coming to light some fragments of the I many novels and stories R. L. S. planned I but never wrote. There was, for instance, Sophia Scarlett." a South Sea yarn, which he set aside to write Weir," and I vthe entirely-planned love story—every- one will think it dreadfully improper, I'm airai(I-calle(i Canc)lllnili.' also in- other love story, not improper, called "The Rising Sun." But, if choice were given, the MS. most would wish to recover I would be that of Jerry Abershaw: A | Tale of Putney Heath." terry* Aber- I shaw '—oh. what a title," he wrote to I Henley. "'tJerry Abershaw'! Damn it, sir, it's a poem. liork you how the hoofs ring! Is tiiis a blacksmith's? j Xo, it's a wayside inn. Jerry Abershaw! j It was a clear, frosty night, not one hun- dred miles from Putney, etc. Jerry Abershaw! Jerrv Abershaw •» I t The O.P." Riots. I One hundred :md ten years ago to Tues- day saw the end of one of the most re- l1irkabl episodes in English theatrical history—the famous V.P. riots at Covent Oar den, when John Kemble re-opened the tiie.,It r(-ref)i,,ilt after its total destruction 1>y fire on September 18th, 1809. He an- nounced that the enormous expense to which the management had been put liecessitated an increase in charges for ad- mission to the boxes and tht- pit. The announcement caused a great outcry among playgoers, who suspected Kemble of profiteering, and on the opening night "spmo hundreds of the malcontents filled the pit and created such a disturbance I that, the play could not proceed. all ap-' ttottiM to reason being met with the cry w O.P. for Old Prices," until the curtain had to be rung dowb. Niglit alter night the scene was repeated, a great part of the audience shouting, hooting, singing, and dancing the O. P. dance," until the curtain fell, and the quarrel spread beyond the theatre to the columns of "ffvery newspaper and the bar of every tavern. After a week Kemble tried to o-,onie to terms and have the question re- ferred to a committee, but some attempts at arhitration failed, and the amazing scenes continued with unabated violence, fUld to the heavy loss of the theatre, until JJecembor 15th, when Kemble had to sur- render, and peace with the old prices was restored. The Latest Dance. I Tli4, latest dance to become the rage in New York is the Rocker Waltz," which i* said to have been imported from Lpn- den. Last year the Shimmy" and Cheek Charming" dances were all the rage. This season the Rocker Waltz is the dance that has captured the town. They say it is one of the most benlltiful dances in\cnted, and gives to the waltz what it lacked to compete with the Fox Trot and One Step, nameiy, variation, wnething to relieve the monotony of sameness and added life in the form of I new steps. I Mince-Pies. I ¡ The six:el] produced by the preparation of Christmas pastry is already in the air, and I have been privileged iust to.taste various hostesses' mince pies. the sur- vival of an ancient and popular Gfiristmas dish. In Queen Elizabeth's days they were called "iiii-.iolik-d pies," and they haY also been styled H shrid pves." They were formerly made of ne_3eS ton?ue?, chickens, sugar, currants,, l?mon and orange peel, with various ?iccs. The crust was ?hton?. in the 'form of a coffin, in in?tnr:on of .the Manger where th [nf:mt nlJ'r \.?s ]ii?, and the in;;re'.li»nU Supposed to refer to the 4J. ?ut the wise UleD '?.
NEW ISSUE. « > ■ A copy of this Prospectus has been filed with the Registrar of Joint Stock Companies. Application will be made to the Committee of the Stock Exohange for permission to deal in theee Shares and Debentures after Allotment. THE SUBSCRIPTION LIST WILL CLOSE ON OR BEFORE 31st DECEMBER, 1919. Applications from Shareholders of the Company received before 2 £ nd December, 1919, will obtain priority in Allotment. THE Western Counties Shipping Company, Limited (Inoor porated under the Companies Acts. 1908 and 1913 ) Authorised, LOAN AND SHARE CAPITALB ♦ n, t -,i d e d Authorised. ? LOAN AND SHARE CAPITAL in the present issue. j AuthotlEed.. In the present :6S.'1. ?1,000,000 in 6? per cent. Five Year First Mortgage Debentures • • • • • « » • t1,MO,000 11,250 000 in Ordinary Shares of ii each \£1,250,000 12,250,000 £ 2,250,000 -V ISSUE AT 9al PER CENT. OF 21,000,000 63 per Cent. Five Year First Mortgage Debentures In Registered Debentures of £100 and £50 each, repayable by Five equal Annual Drawings at 103 per Cent., and of 976,000 Ordinary Shares of" £1 each at par, PAYABLE AS FOLLOWS:— For the Debentures. On Application. 