Papurau Newydd Cymru
Chwiliwch 15 miliwn o erthyglau papurau newydd Cymru
9 erthygl ar y dudalen hon
FINANCIAL NEWS.
FINANCIAL NEWS. THE PHOENIX-NORWICH UNION .1 AMALGAMATION. The terms of the proposed fusion of the Phoenix Assurance Co., Ltd., and the Norwich Union Fire Insurance Society, Ltd., are now announced. The arrange- ment, as anticipated, takes the form of a purchase of the share capital of the Nor- wich Union by the Pbeenix. The Norwich Union capital is 44,000 shares of -025 each, upon which £3 per share is paid up, the dividend for last year being 50a. per share*. For each Norwich share the holder will recei ve 10 fully-paid Phoenix shares of il each, which will be called I'hcpnix (Norwich Union) shares, and will carry the sam# dividend as the exist- ing share capital of the Phcenix Co. At the same timti it is intimated that the I ttimual dividend on Phcenix shares will I be raised from 11s. to 12s. per share. The new shares of the Phcemx may be taken t?l be similar to those already existing known as Phoenix (Pelican) shares, the price of I which is now F,14 per share. Thus. evep I cm the present basis of share values, the Norwich Union shareholders receive a shstantiu'r'lnCr(;as. in the capital value of their holdings, and from the new shares they will receive dividends of £ (j per annum instead of X2 10s. in respect of each Norwich Union share so exchanged They will also be freed from all uncalled liability, which on Norwich Union shares amounted to tie much as S22 per share. Phcenix shareholders will receive An ac- eession of business, the profits of which have been a great deal more than eufli- cient, reckoned over a period of years, to provide for the cost of dividends on the new shares. At the -sabte time it is pro- posed to make an i6sue of 17,H fully- paid shares of ?1 ?ach pro rata to the ex- isting Phœnix shareholders, thus giving approximacely one new share at par for every 25 shares now held. This represents a boeufc of about 10s. per shore, and will raise the old Phoenix capital to the same amount as the capital to be issued to the Norwich Uniotf shareholders, preserv- ing the balance of control equally between Phoenix and Norwich Union shareholders The arrangement is conditional on ac- ceptance by the holders of at least 80 per vent, of the Norwich Union shares, and the business of the Norwich Union will continue to be carried on under its pre- sent name and from the Head Office in ¡ Norwich. Five members of the Phcenix 1 Board, however, will join the Norwich Union Board, and correspondingly five members of the Norwich Union Board wiii join the Phcenix Board of Directors, Sir Gerald Ryan being Chairman of both Boards. If the fusion is carried into eifect tue company will be one of the most powerful -Biifipli-iiisurtiiiee companies, its premium income amounting to nearly seven million pounds per annaiu, and the total funds will exceed 24 million pounds. it may perhaps be well to add that the arrangement has nothing to do with Norwich Union Life Insurance Society, a '\lt'¡ll" nLtJn,ti[)J), wtu'Ch, however, 1:'? Utt-ied on .L- b??iiiess in friendly as- vvitit ti:e '.Norwich Union Fire feociai^a- v/iik ti:e Norwich Union Fire in-->inS]oe Society, Ltd. I SILN, Lit. Silver has %Nay u> 78 spot, 761 for- 3vard delivery. I tony Kong Transfers, g". jd., and shanghai 7s. lûd. u FOREIGN EXCHANGES. M The follow Jug rates of exchange on Lon- don p.vaile-.i yesterday:—l'ario, cheques, i 15, Berlin, :S; Brussels, 88.15; Chns- fiauiu, sight, 18.H71; Copenhagen, sight, Stockholm, sight, 17.81; Geneva, fight, 20.76; Amsterdam, sight, 10.0;>; j{om;e, sight, 48.20; I-isbon, sight, 22; New York, 60 days, 3.7G; cable transfers, 3.S-21. at WESTERN COUNTIES SHIPPING » CO. LTD. The subscription list closes on December eist for the Western Counties Shipping C's., Ltd., issue cf £ 1,000,000 61 per cent. ive Years First Mortgage Deljcntures ;id To,000 Ordinary From |he" certihcato of the company's auditor $,he Western Counties steamers of 23,637 ions < i. w. arc uiainng a pivjfit at the rate wt: tl!jj,5all per annum. On the same basis th" wholn fleet, i.e., including the newly- $mrpl.assd Moor Line, with a deadweight 1 Tonnage of tn5,635 should make a profit Exceeding t:3;;fi,(I(HI per annum, and after allowing f"r all contingencies and .he |*pivic« of the Debentures, there would re- main a substantial margin for dividends &i;d reserves. A dividend of 20 per cent, fen the 1.250,000 Ordinary Shares would terms .of the Trust D?dsr?curin?th? Debentures, the 'ompany is pr?chidcd from paying .divi- ?il'A,rids in excess of this rate until the jjrhole of the Debentures have been 1"(1- deemed. ■> N-. 5»'ANADA STEAMSHIP !IRS. LTD. The londoji Board of the Canada |5tearnc!iip Lines, Iitd., in response to federal inquiries, point out that holders tif the company's ordinary shares still tyjve the privilege of converting their holdings into Vofing Trust Certificates, which are issued by- tho Royal Trust Com- pany against the deposit of ordinary sbareis. The voting power of the Voting Trust -Certificates—which represent 70 per Mnt. of the ordinary capital -,of the Canada Steamship Linm-is vested in the London Board, with this exception, the certificates rank in all respects pari passu with tha ordinary shares.
