South Wales Daily News

BRISTOL DOCK SCHEMES. A GIGANTIC PROPOSAL. The Doekiaation Committee of the Bristol Council en Saturday considered the report just furnished them by the three engineering experts consulted—Sir John Wolfe Barry,5 Sir Benjamin Baker, and Mr Elartzig-on the dockisation of the Avon to provide accommodation for the largest class of ocean steamers. It was hoped the engineers might devise a cheaper plan of dockisa- tion than previous schemes provided, but instead their proposals are immensely larger than those hitherto made, the cost being two millions and I three-quarters, exclusive of half a million for sewage disposal, and a third of a million should subsequently it be decided to have a low water pier. The experts justify the scale of their pro- posal-i by declaring it is no use going into works of such magnitude unless ample space is provided for working the traffic, and they quote Man- chester's experience as a lesson Bristol cannot afford to ignore. They discard previous proposals —one of which was by Sir John Wolfe Barry himself suggest filling np the present mouth of the river and re- claiming 360 acres of land, and making a cut through the Somersetshire meadows to join the Avon below Pill This new channel would be two miles long and would have two entrances from the channel, one 850 feet by 85 feet and 36 feet deep at neap tides, and the otber, equal to all vessell which conJd go right up to Bristol, 400 feet by 50 feet and 32 feet deer. Within these locks vronid be a basiu 1,000 feet square for ships to swing, and beyond would be the new waterway with 3,000 feet of q-nay to start with, and possi- bilities of almost unlimited extension afterwards. A serious feature of the scheme is the estimate that the dredging would cost X36,000!ayettr, and this; coupled with the heavy initial outlay, is be- lieved to make its rejection almost certain. Meanwhile, however, the Dockisation Committee are communicating again with the experts about the matter, the matter, I

THE M.P.'S FOR MERTHYB. MR PRITCHARD MORGAN'S ATTACK ON THE SENIOR MEMBER. MR D. A. THOMAS'S REPLY. TO THE EDITOR. Sir,—I need hardly say how much I regret that my efforts in the discharge of the duties entrusted to me by my constitaenta have not met with the ap- proval of the junior member, but he will, I know, make allowance for the difficulty I experienced, in common with the electors of Merthyr, in con- sulting him npon questions of urgency that arise in Parliament during his prolonged absence in Australia, China, and more recently in Korea. Had I known that if he had been there at Easter he would have been compelled from con scientious motives to have opposed my motion- had I but known, in fact: that my colleague in the representation of the Merthyr Boroughs would have taken a course adopted by no other Liberal member-l might have hesitated But had he been there at Easter it wonld have beeu then too late to obtain his sanction, for the motion came on in February. He was paired against the Government. I had the support of our Liberal Front Bench, the official Liberal Whips acted as tellers for the motion, and every Liberal without exception who took part in the division voted with me. Was it not natural, therefore, for me to assume that had Mr Morgan been in the House and not paired he would have voted with his leaders ? It appears, however, that I was in error. Presumably it was not to this motion that he referred when, with an almost excess of diffidence, he explained to the electors of Merthyr that his absence from Par- iiament was a matter of no consequence, that they lost nothing by it, that he was paired with Colonel Ward, a Conservative member," atod therefore his vote was not in any way lost or interfered with." I do not know what time elapses before the official report of proceedings in Parliament reaches Korea, but Mr P. Morgan has not sufficiently informed himself of the reasons that induced me to move. If ho will take the trouble to look up Hansard he will see that I was care- fal to dissociate my motion from the war in Sonth Africa, and that I have consistently voted for all the supplies the Government considered neces- sary to briug the war to a speedy and successful close. Nor, whatever others may think, will Mr Morgan find that the Tory Government, on whose approval and support he naturally prides himself, is prepared to accept his suggestion that the war in South Africa and the unfortunate Jameaon Raid are one and the same thing. But I do not wish to labour the matter. Youth and inexperience lead: me innocently to imagine that the eve of a dissolution is not the most oppor- tune time for reviving and accentuating differences of opinion tha.t may have existed between colleagues upon questions of the past, and that such a course of action does not tend towards the unity and concentration of Liberal forces for which our leadors have called. For my own part I prefer to emphasise points of agreement, and I rejoice to find myself sharing with Mr Morgan the opinion that "having gone to war they had to see the end of it." There seems every reason to hope that my colleague's return from the Far East has been well timed, and will just enable him to see the end of it." I am delighted to think that in supporting the Government in carrying on the war once it bad commenced I had tha sanction and approval of the junior member, junior of course I mean only in the representation of Merthyr. It is gratifying to me to feel that had he not been somewhere else otherwise occupied and paired against the Government Mr P. Morgan would have given it the same unstinted support in carrying on the war that I, chancing at the time to be in attendance on the duties entrusted to me by my constituents, was able to render.- I am, &c., D. A. THOMAS. Llanwern, June 9th. 1900.

