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ANGLO-PERSIAN.
ANGLO-PERSIAN. Tenth Annual Meeting! of Company. ,I PROGRESS IN SWAN- SEA AND THE EAST. l' Dividends Declared. I Yesterday the tenth ordinary general meeting of the Anglo-Persian Oi4 Co., Ltd,, was held at Winchester House, Old Broad-street, E.C., at noon, Sir Cha.ies Greenway, Hart., presiding There was a large attendance of shareholders. The secretary (Mr: J, Macindoe), hav- ing read the nouce convening the meeting and the auditors' report. CHAIRMAN'S SPEECH. I Tbe Chairman, in moving the adoption I of the report 01 the directors and the balance sheet as at 31st March, 1919, said: Via again have the satisfaction of lay.ng before you a most satisfactory statement of the company's position, and with the large extensions of the company's busi- ness, which are now in progress, or un-i-er contemplation, and the growing demand all over the world for petroleum prodt ets of all kinds, I think we may look forw-lid with absolute confidence to furt ler largely increased prosperity from year to year as tho business of the company becomes developed to an extent cor. es- ponding more to its great potentialities. BALANCE SHEET. I In dealing with the company's accounts I will follow the usual procedure of first commenting upon the balance 6heet. Tak- ing the first two items you will see fiiat on the debit side there are no fresb issues of either share capital or deben- ture stock during the year covered by the accounts; but as you are aware we are now making a large issue of capi'ai regarding which I shall later on havd a few remarks to make. The next item calling for remark is the amount ot E45,266 lOs. 3d. standing to the credit of the Employes' Provident Pension and fit surance Fund. This was made up of a five per cent contribution on the amount of their salaries by the em- ployes, and of a like percentage by the company, to the Employes' Provid >nf Fund, and of a contribution by the com pany of (-21,030 12s. 2d., the equivalent o' 10 per cent. on the salaries, to the Pan crion and Insurance Fund. You will, < am sure, all be pleased to see that this substantial start has been made in thf scheme of which I outlined the details aP the last annual meeting, and it will. nc doubt, be gratifying to the employes ti. know that it is the intention of the boarr to augment the company's contribution* to the Pensions and Insurance Fund from year to year as profits increase, so that employes may share liberally 1D the pro* pority of the company. The item of £ 1,200,000 whien has been plaoed to reserve is an estimate of ou" liability for excess profits duty for the whole of the periods since the excess profits duty first came into operation The next item calling for remark 1B that of reserves. These you will see havf been augmented bv £.530,000. and, I have no doubt, you will all approve of the prudence which has prompted us to con- serve as large a portion of our profits Aq possible in the form of reserves rathei than to pay large dividends, particularly in view of the large increase of capita) expenditure we have ahead of us. Comma now to the assets side oj the Balance Sneet there is very little, I thin. requiring explanation. One item w"hic]> shows a very large increase is Stocks or Stores and Materials at Field and Rp- finery." This increase is due partly to the growth of our business necessitating the retention of larger stocks, but chiefly to the large increase in cost of all materi- als, particularly tin plates, shooks. and chemicals, of which these stocks largely consist. The amount due to us by the Persian Government in respect of the claim for losses sustained by the cutting of our pipeline in 1915 has been reduced by the credit of further Royalty. In con- nection with this item T am glad to sav that negotiations of a friendlv character are now proceeding with the Persian Foreign Minister, Prince NasrnJ--ed-Do^v- leh. who eamp over recently with'thp Shah with a view to arriving at a settlement with the Persian Government of this and all other outstanding questions. PROFIT AND LOSS ACCOUNT. I Turning now to the profit and loss ac- count you will see that the nett profit for the year under review, after making ample allowances for depreciation, and paying Debenture Interest and Royalty, was £ 2.010,805 7s. 7<1_, as compared with £ 1.308,558 Gs. Id. in the previous year—or an increase or more than 9700,01)0. Tin's, gentlemen, is a very satisfactory result, indeed, particularly in view of the fact that we had to contend against two ad verse factors, viz (1), that our fleet wnq uwler requisition for practically the wholt- of the year and that the earnings from this source were therefore very sfnn. and (2) that the profits of our distributing (Kjnpanies wer also on a much reduced scal o owing to their businesses having beer carried on by them on aceouiit of the Government on a basis which only gave them a small commission on sales The increased profits were due mainly to a larger throughput and to the hetter prions realised abroad for some of our £ yoducts. In the current year there will tte a further increase in throughput and increased earnings from our fleet, and I think wo may confidently look for- ward to a profit of not less than £ 2.600.000 in our next accounts. Thp balance remaining at the credit of trofit and loss account, after making t-ho tit riau8 allocations to reserves which I have already referred to. is £ 725.VJ7 19s. id.; of this Solm £ 1?0.000 has nlrcadv 4-en ?aiil awav in r"->-et of preference fibrre dividends, and it is now nropospd to de- clare a further nerfiei, fin-, dividend on he preference shares at the rate of 2 per lent .