Towyn-on-Sea and Merioneth County Times

ERA WELSH SLATE QUARRIES LIMITED. ADJOURNED MEETING. At the annual meeting of this company (whose Works are situated at Esgairgeiliog, near Machyn- lleth), held at the Christopher Hotel, Bath, some Weeks ago, the proceedings were adjourned in order that a committee, then appointed, might investigate and report. Their statement was received at a Meeting held in the Jubilee Hall, Bath, on Friday Waek. Mr J Rowlands (chairman), Machynlleth, Presided, and there were also present Messrs George Hancock, F W Phillput, C J Pictor, E B Titley, E Underwood, J Matthews, B D Pope, W A Phillips, W Butcher, G Butt, H W Bladwell, E G Peacock, a Huntley, E Reese (Machynlleth), and A J Purdy. REPORT OF THE COMMITTEE. Mr B D Pope read the report of the committee, ^hich showed that they first visited the Fron Felen Sjuarry, which lies to the north of the company's Estate. They were of opinion that if the company &ad available capital it might, be advisable to spend say, £100 in further excavators there with the object of finding suitable slates for roofing. They had some of the slates split, but the quality as yet obtained was not marketable, and better quality "lust be obtained before it could be put o i the Market at a profit. As to the new water course, ^hich had cost the company £ 1,144, the committee doubted whether it was any gain on the old water right, and they regarded it as an unnecessary ex- prnse. The machinery of the workshops was good, &nd in good repair, and capable of turning out a fair quantity, but the lack of convenience for tip- Ping debris was a great drawback. Dealing with the working, the committee said at No 1 Level the took was not satisfactory-certainly not what it Was reported to be, and NO WORK WAS BEING DONE THREE at present. At No 2 level no work was going on; this was the level from which it was hoped to obtain the best slate, but it required funds to ueyelope it. From No 3 level the best rock was being obtained at the present time. They were also getting rock at No 4 level. The supply of s'ate rock seemed unlimited, but was not of such good quality as every one expected to find when they got further into the mountain. The committee admitted that the statements as to size made in the Prospectus were substantially true, but it did not follow that big blocks would cut up well. The £ ock did not cleave as one would like, by any means, flence the large percentage of waste. Some of the committee inspected the deeds at the bank, ^hich appeared to be all in order. Most of them j^d passed through the Chairman's hands several Jetties, most of them being before it was ever thought of a company being formed. Mr Reese, On one day of the visit, accompanied the Com- mittee to show that school slates could be tnade. He had a block of waste rock sawn and in their presence, and the slates were taken to Machynlleth. Mr Reese, the next day, had them Sanded at the works of a Mr Jones; they were com- pleted and framed by Mr Reese himself, and the Committee had them. There was not suitable J^achinery at the Era Works to make them. If the oreign patents for these slates could be sold, the ttioiiey so obtained could be very much better em- Ployed in the Era Works. In answer to the ^e(luisitions, the Committee stated that the "abilities to the Bank were now £ 5,713. Your committee believe that the estate, including Quarries, royalty, and other rights as valued by Mr ;~avis, at £ 22,257; machinery, buildings, and tram lines at £3,080, was not overvalued, provided the took could be worked to pay, but as the company Paid for this, with the goodwill, £45,000, the question as to actual value of tha whole depends *|pon the sale of patents, for which Mr Reese insists can make £ 15,000. We are pressing him to do 40) and the SHAREHOLDERS WILL SUPPORT HIM in this matter." Your committee recommend a Mortgage, say of £8,000, which they believe can be Easily secured and will be sufficient to pay off the pank's overdraft and for present requirements. It 18 quite impossible for the present machine shop to Put out anything like half the quantity stated in the prospectus if they work night and day, Sundays deluded. The present outpat is about 13 tons per ^eek, only half the machines being at work. It 11Iay be possible to increase this output when the quarries are further developed and more men can be employed, but not much until more money has been spent in clearing and opening further into the b'H. At the moment the works are being ecouomi- cally conducted under a very good working foreman, and we believe a small profit is being made. If the same system can be extended for the present and 1110re hands employed to keep the machinery in full Work under the control of Mr Rowlands and Mr Jenkins, who are on the spot, and who, we believe, oave the welfare of the Company at heart, we think a decided financial improvement will take place. The, when the mortgage and sale of patents are Cotripleted, the future of the Company should have Serioug consideration, (f). Re statements in pros- Pectus.