SWANSEA DISTRICT. LABOUR REPRESENTATION. A conference of Trades Unionists is being arranged in the Swansea District Parliamentarj Division to take place at Neath on the 23rd of J una to consider the question of Labour lepra- sentation and devise means for raising the necessary fund. Circulars have been distri- bated amongst trade organisations inviting a delegate for each 25 members. It will be remem- bered that the tinplaters have invited Mr Beit Tillett to become a candidate. Allusion is mad* to the colliers, who through their representativaic at a meeting of the Western District Associa- tion, to be held to-day (Monday), will, it it expected, pass a resolution clearly defining their position.

--1. THE PORT TALBOT SENSATION. Mr T, J. Hughes, the solicitor in this case, has retained Mr B. F. Williams Q.C., and Mr Ivor Bowen to appear for Osborne at the Police Court to-day. We believe that Mr Donald Maclean if Iteting for the prosecution.

tubHc OLømpattus. &t. The LIST of SUBSCRIPTIONS will be OPENED on TUESDAY, the 12th June, and CLOSED on or before THURSDAY, the 14th Jane, for both Town arid Country. HILL, EVANS AND COMPANY, LIMITED. (Incorporated ulldr the Companies Acts, 1862 to 1893.) SHARE CAPITAL .£150,000 Divided into 80,000 FIVE PER CENT. CUMULATIVE PREFERENCE SHARES of £1 each £80,000 70,000 ORDINARY SHARES of JE1 each £70,000 £ 150,COO And FOUR-AND-A-QUARTER PER CENT. FIRST MORTGAGE DEBENTURE STOCK £ 80,000 The Preference Shares confer the right to a fixed cumulative preferential dividend at the rate of JE5 per cent. per stmum, and the right to repayment of capital in priority to the Ordinary Shares. Both classes of Shares have equal voting rights, i.e., one vote per Share. The Debenture Stock will be issued in multiples of JS10 Stock, and will be secured by a Trust Deed, con- stituting a. specific first mortgage npon the freehold property purchased and a floating charge upon all other property and assets of the Company, excluding the uncalled capital for the time being. It is provided by the Trust Deed that the Deben- ture Stock shall be redeemed on the 31st December, 1920. &t £ 105 per cent., or. in the event of liquidation, for the purpose of reconstruction or amalgamation, prior to that date. at £110 per cent. The interest on the Debsntnre Soock and Prefer- ence Shares will be paid half-yearly on the 1st January and the 1st July in every year, the flrsl; payment, caJ.cl11ae<1 from the due dates of payment of the several instalments, being made on the 1st January, 1901. SUBSCRIPTIONS at par arc INVITED for £ 30,000-: FOUR-AND-A-QUARTER PER CENT. FIRST MORTGAGE DEBENTURE STOCK, and 30.000 FIVE PER CENT. CUMULATIVE PREFERENCE SHAKES of £1 each, J Payable as follows :— Debenture Preference. Stock. Shares. OnApplication 1C per cent. 2s On Allotment 40 per cent. 8s One MOIl th dter Allotment 50 per cent. 10s The Vendors, being the Partners in HILL. EVANS, and Co., will take the whole of the Ordinary Shares in part payment of the purchase consideration, and they will also subscribe for. and have allotted to 4hem or their nominees, £;10,000 Debenture Stock and 20,000 Preference Shares, on the terms of this Pros- pectus. HILL, EVANS, AND COMPANY, jLl LIMITED. TRUSTEES FOR DEBENTURE STOCKHOLDERS. fiEORGE K MARTIN (Berwick and Co, Bankers). Old Bank, Worcester. ALFRED BALDWIN, M.P., Wilden House, near- Stonrport. DIRECTORS. U. W. DYHON PERKINS (Lea and Perrins), Wor- cester. EDWARD WALLACE EVANS, ) EDWARD HENRY HILL. j' Worcester. ALBERT BUCK, Pierpoint-street, Worcester. HBRBERT W. SPRECKLEY (Spreckley Br03..Ltd,. Brewers), Worcester. IiIONEL A. C. SOUTHAM, Managing Director. I BANKERS. BERWICK and CO., Old Worcester. I ,ROBAUTS, LUBBOCK, and CO., 15, Lombard-street, London. I rHE NATIONAL PROVINCIAL BANK OF ENG- LAND (Limited), Liverpool, Manchester, Birming- ham, and other Branches. SOLICITORS.