10 per cent. OnAHotment 18i On 5th February, 1920 35 On 5th March, 1920.. 35 „ 981 „ For the Shares. On Application 2s. 6d. On Allotment 17s. 6d. • 20s. Od. 20s. O d Payment in full for Debentures may be made on Allotment or on any instalment date under discount at the rate of it per cent. per annum and interest at the rate of 10 per cent. per annum will be charged ion overdue instalments. TRUSTEES FOR THE DEBENTURE H OLD ERSB.S.T., LTD., 3, LOMBARD STREET, E.C. 3. The Debentures are limited to £ 1,000,000, and will be secured by a. trust deed in favour of B. S. T.. Ltd., containing the first specific charge on 17 Steamships valued at £ 2,400,000 and a fit floating charge on the. remaining: Assets cf the Company. !o charge can be created ranking in priority to or pari pa«ru with this cnarerc. A "uoi of £)6.000 in addition to the amount re- quired for payment of interest on the Debentures outstanding is to be provided by the Company annually. The redemption date may be anticipated by further drawings at 103 per cent. on .qix months' notice from the Company. Interest will be payable on let January and let July of each year, the firpt half-year's interest calculated on the in-rtalTnents for the time being paid up, will be paid on let July. 1920. The redeemed on the first drawing will be repaid on 11',t January, 1L In respect of the current financial period ending 31st December, 1919, Dividends amounting to 12i per cent. actual (free of Income Tax) have been paid on the Ordinary Shares. The Shares now offered for subscription rank for dividend equally with the existing Ordinary Shares as from the commencement of the next financial period, being the 1st January, 1820. DI RECTORS, EDGAR EDWARDS, Hightnead, Ely, Glamorgan (Edwards, Sons & Go.1. Chairman: Lieutenant.Colonel OLIVER CEOIL CLARE, D.S.O. M.C., 32, Eaton-terrace. S.W.I (Managing Director George Clare A Co., Ltd.) TREVOR GbORGE EDWARDS. Highmead, Ely. Glamorgan (Edwards, gone & Co.). THOMAS HERBERT EVANS, St. David's. Lisv-ane, Glamorgan (Director The Maindy Shipping: Co.Ltd.). JOHN GRIFFITHS, Bryn Teifl, Neath, Glamorgan (Coal Exporter. Chairman The Ma.indy Shipping Co., Ltd.). EDWIN ROWLAND PAYNE, Sherwood. Park-road. Penarth, Glamorgan (Director Northern a.nd Mediterranean Lines, IAd.). ROLAND 31IDDLETON BAKER, CardweH-chambers, Marsh-street. Brietol. SOLICITORS. j OLIFFORD TURNER & HOPTON SO. Finsbury Pavement. London. E.C. 2, to the Company. PINSENT & CO., 6. Bennett's-hill, Birmingham, to the Trustees for the Debentureholdere. BANKERS. „ AUDITOR. BARCLAYS BANK. LTD., Bute Do-eke, Cardiff. F. W. KENDALL, A.C. A., Mount St-iia rt Ho<nee, Docks, Cardiff. BROKERS. London: srDTTEY J. LOVBLL& CO., Pinners Hall, Auetin Friars E.C. 2. London*. SITKSEY JL. ABOUCfcEiRE & CARO. 33, Old Broad-Street. E. C 2. t And Stock TRITTON. LABOUC¥ElRE & CARO. 33, Old Broad-Street. E.C. 2. Birmingham: FYSHE <fc HORTON, 75. Colmor Row. [ And Stock Cardiff: E. T. LYDDON & CO. 122, Bute-street j Exch:wge6. Manchester: CHARLFON. ILLIN? WORTH & CO., 18. Exchan?e-stMet. CardiS: ECH. ATR. LEOEN. BI?AKE. Prudential Bui!dinga. ￼ Nottingham: ARTHUR E. Bl-kKE, Prudential Buildmgl-. SECRETARY & REGISTERED OFFICE. LONDON TRANSFER OFFICE. R. H. BALE,. 7. Plier Head-chambers, IXocis, Cardiff. 