— We find from the minute-book that it was submitted to the meeting of the Directors, October °th, 1897, when Mr Yoxall, Mr Hancock, and Mr e«nett (by Mr Tribe as proxy), were present, with tlr Vowles as legal adviser. The minute says: There was produced a proof print of prospectus, Prepared in anticipation of this meeting. The Sectors went carefully over it and adjusted and approved of the same, and being satisfied that the Saine was fair and accurate, they instructed and AUTHORISED THE ISSUE of the prospectus in the usual way. (g). Nature Of agreement -The first was explained at the last Meeting, the second is an agreement between Mr and Mrs Reese and the company. The Company £ >def68 to an(^ ^ra agreed to sell for 5)000. Mr and Mrs Reese agree to accept pay- as to £ 15,000 odd, in cash, £ 15,000 in ordinary t, ares fully paid, and £ 15,000 in shares or cash at tat °P^on the directors. The Company under- fee to repay all costs of formation, legal expenses ,ing4 advertising, brokerage commission for an^C1-D^ s':iare8) au<^ other expenses down to Poinding the first general allotment. However any set of Directors could consent to such terms Dr middle-men were making such a gigantic Q 0 t in transferring from Mr and Mrs Reese to our jj^^Pany is a puzzle. The result of the Company a been that not only did the Company pay a ^uch larger amount than Mr Reese received, We are saddled with formation expenses £ 2,822 3s lid, which the Committee contend should have been paid by the promoters. (k). Why the failure to make school slates ? At present there is no plant laid down for making them. (n). As to the future of the Company.—The Com- mittee do not recommend any immediate stringent measures. But that Mr Rowlands and Mr Jenkins be asked to continue to conduct the business of the Company on the same economical lines as at present, until financial questions are arranged. The balance sheet of the Company re- ported as assets Formation expenses, £2,8223s lid and property development, £6,709, the value of which may be estimated at a very small amount. For instance, the amount spent in actual develop- ment (according to books) is .63,701 lis 6d, while the balance of over £ 3,600 is made up of directors' fees, which in 1893 alone were X816 lis 6d, and travelling expenses same year L209 lis 6d, together £1,026 3s Od and many other amounts which can- not possibly belong to development. Then, again, the losses of each year are added to this account, so that provided arrangements "permit the Company to work on better lines for the future, the question of reduction of capital should then be considered with a view to the re-adjustment of the balance- sheet. In conclusion, your Committee have pleasure in reporting that they received every possible help in their im estigation from the chair- man, Directors, and officials of the Company and also from Mr Reese. Mr Usher moved the adoption of the report, and Mr Whatley seconded, in order that it might be discussed. Mr Pictor raised a question as to how Mr Reese received the £ 45,000—in what proportion of cash, ordinary shares, and preference shares, but it was decided to leave this for future inquiry. In further comments Mr Pictor pointed out that £ 1,400 had been paid to the managing directors for salary and expenses, and Cg45 for directors' fees in the three years. Mr Hancock said he received a salary of £ 400 a year, plus his out-of-pocket expenses, which he kept down to the lowest figure. As they knew, he was living at Shrewsbury, and that was a long dis- tance from the quarries. He had devoted his life to the thing, and he did not think he was overpaid. The report was then discussed paragraph by paragraph. In answer to a question by Mr [Hancock, Mr Philputt said the lack of machinery was not the only reason why the committee did not think it advisable to attempt to produoe school slates the principal reason was that the slate blocks did not split regularly. On the point of the mortgage, Mr Pope said there had been talk of reconstructing the company, but the committee did not favour that idea. He believed a mortgage was in hand, and was almost certain to be successful. Mr Mullins raised the question of how much Mr Reese paid to the promoters. Mr Pope I believe it was 15,000 shares fully paid. The Chairman JE13,000 in shares and £2,000 in cash. Mr Pope: Besides being paid all their out-of- pocket expenses. Mr Pictor asked how it was that Mr Reese was allowed to slip out of the management so easily when his services to the