I"MAYPOLE" AND THE PUBLIC.…
"MAYPOLE" AND THE PUBLIC. Perhaps tha most popular good name throughout the British Islands is May- pole Margarine, for it has literally become t favourite household word in most fami- lies.' For nearly a generation poot, through peace and war, the greait Maypole Dai'Ý Company have successfully done their ytxjaost, week in, week out, year after. -yoar, to provide for every table tha tfry best daily spread for the family's ? lily t»r<M<i. Tliat they have succeeded is proved by :ui- fact that their vast Maypole Dairy at aouthall, in the country near London, is 1).; (a.i- the largest and the best equipped 11 »rg:ir:fie-maki3Bg Works in tho whole Kingdom, and it" unrivalled output taioiirits regularly to eime thousands of soijs every wk! The whole of this lainty food is distributed direct t. the public through Maypole's 898 branches, Kjcupying the beet and most prominent positions ip all the great cities and towa- These hundreds of attractive shops are li'sservediy popular for their exquisitely iflBan ^uipmsnt and quick service, as r#ll as for the uftiform reliability and j (Opfirb excelleiHje of the snplo commodity ijjey offer forry tahls. In securing daily tjreaw, w w«U ae tecessaries for the family-table at home, the countless housewives cannot do better ;!(aa call ia at the nearest Sign o' the £ ay-polo, for they can rely on being quickly and courteously served with the lest possible quality at a ¡>op'; price.
I CARMARTHENSHIRE POLICE.
I CARMARTHENSHIRE POLICE. The following chaftges took place on j Wednesday in the Carmarthenshire con- I' stabulary :-P.C. John Harries, from Car- j marthen to Ferry?ide; P.C. D. J'av l Ferryside to Carmarthen. P.C. rT^homaj Koberts, Llan?rthney to Llanelly; P. IH?ins, Llan?Ily to Tycroes; and F.?. W? A. Jones, Tycroes to LlanarHHny.
Advertising
NEW ISSUE. I A copy of this Prospectus has- boen filed with the Registrar of Joint Stock Companies. I Application will be made to the Committee of the Stock Exchange for permission to deal in theee Shares and Debentures after Allotment. THE SUBSCRIPTION LIST WILL CLOSE ON OR BEFORE 31st DECEMBER, 1913 Applications from Shareholders of the Company received before 22,nd December, 1919, will obtain priority in Allotment. 'I THE I WMtgfn Copies ShiMin? Limited (Incorporated under the Companies Acts, 1908 and 1513.) j (Incorporated under the Oomp?ntes Acts, 1908 ?nd 15H.) Authorised. LOAN AND SHARE CAPITAL.. 'WSS&SS-! AuthorM. LOAN AND SHARE CAPtTAL.   ?: ?" F,1,000,000 in 61 per cent. Five Year First Mortgage Debentures £1,000,000 j £ 1,250.000 in Ordinary Shares of il each • ■ • •• • • • « • £1,250,003 12,250,000 12,250,000 j I ISSUE AT get PER CENT. OF I £ 1,000,000 6^ percent. Five Vear First Mortgage Debentures In Registered Debentures of 1100 and £50 each, repayable by Five equal Annual Drawings at 103 per Cent., and of 976,000 Ordinary Shares of &I A each at par, PAYABLE AS FOLLOWS:— I For the Debentures. On Application. 10 per cent. On Allotment *184 „ On 5th February, 1920 35 „ On 5th March, 1920 36 n 931 of For the Shares. On Application &. 2s. 6d. On Allotment • 17s. 6d. ——— ■ 20s.0d. Payment in full for Debentures may be made on Allotment or on any instalment date under discount at the rate or ft* per cent. per annum and interest at the rate of 10 per cent. per annum will be charged on overdue instalments. TRUSTEES FOR THE DEBENTURE HOLD ERS:-B.S.T., LTD., 3, LOMBARD STREET, E.G. 3. Ltd., containing- t-he first The Debentures are Hm.ited to 91,000,OM, avd will be ee?red by a trust deed in favour of B. S. T., As«et« of the Company. nr?t .,cifio charge on 17 Steamhlp. valued at £ 2,400,000 and a first ftting charge on th e remaining As?ete cf the Ccm'?ny. o oh&rge can be created ranking in priority to or pari p&aeru with this chaise. A 6U!H of JEM6.0CO in addition to the amount re- quired for payment of interest on the Debentures outstanding is to be provided by the Company annually, '114(' recieinjuion date may be anticipated by furtber drawings at 103 per cent. on -six months' notice from the Company. Interest will be payable on let January and let July of each year, the first half-year's interest oalculated on the instalments for the time being paid up, will be paid on let July. 1920. The Debentures redeemed on the first drawing will be repaid on let January. 