126, Bi?hopsgate. E.C. Z. BARCLAYS BANK, LTD., City Office,- 170i Femchurch Street, E.C. 3; Head Office, 54, Lombard Street, E.C. 3, and Branches, are authorised to receive, as Bankets to the Company, applications for the ubove-msntioned Debentures and Shares. PROSPECTUS. The Western Counties Shipping Company i..JL. was inoor- porated in 6th July. 1915, and under the management of Edwards, Sons and Co., Cardiff, has been succeeoful lrom its inception. With an issued Capital of £ 274,000, the Company owned four steamers of 23.637 tons dead weight, recently valued at £ 515,600, and since December, 1916. dividends amounting in the whole to'50 per cent. free of Incorac Tax lave. I)een paid on the Ll Shares for the time beinl- issued. PURCHASE OF MOOR LINE STEAMERS. The Company has recently taken advantage of an exceptional opportunity to purchase tor £ 1,804.000 (£22 per ton d/w.), the 13 steamers of the well-known Moor Line of a total tonnage of 82,012 torn- d/w., together with the full benefit oi aJI charters in respect of them. As ehown by the valuation of the Shipping Agency. Limited set out below, the Company obtains tetle steamers on favourable terms. No intermediate profit is paid by the Company on this tran- saction which has been arranged between the respective Brokers ot Walter Runciman and Co Ltd.. and the Company, but for services in acquiring the Moor Line fleet the Company has agreed to take stepe to increase the authorised sha,re capital from £ 1.250.000 to £ 1.500,000 in Shares of El e-ich, and to grant Mr. Edgar Edwards the rfgftt for five years to sub- ficnbeat 25s. per Share for the 250,000 Shares .<' created. The purchaae price for the Moor Line fleet will be provdied by the proceeda of the present issue of Shares and Debentures. THE FLEET. Particulars of the vessels now owned and to be acquired tre given in the following valuation from the Shipping Agency, .Ltd. :— Billiter House, Billiter Street, London, E C.3 12th December, 1919. The Directors, The Western Counties Shipping Company, Ltd. Gentlemen, We have looked carefully into the steamers you now own. and those you will acquire from The Moor Line Ltd .In our opinion their present market values are as under:— MOOR LINE— s/e ARRANMOOR .built 1915 5,575 ton d w £ 165J)00 s/s CASTLEMOOR 1906 6,396 „ £ 150,000 ,sle DALEMOOB „ 1909 7,100 s/s UAZJ^EMOOR „ 1894 5,100 £80.000 ai., IXCfB100R 1900 5,600 „ „ £ li5,000 *js JEDMOOR 1913. 5,550" £135.000 8/S JEHSf:YMOO& 1915.. 7,850.. £210.000 fils KEJ,SOMOOB „ 1914 5,660 „ £ i6Q,000 sis LOWMOOR i" 1902 6,22~ „ „ £ 130,000 s/s ORANUKAfOOR „ 1911 7,1(75 „ £160.000 e/3 PEARL-NIOOR „ 19\)5.. 7,t)70 „ X140,000 s/s QUEENMOOR „ 1903 6,270 „ .t. £115,000 s/s ZURICHMOOK „ 1910 6,4t2 X155,000 £ 1,885,000 WESTERN COUNTIES. s/s ETHELIllLDA .built 1898 4,840 tone dhv. £90,000 s/e IZASTON „ 1898 5,057 „ L100,000 s/s MAYLANDS „ 1907 6.440 „ „ EI50,000 s/s QUEEN ELIZABETH 1907 7,300 £ 175,000 L515,000 105,635 ————— X2,400,000 We are, Dear Sirs, Yoors faithfully. SHIPPING AGENCY, LTD., W. BOSCHEN, Director (Licensed Valuer). From the above it will be seen that the valuation of the Moor Line fleet is in excess of the pric" at which the Company ha-" acquired it. The cost price to the Company of it* whole fleet averages approximately £ 20 156. pe- tc n compared with the ruling price of about £ 24 a ton and over for single steam- ers of about the same class and age nA the average of the fleet and with X30 per ton and upwards for orders now placed for new construction. CHARTER? AND REVENUE. Of the 17 Steamers in the fleet, 15 are on time charter with firsUclass charterers, 11 of them bein<r with n allied Govern. ment. The other two are on voyage charter, one being under requisition of the British Government AT Bit. Book raw. The charter-parties show that the ship* are now earning as follows:- Steamers. Tonnage Rate per ton per Gross Revenue month. month. 2 11,453 20s. 411,45. 0 0 3 19,225 21s. 20,186 5 0 9 55.250 25s. 69,062 10 0 1 6.412 27c. 6d, 8,816 10 0 2 13.295 on voyage charter 10.445 0 0 (approx.j ￼ ￼ ￼ 17 105,635 £1.96J 5 0 Equal to a gross revenue at the rate og LI,439,500 per annum. The present average time charter rate of the Western Counties fleet is about 24s.. and that of the Modr Line fleet 23s. 6d. per ton deadweight. Five boaU whose charters have been extended since 27th Sept., 1919 have all been fixed for 12 luonths at 25s. per ton, and a.t present the time charter mar- ket is very firm. the rate for 12 months beini. 