—WORTHINGTON EVANS. BIRD and HILL, 35, Eastcheap, London, E.C. BROKERS. VERTUE, LUBBOCK and CO., 43 to 46, Thread-j needle-street. and Stock Exchange, London. fq. LEA and SON, 38, Bennett's-hill, and Stock Exchange, Birmingham. Auditors.—JACKSON, PIXLEY, BROWNING, HUSEY and CO., 58, Colemaa-street, E.C. Secretary AND .REGISTERED OFFICE.—T. E. ROGERS, The Vinegar Works, Lowesmoor, Worcester. Temporary LONDON OFFICE.—33, EASTCHEAP, B.C. PROSPECTUS. This Compa.uy has been formed for the purpose of '1akiug over, as a aoina concern, the bnsincss of Vinegar Brewers and British Wine Makers, carried On by Hill, Hvans and Co" Worcester. The business was established in 1830, and is Ðroba.bjy the largest of its kind in the United KiDg- It has maintained an excellent reputation for Brewing the pnrcst malt vinegar fo" over 70 years. The property at Worcester is freehold, and has a ground area of over six acres, with frontages to four atreets. Railway sidings intersect the works, and ground area of O1'er six acres, with frontages to fonr atreets. Railway sidings intersect the works, and are connected by a short private railway with the Gr:a.t Western and Midland Railways. The private railway was made by the firm under the authority of a private Act of p,c¡,rJiameDt-the Worcester Railways Act. 1870—which confers the right of crossing the eanal and public roadways, and authorises the levy of toBg, etc., on any otber persons nsing the Hne. The buildings are of exceptionally substantial construction. The plaut. and machinery are in good working order, and equal to an output of 1,500,000 gallons of vinegar uer annum, in addition to the 'British wine and other products. An a.;nplC) supply of water is obtained from a well on the premises it has the same characteristics as the Burton water, and is specially suited for brewing purposes. Some adjoining blocks of cottages, shops, stables, etc., at present let off, but available for extension of the Brewery should occasion reqijire, are included. "FT ILL, EVANS AND COMPANY, JLX LIMITED. The Company will acquire the following assets :— fl) Freehold Vinegar Brewery, Priva.te Railway, and properties at Worces- ter. with the fixed and loose Plant and Machinery, as shown by the joint valuation (set out below) of Messrs Fuller, Horsey, Sons, and Cassell, of London, and Messrs Albert Buck and Son of Worcester. £106,433 0 0 m Stock of Vinegar, Wine, and at or under cost 35.067 7 9 (3) Trade Debts, after making reserve j for any doubtful debts, guaranteed by the Vendors to realise 19,614 10 2 W Additional Cash Working Caaital provided by this iseue. 13,885 2 1. f ffotal assets, exclusive of goodwill, ii trade marks, 0 0 Messrs Jackson, Pixiey, Browning, Husey, and Co., Chartered Accountants, have examined the books of „ the firm, and report tha.t the profits for the last three years were respectively £18,012, £16,620, and £17.261 0 0 interest on the First Mortgage Debenture Stock will reouire £ 3,400 0 0 Dividend on the Preference Shares will reouir" 4,000 0 0 ik ——————— 7,400 0 0 1!; Leaving for Directors' Fees, '1¡i Reserve, t,1ld Dnidends on < :f- Ordinary Shares £3,861 0 0 The Articles of Association provide that at least 10 1, per cent. of the Morpins profits, after paying interest ;:& on the Debenture Stock anù .Preference Shares, shall be carried to Reserve until such Reserve amounts ,}f to £ 25,000. The Reserve Fund will be invested in s-' secnntleH unconnected wIth the business. It will be f een that the capital of both the First Mortgage Debenture Stock and the Preference Shares i'-1 more than covered bv the assets, exclusive of goodwill, etc., while the average profits are more than five times the amount of interest on the De- i Venture Stock, and the surplus, after paying such interest, is more than three times the amount re- quired for dividend on the Preference Shares. JLX LIMITED.