1921. 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, 1928. DIRECTORS. EDGAlt EDWARD9, High-mead Ely, Glamorgan (Ed-warde. ftone A Co.). Chau-niM. Lieutenant-Colonel OLIVER CECIL CLAKE, D.S.O.. C.= Eaton-terrace, S.W.I (Managing Director George Glare A Oo., Ltd.) TREVOR GEORGE &DWARD^.Highm«<ad, Ely, Glamorgan (Edwards, Sons & eo.). THOMAS R-ERUERT EyANS, StTDavid's. Msvane. Glamorgan (Dirootor The Mamdy Shipping Co., Ltd.), JOHN GRIFFITHS. Bryn Teifl, Keath, Glamorgan (Goal Exporter, Chairmen The Maindy Shipnin? Co., Ltd.). EIYWLN ROWLAND PAYNE, Sherwood. Park-road, Penarth. Glamorgan (Director Northern ana Mediterranean Line. Ltd.). ROLAJTD MIDDLETON BAKER. Oardwell-ehambers, Marsh-street. Bristol. SOLICITORS. (?IFFORD TURNER & 30PTON. 30. Fi?sbury Pavement. LondoD. E.G. S. to the Company. 1% PINSENT & CO.. ?. B?nnett'?-hiH. BinBingha,m. to the Truatees for the Debentureholders. BANKERS. AUDITOR. BARCLAYS BANK, LTD., But* Docks, Cardiff. f. W. KENDALL, A.C.A., Mount Stuart House, Docks, Cardiff. BROKERS. LMidon: SIDNErj.L6VELL&00.,PinneTeHa.ll.AnatmF?a.M E.G. 2. ]?6VE,U 00. ;k CAKO, 33, Old Broad?tyeet, E.C. 2. L And Stock TRIT-TO'.N, LABOUCliFBE Row. ?cd Stock 3Urmingham: FYSliE &- IIORTON. 75, C?ol?mor How..4tnd stock Cardiff: E. T. I ADD ON & OO., & CO., 18. Exoh*.ngc-street. j Xench€f;ter: CHARLEON. I.LL1NOWORTH & Co., 18. Exohonoc-street. Nottingham: ARTHUR E. BLAKE, Prudential Building& ¡ SECRETARY & REGISTERED OFFICE. LONDON TRANSFER OFFICE. R. H. BALE. 7, Pier Head-chambers. Docks, Cardiff. 136, Bishopsgate. E.C. 2. 8ABCLAYS BANK, LTD., City Office, 170, Fenchurch Street, E.C. 3; Head OftiM,54, Lombard Street, E.C. 3, and Branches, are. authorised to r^cctye, as Bankers to the Company, applications for the above-mentioned Debentures and Shares. }- PROSPECTUS. I The Western Counties Shipping Company Lid., wae incor- porated in 6th July. 1915. and under the management of Edwards, Sons and Co., Cardiff, has been successful from its inception. With an iaeued Capital of £ 274,000, the Company „ owned tour steajiei-s of 1-1.637 tons dead weight rerttly valued I at £ 515,000, and since December, 1915, divivena6 amounting in [ the whole to 6-J per cent, free of Inoonfe Tax 1-ave been paid on the JE1 Shaies for the time being issued. PURCHASE OF MOOJt LINE STEAMERS. The Company has recently taken advantage of an exceptional opportunity to purchase tor ±,1^8u4,000 ( £ 22 per ton dfw.) the 13 steamers of ttie weii-known Moor Line of a total tonnage of W.,012 tons d/w., together with the full benefit of all charters in respect of them. As shown by the valuation ot the Shipping I Agency, Limited ,eet out below, the Company obtains these steamers on favourable terms. No intermfediate prolit is paid by the Company or thifl tran- saction which has been arranged between the respective Brokers of Walter Runciman and Co., Ltd.. and the Company, but for services in acquiring the Moor Line fleet the Company has agreed to take steps to increase the authorised share I' capital from £ 1,260,000 to £ 1,500,000 is Shares of Ll each, and to grant Mr. Edgar Edwards the right for five yeare to sub- f scribe at 25s. per Share for the 250,000 Shares jo created. The purchase price for the Moor Line fleet will be provdied by the proceeds of the present issue of Shares and Debentures. I THE FLEET. Particulars of the vessels now owned and to be acquired ire given in the following valuation from the Shipping Agency, ivtdj:— I Billiter House, Billiter Street, London. E C i 12th December, 1919. The Directors, The Western Counties Shipping Company, Ltd. Gentlemen, We have looked carefully into the stea.mere you now own,, and those you will acquire from The Moor Line Ltd .In our opiJiiou their present market values are a-s under:— MOOR IÆN E- I siis ARRANMOOR built ll:) i>,o75 ton d w £ 165,000 s/s CASTLEMOOR 19u6 6,Z9t; £ 160,000 I «/« DALEivLOOR „ 1909 7,100 w „ ale itAZLEMOQK —. 1694 5,100 „ £80,000 e;s INUiLii.OOR 1900.. 5 el s J s .I'100H. „ 1913 5,560 £155;000 f!s JERSEijiOOB M 1915 7,850 „ £ 210.000 .«/ £ ICEijteOJluOR. „ 1914 t>,o50 .