Durham Mining Museum - Stock Exchange Information (original) (raw)

Extracted from: The Stock Exchange Year-Book for 1875, by Thomas Skinner

In the case of companies worked upon the cost-book principle the laws of ordinary partnership prevail as regards the liability of shareholders ; it is quite unlimited.

Ebbw Vale Steel, Iron, and Coal Company, Limited. — Directors: M. Curtis (Chairman), F. Philips (Deputy-Chairman), E. Coward, W. Richardson, A. Sington, W. Sumner, and F. Tothill. Secretary: J. F. Rowbotham. Office: 86, King Street, Manchester. — This important company, which was established in 1864, has a subscribed capital of £2,383,200 in shares of £32, of which £29 per share has been called up. Meetings are held in Manchester in June to receive the accounts for the year ending March 28, but interim dividends are paid in December. For 1873-4 £1 14s. 6d. was paid, namely, 14s. 6d. as interim, and £1 balance. The company is quoted in the official list. Transfer fee, 2s. 6d.

Eberhardt and Aurora Mining Company, Limited. — Directors: A. D. De Pass (Chairman), H. A. Hammond, W. Baxter, and Capt. F. Drake. Secretary: A. Critchett. Offices: 15, Angel Court, London, E.C. — The company was established in 1870 to acquire and work a silver ore property in America. The capital is £300,000 in shares of £10, of which 4,477 shares are unissued. In the midst of immense excitement, a first dividend of £1 per share was paid in 1871, and the shares rose to £40 upon a telegram that a great lode had been struck. No further dividend has, however, been paid, and the shares have been lower than £3. Annual meetings have hitherto been held in August to receive the accounts for the year ending with December, but henceforth meetings are to be held half-yearly. The company is quoted in the official list.

Elbe Colliery Company, Limited. — Directors: Col. G. Allan, J. C. Fuller, J. Jenkins, and W. H. Norton. Secretary: T. Russell. Office: 8, Leadenhall Street, London, E.C. — The company owns and works certain collieries in Bohemia. The paid-up capital is £39,725. For 1872, 5 per cent. dividend was paid ; but for 1873 the net profit was but £601, and no distribution was made. The shares are not quoted in the official list.

Emma Silver Mining Company, Limited. — Directors: G. Anderson, M.P. (Chairman), E. B. Willyams, E. L. Pemberton, M.P., Col. Hon. J. C. Stanley, and Com.-General Gardiner. Secretary: W. H. Tooke. Office: Victoria Buildings, Queen Victoria Street, London, E.C. — Of recent years, no enterprise has created more stir than this company. It was introduced in November, 1871, to purchase, for £1,000,000, the mineral property from which it takes its name, situate in Utah, United States. Up to the date of the transfer to the company the net earnings were put down as equal to £700,000 a year, and in the prospectus it was pointed out that if the mine had been worked with "commercial principles of economy," the yield would have been at the rate of £800,000 a year. The capital of the company was fixed at £1,000,000 in shares of £20, of which the vendors received half as part payment ; and the balance was publicly subscribed. From the ore in transit and at mine, the directors determined to commence paying monthly dividends of 18 per cent. per annum and the first distribution was made on the 1st of December, which was within a fortnight of the company being announced. This was continued for thirteen months, during which great excitement prevailed, and the price of the shares reached £32. The directors could not, however, meet the dividend due the 1st of January, 1873 ; but in communicating this to the shareholders, it was stated that "the position of the mine is better than ever, and the directors have every expectation of being able to resume the monthly payment at 1st of February." No dividends have, however, since been paid, and exploring for new deposits is now the exclusive object of the operations at the mine. Annual meetings are held in May to receive the accounts to December 31. The company is not quoted in the official list, but the shares are freely dealt in. Transfer fee, 2s. 6d.

English and Australian Copper Company, Limited. — Directors: R. A. Routh (Chairman), A. Cobbett (Deputy-Chairman), S. Herapath, G. C. Bentinck, M.P., and J. R. Frewer. Secretary: C. B. Rogers. Offices: 6, Gracechurch Street, London, E.C. — The company, which was established in 1851, is engaged in smelting in Australia. The capital is £210,000, in £3 shares, of which £2 10s. is called up. Dividend payments, of 10 per cent. per annum, were resumed in 1871, during the excitement in the copper market, but the report for the half-year ending December 31, 1872, estimated a deficiency, and no dividend was declared. For the year ending June 30, 1873, however, a dividend of 1s. 6d. per share was declared. The reserve fund is £9,716. Half-yearly meetings are held in August and February to receive reports to December 31 and June 30, respectively ; the company's year closing at the latter date. The company is quoted in the official list. Transfer fee, 1s.