—Messrs E. W. Evans and E. H. Hill, partners in the firm of Hill, Evans and Co., have agreed to act as directors for five years with- out remuneration, beyond dividends received on the Ordinary Shares held by them, and they have agreed to hold at le.T-it half tha Ordinary Shares during that period. Mr E. H. Hill will be the first chairman of M the Company. Mr C. W. Dyson Perrins, of the firm of Lea and. Perrins, who have been for many years customers of the business for the vinegar required for their well- known Worcestershire a.uc0,'etc.. has joined the Perrins. wbo have been for many yenj's CTtstoraers of Board of the Company. His special business ex- perience is likely to prove of great value to the Company. Mr L. A. C. Sontham has agreed to devote the whole of his time to acting as Managing Director of the Company; be will be paid by a small salary, and, in addition, he will receive 10 per cent. of the surplus profits atterp!"yiDgInterest on the Debenture fitock and Preference Shares a.nd providing for M Reserve and 6 per cent. on the Ordinary Shares. The Vendors have agreed to transfer to him Or- M dinary Shares equal at par to the amount of his com- mission, which he has agreed to invest year by yar et in purchasing such Ordinary Shares, thun obtaining a substantial intcre¡ in the business. The present arrangement is for three years certain. M The formation of the Company is mainly for the object of paying out lhp. share of a deceased partner and providing tOt" assistance in carrying on the busi- by meaufof additional working Directors. The price to be paid by the Company for the free- hold land, buildings, plant, machinery, Rtock. book debts, goodwill, and trade inarms, ns at the 31s'e December, 1899 (the date of the last stock-taking), as a going concern, with tile henefit of all contracts and profits since that date, is £230.000, the Vendors undertaking to pay to the ComDany gnch:" sum as. ?: with the profits between the 1st .January last and I the incorporation of the Company, wili amount to £ 13 885 2s Id, in order tc provide the additional work- 'Mr ing capital before referred to. Tha Vendors will Si take 70,000 Ordinary Shares in part satisfaction of m the price, and will subscribe at pa.r for 20.000 Pre- •* ference Debenture Stock. The ) Vendors will also discharge all debts duo by Hill, ij Evans and Co. as at the 31st Dec amber, 1399. & The following agreements have been entered into f (1) Agreement dated 5th June, lSCO, between Messrs *|!f E. W. Evans and i'. H. Hill, the partners of the firm i f ot Hill, Evans and Co., the Vendors, and this Com- f i: pany, for the sale and purchase of the business (2) lis Agreement dated 5th June. 1900, between the Com- Ipany, the Vendors, and Lionel A. C. Southam, pro- viding for the appointment of the latter as Managing Director. "0~ILL, EVANS AND COMPANY, J-JL LIMITED.—The vendors will pay all expenses ofanci incidental to the f .rmabion of the Company and of the issue of this .Prospectus up to allotment, and of guaranteeing the subscription of part of the present issue, and also the legal expenses, commissions, and 111 connection therewith, and in respect thereof they have entered into various contracts. The Company will pay the registration fees and stamp duties. In addition to the above Contracts there are nnrn ?vous Contracts relating to the trading and Contracts with agents, employees, customers, and others, to which this Company is not a party, but subject to which the business is token over. Appli- cants ior Shares will be deemed to have waived any right for further particular* of the above-men- tioned Contracts, whether under Section 38 of the Companies Act of 1867, or otherwise, and to have agreed with the Comr/any, as trustee fcr the Direc- tors, and all other persons authorising or taking of the issue of this .Prospectus up to allotment, and of guaranteeing the subscription of part of the present issue, and also the legal expenses, commissions, and 111 connection therewith, and in respect thereof they