£160,000 8/s LOWMOOH 1902 6.22. £ i30,i)00 ?t 00 u 1911 e/s ORANGJsiAtOOR „ 1911 7.1CT £16J,ooo els }J}i;AltLMOOR 19a5.. 7,070 iCI40,000 e/s QliEBNMOOR 1903 6,270 „ £ 115.000 s/s ZUluCllMOoa M 1910 6,412 £155.000 ————— £ 1,885,000 WESTERN COUNTIES. -.£1,885.00G 188 E.Tnr;H}LDA built 18 4,840 touo d/w £ 90,000 s/a iZASTON 1838 .057 £100. sis MAINLANDS 1957 6,440 „ M £ 150.000 1,9 QUE £ iN ELIZABETH 19J7 7,300 „ „ £ 175,000 ——— £515.000 105,635 ———— I < E2,400,000 I We are. Dear Sire, Youra faithfully. I SHIPPING AGENCY, LTD.. ¡ W. BOSCHEN, Director (Licensed Valuer). I 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 has acquired it. The cost price to the Company of it* whole fleet averages approximately £20 15s. pe- tc n compared with the ruling price of about 1;14 a ton ana ovei for single steam- ers of about the såme class and age aa the average of the fleet and with JE30 per ton and upwards for ordere now placed for new construction. CHARTERS AND REVEJIUE. Of the 17 Steamers in the fleet, 15 &re on time charter with first-class charterers, 11 of tbem beitu with n alliei Goverji- ment. The other two are on voyage chaiier one being under requisition of the British Government at book rates. The charter-parties show that the shipe are now earning all follow*:— Steamers. Tonnag*. Rate per ton r Grose Revenue month. month. 2 11.455 20s. £ 11,46c. 0 t) 3 19,225 21s. ■20,136 5 0 9 65,250 258. 69.062 10 0 1 6,412 27e. ód. 6.816 10 0 2 13,295 on voyage oharter 10.445 0 0 (approx.) 17 105,635 Lilt,963 5 0 Equal to a gross revenue at the rate og £ j),489,560 per annum. The present average time charter rate of the Western Counties fleet is about 24e., and that of the Moor Line fleet 23s. 6d. per ton deadweight. Five boat.. whoee charters have been extended since 27th Sept., 1919 have all been fixed for 12 months at 25s. per ton. and at present the time charter mar- ket is very firm, the rate for 12 months beinw 27s. M. pet ton, whilst eteamers can be fiexd for two years time charter at 25s. per ton. PROFITS AND DIVIDENDS. Prom the certificate of the Company Auditor it will be seen that steamers of 23,637 tons d/w arc making a profit at the rate of 1199.530 per annum. On the same basis the whole fleet with a deadweight tonnage of 105,635 shoulu iuake a profit exceeding £ 850,WO per annum, and alter allowing for all contingenciee and the eervifte of the Debentures, there would remain a substantial margin for dividends and re- &crved. A dividend of 29 per eent. on the 1,250X00 Ordinary Shares would By the terms of the Trust Deed secur- ing the Debentures, the Company is precluded from paying dividends in excees of this rate until the whole of the Doben. tures have been redeemed-. Profits prior to August, 1919. are not comparable with present conditions owing to changes in the tonnage of the fleet and to Government requisition of the steamerg The following is the Auditor'* Certificate t-eferrod tot- Mount Stuart UoUoM, Bute Doftk«, Cardiff, 12th December, 1919. The Directors, THE WESTERN COTrKTTES SHIPPING COMPACT, LIMITED- GentleØ1.n, 1 have audited the accounts of the Western Courties Ship- ping Company. Limited, since its incorporation in July, 1915, and certify that for the four monthi ending 30tb November, 1919. on a tonnage ot 23,657 tons d/w which exclave the Ships ) now (acquired from the Me r Line) the profits, jlfter dedhct, j ing all working expenses, including management and iwuir- ance, of £ 199,510 per j1 annum. f At 30th November, 1919. based on the valuation of the Ship- ping Agency, Limited, dated 12th December, 1919 the assets of the Company exceeded all liabilities by £4.>8,"°2, against an issued capital of £ 274,000. Youre faithfully, F. W. KENDALL, A.C;A., Chartered- Aeeonnt%nt. BROKERAGE B.S.T.. Ltd.. will pay a Brokerage of 10s. oer cent, on the Deoeiitares and tue' ouiuyany wili pay 3d. per Share oa tue Shares in respect oi aliauuent made upon uppucauon bearing; tJroKerd' stamps. 