410 ENGLISH AND FOREIGN CREDIT-FALMOUTH, GIBRALTAK, ETC. 499.-ENGLISH AND FOREIGN CREDIT. This company was established to make advances on stocks, shares, and other approved securities, with a nominal capital of 300,0001. in shares of 151. each. Paid-up, 87,9127. 10s. First issue, 11,906 shares, with 8. paid. The accounts for the half-year ending 30th June, 1870, showed a gross profit, including the balance of 6447. from the preceding half-year, of 6,813. From this amount, after deducting current expenses, income-tax, and rebate, a dividend of 5s, 3d. per share left 1,0607. to suspense account, and a balance of 3071. to be carried forward. The accounts for the half-year ending 31st December, 1870, exhibited a gross profit of 6,2961. Dividend 5s. 6d. per share, equal to 67. 17s. 6d. per cent. The sum of 1,1557. was added to suspense, and 4157. carried forward. CAPITAL.-The balance sheet to 31st December, 1870, gave the debtor account as follows: Chairman-GEORGE SHEWARD, Esq. Thomas Stenhouse, Esq. Henry Harrison, Esq. Charles E. Mangles, Esq. George B. Townsend, Esq. Samuel H. C. Maddock, Esq. OFFICERS.-Sec., David S. Derry; Manager, John W. Batten: Auditors, Charles Kemp Dyer and Michael Alfred Reed; Bankers, The Alliance Bank (Limited), Bartholomew Lane, E.C, and the Consolidated Bank (Limited), 52, Threadneedle Street, E.C. Offices-3, Winchester Buildings, Great Winchester Street, E.C. 500.-FALMOUTH, GIBRALTAR, AND MALTA TELEGRAPH. Established under the Acts regulating Limited Liability, and acting in connection with the telegraphs to India and Australia. An exclusive concession has been obtained from the Portuguese Government of the right to establish submarine telegraph lines between Portugal, England, Gibraltar, and Malta for 20 years. The line from Madras to Singapore is now being laid. The China and Australian lines will be finished in the course of next year, thus bringing England and her Eastern dependencies into telegraphic communication, and opening new sources of revenue to this undertaking. The accounts and balance sheet to 30th September, 1870, embraced a period of only three months and a half, the line having been completed and commenced working at midnight on 12th June. The directors had obtained from the post-office the exclusive use of a wire between London and Penzance for the purpose of the company's traffic. Between Penzance and the end of the cable at Porthcurno the company had its own wires, erected by permission of the Government. The gross revenue to 30th September amounted to 21,3147., and the expenses to 5,817., leaving a net profit cf 15,4967. A dividend of 4s. per share (free of income-tax) for the three and a half working months, absorbed 13,2001., and left 2,2967. to be carried to a reserve fund. The expenditure on capital account was 657,5127. 501.-FRENCH ATLANTIC TELEGRAPH. Incorporated under "The Companies' Acts, 1862 and 1867," under the title of Société du Cable Transatlantique Français (Limited). Capital, 1,200,000l. in 60,000 shares of 201. each, of which 10,000 were issued as fully paid.-See "Anglo-American." DIRECTORS: LONDON BOARD. Chairman-The Right Hon. VISCOUNT MONCK. Edward J. Halsey, Esq. (Messrs. Fesser, Julius Reuter, Esq. Lord William Montagu Hay. President-Contre Amiral LACAPELLE. Le Marquis Eliacin de Beaumont. | M. Charles Crapelet (MM. Rattier and Co. OFFICERS.-Manager, Capt. R. C. Mayne, R.N., C.B.; Electrician and Engineer, Cromwell F. Varley, M.İ.C.E.; Bankers in London, The Union Bank of London, 2. Prince's Street, E.C.; Bankers in Paris, Société Générale du Crédit Industriel et Commercial, MM. Emile Erlanger et Cie; Bankers and Agents in New York, Duncan, Sherman and Co.: Solicitors, Bischoff, Bompas, and Bischoff. Offices in London-66, Old Broad Street, E.C. Offices in Paris-Rue Laffitte, 8. GENERAL CREDIT AND DISCOUNT. 502.-GENERAL CREDIT AND DISCOUNT. 411 Incorporated under "The Companies Act, 1862," limiting the liability of shareholders to the amount subscribed. Re-constructed from the "General Credit and Finance," the alteration being based on a plan suggested by the directors, in effect as follows:-The liabilities to third parties were 258,0757., and the paid-up capital and reserve fund 1,675,0007., making together 1,933,0757., due to the public and the shareholders. To meet these engagements the assets amount to 2,041,1007. The directors did not represent all the assets to be perfectly good, and one item, being a loan to a foreign railway company of 151,300, they described as in an unsatisfactory state. After consideration of the outstanding debts, and making allowance for such as might be considered doubtful, they considered any loss would be fully met by the reserve. The share capital they felt justified in considering intact; 212,9167. of the 2,000,000. of assets consisting of cash or government securities. The sum of 282,6617. in bank and mercantile bills, 224,3687. was in shares, and 786,9897. in loans secured by acceptances and collateral securities, or on railway debentures. The sum of 30,2651. represented