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SOUTH WALES FINANCE

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SOUTH WALES FINANCE FRIDAY, Sept. 15th, 1893. Rhymney Stock exhibits a further falling off, and has been marked down to 215, showing a decline of 1% since yesterday. It is on offer at the lower quotation, but the demand is slack, scarcely any .buyers being discoverable. The dividend warrants for Preference Shares in North's Navigation Collieries were posted on Thursday. his is usually paid with the Ordinary dividend and as there is no reference to the latter, it is assumed that there will be no Ordinary dividend ior the past half-year. The feature of to-day's business was the advance in value of Ebbw Vale Shares, a fact the more remarkable by reason of the great change in the position and prospects of the undertaking. The shares have been marked up to 6%, with buyers still unsatisfied. This is an advance of It will be remembered that the last balance sheet showed that even under the conditions then existing, and under the previous bad management, the company could have paid a dividend of 2% per cent., but the directors thought it ad: visable not to distribute such an amount. Taking into consideration the improved prospects of trade and the improvement which has tait en place in the management of the concern, with the fact that the shares are still only at about one-third of their paid-up value, there is a likelihood of their still advancing. In the Colliery Shares, Intornationals are better, the middle price being now 2. Newport-Abercarn are 6%, an advance of and North's are 2Ys, whieh is higher. Tredegar Iron and Coal share in the general appreciation, being at 8, instead of at 7%. New sellers offer--London and Provin- cial Bank Shares, at 19% North's Ordinary Rhymney Iron B5 shares, at 18s Arrow Patent Fuel (£8 paid) Rhondda and Swansea Bay Ordinary and New Preference Great Western Colliery B shares Drake, Driver, and Leaver Shares Penrikyber Preference Barry Ordinary Bradford Corporal ion Dehenture West- lake's Brewery Ordinary Taffs, at 77% Barry, at 199% > Stfarle and Herring's Debentures National Bank of Wales Parnall and Evans Ordinary and Glamorgan Bank Preference. i New buyers seek :—Newport-Abercam Ordinary Rhymney Iron Old Shares North's Preference Ebbw Vale Shares Rhymney Iron North's Ordinary Metro- politan Bank, at 15%. To-day's dealings by non-members of the Exchange included :— Barrys, 199. Rhymneys, 215. National Bank of Wales, 4% London and Provincial Bank, 19%. Alexandra A Preference, 102%, Bute Dry Dock, cum. div., 56. Spillers', 9. Ebbw Vale, 9d, 6 and 7. On the Stock Exchange :— Rhymney, 215. National Bank of Wales, 4*- Ebbw Vale, £6178 and 6%. Bute Dry Dock, 56. Mount Stuart A, 60. Spillers', 8%. Rise-Swansea Gas 7 per Cent; Sto'cfe, to 35-36 Ebbw Vale Shares, to 6% -7 International Coal Shares n, to 1 -2 North's Ordinary Ys, to 2—2% Tredegar Iron A Shares to 7-9; Mountstuart Bute Dry Dock B Shares to 33-34. Fall-Rhymney Ordinary to 214—216; National Bank of Wales Shares 3/s, to 4- 4; Newport-Abercam Shares to 6— 6%. INTERNATIONAL COAL COMPANY, LIMITED. TO THE FINANCIAL EDITOK. SIB,—At the annual meeting of the share. holders of the above company, which was held at the AngeJ Hotpl Cardiff, on Saturday, the 9ch instant, several shareholders complained of srriftvances existing in the management of the colliery and the sales of the coal. I raised a. question as to the prices obtained for Inter- national coals sold for inland purposes during each month of the financial year covered by the balance-sheet, which had been just presented, when the chairman assured me that the best priet-3 had been obtained, and that the full price* received ware credited to the company, and he invited me to verify the statement by calling at the offices of the company to inspect the lJook. I call 2d on Monday to see the secretary for this pUI.pO,(>, who, however, denied me nccess to any book?. But hÐ has since sent through the post to "iriy address a statement containing the averaged realised prices" received for coal and the quantity sold for inland purposes. From this it appears that the chairman was not quite posted as to the facts when he replied to my questions, as I now find that the differtmce between toe" averaged realised prices" and the pric at which the coal was sold in waggons at the colliery to wholesale hnverè amounts in one month alone to over £350, the difference in the 6ft. coal for one month being as nch as 2" 5%d per ton, and the quantity sold irame to 1,117 tons 19 cwfcs. The other 11 months of the year vary from to Is 10)id per ton, and I calculate the loss to the company during the financial year, according to the prices paid in Cardiff, to be over £2,000. I have also compared the prices received by other companies working similar coals, and I find that they have realised the prices paid by the retail traders, less agents' commission. This loss can be accounted for to some extent in consequence of the sale of International coals being made to the traders through other companies, and through sub- agents, and not direct from the agents of the company. It was admitted at the annual meeting last Saturday that the agents of the International Coal Company were shareholders in the Cardiff Park Coal Company, Limited, and tha Taff Coal Company, trading at Cardiff, Penarth, Cadoxton, Barry, a.nd other places. Now, if these two com- panies were independent firms, it is to mv mind very clear that it is not to the interest of the International Coat Company to sell only through them m the places mentioned, And thereby create to them a monopoly. I am prepared to prove that prices equal to that obtained for the Garth-Merthyr, Ffaldau, or the North Navigation Coal Companies were not obtained for our coals similar in quality. Although the same: price has been obtained for International coal as the other coals mentioned from the retail traders, I do not think that it would be right to publish the figures, but if any shareholder would like to see for himself he can do so by calling at my residence. But I do think it imperative that this state of affairs should be at once investigated and remedied. I think that it is time that the shareholders should inquire and see if this arrangement with the agents is satis- factory, and I cannot see why the chairman should deprecate the proposal for a committee of investigation. This has proved to be very beneficial to a neighbouring company, and I have no hesitation in saying that if a committee is appointed to investigate several matters con- nected with the International Coal Uompany (Limited), that it will improve our property to a very great extent and regain the shareholders' nd the pnblic's confidence once more. and that we should see our shares at par and not at 30s per share. I could enumerate a long list of evils which require immediate remedying, but I trust that the foregoing will prove to the shareholders generally the necessity for immediate action by the appoint- ment of an investigation committee or otherwise. —I am, &c., R. DAVIES. 3, Richards-street, Cardiff,September 15tb,1893.

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