'ine present managemûnt of the Company to in the hands of tiUwaras, Son# & Co., ot Oa.rdiU, linuer two Agreements Ciated ilst August, 1*16, una lOtu Vuveutltvr 191/, reopecuvety, unaer wnicn taey act as jsLa-nagers anu isaips' juusoanas; out tuettc Ajgreeiweuwj are aDout tu ue repiacca uy tne new Agree- ment oeiow inentu>ned, wuicii It is proposeti to enter iuw on <juDscan.:jailv tne hi-mue terms with a Company caiitd tawarus n tJons, t-ae it-rviceg ut th" Company a« jjianagers ana tiuisiia.nu8 for a term 01 oO years at tne saint rate oi leiauneratiun as contained in tue above- UleFtio,ue(I Agreemeuts. ine .,IX gentlemen urst named above as in rectors itre. uuectorB ol L, u^uvtarus oonn. j^td., and are interested m toiioivt by tileir noitung oi. tue following buu-ras 01 is. eacn ill me caj,)1tai of di3,uou of ui. Lctwarut3 ana Sons, iitd., viA.: Lugar Luvvatas, o^,tA>o tsuarea; Uuver Cecil Oiare, yu.ua baares; Trevor t*eor„d lidwarus. 4 ^haiee; Xnomas tierbert &na, lu,W unaies; Joiin Grihiths, lU.UtW bnareu; ana jidwin i-ayne. ZU,000 ssnaree. Tne loliowing ^vutraocs liave Oeeu entered intc within the two year* linmeUiateiy preceding uie date 01 tuis Prospectus, other than contracts entered into in tne ordinary course of businea«:— (a). Contract dated 29th November, 1919, made between The Moor uine, utd., having its regisiered OIDce ¥ot Pilgrint btreet, NewtasUe-on-Iyne, ana tile Company, wnarehy the Dompauj have agreed to purc.:uv>e trom tne caid Moor ijine, Ltd., tne l-> steam^nipa above i-eierred to for we sum 01 il,bJ<,0lKJ, payable in cash, in respect of whicn the sum of £ 18u,4u0 in caah !J.aL; already been paid as a deposit on account 01 the purchase prica. (b) Contract dated lith December, 1919, between the Com- pany and George Clare & Co., ubi., whose registered office ic situate at No. 9, Old ilroad Street, in the tity ot London wuereuy the latter Company undertake on payment ot a re mhncratiofl or ooxamnisiou of 2 per cent, to anderwrite oi procure tao underwriting ot tile present issue 01 976,000 fiiiare^ at unaervr riting aca c\(*rriding commi-ssions of 6d. and lid. per Siiare respectively, wnich wmmlmlow are payable by tne Company. Under this agreement the Company uixlprtako to pass the naceewary re«oiutioius* to adopt modern articles to comply witn tne i eg .nations ot the ix>iuK>n :stodi Exchange, and ncticee oonvennig such meetings for this purpose have already been sent out (C) Contract dated ilth December, 1919, between the Company and Geoige Clare & Co., Ltd., whereby the Company m con- sideration of the said George Clare A Co., Ltd. having arranged a loan U) the Company of £ 1,620 000, auti of ether services rendered by them to tne Company, agree to pay tnem a oommisfcion of 1 per cent. on the amount of the saiu Contract dated lith December, 1919, between the Company and B.S.T., Ltd., whose registered owte is at 3, lomoard Street, Londou, E.C,, whereby for a oommiwion of la per cent., out of winch B.H.T., Ltd., pay the brokerage on this issue 01 Debentures, the latter agree to underwrite or procure the underwriting of the present lSSlld Debentures at underwriting and over-riding commissions of 24 and i per .cent. respectively, payable by the Company. (e) Contract dated nth December, 1:119, between the Company and Edgar Edwards, of 1, Pier J-lea? Chambers, Docks, C&r- and k;d- in Ijder-,tion of the eervi?ea rcndereú by the said Ed?tf Edwarda in obtaiaing the said 13 eLcamships the Company grant to him tbe option of subscribing for 250,000 share? in the capital .of the Company at 25a. per share at any time within five years from the data of the Contract. George Clare & Co., Ltd., of which Company the al),ort-nanied Lt.-Col. Oliver Cecil Clire is a shareholder ariu Director, is interested in this option to the extent o sharing equally with the said Edgar Edwards any profit 001 this otpi-n o excess of £lUO,OOO. (f j Contract dated 11th December, 1919, betweei the Company of the tiret part. Cdgar Ld\vard« and Vrevor George Hdwards of the etMond part, and E. Edwards & Sons, Ltd., ol tiie third part, whereby the latter Company agree to act as Managers and Chips' Husbands of the Company for the term and upon the terms and conditions therein mentioned. (gl Contract dated 20th November, 19i9 .between ticcompany and Messrs. Jones & froeser, of 67, St. Marv Axe .London. B.C., whereby the Company agree to pay to them a oommis eioo of 1 per cent, as bale@ aud Purchase Brokers in connec- lion with the purchase of