-)Pr annum, and 6 rtividpnr1 of 10 per -ent per annum, free of income tax. on the ordinary shares, leaving a balance of G275.5S7 1.. to be carried forward. THE RETURN ON GOVERNMENT I CAPITAL. When addressing you at the last moet- .ng I pointed out the return which His Majesty's Government were then getting on the capital they had invested in the company. The return to the Government, for the year with which I am now deal- ing, taking into account their interest in the sums which have been placed to r(- serves, is a very handsorte one and w^il justifies them in their investment. In addition, as I have previously pointsd out, they have derived a great financial benefit from the favours. ble contracts which they have been able to make with the company for fuel oil and other pro- ducts as a consideration for their hive t- mentv As has been pointed out in the report the further extensions for tfhi h frestji capitaf was raised t\VO years ago yre hq| yet in operation. When they are jompleted the throughput will be doubWl, and there {s every reason for anticipates that the profits will show a corresponding increase. NEW CAPITAL. I To provide for the further developments I foroc&stftd in my remarks at the last annual meeting., and for others which have since been resolved upon we have, as you are all well aware, just made ua I issue of 910,100,000 of new capital— £ 4,500,000 in the form of ordinary shares which have all been taken up at par by the ordinary sliareliolders. X3,000,000 by H.M. Government, and 91,500,000 by the ordinary shareholders, £ 3,000,000 in 6 per cent. participating preference shares, and ^82,500,000 in 5 per cent. debentures which have been offered to the public. The two latter issues were offered on what I think may be regarded as ex- tremely favourable terms. I am unable as yet to state the definite results 01 the issue owing to the enormous number of applications which have to bo dealt with, but it is already evident that the Pre- ference Shares have been very largely over-srbscribed, although the applica- tions for the Debenture Stock are some- what disappointing. To permit of this new capital being raised, and extra- ordinary meeting of tha company and meetings of the Debenture-holders and Pref erence-holders vere held on the instant, at which res-Sations authorising the increase of the capital of the com- pany to zC20,000,000, and tho issue:; I have referred to, were unanimously adopted. The programme of further de- velopments for which this additional en pital is required includes (I) "<'di- tional pipe lines and pumping stations to enable us to transport a largely in- creased output of crude oil; (2) further extensions to the refineries in Pers, a ^3) the completion of the refinery now be- ing constructed at Swansea (4) the es- tablishment of a large number of acldi-1 tional fuel oil bunkori itg installations in the United Kingdom and abroad; (5) large additions to the distributing faci- lities of the British Petroleum Co.; (G) the acquisition of a number of additional tank steamers; (7) the exploration end testing of new territ-orities in various parts of the world; (8) EI,000,000 new capital which we have undertaken to subscribe to a comnany called" Scot- tish Oils Limited," which has been formed to put the Scottish shale oil in- dustry on a more satisfactory basis, etc., etc. These developments, it is almost needless to say, are all of a remunera- tive character, .d when they have be-en brought into operation the profits of i11" company will be very materially en- hanced. FIELDS AND PRODUCTION. The fields from which we are produc- ing still ma intain their extraordinary high rate of yield-ti-ie only limit to pro- duction being the extent of our trans- port and refining facilities. As you v ill have gathered, however, from the ] o- gramme of extensions we have before us. every effort is being made to extend these facilities as quickly as possible to the full economic extent of the capacity of the fields. No fresh fields have been proved since I last addressed you, but the testing operations to which I then referred, and also others, are being car- ried on actively and give promise of favourable results. REFINERIES AND PIPE LINES. As I have already