company were secured by the agreement executed when the company was formed. The Chairman said he did not think it was necessary to go into a long etory of the past. Mr Pope believed Mr Reese was willing to give his services again to the company if he were asked to do so. Mr Reese made a statement as to differences arising between him and the other directors, and said he was willing to give his services to the com- pany again on one condition—he would never be a servant of the company under Mr Hancock any more. Mr Hancock said he was not built on the same lines as Mr Reese. He admitted there was friction. Mr J It Benuett (of Bristol), a former director, supported Mr Hancock, and said because of Mr Reese's connection with other quarries he was so dissatisfied he would not continue on the Board. He would ask Mr Reese whether he was not at the present moment the owner of other quarries and and was it not distinctly stated in the conditions of sale that he was not to be interested in them. Mr Reese said these statements were incorrect. The Chairman I cannot admit any further dis- cussion. You are at issue. Mr Pope, in commenting on other statements in the report, said they believed the late Mr Thomas Owen was very deeply interested in the promotion of the company. They had copies of his letters showing he took great interest in introducing it to the Central Finance Corporation. Mr Ernest Tribe, in justice to Mr Owen's mem- ory, said he only benefited slightly as a shareholder in the Corporation. The report was adopted. QUESTION OF A DIRECTORSHIP. Mr Melluish proposed, and Mr Francis seconded, that Mr Hancock be re-elected. Mr Hancock said unless he had an exceedingly hearty invitation he should not dream of being officially connected,with the Company any longer. Mr W A Phillips proposed, and Mr Tucker seconded, that Mr Pope be elected. Mr Hancock said he should be sorry to see that meeting divide on that matter, and he absolutely withdrew. Mr Usher said he was sorry to think that Mr Hancock had absolutely declined to serve them, as he had no doubt that a good many of them put their money into that concern on the good name of Mr Hancock (hear, hear). He hoped he would not withdraw from that matter. Mr Pope said there would be no difficulty, he was sure at any time in approaching Mr Hancock, and get assistance from him, and get any informa- tion that was wanted. The position was now differ- ent to what it was at the time Mr Usher alluded to. Mr Hancock said he appreciated what Mr Usher had said. It had been one overwhelming thought in his mind for years past. He never asked a living soul to put a penny into the concern. He refused to give advise to anybody, and he thought there were gentlemen in that room to whom he gave that refusal. The fact that because his name was on the prospectus might have induced some people who knew him to put their money into it, been a constant source of pain to him, from the early months he began to believe that the concern would not turn out as well as the prospec- tus stated, and the expert reports appeared to indicate. What he had not said before at any meeting he would say now, that the Era. Company had received more of his sovereigns than of any- body else's. He had received for every one of his sovereigns one share and one only. Having said that much, he would corroborate what Mr Pope had said. If he could serve the business in the future by giving them any experience that had gained or any information that he could obtain, he should only be too glad to do so. But he did not think it would be discreet to have a Board of four Directors, two of whom would be non-residents at a great distance, and having quarterly meeting. If he had to express his views he should think that quarterly visits to the place were not enough. He would suggest that Mr Pope should be appointed a director on the clear understanding that was bind- ing to him, that if he were able to serve the business in any way, he would only be glad to (applause). Mr Huntley said he was sure that he was speaking the minds of all present when he said that though they were bitterly disappointed at the results of the Era Company, their opinion of the absolute integrity of Mr Hancock was altogether unimpaired (applause). Mr Shaw pointed out, according to the Articles of Association, that no one could be appointed Director but Mr Hancock. They might just as well do the thing legally. Owing to this difficulty, and Mr Hancock deciding to resign, the election of a Director was left over for another meeting. ELECTION OF AUDITOR. Messrs Tribe and Clark, of Bristol, were re- elected auditors for another year at the usual fee. The Investigation Committee having been thanked for their services, a similar compliment was paid to the chairman and the meeting closed. «. MED-WALES RAILWAY. HALF-YEARLY MEETING. The half-yearly meeting of this Company, whose line between Brecon and Llanidloes is worked by the Cambrian Railways Company, was held in London last week. Mr S G Sheppard was in the chair.