the Moor Line Fleet. Prior to this issue there haw been no olhr of Shares to the public for 8ub6erlptkm, and on t;a<;h?cr made privately the whole of the Shares offered were taken .ip The following allotments of Shares have been made within the two years preceding the date of this prospectus:- 190,000 Shires of 41 each, at par, on various da-tea between 80ta June, 1918i and 22nd November, 1519, and the full amount due thereon has been paid. 24,000 Shares of 41 each were allotted for a consideration otherwiae than Cash; as fully paid oi various datesi between 30th January .1919, and 20Ut February, 1919, to the iioniinees of the Liquidator of The Southern Coun- ties Shipping Oompany, Limited (in Liquidation) in part satisfaction of the purchase price of tre B/fj "Spermira" purchased from the said Company A copy of the Memorandum and Artielee of Association of the Company, and if the proposed new Artie.er i rlli c. I the Trust Deed securing the Dcbfc^turea, and of the Oantracts above mentioned, mtiy be seen at the offici-e of the Solicitors of the Company at any time Huring busi< -.88 hOUff: while the list is open. Applications should be made on the foruis accompanying the Prowpectus 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 pav any instalment on the dUl- date involves the riek of forfeiture ot the amount already paid. Where no allotment is made thodep r-it trill be retained in full, loud if the whole amount applied fo' be r.r¡t allotted the eurplus paid on deposit will oe approoriated towards the stizoulit due on allotniect, aid any etoees will be returned a&oHld dafault be c'&d? In payment of the amount due on ?Uottaeot the amount pr?v<ou?!y ?ai wUf be liable to for* f.iturl and the allotmt wiU be iahle t? c?nce?ati''?. AiiuppTfli/ cation will be made in due cour? to the C?mtaitt?ex of the LoadoB and Ca?djC Stock ExcbangN! for ofneial quo- tatioBa of t"" Shares and Debe?t."M. Proepectusea and form of application may he ax the Offices of the Company, or of its Bankers Brokers or Solicitors, and from B.S.T I.,t(i., 3. Lomhird Btreet; F'C.S, and George CiaJ'C'\X. Co.. 9. Old Braid Street, B.C. 2. London, 16th December, 1919.
TIPPERS & TRIMMERS, i
TIPPERS & TRIMMERS, i Old Agreement Expires: New Demands. At tho meeting of the Swansea Cham- ber of Commerce on Wednesday, the pre- j sident (Mr. A. E. Andrews) reported that the agreement entered into with the til)- pers and trimmers having come to an ¡ end, new demands were received, and they were first heard in London, (a further) meeting being called by Mr. Robert Wil- liams, of the Transport NVorkers' Federa- tion, to which were invited the coal i owners, ship owners, coal exporters, re- presentatives of the railway companies, in faact ever) section interested. This meeting took plact- last Wednes- j day, and prior to it being held the em- ployors'- side met to decide their pro- ) gramme. At the conference Mr. Viekery j was elected chairman, and the meeting was representative of every coal-export- J ing centre in the kingdom, including the Tyne, the Mersey, and the Humber. The demands put forward by the men were for two shifts, from 6 to 2 and 2 till 10 on week days, and 6 to 12 on Saturdays. That meant the elimination of all work throughout the whole kingdom. The present hours were two thifts of eight hours each, with a four hours' break between each shift, arranged at the last conference in May in w der to provide the railway companies the impor- tunity of marshalling tralhe. Other demands included a minimum rate of 1:5 5s. per week, fourteen days' holiday with pay each year and no other man to work extra in consequence of these holidays, payment of 2s. tid. wait- ing time per hour or part of hour in all cases, etc. After a long 'discussion, went on the speaker, the employers replied that the reduction of hours was causing conges- tion of traffic, stoppage of cargoes, and restriction of output and would be pie- judicial to the national interests. Afcer I further discussion the eventual decision arrived at by the employers was that they accept the principle of an indepen- dent inquiry under Part 2 of the Indus- l trial Courts Act, 1919, in mutual consul- I tation with the Ministry of Labour.