mentioned, the ex- tensions to our refinery and pipe lines in Persia, which have been in hand for some time past, and which when I last ad- dressed you we hoped would be brought into operation during the present year, are not yet completed .This has been extremely disappointing to us, but at the same time I don't think this delay is scarcely a matter of surprise since the amount of work involved is very great and the difficulties in the way of obtain- ing delivery of plant, and also in the mat- ter of labour, have been extreme. I can only say that our staff in Persia are striv- ing their utmost to bring this work to an early conclusion. The work at the Swan- sea refinery is also iiiaicing as satisfactory progress as can be expected under present labour conditions, and we hope to be able to begin operations there some time dur- ing the course of the coming year. As you are all aware, we have recently ac-, quired a controlling interest in the Scot- tish Shale Oil Companies, through the company which has bren formed under the title of Scottish Oils, Ltd., and have thereby added considerably to our refin- i ing facilities in this country. Tho re- fineries of these companies have a com- bined capacity much in excess of the pre- sent output of shale oil, and our intpn- tion is to supply them witn such addi- tional quantities of natural crude oil from Persia or elsewhere as may be necessary to enable the refineries to be utilised to the full extent of their capacity. This will not only effect a substantial reduc- tion in the present refining costs of shale oil, but also, by combining the manage- ment of tVse concerns under one com- r panv, largelv reduce the costs of adminis- tration. By these combined economies we hope to be able to keep alive a home in- dustry giving employment to, many thousands of men, which otherwise was doomed to destruction, since shale oil. with presQnt high costs for the labour qn(I fuel required for mining and retorting the qhale, and the heavy administration ex- penses involved in working indepen- dently a number of comnanies. erc-h having only a comparatively small pro- duction, cannot, even when shale oil is produced in this country, possibly cora- pete with natural netroleum obtained in large quantities either from flowing wells or by pumping. We have also under con- templation the erection of refineries in other part- of the world, it being a de- monstrable fact that to such extent as the products can be disposed of in such coun- tries. it is far more economical to refino the crude oil in the countries where the products are to be eold, than in the countries where the crude is produced. This is a point regarding which there has been some difference of opiniori in the past among oil producers, but which is now pretty generally accepted as an qxiom. So much 00. that I understand some of the other big oil producers are now preparing to follow the lead of this company in this respect. FLEET.. When I last adressed you the total i deadweight capacity of the fleet then ailoat was 162,000 tons. To-day it i3 230.000 tons, and we have contracted for tonnage to the extent of a turther 270,001 ] tons, bringing our total Hoot" in esse or in posse up to a total of 600,000 tons. The value of our fleet now afloat, at to-day's market value, is in the neigh- bourhood of £ 7,000,000, and when the boats now building or contracted for are delivered it will amount to not lees than 1:16,000,000. These, gentlemen, doubtless I eeein large figures, but to provide for the essential requirements of our business it will be necessary to make still further large additions to our fleet, and no opp< i- tunity. will be lost of doing this whenever; favourable opportunities may occur. In some quarters fears have been express-ad that the amount of tanker tonnage avail- able will before long be in excess of the world's requirements, but personally I have no fears at all on this point, as the great expansion in the consumption of petroleum products of all kinds, particu- larly of .fuel oil and of benzine, which is certain to come about within the next few years, and the consequent impetus that will be given to production all over the world, will, in my opinion, give ample employment to all the tanker tonnage, that ia likely to be produced for many years to come. DISTRIBUTING ORGANISATIONS. As I have already indicated, the pruiit of our distributing concerns—the British Petroleum Company and the Homeli; at Oil Company-were adversely affeciad during the year under review by the re- strictions which necessarily had to be im- posed during the war on the sale of pet- roleum products. Similarly, this year will be adversely affected, although to a smaller extent, but now that all rostric- tions have been removed, we are making verv extensive additions to both our coastal and inland depots throughout the United Kingdom with a view to establish- ing a selling organisation that will be second to none in this