27s. 6d. per ton. whilst steamers can be fiexd for two years' time charter at 25s. per ton. PROFITS AND DIVIDENDS From the certificate of the Company' Audi'oi it will be fleen that steamers of 23,637 tons d/w are making a profit ft the rate of X199,530 per annum- On the same basis the whole fleet with a deadweight tonnage of 105.635 should make a profit exceeding £ 850.000 per annum, and after allowing for all contingeneiee and the service of the Debentures, there would remain a substantial margin for dividends and re- serves. A dividend of 20 per cent. on the 1,250.000 Ordinary > Shares would require £ 250,600. By the terms of the Trust Deed ^secur- ing"the ttebentureg, the. Company is precluded from paying dividends in excess of this rate until the whole of the Deben- tures have been redeemed. 'Profits prior to August. 1919. are not comparable with prent conditions owing to changes in the tonnage of the fleet and to Government requisition of the steamers The following is the Auditor's Certificate referred to:— Mount Stuart House. Bute Docks, Cardiff, 12th December. 1919. The Directors, THE WESTERN COCNTIES SHIPPING COMPANY, LIMITED. Gentlemen, I have audited the account* of the Western Counties Ship- ping Company. Limited, since its incorporation in July, 1915. and certify that for the four months ending 30th November, 1919. on a tonnage of 33.637 tons d/w which exeli I the Ships now (acquired from tite Moor Lirc) the profits, after deduct- ing all working expenses, including management and insur- t ance. amounted to 19 6,516. being at the rate of £ 199.5J0 per ) annum. t • At 30th November, 1919, baeed on the valuation of the Ship- ping Agency, Limited, dated 12th December, 1919 the assets of the Company excecjod all liabilities by 1438,002, against an issued capital of £ 274.000. < Vours faithfully, F. W. KENDALL, A.C.A.. Chartered Accountant. BROKERAGE B.S.T., Ltd., will pay a. Brokerage of lflfe. per cei on the Debentures utid the company Will pay Jd. per Share on the shares in respect 01 allotment made upon application bearing Urokere' stamps. The preeent managouicut of the Company ia in the handA of AjdwarUs, Soiu & lJO., of Cardifi, under two Agreements dated lst Augut> iy:5, and 10th LNoveLaber 19¡í respectively, uudcr whica .¡l.i act ai Managers and ships Husban<i6; but these Agretmca..6 arc auoiit to u2 replaced py the new Agreg ment below mentioned, which it is proposed to enter into on substantially tn-fc a-.uue terms with a Company called h. Edwards A Sous, Lul., securing the services of that Company as Aianagera and Ships' liusbanae tor a term 01 50 years at the same rate of remuneration as contained in the above- mentioned Agreements, xhe Six gentlemen iirat named above •us Directors are directors of &. E(Iwardr, &, Sons. Ltd. a.nd are interested as follows by their holding ot the following Shares of Is. each in the capital of £ 5,000 of K Edwards and Sons, viz.: Edgar Edwards, 56,U0U; Shares; Oliver Cecil Clare. SO.uOO sharesirevor George lad wards, 4,000 Shares; Thomas iierbert Evans, 10,000 Shares; John Griflitlw, 10,00u Shares; and Edwin Payne. 20,000 Sharee. The lollowing Contracts have been entered into within the two years immediately preceding the dttte of this Prospectus, other than contracts entered into in the ordinary course of busines- (a) Contract dated 29th November, 1919, made between The Mo6r JL/iiic, Ltd., having its rcgislereii orfioe at Pilgrim Street, Newcaitie-on-'xyne, and the Company, whereby the Company have agreed to purcaase from the said Moor Line, Ltd., the 13 steamsuipa above re/erred to for the sum oi £1,804,000. payable in cash, in respect of v.nich the sum of XISO,400 in caeh has already been paid as a deposit on account of the purchase price (b) Contract dated 1H.11 December, 1919, 14etween the Com- pany and George Clare & Co.. Ltd., whose registered office is situate at No. 9, Old Broad Street, in the City of London whereby the latter Company undertake Oil payment ot a re- muneration or commission of 2 per ,ent. to underwrite or procure the underwriting, of the present issue of 976,000 Shares at underwriting and overriding commissions of 6d. and lid. per share respectively, wnich commissions are payable by tne Company. Under this agreement the Company undertake to pass the naeossary resolutions to adopt modern articles to comply witn the regulations' of the London Storrk Exchange, and notices