calls in arrear," and 55.8881. as "accounts current." The object of the transformation was to get rid of the liability of shareholders for the uncalled portion of capital. Under these arrangements the company now possesses a subscribed capital of 2,000,0007., divided into 200,000 shares of 101. each, of which 1,500,000l. is paid up. The average capital employed during 1863 amounted to 360,000%., from the profits on which were deducted 4,8847., in the shape of preliminary expenses, and 18,750. dividend among the proprietors, being at the rate of 10 per cent. per annum. In 1864 the capital was extended to 1,000,0007., while from the net profits there were divided 150,000.; but as of this amount 31,2501. had been paid as back interest on new issue of shares, the sum actually paid from profits in the business may be stated at 118,750., or at the rate of 12 per cent. per annum, while 125,000l. were placed to reserve from premiums. In 1865, the capital still continuing at 1,000,0002., there were divided out of profits: the sum of 150,000, being at the rate of 15 per cent., a further sum from profits of 50,000. being added to reserve. In 1866, the capital for the first half of the year remained at 1,000,000, while in the succeeding six months it was raised to 1,500,000l., and so established an average for the year of 1,250,000. On this capital there were distributed 75,000l. from profits equal to 6 per cent. per annum. In 1867, the capital being 1,500,000, the profits divided to the shareholders. amounted to 75,000, or 5 per cent. per annum, with 5,000l. to reserve. The entire sum distributed out of profits during these five years amounted to 437,500, with 180,000l. to reserve, or more than one-third of the entire capital, and exhibiting an average dividend of 91. 12s. per cent. The dividends for 1868 and 1869 were respectively 75,000l. and 75,0007., or at the rate of 5 per cent., raising the amount distributed out of profits as dividend since the formation of the company in 1865, to 587,500. It was reported in July that there had been a steady increase in the company's business and connections during the six months. The realised profits admitted of the usual interim dividend at the rate of 5 per cent. per annum (free of income-tax), amounting to 37,500, payable on and after the 30th instant. The Portuguese Government had agreed to a compromise of the claims of the South Eastern of Portugal, by which the Government agreed to deliver to the official liquidator, on 31st May, 1870, bonds for the nominal amount of 1,850,000l. of the recent 3 per cent.. loan. This arrangement the Portuguese Government had punctually fulfilled, and the bonds were about being distributed among the several classes of creditors under the orders of the Court of Chancery. It was reported in February that the accounts presented an available total of 76,726, and that a dividend at the rate of 5 per cent. per annum would absorb 37,500., leaving after an appropriation of 35,000l. to reserve (thus raised to 75,0001.) the sum of 4,2261. to be carried forward. The report added that the business of the company has steadily increased, and that its assets are entirely free from all complications. The paid up capital is 1,500,000, the deposits held are 4,608,4387., and the acceptances 125,2917. DIRECTORS: Chairman-JOHN BRAMLEY-MOORE, Esq., Gerrard's Cross, Bucks. William Patrick Andrew, Esq., 26, Mon- | William Mackinnon, Esq., Glasgow. tague Square, W. George Worms, Esq. (Messrs. G and A Worms). Edward Blount, Esq. (Messrs. E. Blount and Co., Bankers, Paris). Sir H. D. Wolff, K.C.M.G., Boscombe Thomas Brassey, Esq., M.P., 4, Great Offices-7, Lothbury, E.C. 503,-GLASGOW STREET TRAMWAYS. Incorporated by 33 and 34 Vic., cap. 175 (10th August, 1870), to construct street tramways in the City of Glasgow and its suburbs. Length in miles not stated in the Act. Capital, 300,0007. in 107, shares, and 75,0007. on loan. No. of Directors-9; minimum, 6; quorum, 3. Qualification, 2001. DIRECTORS: William Beers Huggins, Esq. Joseph Colin Wakefield, Esq., East wood Park. Offices-Glasgow. 504.-GLOUCESTER WAGON. Established under the limited liability Acts. It was reported in August, 1870, that when the company was formed, in the year 1860, it was the earnest desire of the directors and manager that the cost of the premises, machinery, and plant required for carrying on the business of the company should be defrayed out of the profits of the first ten years. The total amount thus expended exceeded 58,000l.; and although this was a much larger sum than was at first contemplated, the directors had the greatest satisfaction in stating that their object had been accomplished, and that the whole amount had been cleared off. The carriage and wagon stock belonging to the company consisted of 9,741 narrow gauge vehicles, viz., 9,647 wagons and 94 carriages and break vans. Of these, 6,699 vehicles were sold on deferred purchase, 3,013 were let on hire, 10 were in use by the company, and 19 were at present unemployed. During the year 210 wagons