country, and there- by securing a position that will enable us to cater for a substantial share of the I British trade in petroleum products of ail kinds. In the carrying out of this object the old established distributing org?,,i i tions which had been created in Scotland by the Shale Companies recently taken over by us will, it is needless to say, be a very valuable adjunct. We have been unable, owing to the restrictions I have referred to. to take any part at all in the petrol trade of this country since the Bri- tish Petroleum Comnany censed to act as distributors of Shell petrol at the end of 1917, but now that all restrictions hav been removed, our distributing concerns are acrain entering the market for this pro- duct—our B.P." brand of petrol-whièh. I venture to predict, will one day be the most favoured brand amon-r all British motorist«—is already on sale at manv garages throughout the country, although until our benzine distributing arrarce- ments are more complete supplies v. ill n^cpissarilv be limited. These concerns will also act as our distributing organ-na- tions in this country for kerosene, wliMr spirit, fnol oil. gas oil, lubricating oils. and all other petroleum products. Fo- he bunkering trade in fuel oil we are re'-ijs- toring a QPonrab. oompinv, which will be in i position to meet the demands of c-hioowners for this form of fuel, both rov burning under boilers and for internal combustion engines, in a very substantial way I POLITICAL SITUATION. I The improved political situation be- tween this country and Persia to which I referred at the last meeting has since, as you all know, been followed by the conclusion of an agreement between the two countries which will, I venture to think, cement the relations of the two countries for all time; since on the one part it ensures asolute independence and a prosperous future to Persia, and on the other the permanent establishment of a friendly and independent Power in a part of the world in which this country has important interests. I stated at the last meeting that. we then expected to learn of the result of the discussions I which were at that time proceeding through our representative at Teheran I in regard to the settlement of the various questions outstanding between us and the Persian Government. These discussions were. however, postponed for the arrival in this country of the Persian Foreign Minister to whom 1 just referred. These questions are now being taken up actively with this gentleman, and I hope that a satisfactory solution of them will be shortly arrived at. The Imperial Com- missioner—His Excellency Farid-es- Sul- tanp,h-b,is lent us valuable assistance during the past year and I cannot speak too highly of the diplomacy and tact which has been displayed by him in his endeavours to promote the 'ntercgts of hip Government and at the same time avoid difficult positions with this company. I STAFF. I Before concluding my remarks I would again like to express oui great applica- tion of the services which have been ren- dered to us by our stafi in this country, in Persia and elsew here. For some years pust our company has been undergoing a process of continuous and rapid expan- sion, and this has necessarily thrown upon I the staff a great, amount of additional work beyond that involved in a station- ery or gradually expanding business. This additional work has beui particularly oneroas during the years of the war when our staff was much depleted, but our employes have ane And all re- sponded loyally and ungrudgingly to these calls upon their services, and I am &ure,,)(ia wiltmg;ee.wi.t-h we thaMfeey deserve our warmest thanks. During the past few months 1 am pleased to say that we have been able" to largely aug:T>>t our staff, and I hope that this will help to lighten the burden of their labours with mutual advantage to both themselves er>.i the company. I would also like to take this opportunity of expressing our regret at the loss of our friend and adviser. Sir Boverton Redwood. He always took a great interest in this company. In fact the company owes its existence to him, and in losing him we have lost a most tnisted friend and adviser. I now beg to move That the report of the director's balance sheet and profit and loss account for the year ended 30th March. 