convening such meetings for this purpoee have already been sent out. (c; Contract dated llth December, 1919, between the Company and Geoigc Clare & Co., Ltd) whereby the Company in con- sideration of the said George Clare A Co., Ltd. having arranged a loan to the Company of and of other services' rendered By them to the Company, agree to pay them a commission of 1 per cent. or. the amount of the said lo?t 1'4.1 Contract dated llth De,>embN. 1919, bet?Mt) the Company anu whose registered otiite is at 3, Lombard Street, London. E.C.o, whereby for a commiswion of lè per cent., out of which B.S.T., pay the brokerage on this issue of Debentures, the latter :itree to underwrite or procure the timie; writing of the present issue of £ l,0t.l0,000 Debentures at underwriting and over-riding commissions ot 2i and J per cent, respectively, payable by the Company. (e) Contract dated llth December, 1919, between the,, Com^an.T and tidgar Edwards, of 1. Pier Head Chambers. Docks, Car- diff, whereby in consideration of the servi.-ea rendered by the said Edgar Edwards in obtaiuirig the Fai(I 13 steamships the Company grant to him the option of aubscftbing for 250,000 shares in the capital of the Company at per jhare at any time within five years from the data of the Coqtract. George Clare & Co., Ltd., of which Company the abov*-named Lt.-Col. Oliver Cecil Cl-ire is a shareliolde ano Director, is interested in this option to the extent o sharing equally with the said Edar Edwards any profit on tbit4 otpk-n >•) excess of £ 100,oeo. (f) Contract dated llth December, 1919, betweer the Company of the first part. Ldgr.r Edwards and Trevor George Edwards of the second part, and it. Edwards A Sons, Ltd., of the third part, whereby the litter Company agree to act a6 Managers and Ships' Husbands of the Company for the term and upon the terms, and conditions therein mentioned. egl Contract dated 20th November, 1919 .between the Company und Messrs. Jones & Proeser, of 67. St. Marv Axe Ijoiidon. EC., whereby the Company agree to pay to them a commis- sion of 1 per as Sales and Purchase Brokers in connec- tion with the purchase of the Moor Line FIfet. Prior to tliiki issue there has been no offer of Shares to the public for subscription, and on each Offer made orivatel1 the whole of the Shares OiTcred were taken up The following allotments of Shares have been made within the two years preceding the date of this prospectus:— 190,000 shart-§ of Ll each. at par, on various dates between, 2Jth June. 1918. and 22nd November, 1919, and the full i amount due thereon has been paid. 24,000 m Shares of £1 each were allotted for a consideration otherwise than Cash, as fully paid on various dates 'between 30th January .1919. and 20th February. 1919, to the nominees of the Liquidator of The Southern Coun- ties Shipping Company, Limited (in Liquidation) in part satisfaction of the purchase price of the 6/8 "SpeTMIna" purchased' from the said Company A copy of the Memorandum and Articles of Association t of the .Company, and cf the proposed new Articles and of the Trust Deed securing the Debentures, and of the Contracts above;mentioned, may be seen at the offices of the Solicitors of the Company at any time during bus;, oss hours while the list is open. Applications should be made on the forms accompanying the c Prospectus and forwarded to Barclays Bank, Ltd.. City Office. 170, Fenchurch Street, E.C.3, or branches, together with a remittance for the amount due on application; failure to par any instalment on the due date involves the risk of forfeiture of the amount already paid. Where no allotment is made the dep -it will be returned in full. and if the whole amount applied fOJ be not allotted tbe eurplua paid on djt will be appropriated towards the amount due on allotment, and any cxjMa will be returned. Sh:mld dffauh be made in paymer.t of the amount due on allotment the amount previously pai will be liable to for- feiture. and the allotment will be liable tr cancellation. Application will be made it) due course to the Committees ot the London and Cardiff Stock Exchanges for official quo- tations of the Shares and Debent."e«. Prospectuses and form of application may be «M"«ined at the Offices of the Company, or of its Barntier- Brokers or Solicitors, and from B.S.T. Ltd., 3 jjouibird Street, E.C.3, | and Geor?. date & Co Ltd.. 9, Oh Broad Street, E.C 2 ? London, 16th December. 1919.