have entered into various contracts. The Company will pay the registration fees and stamp duties. In addition to the above Contracts there are .m nnrn ?vous Contracts relating to the trading and Contracts with agents, employees. customers. and ,,a other; to which this Company is not a party, but subject to which the business is token over. Appli- cants ior Shares will he deemed to have waived any right for further particular* of the above-men- tioned Contracts, whether under Section 38 of the Companies Act of 1867. or otherwise, and to have :j agreed with the Comr/any, as trustee fcr the Direc- ts tors. and all other persons authorising or ta.king part in the issue of this Prospectus, to make no ? claim upon any of them under the said Section or npon any other ground than wilful mis-statement, and allotments wiil only be made on this condition. A printed draft of the Trust Deed for securing tfco Debenture Stock and the Agreements above referred to, together with the Memorandum and Articles of Association, the Certificates of the Valuers and Accountants, be seen at the Offices of the Solici- Tg tors. Stock Exchange Settlements and Quotations will be applied for in .Uondon and Birmingham. a Applications for Debenture Stock and Preference 'B Shares shon'd be made on the accompanying forms, IN and Xorw.ir.ied, together with the amounts payable- 3 on application, to the Bankers of the Company. Ifno;¡,notlIleIl is made the deoosit wm be returned- in fulJ. and where the number of Shares or amount of Debenture Stock allotted is less than that applied lor, the surplus will be credited in reduction of the amount payable ou allotment and any excess will be returned to the applicant. Failure to pay any instal- ment when due will render the previous payments liable to be forfeited. Prospectuses can be obtained at the OftfcVs of the <j Company, and of the BanKers, Brokers, and Solicitors. Worcester. 5th 1900. M- ILL, EVANS AND~COMPANY, LIMITED.—Joint Valuation of Messrs Fuller jLiL LIMITED.—Joint Valuation of Messrs Fuller orsey. Sons, and Cassell, Ii, Billifcer-street, Lon- don, and Messrs Albert Buck and SOD,Worcester. London, 1st Junet.1900. TO THE DIRECTORS OF HIi.l,. EVANS, AND COMPANY, Limited. 1; Gentlemen,— in accordance wish your inslruc- itions we have att rifled at the Worcester Vinegar t Igarka. the city Worcester, aud have made a qarefui survey and valuation o £ same. j TheprnoJaes public (Eompanija, &r. have frontages to three other streets, and occupy the extensive ground area of about 21,680 square yards. the whole of which is freehold, and subject to neither tithe, rent charge, nor land tax. In addition to the above area there is a freehold strip of land upon which has been constructed a short railway to connect the swings that intersect the works with the Great Western Railway Company's system, the right of crossing for that purpose the canal and public roadways being conferred on the freeholders in per- petuity by special Act of Parliament. The buildings are of exceptionally substantial con- struction, and have a total cubical caoacity ex- ceeding four million feet, and the plant and machinery, which are in good working order, are equal to an output of 1.500.000 gallons of vinegar per annum, in addition to other products. Adjoining the works are certain blocks of cottages, shops, stable. and lands, at pre- sent let off, but available for the extension of the Works should occasion arise. We are of opinion that the present fair value as agoing concern of the above mentioned freehold Vinegar Works and Properties, together with the whole of the fixed and loose plant and machinery, is the sum of One hundred and six thousand four hundred and thirty-three pounds ( £ 106,433). These figures arc exclusive of any value for stock, stores, goods in process of manufacture. book debts, or goodwill. We are, gentlemen, yours faithfully, (Signed) FULLER, HORSEY, SONS, and