1919, be received, approved and adopted." The Right Hon. Lord Inchcape: I have pleasure in seconding that moti n. There wore no questions, and the motion was unanimously agreed to. I DIVIDENDS DECLARED. I The Chairman: The next buinesss be- fore the meeting is to declare dividends and f beg to move (1) That a participating dividend at the rate of 2 per cent. per annum less Income Tax be paid on the Preference ihares in respect of the vear ended 31st, March, ul19, and I Ûlal such dividend be paid together with the dividend at the rate of 6 per cent. per annum for the half. year ended on the 30th Septembor last payable on the 31st January, 1320. and (2) that a dividend at the rate of 10 per cent, per annum, freo of income tax, be paid on the ordi- narv shares in respect of the year ended 31st March, 1919. and that such dividend be also paid on the 31st January, 1920 Mr. John T. Carsill seconded this motion Carried unanimously. The Chairman; The next business before the meeting is the election of directors. As yon will have seen from the report, Sir Frederick Black, K.C.B.. and Mr. J. B. Lloyd have been elected to the. Board since our last meeting. Under Article 82 of the Articles of Association they now retire, and need to be re-elected. Sir Frederick Black is well known to all of you, and I am sure that vou will agree with me that this company has been very fortunate indeed in securing his services. and will heartily support his re-election. Mr. Lloyd is also a valuable acquisition to the Board by virtue of his long ac- auaintance with the oil business, particu- larly on its financial and commerci? side, and I have no doubt that ho w'U equally command your support. The directors retiring by rotation are Admirai I Slade, Mr. R. I. Watson and myself. As I am one of the number of retiring mem- bers, I think it better that this resolution should he propoaod by someone «Jx«» 'he Right Hon. Lord Southbob I movwi ¡ That the election to the Board of Sir Frederick Black and of Mr. J. B. Lloyd be confirmed, and that Sir 'Charles' Green way, Admiral Slade, and Mr. R J i Watson, who retire by rotation and are eligible for re-election, be and are here- by re-elected members of the Board Sir Hugh S. Barnes seconded. Carried unanimously. The Chairman: The only other matter before the meeting i6 the election of anditors. and 1 shail be dad if two of 't? shareholders present wHi kindly propc?f and second the nIWe&ary resn!u<ir?n. Mr. Prothero moved: That M?M?. Brown. Fleming and Murray he t Po- elected as auditors for the financial year ]919-21) at such a fee as may be detc miued by the board. Mr. D. McCowan seconded. Carried unanimously. The Chairman: That concludes the > business of the meeting. j Sir J. D. Rees, M.P., was eure share- holders would not like to part without J passing a vote of thanks to the chair- I man Thqy folt indebted to him for putr I ting before them figures of almost unim- j aginable magnitude in a simple and in- telligiblo fashion. The shareholders wer" proud of the statesmanlike management of the company, and he was sure they would like to express their gratitude, not only to the chairman, but to the board and the able agents of the vast concern, now in many parts of the world, for the inanner in which they conducted the t affairs of the company and brought them to a successful and even more, perhaps. to a general and political end. A great company like that flew the British flag and upheld British interests in many parts of the world, and contributed in no small measure to cement friendship with Persia, to which they knew in the high- est political quarters, great importance was attrched. ITe moved a hearty vote of thanks to the chairman, the board, ane. the staff. (Applause). Mr. Alfred E. llurso seconded. Carried unanimously. I The chairman, in reply, said there was no doubt that the Anglo-Persian Oil Co. would, in the course of time, be one of the most powerful, if not the most powerful, commercial undertakings in this country. It would always give him the greatest satisfaction to know the work done by him and his colleagues was ap- preciated. This concluded the business.
TOO MUCH FOR ONIONS. !
TOO MUCH FOR ONIONS. At Aberavon, on Monday, Ellen Jarvic,, Biaengwynfi, was summoned for selling;! 2lbs. of onions at a shilling instead of Sd. j —Mr. Wmdsor Williams prosecuted on behalf of the Glyncorrwg Food Controller. I Defendant told the food inspector that she j was not aware that- onions were con- trolled.-A fine of £3 was unposiid.
j START READING THIS STRIKING…
j START READING THIS STRIKING SERIAL TO-DA Y I k j I NIGHT OF THE STORM. It was mid-November and the fiercest storm of the year was raging over the southern counties of England. The rain and sleet c-amo dowu in blinding torrents, and tonarde evening the wind increased to II tlio fury of a hurricane. Great forest trees rocked like eaplings, and their mighty branches alternately leaped to the sky and plunged to the earth like living creatures, in a mad frenzy, trying to escape from bondage. I Along a muddy Sussix lane, in the teeth of the storm, an old and battered brougham, drawn by a stout cob, slowly made itE., wa Y. It was a hind vehicle, and it was taking Miss Lucy Brandon fiom the railway station to Brandon Chase, where she was returning home after an absence of ten years. Joe Ma-ce, sitting on the box and wrapped up to hit: eyes in his oilskins, stared through his horse's eara at the patches of seething road made visible by his flickering lamps. j He was repenting bitterly having taken on j the job. but thH was no turning bMk now, j More than once, however, he