FINANCIAL NEWS. FOREIGN EXCHANGES. l The announcement in i'aruament on Monday regarding the issue of a French loan in this country exerted a powerful influence upon the Paris exchange, which I again fell sharply. After touching 38A.1, however, there was a reaction to 38.90. The Belgian exchange defined in sym- pathy, whilst the New York rate con- tinued to rise, being 3.77? at the clo?. The Dutch rate also moved in our favour, I and Switzerland was much higher. Spanish pesetas and German were I steady. The Brazilian ratq foil btick to 17 15:16<1 GOLD AND SILVER. I In the absence of fresh supplies, gold remained at Ills. 3d. per oz. Silver was in very small supply, and was wanted for the trade, with the result that the price advanced another id., cash being iixod at 79id. per oz., and forward at 77id. WESTERN COUNTIES SHIPPING CO., I LTD. ¡ The Western Counties Shipping Com- pany, Limited, are offering at 981 per oent. CI,000,000 of 61 per cent. Five Year First Mortgage Debentures in registered debentures of £100 and 250 each, repay- able by five equal annual drawings at 103 per cent., and of 976,000 Ordinary Shares or £ 1 eac h at par, payable as to 2s. 6d. on I application and 17s. fid. on allotment. t The authorised Loan and Share Capital j of the company is t2,250,000, consisting of the £ 1,000,000 of debentures now offered and Ordinary Shares of cfil each, of which the balance is now offered for subscription. The Western Counties Shipping Com- pany, Ltd., was incorporated on fith July. 1915, and under the management of Edwards, Sons and Co., Cardiff, has been successful from its inception. With an issued- capiial of C274.000 the Company owned four steamers of 23,037 tons dead weight, recently valued at C515.000, and since December. 1915, dividends amount- ing iii th« whole to 50 per cent, free of Income tax have been paid on tile Cl shares for the time being issued. The company has recently taken advantage of an exceptional opportunity to purchase for £ 1,804.000 (£2 per ton d.w.). the 131 steamers of the well-known Moor Line of a total tonnage of 82,012 tons d.w., to- gether with the full benefit of all charters in respect of them. As shown by the valuation of the Shipping Agency, Limited set out below, the company ob- tains thfse steamers on favourable terms The Shipping Agency, Ltd.. valuation of the Moor Line fleet is £I.R.),OOO is in excess of the price at which the Company has acquired it. The price to the Company of its whole fket averages ap- proximately X20 15s. per ton compared with the ruling price of iboiil- X24 a ton and over for single steamers of about the some class and age as the average of the fleet and with X30 per ton and upwards for ordern now placed for new eonr-truc- tton Of the 17 steamers in the joint fleet, 15 are on time charier with first- class charterers, 11 of them being with an allied Government. The other two nrt on voyage charter, one being under re- quisition of the British Government at Blue Book rates In respect of the current financial period ending 31st December, 1919, dividends amounting to 12! per cent. actual free of income tax) have been paid on the ordinary shares. The shares now offered for subscription rank for dividend equally with the existing ordinary shares as from the commencement of the next financial period, Tst JbnuaTy, 1920. The I purchase price for the Moor Line fleet will bo provided by the proceeds of the present issiio of shares and deb entures. From the certificate of the compal1,Y1 auditor, steamers of 23,(537 tons qro making a profit at the rate of £ 199,530 per annum. On the same basis the whole fleet, with a deadweight tonnage of 105,635, should make a profit encod ing £ 850,000 per annum, and after allowing for all <-ontmgencies and the service of the de- bentures, there would remain a substan- tial margin for dividends and reserves. The directors are Mr. Edgar Edwards, chairman; Lieutenant-Colonel Oliver