I SMALL HOLDINGS.I
I SMALL HOLDINGS. I Purchase or Hire Discussed at Swansea. Small-holdings, and the regulations at the Land Facilities and Settlement Order pf the Act of 1908-1919 regarding them, were again discussed at the special meet- ing of the "Parks Committee on Wediies- day afternoon, C-onn. G. Hemmings in the chair. I BOROUGH TREASURER'S REPORT. I The deputy borough treasurer presented the borough treasurer's report on the financial aspects of the scheme, and the conditions by which the Corporation would be governed in purchasing or leas- ing lands The report gave in detail the I circumstances un,ler which the State oore portions of the expenditure, and where loans would be availzkblc. The Chairman and Mr. John Lewi; said that delay in proceeding with the scheme was dangerous. It transpired that applicants wkh capital will, under the State provisions, recei ve advances of &1 forevory £ 1 of his capital. The. I Government had earmarked seventeen and a quarter millions of the estimated grants for ex-service men only. Until the Ul.'ter were accommodated, ordinary ap-I I plicants would not be dealt with. ¡ Mr. Tuubridge staid that one point was i that every action of the Small-ho!ng« Committee would hav^ & so that the process would be slow, but safe in the end. The clerk to the committee (Mr. Bintch) 1 said that the Government recommended purchase at all times in order to keep down capital expenditure, although under the Act compulsory hire or purchase wu.3 I possible, providing the land was not wanted for building, housing, etc. I PURCHASE BEFQRfe HIHt. The Chairman said that the subject presented so many different questions to, be adequately dealt wich at that moment, although he favoured the metiaod oi pur- chase raviier than lure. The scheme was approved of by the commi'tce, and it was decided to ?cure 100 acres of land as a beginning, and a leiii)-coniiuittp-e was appointed. They will Mndea a report at the next Parks Com- I mittee.
WESTERN COUNTIES SHIPI PING…
WESTERN COUNTIES SHIP I PING CO., LTD. ) ■■ ■ ■ i Interesting New Capita is?ue. I Promising Outi<wk. ?l Mr. Edgar LowaiUu, we chairman Ine biuing at the meetintf held at the Pier Head Chambers, Caruitf, said: Ladies and Gentlemen, this being (L confirmatory meeting, tiio business oeiore us jA of a purely formal nature, but 1 am glad of the opportunity to give you certain infor- mation additional to wiiat was told you at tne general meeting. I told you then oi our purchase of tha Moor Line ileet, which, with the steamers wa a?eady owned, gives us a heet of 1:\ ves"els with a tonna? of IU5,00 ton? d/w, at a cost to the company ot ?0 153. per ton, which, as mo&t ? yfu ?n?w, is from X3 to £1, per ton under the present mar- ket price. This fleet, with the charters bow ar-i ranged, should bring us in a revenue of £ 1,500,001) per annum, on wiiich X estimate that, subject to taxation, thtre should bo a profit 01 at least £ 750,000. Since I last met you the final steps been takeii for financing the company. and, subject to your confirmation of the; increase of capital, a prospectus will Lw issued to-morrow offering tor subscription .4-1.000,000 debentures and 876,000 allares. As 1 told you at the last meeting, tha shares have been underwritten on very reasonable terms by George Clare & Co., Ltd., and we have been equally fortunate in the underwriting of the debentureg. B. S. T., Limited, an association com- prising tho majority of ou* lauding pro- vincial stockbrokers, have underwritten the whole of the debentures for a commis- sion of H por cent., out of which they pay a brokerage, underwriting, and overriding of the issue. The debentures are for five years, the company paving off < £ 200,000 each year, and there is one condition attaching to them which particularly interests tho ordinary shareholders. This condition is that so lang as any of the debentures are outstanding, the dividends on the ordinary shares are not to exceed 20 per cent. However, if this business proves as suc- cessful as I anticipate, that is to say, if it continues to do what it is doing to-day, tuen we snouid quite easily be able to pay- off the whole of the debentures within three years, and so remove any restriction, on the amount to be distributed in divi- dend on the ordinary shares. Meantime, the ordinary shareholder will benefit from the fact that by repayment of the debentures we are still further writ- ing down the price of our steamers, o", that by the time all the debentures are written off the steamers will stand in oir books at less than < £ 12 a ton, and if va sold them at £2.1, a ton that would mean that we should have 42 a share to digtri- j bute to our shareholders. Before concluding I would like to point: out and to emphasise the value to tha shareholders of the oompany of the ar- rans-ement we have made whereby present shareholders obtain priority in the allot- ment of the shares about to be issued, ar. t hope that you will ail take the utmost advantage of it. The issue is too large Vor us to conflra it entirely to our own sh a reholders, ao wo had to give the public a\ ohance 0 C r, in. but I think the issue will be so largely over-subscribed that only present share- holders of the company will have the lea.st I ohance of obtaining all the shares thelr, I appl) for. As regards the debentures, I don't knoTT* that tlirre is any better security than good steamers, which can. if necessaryt ha j sold in any pa.rt of the world, and it may j interest you to know what our debentwa { will yield. These are the figures given by I an actuary• I If Bon-d drown Annua i Tiew isrfeSf.T per cept.. 1 5 0 2 8 18 e 3 f; 3 0 4. 7 14 0 5 7 10 e The resolution was duly seconded and passed.
l VICAR OF GORSLAS.\ j.i -
l VICAR OF GORSLAS. j i Ii public Trfbute on His Retirement* I On his retirement irom the vicayship M fte,r 22 years, the Rev. -A. Pritfcea has been m&d a recipient cf I fciriking tt'bmomes from church a?l c?tir? He was presented on Monday night with p54 from the Nonconformists and general public of too district, and most of tho ministers attended I tl.o meeting at tne viiurch Hall, Gorsla*, and expressed their keen appreciation his service Mr. T, Morgan. J.p.. was iu f-hfl chair. He will receive on Thursday ¡ night a presentation of idcrably ovc:' 410ofrom the the Qorslae and I Cross Hands churls. Mrs. Britten ai-yo lias received substan- tial gifts from the Mothers' Union and G.F .S. class.