bent his heatl and closed his eyes in the face of the driving elect. ) It must have been during one of these j brief intervals cf inattention that he j allowed the oob to turn slightly from the centre of the narrow road. The result was disastrous. They were moving forward at a walking pace when suddenly one of the front wheels slid gently into the ditch by the side of the road. I The patient horse made no fuss. It simply stopped while the brougham tilted a. little eifl-ewayg and rested comfort- ably again-st the hedge. Joe Ma-ce w-ae too diegusted even to swear. With a grunt of resignation he descended from his seat and went to the door of the brougham to see if his fare was all right. He opened the door just sufficiently to enable him to thrust his head in. Immediately a soft, musical voice oame to him out of the dark rcce--1?. What is the matter, coachman? Are we there?" I No, miss, we're here and we, are likely ] to stay here for a considerable period," replied Joe, grumpily. All the same," he added hastily, "there ain't no cause for to be alarmed. Just you wrap yourself up and keep warm while I have a look round. The oarriage is stuck in a ditch, and I must find someone to help me get it out. It's happened most unfortunate. The nearest house is nigh on a mile away, but I maybe I'll find Big Lee in Tinker's Dell, which is close handy. If I don't it's like to be a long job." ) With this comforting final remark he closed the door and took his departure, I leaving Lucy Brandon to wonder, ae she I snuggled among her furs, who Big Lee might be. I Lucy had spant the last ten years of her life at a school in France, and she was not I yet eighteen. During that time she had not once visited her native land, and her only sur- viving parent, Sir Philip Brandon, she had net seen since shp woci seven years old. Even then she had seen very little of him, ¡ for Sir Philip was a traveller and had .appeared seldom at the Chase, where the daya of her early childhood were spent. i Now he bad married again. Two years ago he had brought home a beautiful bride from fo.eign parts. Lucy knew no more than this. She had never seen her step-mother nor even re- ceived a letter from her. She did not even j know if she would be welcome in her father's house. I She was a sensitive and imaginative girl. and one night, in her Convent school in France, she had had a dream. It seemed to her that b-er father—the father she soarcely reznembered-waa calling to her. She awoke deeply impressed and in the morning she wrote home. A week-ten days—passed and she received no answer. It But the memory of the dream haunted her. and one day she announced to the Sister that she was going home. A telegram was sent to Sir Phillip Brafl- don. but before it was delivered at Bran. don Chase. Lucy had already started on her journey. Now the laat stage of that journey was reached and strange emotions filled the breast of the young girl as she crouched in the corner of the stufTy old carriage and heaird the raindrops lashing the window pane. Sooner than 8he expeoted j- Mace re- ? turned al?J' 4-?pmed the dcor.  a dr?uf  he ?d. and we may be a ,IT, of a Whi:e, if you do?t m?d?ktng ??.ber in Lee's caravan. fl's clo?e handy, and ? wiU Keep you dry. aziyway. t h Luc? stepped out into the pouring fUn, Instantly the big man loomed up out of the < da.kneaa. A vou don't mind, miss, 111 carry you. It's only a yard or ao" he !mid in a ahy 1 apologetic voice, and then without waiting for her permission he lifted her in hi& arms as though she had been a baby. Rather bewildered, Nblit not really frightened, she remained quite passive while the man bore her through the dark- ness. Suddenly he stopped and Me hea.rd another sound, 90 curious and unexpected that it startled her. It was the hurried tinkling of a bell with an extraordinary peculiar tone. It was not shrill and yet remarkably clear. it rose in a kind -f agination and then failed mournfully away. At the same moment tiie man who carrit i her spoke sharply. His voice was now gruff. but not unkind. (Jut o' sight, old woman! Dost hear? Tis the young lady of the Chase. She hrJ. enough to fright her this night withuua being scared by thy witch's face." in anotaer moment Lucy was sheltered.1 from the storm. Ycu'il be all right there, miee, till we get tlle carriage out of the dItch," said the man, whose towering figure she could just sec. No one won't interfere with thee. I'll be coming ba-ck when 'tis ready." OLD ).