Cecil Clare, D.S.O., M.C., Mr. Trevor Georgo Edwards. Mr. Thomas Herbert Evans, Mr. John Griffiths, Mr. Edwin Rowland Payne. and Mr. Roland Middle- ton Baker, and the secretary is Mr. A. H. Bate, 1, Pier Head Chambers, Docks, Cardiff., The subscription list will close on or before December 31st, 1919. I WELSH MINES CORPORATION, LIMITED. The subscription lists will close on Friday, the 19th inst., for both town end I country application* I NEW ABERDFLAIS COMPANY. I L. D. Howell and Co., company. Registered December "1. ) Capital, £ 15,000, in £ 1. shares- To take I over the business of a grocer, tea dealer, provision and general merchant, dealer in food sluffs, drapery, boots and shoes, and household requisites of all kinds carried on by L. D. Howell at Aberdulais and at Howell's Stores at Tonna, near Neath, Glamorg-an. The subscribers (cicil with one share) are:-L. D. Howell, London House, Aberdulais, provision merchant and colliery proprietor; J. L. Rees, Glas- fryn," Maesgwyn, Cadoxton-road, Neath, grocer. The first directors are .L. D. Howell and J. L. Rees. Qualification, 250 shares. Registered office, London House, Aberdulais, Glam. NEW LLANELLY COMPANY. Llanelly Grocers' Buying Association, Ltd.—Private company. Registered De- cember llth. Capital, £1,000, in .£10 shares. To carry on the business of whole- sale and retail grocers and provision dealers, etc. The subscribers (each with one &hare) are :r. L. Knowle. 20, Goring- road. Llanelly, grocer and provision mer- ehant; L. Harries, 10, Gilbcrt-crescent, Llanelly, grocer and provision merchant; J. Griffith, 3. Thomas-street, Llanelly, grocer and provision merchant. The first directors are not named. Qualification, £20. Secretary, J. Griffith. Registered office, 35, Thomas-street, Llanelly. M THE DOCKS. Arrivals and Sailings of Vessels. KING'S DOCK ARRIVALS—Ex HUS Redoubtable. Porte. mouth: Cadwaladr Jones 86. St. Brieux: Jean Baptiste 59. La Rochelle. SAILING^.—Westborou^h s 2465 Mar. eeilles: Burnhope s 1602 Rouen; Andalusian 6 2290, Genoa, etc.: Ville de Caen « i45. Havre; Margues Del Turia 6 1044, Spanish. ports. PRINCE OF WALES DOCK. ARRIV AU.-Nil. SA [LI.NGS.-Ge-orge Fisher s T9. Bou. logne; Johanna, s 1242 Rotterdam; Astra < 349. Rouen; Dorothea s 602 Stockholm. NORTH DOCK ARRIVALS—Ilancat II e 146 Dover; Agrm 8 /?Z. Cardiff. s S6A2. ILINGS.—Mar the et Bernardin 36. La Rochelle; Teargy Smith s 310, Rouen; Datr- mar 161. Arcachon. SOUTH DOCK. ARRIVALS.—Fiery Cross 21, sea, fish: Neath Castle 117 sea, ash. -kl Ll NGg.- Velocity s 83 Avonmouth: Smca II. 583 Rouen; Gresillon 54. La Roell. elle: Northern Coast, 515. Liverpool, Law. renny Uvstle 100. sea flsli.
NOT SYNDICALISTS. • Mr. James Winstone on Nationalisation. Mr. T. W. Hughes, J.P., presiding it, a meeting in New Siloh Schoolroom Brynhyfryd, which had been called by the Miners' Federation, heartily aii, proved of the principle of mina nationalisation. There was nothing sacred about any system, he said. Systems had to ba judged by their results. We were atj this moment in the throes of a tremen- dous revolution, but there was absolutely,, no need for bloodshed in order to get all they desired. They could change the policy of tilo Government by intelligent voting, but they must be convinced. If it was right., for the community to pro- vide books, as in a public library, why, was it wrong for the community to pro- vide coal? Coal and land shotild ba nationalised. Talking about risk taken by the mine shareholders, he pointed out that the miner himself risked his life. If workmen had been more considered in the management of mines, they would be safer to-day. I Mr. P. 0. Rees (ehockwoigher) con- gratulated the chairman on his having 1 been appointed a J.P. They were, ha ?