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.

Nantyglo and Blaina Ironworks Company, Limited. — Directors: H. Mason (Chairman), W. Isaacson, J. Jenks, T. Ogden, and R. Shard. Secretary: J. Richardson. Offices: 8, Great Winchester Street Buildings, London, E.C. — The company was established in July, 1871, to purchase, amalgamate, and carry on the Nantyglo and Beaufort Iron and Coal Works, lately the property of Messrs. Joseph and Crawshay Bailey, and also the entire properties owned by the Blaina Iron and Coal Works Company, Limited, all situated in Monmouthshire and Breconshire. The consideration was £650,000, and the company in addition took over a mortgage of £200,000 at 5 per cent. The vendors received £400,000 in cash, and £250,000 in shares, which were not entitled to dividend until after 8 per cent. has been paid on the remainder. The capital was fixed at £750,000, and the above arrangement left £500,000 for public subscription. The shares are of £100, and they are quoted in the London Share List as preferred shares. The vendors' deferred shares were offered for public subscription in October, 1871, at the price of 80 per cent., but with what success has not transpired, and they are not officially quoted. The prospectus gave an estimate of net profit available for dividend of £120,000 a year, but the result has been very different. Two half-yearly dividends of 8 per cent. per annum only have been paid, and the second annual report to August 31, 1873, disclosed "the full extent of the loss that had arisen." The shareholders at public meeting refused to adopt this report, and a committee of investigation was appointed, who reported to the shareholders, in January, 1874, that the whole of the working capital was lost, and that the undertaking could only be carried on by the election of a new board, who would have to pledge their personal credit, and authority was obtained to borrow £25,000. Annual meetings are held in November to receive the accounts to August 31. Transfer fee. 2s. 6d.

Native Iron Ore Company, Limited. — Directors: Sir H. Elphinstone, Bart. (Chairman), E. Smith, G. Rosser, and H. D. Marsh. Bankers: Consolidated Bank, 52, Threadneedle Street, E.C. Secretary: D. S. Derry. Offices: 22, Great Winchester Street, London, E.C. The company was formed in April, 1873, to acquire and carry on the red hematite iron ore mines of Pawton, Cornwall ; the brown hematite and magnetic iron ore mines of Smallacombe, Devon; and the Atlas tin mine adjoining the latter. The consideration was £25,000 in cash and £15,000 in fully-paid deferred shares. The capital was £50,000, in shares of £10, and subscriptions were sought and obtained for the balance of £35,000, in shares which were guaranteed 12½ per cent. interest to December 31, 1873, and afterwards were to rank first for 12½ per cent. interest, and equally with the deferred shares after a like dividend had been paid on them. Meetings are held in April to receive the accounts to December 31. The experience of the company has not come up to expectation, and in their first report the directors stated that they "confidently expect a considerable revenue sometime in 1875 and 1876." Transfer fee, 1s.

Nerbudda Coal and Iron Company, Limited. — Directors: S. J. Wilde (Chairman), J. R. Corbett, S. L. Foster, T. S. Haviside, J. Hawkins, and J. R Manning. Secretary: F. R Bluett. Offices: 15, Coleman Street, London, E.C. — The company was established in 1860, to work certain coal and iron mines in India, near the river of this name, but the enterprise is only now beginning to have even moderate prospects. The directors announced in their report dated December, 1873, that they had made arrangements for the supply of coal to the Great Indian Peninsula railway, at a higher rate, and they expressed their "belief that a turning point in the affairs of the company has been reached, and trust that the time may not now be far distant when the undertaking will yield steady and satisfactory dividends." The capital is £250,000, in shares of £1. The amount paid up is 8s. per share. Annual meetings are held in May to consider the report and accounts for the year ending with the preceding December. The shares are quoted in the official list. Transfer fee, ls.

New Quebrada Company, Limited. — Directors: N. Learoyd (Chairman), F. H. Hemming (Deputy-Chairman), J. Anderson, W. Armstrong, W. T. S. Oakes, and J. Thompson. Secretary: T. G. Gillespie. Office: 11, New Broad Street, London, E.C. — The company is the owner of extensive mining concessions from the Venezuelan Government, and the Bolivar railway company was formed to build a line from the shipping port to the mines, the Quebrada company guaranteeing not less than 20,000 tons of ore a year should be ready for carriage, at the price of £4 5s. per ton. In the event of failure on the part of this company to deliver or pay for the above amount in any one year, the Bolivar company will have the right to work the mines until the deficiency is made good, when it will again relinquish them to this company. The capital is £330,000 in shares of £5, fully paid, which are quoted in the London Share List. Half-yearly meetings are held in January and July to receive the accounts respectively to June 30 and December 31 preceding. The report to December 31, 1873, stated that the company expected to be carrying ore to the sea in May, 1875.

New Sharlston Collieries Company, Limited. — Secretary: S. M. Robins. Office: 110, Cannon Street, London, E.C. — The company was established in 1873 to purchase and work collieries of this name near Wakefield. The consideration was £375,000, of which £165,000 was to be in cash, £100,000 in mortgage at 6 per cent., and £110,000 in ordinary shares. The capital was £350,000 in shares of £20, and after deducting the ordinary shares to be taken by the vendors, there was a balance of £240,000, and to this amount a preferred dividend was given of 10 per cent., with participation in all above that rate. Annual meetings are held in February, and interim meetings in August. So far the undertaking cannot be said to have realised the expectations held out at its starting. On account of 1874 an interim dividend of 5 per cent. per annum only was paid on the 10 per cent. preferred shares. The preferred shares are quoted in the official list. Transfer fee, 1s.

Newport Abercarn Black Vein Steam Coal Company, Limited. — Directors: Rev. H. Ward (Chairman), H. C. Raikes, M.P., J. T. Bowden, T. Beynon, J. Cory, and J. Holman. Secretary: A. E. Clarke. Office: 9, Billiter Street, London, E.C. — The company was started in March, 1873, to acquire and work a leasehold colliery property, known as the Celynen Estate, Abercarn, Monmouthshire. The consideration was £20,000, in fully-paid shares, which the vendors undertook to hold for five years. The lowest estimate of profits was 26 per cent. The capital was £150,000 in shares of £10. The shares issued, in addition to the £20,000 received by the vendor, amounted to £130,000, and £4 per share has been called up. Some of the shares have been forfeited. At the meeting of the company held in June, 1874, to receive the accounts to March 31, the report stated that all the works were progressing to the entire satisfaction of the company. The company is not quoted in the official list. Transfer fee, 2s. 6d.

Niddrie Coal Company, Limited. — Address: 21, Charlotte Square, Edinburgh. — The company was formed in July, 1874. The capital consists of £310,000 in shares of £10 each, of which £2 per share has been called up. The shares are principally held in Scotland. Transfer fee, 2s. 6d.