¡A OF THE JINGLING BELLS. Leit alone Lucy looked about her. It was a roomy caravan, neatly furnished, with a oed, crcssways. at the farther end. A cheap paraffin lamp was fastened to one of the vvau-3. The sir 1 sat on the edge of the bed arrt stared through the open door out into the etorm-ndaeu night. At first she could ? nothing but a wall of blackne8, Then looking down she Wtle conscious > f a movement out there in the darkndss. V black shape, blacker than the night cic-sa to the caravan wheel stirred slightly. Lucy thought it was a dog, and dropping on her knees ehe leaned forwajd and peered down at it. Same thing like a faint whimper oanje up to her, and then—die found herself lookup into a human face. Human and yet hardly human. It wr-9 the most hidoouB face shs had ever seen. The face of a woman incredibly old. almost flethless. It was just a. brown, lined, and pnciiered skin stretahed over a sknlL In a moment Lucy's gentle a-nd compas- sionate nature asserted itself, and her eclo thought was to comfort and to help. are vou out there in the rolnl Please co-nce inside at once, Oh! I do nopa they did not turn you out for me!" At the sound of her soft musical voice tho black shape rose from the sodden earth erl displayed a tall, lean, gaunt figure to which her saturated black gown clung like a skm. eliviVu'i.th her right hand she clutched a ?n? a.sh stick, nyon which she leaned but the?' was something in the aotive. easy poice cf her body that suggested that she hara' needed the support. Her bony, talon-like hand gripped stick some inches from the top and thei it was. Lucy noticed, that to the apMr ?' i of the stick a cunous contrivance w?9 affixed consisting of three little bella in a kind of frame or shield. The woman moved forward and peered up at the girl. Then she spoke in a rasping, crackei voice. ?You see me? You see my face? „ ?? of course. I ? you." rlicd t?. girl gently, at the same time emUir 7 the??n"I^ly'Plea^ don't 8Uy outsid3 there In the wet'' YDu Fee me and you a8k me to come in  that strong men shrink from old Nan ?H<??& ft^a"yOU,1S maid look on her without r? <vc°°Jn!na ———??  and l? ou? ?anu' she said gntly, come Md nr? youFout. T ? ? very 80rry th€7 turned Y<Hl out. The woman hesitated for a bare second and then eagerly snatched at the proff■ er•ed hand. With two strides she mounted the wtep" and entered the caravan. She then flung off her outer garment* and wrapped herself, with a. shiver, in a. greasy old dreasing-gown. finally she gquatted on the floor wit-b her back towards Lucy. "Thank ve kindly." she muttered. "I'll, bids here awhile. But there ain't no cause for you to look at me. Best not. Least- ways. &o folks say." She gave a little crackling laugh which- made Lucy's blood turn cold. v- The young girl, however, WM NSohedtO MOW no fwr. and when silence had pre vailed i u between them ?? several minutS 1)? ?? an effort to get into conversation. she said. is a very curiou* Gtick <? yoMs. ehe said. Wi?h a quick nervous movement the o? woman put her bony hand on the eti? which was lying by her side. The bells tinkled mournfully aDd theii grew silent again. This stick," she went on. goes yrffp me wherever I go. Then folks 8fj db13 #t want to meet old Nan can hear her coj»iJ> £ and keep out ofJier way It's the. bad-faC^ she has. Trouble comes to them à6 IcoKS on it. So they say. Fools, my child, More trouble in this old world has bee-* caused by a pretty face than ever was caused by an ugly one." She turned her head suddenly and razed at the girl. Ay 1 she went on. "you are pretty, child. That face of yours will briji,g trouble—to otbers maybe, to you for øUre." She paused, but still kept her mournful eyes fixed upon the girl's fair face. LUy met t-ieir steady searching gaze with- out tininehing. Indeed, curiosity rathfi" than fear was her dominant feeling at t.n, mument. This ugly old woman fascinated her it1 an odd. uncanny way. "Are you trying to frighten me?" ehe said. smiling bravely. sai' dN. o! 1\0 to frighten, but to The woman's rasping voice had suddenly suiiic to an earnest 'whisper. You have travelled far," she went 01], in the same low vehement voice, "and l1ûí1' you are on the threshold of your home—the home of your fathers. But even so it wouht be well if you turned back. But you will not. You will go on to meet your fate. old Na.n cannot save you. And yet if she could she would, for when you looked int» her face you did not shrink away, yeuf eyes were kind, and the words which f-.il from your lips came from a heart which ;9 gentle, loving and true. Who knows! OLd. Nan has seen much and her eyes are c-lill keen. and age has not yet blunted her w.s. When the hour comes that you are in peril and fear grips your hea.rt. then listen ?— listen well—and if you hear the jingiinS of my beils know that a friend is noor." With the la3t words she suddenly turpev. scrambled to her knees, gripped her Quc.r ash stick and thrust her hideous faoe to- "L door of the caravan, The next moment the sound of v*>|ce» could be heard outside in the darkness. Swiftly old Nas rose to her feet and with extraordinary agility scrambled down tbe ladder and vanished in the night. As slit3. disappeared the mournful jingle of her bells rose and then died away, swallowed un by the noises of the storm. Thie is the first chapter of this Great New Serial DrcOma. The continuation is given in Week End Novels Christmas Number. Full of Bit Situations and Startling Develop- ments. this story to going to he the Serirl Sensation of the Year. 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.THE FORESHORE.I