had been built, of which 155 had been sold on deferred purchase, and 55 let on hire. This was a smaller number than had been built in any former year, and served to show the depressed state of this part of the company's business. During the past year a larger amount of work for cash payments had been executed than in any year since the company's establishment, nearly the whole of which, however, was on account of foreign contracts. After providing 14,6171. for the usual reserves, and also 35,3751. for dividends at the rate of 10 per cent. per annum, there remained a balance of 1,657. for next account. The reserve funds on the 1st of July amounted to 85,5157., while the balance sheet showed that 494,4001. had been paid up on capital account. DIRECTORS: Chairman-RICHARD POTTER, Esq., Stonehouse. Edmund Boughton, Esq., Birmingham. Offices-Bristol Road, Gloucester. Thomas Marling, Esq., Gloucester. 505.-GLYN VALLEY TRAMWAY. Incorporated by 33 and 34 Vic., cap. 166 (10th August, 1870), by which the Ellesmere and Glyn Valley railway was dissolved, and tramways substituted. Length in single lines, 15 miles. Capital, 25,0007. in 107. shares and 8,3001. on loan. No. of Directors-5; minimum, 3; quorum, 3 and 2. Qualification, 5001. DIRECTORS: Lord Arthur E. H. Trevor, M.P., 36, Robert Myddleton Biddulph, Esq., 35, Belgrave Square, S.W. Richard George Jebb, Esq. Grosvenor Place, 8.W. GREAT NORTHERN TELEGRAPH, ETC. 506.-GREAT NORTHERN TELEGRAPH. 413 Incorporated under Danish law, with limited liability. Capital, 400,0007. in 40,000 shares of 10. each. The company has purchased the following Submarine Telegraph Cables and the valuable concessions under which they have been constructed, and hitherto worked, by the three companies who lately owned them, as well as the concession of another line, for the sum of 400,000. (which includes all the working plant used in the service), with the object of amalgamating the several systems into one, and working it under a single management. There are five cables, viz.: Actual distance. 1st. Denmark to England, from Söndervig to Newbiggin ........................ 334 miles 2nd. Denmark to Norway, from Hirtshalts to Arendal 66 "1 3rd. Denmark to Russia, from Möen to Bornholm, and Bornholm to Libau 304 ........... 270 The above five cables give two lines of communication between this country and Russia, Denmark, Sweden, and Norway, as well as between these countries themselves. All the concessions give the exclusive right of conducting telegraphic communication between the connected points for thirty years, when the lines will still belong to and be worked by the company, and the Russian concession further provides a subvention of one franc on the greater number of messages transmitted by it. DIRECTORS: C. A. Broberg, Esq. (Firm of Chr. Broberg | Count W. C. E. Sponneck, Director of the M. Levy, Secretary to the Minister of C. F. Tietgen, Esq., Director of the Private O. B. Suhr, Esq. (Firm of J. P. Suhr and Son). Representative in England-H. G. Erichson. Offices-7 Great Winchester Street Buildings, E.C. 507.-GREAT NORTHERN TELEGRAPH-CHINA AND JAPAN EXTENSION. Incorporated under Danish law, with limited liability. Capital, 600,0007. in 60,000 shares of 107. each. This company, constituted under Danish law, was formed for carrying out a concession granted by the Russian Government on the 11-23 October, 1869, for connecting China and Japan with Europe through Russia. The concession, for which there were several applicants, was after long investigation, granted by the Russian Government to Danish parties connected with the Great Northern Telegraph. By its terms the Russian Government has granted the company, besides other special privileges, the exclusive right for thirty years of connecting China and Japan with Europe through the Government wires on Russian territory. The concession provides for a renewal of these exclusive privileges on preferential terms at the expiration of the thirty years, and in any case secures to this company the continuance of the right of transmission of their messages through the Russian land lines. A working agreement with the Great Northern Telegraph of Copenhagen, by whose lines the traffic will be conducted from Russia to England, has been concluded with a fair rebate on the tariff of that company. The first cable will be laid from Posietta to Shanghai, either direct, or, if deemed advisable, touching at Nagasaki, or other convenient point in Japan. The next section will extend from Shanghai to Hong Kong. Ultimately, the other important ports in Japan and China will be included in the system of the company; and to construct these further lines the necessary extension of the company's capital will be applied for under the regulations of the statutes. The shares are issued to bearer and pass by delivery, unless any shareholder should specially require to have his shares registered for transfer, which, in such case, can be done both in London and Copenhagen. The liability is by the Danish law strictly limited to the amount of the shares. 