-The Chairman, in moving the adoption of the report and statement of accounts for the half- year ended the 31st of December last, said they were sorry that the Cambrian Company was not able to give them more money, but unfortunately the expenditure of the latter had considerably increased. The Mid-Wales Company's propor- tion of the net joint receipts was £8,446, against £ 9,045 for the corresponding period of 1899, being a decrease of £598, which has been caused by the higher cost of coal, materials and wages. They were in these respects in a similar position to that occupied by other railway companies, and so he need not say much about it. His hope was that the Cambrian Company would be able to reduce its expenditure and increase the revenue.- Mr A C Humphreys-Owen, M.P., in seconding the motion, mentioned that the Cambrian coal bill for last year was practically double what it was three years ago, but they had great hopes that the pi ice of coal would be reduced during the current year.—The report was adopted. Mr Sheppard and Mr A C Humphreys-Owen were le-appointed directors. E. I- ",I, R. 5TH VOLUNTEER BATTALION THE SOUTH WALES BORDERERS. REGIMENTAL ORDERS By LIEUTENANT-COLONEL E. PRYCE-JONES, M.P., Commanding. Headquarters, Newtown, 6th March, 1901. AMBULANCE.—The undermentioned havingpassed a satisfactory examination in ambulance work and stretcher drill on 2nd inst (held by order of the General Officer commanding Western District, at which Lieut-Colonel Tomlinson, R.A.M. Corps, was the examining officer) have been awarded a pro- ficiency certificate on Army Form E596, and will wear the Regulation Badge No 836 Pte Heard, 461 Pte Keay, 415 Pte T Davies, 22 Pte R E Jones, 615 Pte King, 12 Pte L'homme, 623 Pte E Allen, 64 Pte Eagles, 177 Pte D Smith, 179 Pte Baxter, 10 Pte Bennett, and 231 Pte W H Evans. The Com- manding Officer congratulates Surgeon-Captain Raywood and the men named above on such satis- factory resurts. The above will become the Bat- talion stretcher bearers; all other names are cancelled. APPOINTMENTS.—The Commanding Officer has been pleased to approve the following Privates be- ing appointed L-Corporals :—No 836 Pte Heard and 461 Pt* F P Keay, A Co. BATTALION RIFLE COMPETITION will be fired under the same conditions, at the same times, and similar prizes will be offered as last year, therefore last year's programme will hold good in every par- ticular for this year. The first competition will take place on all ranges on Whit-Monday. ENROLMENT.—Joseph G Jarman having been enrolled at Machynlleth is taken on the strength of the Battalion, posted to D Company, and allotted Regimental Number 1032. SUPERNUMERARIES.—The undermentioned having accepted service in the Imperial Yeomanry will be borne as supernumeraries till further orders :—No 31 Sergt Lowe, A Co; 874 Pte H F Morgan, B Co; and 581 L-Cpl S W Bluck, C Co. STRUCK OFF.—The undermentioned are struck off the strength of the Battalion :—No 717 Pte E R Evans, D Co, and 825 Pte W Jones, E Co. ADJUTANT'S PARADE will be held at Llanidloes on Saturday next, 13th inst, in the Public Hall, at 6-15 p.m. Dress: Plain clothes. By Order, C WALKER, Captain, Adjutant 5th V.B. South Wales Borderers. TOURIST BOOKINGS Tourist Tickets, available for two months, will be issued from the Principal Stations to all Health Resorts on the Cambrian Railways, also to Water- ing Places in England, North Wales, English Lake District, North-East Coast, &c, &c, during the Winter Months. Tourist Tickets, available for two months, will also be issued from the Principal Stations on motb of the other Companies' liues, to the various Tourist Resorts on the Cambrian Railways. THE NEWTOWN STRIKE. A SETTLEMENT ARRIVED AT. We are pleased to be able to inform our readers that the strike among the weavers in the Cambrian and Severn Valley Mills has now been settled and the parties have come to terms for the present It will be remembered that last week it was stated that the weavers were prepared to meet the management half way and accept 12.1 per cent re- duction on the lighter goods instead of the 25 per cent as at first proposed by the management. An interview was arranged V\ ith the manager of the mills (Mr Garlick) for Thursday afternoon, and this took place at the Cambrian Mills, lastiug over an hour. The weavers were represented by a power- ful deputation and after they had stated what they required, the following terms were agreed to. The management were prepared to give the weavers 10 per cent on the lighter goods such as costume cloth