THE FORESHORE. I Proposal to Bay for ;c i (;A"() oo. -1 Swansea Finance Committee met on j Monday, when Alderman W. II. Milts j was re-elected chairman, and Mr. F. J. I'arker vice-chairman. THE FORSHGRE. The Borough Treasurer (Mr. W. II. Ashmole) reporttd that the Parks Com- mittee were recommending the Council to purchase the rights of the foreshore for the sum of £ 10,000. Mr. Bliss (the Parks Superintendent) had made a statement in which ho showed that aiter paying we I capital oharges on this loan he would have a surplus of about £580. The income too would continue to grow, as it wu,- growing at present. In 1912 the incomc was X230, and thjs year it was < £ 733, and, even aft??r this loam charge of .87?.0 was paid, he hüpl in the hrst year there  ivould be a surplus of £ 380. THE GREAT DIFFICULTY. I The great diiiicuity in the matter, saici the Borough Treasurer, was witu regard to getting the money. The Paries Com- 'nittee regarded it as a very fine business i speculation, and urged the Finance Com- mittee to consider it. The Chairman said the Parks Commit- tee proposed the expenditure to be a capi- tal expenditure, and the foreshore right I out to Caswell would be purchased MR. COLWILL'S OBJECTION. I Mr. Colwill asked if the present was the I time to go into a speculation of this kind. The Chairman said the price worked out at £3 an acre. The treasurer had jiisi read out that according to the Parks Coni- mittee's estimate it would bring in a net amount of £500. Mr. Colwill asked if to take up this project would end in restricting their borrowing powers for other work which was more urgent. The Chairman said of course it would have an effect upon that to some extent. MORE IMPORTANT MATTERS. I Mr. (jolivill moved that: tIle llllltter stand in abeyance. There were other mat- ters of importance requiring imme- diate attention, and he did not think that as matters stood at the present time they ought to do that kind of thing. The Borough Treasurer said they could not stop the Parks Committee going on with the matter, but they could dis- approve of the estimates. He was quite satisfied himself with the financial state- ment. Tho only difficulty he could see was tho question of getting the money. Porslbly it might be got over as in many I other cases with other purchases they had made: they might be ahlo to persuade thp Duke of Beaufort to tako the money in I Corporation bonds. Mr. Colwill pressed his resolution, but he nlone voted for it, two voting against it. The matter then dropped.
THIN. WEAKPEOPLE GET STRONG…
THIN. WEAKPEOPLE GET STRONG AND FAT. Thin, weak, nervous people, especially those convalescing from influenza or similar enervating complaints, can quickly regain their strength, flesh, and energy by taking a five-grain tablet of Blood-Iron Phosphate with each meal. Thi » wonderful nerve and blood builder, which obtainable from any of the lead- Il. cbmists, contains nether stimulat- ing nor narcotic drugs nor dangcroiR; alkaloids, and does not upset the ttomach nor discolour the teeth, b;t is simply a harmless, easily-digested nerve and blood builder which, according to leadin- French ahd American authorities, is I quickly converted into living nerve tissue, and at the same time increases the oxy- j gen-carrying red cells of the bloott. I Blood-Iron Phosphate helptj make the weak strong, increases endurance, and prevents fatigue; pak cheeks regain the bloom of health dull eyes become bright, j and sleep returns to the sleepless. Take Blood-Iron Phosphate for two weeks—it coats but 3s.—and if doesn't do all this for you; if you don't feel better and stronger than you have for months, you can have your money back for the asking. and the trial will cost you nothing, be- cause every package contain a guarantee of satisfaction or money back.
SWANSEA PROPERTY.I
SWANSEA PROPERTY. I Three Houses Fetch Over 1 £1,000 each. r John M. Leeder sold the foU, wing at I the Hotel Mctropole on Monda The copyhold, detached residence, "Short- lands," Mumbles, vaoant possession, to Mr. Harvey for CI,560, L28 10s. extra being paid for fittinss. The freehold residence, "Aqlton," No. 34, B yn-road, Brynmili, was knocked down for xi,025 BRYNMI LL-CRESCENT. I Mr. David Roberts, at the Cameron Hotel, Swansea, sold 17, Brynmill-crescent, a semi- detached freehold residence, let at present 1. on a lease which expires in September, 1922. for £ 1,140 to Mr. Rogers, the tenant. Thpre was no bid for five cottages let on f 1500 years' lease from 29th September, 1919. I
FINED FOR BREAKING FENCEI…
FINED FOR BREAKING FENCEI ■ i Thomas Monre, collier. Crfulock-rtreet, j Taibaca, at Abcravon Police Court on I Monday was fine i £.3 for damaging a fenc-e the property cf Mess.s. Baldwins and Co., j Lt 1. P.C. Broo s saw defendant deliber- j at-ly break the ferce. —