Advertising
This ror may be filled up *nd forwarded to BARCLAYS BANK TJMITBD CitT ??)T? 170 i^enchurch-sti-eet, E.C.3, or any of their Branches together witb a ra- D1ittatic for the amount payable on aonication. No THE WESTERN COUNTIES SHIPPING COMPANY, Limited. I Bettered under the Ccn?a.nifs' Acts l?M and .9j? Issue of ?l.O?O.OOC U p.c Five Yeur tirst.Mortgage De.1wntures. « in Registered Debentures of F?? 1M and ?? çab { FORM OP APPLICATION. O LTD. To the Directors THE WESTl.? IKS SUMO CO.. LTD^^ & Gentlemen-I/? enclœe herewith the sum of El beinz a. of iQ per cent on an aiH)ii<-atioii for ••••••••••   I benture." of your ^nipany. 1/we request YOU to nll^ ot to me/us that amount of De- .h'ntlll'cs and agree to accept the sam" or any smr.ller moul1t that maT be allott^ I ■fcentiires agree ^^ndUion cSi^d in tb?e Pro^ectus dated !6th De- (•m?er 1919, and of th™Menwrandum of Relation of Uw Companv -,ncl. f,'we un- a,ertake to pay the baln'Ce due on allotmEut as provided by the aaid p[(J2ec Uf> l/We hereby de-lat* that thh ¡tpplicati<Jn i8 Dút mado by or on behalf of guy enemr   meaning cf the Tradina with th0 Enemy (Amendment) Act. 116. I Usual Bignature Name in full (blo(-k letterol (State if Mr.. Mrs. or BiBS.) Address in full Occupation Date Pleasewrit« very distinctly CheauM S u.  rvavahle to Bearer and cr(Ased "B?rclaya Bank Limi- ?? ?'t- ???. ??o?fro? 0?-to- C?rer" must be initialed bv the drawer.) a 'will ?? ?ed for pa elrt'3 on ?pDticat?n. but an a?owlfdsnnent will ?&? "??.??t ?d it i?d? TOurso either by allotment of D??tur? or ? retuMi of i deposit. Tn ,•«, may be filled UD and forwarded to BARCLAYS BANK LIMITED, City 0? 170 I'cjichurch-street, E.CS or any of their Branches together vith a M- mittance for the amount, payable on an plication. ORDINARY SHARES. No THE WESTERN COUNTIES SHIPPING COMPANY, Limited. Issue of 976.000 Shares of £ 1 each. at 20s. per Shate. FORM OF Al>ri.H,ATION FOR SUIARLiS. 59a. M. the T>irectom THE WESTERN COUNTIES ?HH'PI?G CO.. LTD. being a deposit ? <?? t???-5aYi?paidto your Hanker the com of ? .bei?  deT-?it cf 2s ?d D°r Share MiAnp?ation for .Shares of ?1 each of your Company. r?T ? r?u?. yo? to allot to me/ue that n?m)?r ?f Sha?a uMn the tcrrna of the 9 9 Lnd I/we berebv agt*e to accept C?r??I'r?pectus dat<d 16th December. Ç.:9. and I/we berpbv a??e to accept theKamc or nnv «mallcr m'mocr that may e allotted to me/us and t-o pay the bal- ance of '7«. 6<1 per Share due from me/tw by the instalments e?Sed in the said ?Mt-t?and J?e authorMC you to PHl(, my/our name on the R?rMt?rof Membera of the C?mDany*? hoider(s) of the sa'd ?han? a?otied to mcfUf, and 1/wo hp?hy d -chfro tbat ??ppU?tion is not made by or for the b?neUt of an ?'nemy Eubiect ?h?i the n?ine of the Tiadir.g with the Enemy Amendment Act 1916. Dated thie m9- • Usual signature Natoo in full (block Ir^ero) —• (State if Mr.. Mrs. <-).' Mass.) Address b1 foil Occupation PJeae write rhstinotly. LimOitheedo." uos should be drawn payable to Bearer a'sd crossed Barclays Bans Any alteration from "Order" to "Bearer" rmvit. be authenticated bv the Drawer f siut.l'e. I Ko"receipt will be issued for p-,tymont- oji application, bnt 1m noknowiedsrmerrt will be forwarded in due course either t)yletter of rliotmeut in wl)ole o-, in or by return of deposit.