which, compared with the original prices paid, meant a reduction of 15 per cent. This is, however, reckoned on a two-shuttle basis, and for every additional shuttle used, extra money will be paid. Up to the present at the Cambrian Mills that weaving has been dene to a great extent with the three shuttles and over, rather than two, and if this continues the weavers think that the arrangement will be satisfactory to them. When weft and warp are the same, the work can be done with two shuttles; but, when different, more shuttles will have to be used. With this arrangement it is quite conceivable that the management will do the greater part of the weaving with two shuttles, in which case the weavers would be the losers. The management would on the other hand, however' take the responsibility, and it would not'be likely that they would adopt the two-shuttle weaving when they could get a better article and demand higher prices by using the additional shuttles. The number of shuttles to be used, of course, also depends on the width and texture of the cloth to be produced. On the heavier goods, such as tweeds, with which it was not at first proposed to interfere, the management asked the weavers to meet them by taking 5 per cent off the original prices. This is what all the weavers do not altogether agree to. Some aver that it is a case of giving with one hand and taking away with the other, but, as the leaders have accepted this clause in the terms, the body will of course fall in. In the bulk it means that the weavers are having 10 per cent on the lighter goods, and are being curtailed to the extent of 5 per cent on the heavier goods, but, when it is remembered that the 10 per cent is based on a two-shuttle statement, that the majority of the work is done by more than two shuttles, and that extra money will be paid for each shuttle used beyond the second, the weavers are more than compensated for the reduction of 5 per cent on the heavier goods. REVIEWS. The April Strand has one entirely novel feature in the illustrations from the German Punch which, from the description given, appears to be quite on a par with its English namesake. There are some clever stories by Conan Doyle and Robert Barr, also a very lucid description of How Parliament is ventilated," with capital illustrations; and "Some psrsonal characteristics of Queen Victoria," which, from constant repetition, are getting just a trifle wearisome. Lovers of astronomy will read with avidity Sir Robert Ball's clever article on "Comets." The Quiver contains an Easter sermon bv the Rev U F Horton. An interesting paper on the "Society for the Protection of Animal," is contributed by E L Banks. There are numerous short stories and a really clever little negro sketch entitled A Spring Anniversary." The Wide World Magazine is as usual up-to-date and true to its title, for it contains articles of inter- est on places situated almost Poles apart. Amongst the best are a Giant Rocket Display in Siam "How we climbed Scafell" by Mrs Katherine Rubic, "Some Curiosities of the Uganda Railway," and a clever and eminently readable description of a summer spent with the Upper Nile Tribes by Major R G T Bright. "King Edward as a Fireman," is the chief article in this month's Captain.—" LI ay don Perry" gives some valuable advice to those "about to purchase bicycles and the whole magazine is as usual,- bright and breezy. The Sunday Strand issues a special Easter num. ber, containing an article descriptive of the Bethnal Green Free Library, entitled an East-end University." Ff.osimile of several pictur-s (with short sketches of the lives of eminent painters), one of L T Meade's. Series of biblical stories, and several good short tales also appear. The Life of a Century. — The illustrations in the sixth part of this series are really fine. Lovers of history should purchase this work, for it is seldom that dry subjects are treated with such compre- hensive ability. The Practical Junior Photographer.—Judging from the many fine photos which this issue contains, we cordially echo the eulogism from the title page "Interesting, yet Practical." The Tradesman's County Court Register 2s. (Welsh pool, COrNTY TIMES Printing Works, 1901). This is an eminently useful compilation consisting of a handy volume of blank. forms to be filled in as required with the number of the plaint, the debtor's name, the date. amount of the debt, and a tabulated list of law expenses, beneath which is a space for other particulars relating to the action, the whole being provided with cash colums. Index pages are found at the beginning, where also are given tables of County Court fees and a summary of the procedure observed. For a business man such a record is indispensable, and it is here presented in a cheap and convenient form.