414 DIRECTORS: C. A. Broberg, Esq. (Firm of Chr. Broberg | J. Fr. Sick, Esq., formerly Minister at the Hague and Brussels. and Son). O. B. Suhr, Esq. (Firm of J. P. Sunr & Son). L. P. Holmblad, Esq. M. Levy, Secretary to the Minister of C. F. Tietgen, Esq., Director of the Private Bank of Copenhagen. Finance. OFFICERS.-Solicitors in London, Parker and Clarke, St. Michael's Alley; Bankersin London, C. I. Hambro and Son; in Copenhagen, The Private Bank of Copenhagen. Offices in London-7, Great Winchester Street Buildings, E.C. 508.-HUDSON'S BAY. This company was incorporated under a Royal Charter, granted by King Charles IL, in 1670, by the name of "The Governor and Company of Adventurers of England trading into Hudson's Bay," and by the Charter a vast tract of territory was vested in the company, together with the sole right of trade and commerce, and all "mines royal" within the territory. The capital of the company was extended in 1863 to 2,000,000. sterling, and divided into shares of 201. each, when the assets, exclusive of the company's landed territory, extending over an area of more than 1,400,000 square miles or upwards of 896 million acres, were valued at 1,023,5691., together with a cash balance of 370,000l. During the year 1869, the territory of the company was ceded to the Canadian Dominion, under the following terms, as arranged by Earl Granville, Secretary of State for Colonial affairs:-1. The Hudson's Bay to surrender to Her Majesty all the rights of Government, property, &c., in Rupert's Land, which are specified in the 31 and 32 Vic., c. 105, sec. 4; and also all similar rights in any other part of British North America, not comprised in Rupert's Land, Canada, or British Columbia. 2. Canada is to pay to the company 300,000l. when Rupert's Land is transferred to the Dominion of Canada. 3. The company may, within twelve months of the surrender, acres in the Red River select a block of land adjoining each of its stations within the limits specified in article 1. 4. The size of the blocks is not to exceed Territory, nor 3,000 acres beyond that territory, and the aggregate extent of the 5. So far as the configuration of the country blocks is not to exceed 50,000 acres. admits, the blocks are to be in the shape of parallelograms, of which the length is not more than double the breadth. 6. The Hudson's Bay may, for fifty years after the surrender, claim in any township or district within the Fertile Belt, in which land is set out for settlement, grants of land not exceeding one-twentieth part of the land so set out. The blocks so granted to be determined by lot, and the Hudson's Bay to pay a rateable share of the survey expenses, not exceeding an acre. 7. For the purpose of the present agreement, the Fertile Belt is to be bounded as follows:-On the south by the United States boundary, on the west by the Rocky Mountains, on the north by the northern branch of the Saskatchewan, on the east by Lake Winnepeg, the Lake of the Woods, and the waters connecting them. 8. All titles to land up to 8th March, 1869, conferred by the company, are to be confirmed. 9. The company is to be at liberty to carry on its trade without hindrance, in its corporate capacity, and no exceptional tax is to be placed on the company's land, trade, or servants, nor any import duty on goods introduced by them previous to the surrender. 10. Canada is to take over the materials of the Electric Telegraph at cost price, such price including transport, but not including interest for money, and subject to a deduction for ascer tained deterioration. Under this arrangement the sum of 300,0067. was paid by the Canadian Dominion, and the capital of the company reduced by that amount. No dividend was declared in July, in consequence of the financial difficulties arising out of the insurrection at Red River. It was reported in December that although the committee had not received an account of the exact amount of the company's losses during the recent disturbances, they had thought it right, now that order has been restored, to forward their claim for compensation to Her Majesty's Government, and to propose that the amount to be awarded to them should be ascertained by a commission. They had at the same time claimed interest at 5 per cent. on the purchase money from 1st December, 1869, to the date of payment. The Government of the United States had remitted to London the first moiety of the sum awarded to the This moiety (amounting to 45,918.) was placed company under the Oregan Treaty. to the company's credit. They propose to credit it as profit on the outfit of 1869, the year in which the transfer of the possessory rights was made, and they will credit the remaining moiety, when received, as profit of the same outfit. The directors, on this occasion, recommended a dividend at the rate of 48. per share, but the shareholders, at the half-yearly meeting, made a demand for 8s., which, after being negatived, was so far compromised by declaration of 6s. per share, which was paid on 9th January, 1871. |