<tid, not gcmg to take the mines f? j nothing; whey were going to pay the coal I owners a reasonblo amount, but not tha amount of money they had been making I lately. I MR. JAMES WINSTONE. Mr. James Winstone said that/he was more than a nationalist. lip- was an inter- nationalist. lie hold that no one could be a good nationalist unless he was an internationalist. There were wl-), loved this principle so dearly that they, were prepared to tight for u. Wealth, I wrought and unwrought, should be the j property of the whole of the people, Th')- wanted evervlxxly to participate in the benefits that must accrue from national- isation. They did not want the mines top themselves; if they did. they would bo Syndicalists. They were not Syndicalists,* but Socialists, and asked for Socialisation The public, he held. were in duty bound to stand by them and endeavour to bring about this reform, which would not only give the miner a better status, but i!ztire to the public a much better supply of coal than at present. Mr. D. R. Cirenfell followed, and tho meeri ng concluded with thanks to the speakers. Printed a.nd published by the Swawe,-t Press. Ltd., at Leader Buildings. Swansea.
Thiq Form may be filled up AND forwarded to BARCLAYS BANK LIMITED City Office. 170 .Fenchurch-etrcct. F..C.J. or any of their Branches together with a ro- mittanoofor the amount payable on an plicat ion. Ko. Llmited. THE WESTERN COUNTIES SHIPPING COMPANY, Limited. Registered under the Com pa-ni?' Act* 1903 and 1913. Issue of 6A u.c Five Year First iiortgage Debentures. 49a in Registered Debentures of £ 103 and £ 50 each FORM OF APPLICATION. To the Directors THE WESTERN COUNTIKS SHIPPING CO.. LTD.. Gentlemen,—I/we enclose herewith the sum of £ 1 beinc a ■•.epo^it of 10 per cent, on an application for £ 100 and .H.H £50 of the above Dp- bentures-of your Company. 1/we request you to allot to me/us that amoinrt of De- bentures and agree to accept the same #r ativ matter amount that may be allotto,. to tne,us upon the terms and ^onrtition^ couraincd in the Prospectus dated 16th De- cember. 191:i. and of the Memorandum c.f Association of the Company and I we un. dertake to pay the balance (-]iLe on allotment as provided by the said Pro-spec'us I/We hereby declare that this, application is not ma-(Ie by or on behalf of any enemy subject within the meaning of the Trading with the Enemy (Amendment) Act. 3316. Usual signature Name in full (block lct.ter). "0" (State if Mr. lrlS. or Miss.) Address in full Occupation .I. Date Plenee write very distinctly Checiucw should be drawn payable to Bearer and crossed Barclays Bank Limi- ted." (Any alteration fron 'Order" to ''bearer must be initialled by the drawer.) No receipt will be issued for on application, but an acknowledgment will be forwarded in duo course either by allotment of Debentures or by return of deposit. This Form may be filled up and forwarded to BARCLAYS BANK LIMITED, City Oifji-e 170 Fenchixrch-otreet. E.C.3, or any of their Branches together with a re- mittance for the amount, payable on an plication. > ORDINARY SHARES. No THE WESTERN COUNTIES SHIPPING COMPANY, Limited. Issue of 975.000 Shares of -"I each. at 2Cte. per Share. FORM OF APPLICATION FOR SHARES. 59a To the Directors. THE WESTERN COUNTiES SIIfl'PINO CO. LTD Gentemen—Having paid to your Bankers the eum of f being a deposit of 2e 6d. per Share on Appication for Shares of £ 1 each of your Company. I we request you to allot to melJu; that ntimber of Shares noon the terms of the Company's Prospeoius dated 16th December, 1919, and I, we hereby acree to accept the same or any smaller namoef that may he allotted to roe/us and to pay the bal- ance of !7s. 6il. per Share due from me/us by tbe instalments evccified. in the said Prc?pectu«. and J we authorise you to place my/our name on the Eeci«teKof Members cf the Company as hrilcer(s) of the "atd Shares allotted to me/us. and T we hereby declare that thioil anplication is not made by or for tile benefit of an enemy subject within the meaning of the Trading with the Enemy Amendment Act 1916. ￼ Dated thio .1?3 Usual signature Name in full (block r,) (State if -Mr.. 1L.V-. or Hiss.) Address in full H .O.. .I.I. Occupation Plt»a*e write distinctly. Bearer and cr<#ed Ilarelays Bank LimCitheedo."uep should be drawn payable to Bearer and crossed '? arclaya Ban& Any alteration from "Ord?r" to R?arc. m'?;t "e authenticated by the Drawer's signature No receipt will be for payments on application, but nil acknowledgment will be forwarded in due course cither bdciter of allotment in whole or in part or by rcturn-sOf depofcit.