CASSELL, 11, Billiter-street, I,ondon,E.C. (Signed) ALBERT BUCK and SON, Pierpoi i; t-streit, Worcester. Certificate of Messrs Jackson. Pixley, Browning, Husey and Co., Chartered Accountants, 58, Coleman- street, London, E C. 58, Coleman-street, London, E.C., 1st June, 1900. TO THE DIRECTORS OF HILL, EVANS AND COMPANY, Limited. Gentlemen,—We have examined the books of account of Messrs Hill. Evan", and Co., and have ascertained and certify that the net profits, before charging interest on capital, partners' remuneration, or income tax, for the last three years were as 1ollows For the year ended 31st Dec., 1897 £ 18,012 13 7 For the year ended 31st Dec., 1398 £ 16,620 2 8 For the year ended 31st Dee., 1899 £ 17,261 7 2 It has been the custom of the firm to charge Revenue in each year with the cost of renewals and maintenance of the plant, machinery, casts, &c. The work was done by the firm's employees, and ws have found it impossible to ascertain the separate expendi- ture under this headin~. ',Ve have, however, been as- sured by Messrs Fuller, HorFey, and Company that the whole of the plant, machinery, casks, &c., are in ex- cellent condition, and have been fully maintained, and that no further provision forclepiceititiouis necessary.—We are, gentlemen. your obedient ser- vants, (Signed) JACKSON, PIXLEY, BROWNING, HUSEY, & CO., Chartered Accountants. These forms may be cut out and used. TnriLL, EVANS, & COMPANY, LTD. ii FORM OF APPLICATION FOR DEBEN- TURE STOCK. Issue of RSO,000 Four-and-a-quarter per Cent. First Mortgage Debenture Stock. No. To the Directors of Hill, Evans. & Co., Limited. Geotlemen,-Ha-via,- paid to your Bankets the sum of f being a deposit of 10 per cent. on appli- cation for £ Four-and-a-quarter per Cent. First Mortgage Debenture Stock, I hereby request that you will allot the same to me, and I hereby agree to accept the same or any smaller amount that you may allot to me, upon the terms of the Pros- pectus (dated -3bh June. 1900!, and to pay the farther instalments thereon in accordance with the terms of the Laid ProsDectus. Name, in full Address, in full Profession or Business.. Date Signature A separate remittance must accompany each appli- cation. FORM OF APPLICATION FOR FIVE PERCENT. CUMULATIVE PREFERENCE SHARES. To the Directors of Hill, Evans, & Co.. Limited. Gent ng paid to your Bankers the sum of £ being a deposit of 2s per Share on Five per Cent. Cumulative Preference Shares of ileach in the above-named Company, I hereby request that you will allot to me that number of Preference Shares, and I hereby agree to accept the same or any less number that you miy allot to me, upon the terms and conditions of the Prospectus, dated 5th June, J900, and the Memorandum and Articles of Association of the Company, and I authorise you to place my name on the Register of Members in respect of the Preference Shares allotted to me.. Name, in full Address, in full Profession or Bnain«ga V Date Signature A separate remittance must Tccourpawy-ewh appli- cation. 7582 THE ^TL\S yURNISHING £ JOMPANY, J^IMXTED ÁRE TIIII y^EAPING JJOUSE FURNISHERS. IN WALES. THEG OAL OF TO-DAY THE STARTING STONE TO-MORROW. ABSOLUTELY UNRIVALLED IN THE THREE ESSENTIAL REQUISITES Q U A L I T Y. sT Y L E. yALUE. v NO SUCH VALUE EVER BEFORE OFFERED A SELECTION OF STOCK ON THE PREMISES OF 3650,000. Persons about to furnish are invited to see our Stock. No other house in this part of the country has anything lilce it. We make most of the goods W sell. They therefore carry with them a warranty for soundness and qGaety. All the materials we use are of the best quality and the woods are well-seasoned. We employ a larger number of workmen than any similar firm in Cardiff under most experienced foremen, who see to the goods being JJELIABLE AND SOUND. WE EMPLOY NO AGENTS NOR PAY ANY COMMISSION for the introduction of Customers, therefore our jpRICES ARE JJIGHT. JgVERY REQUISITE IN "JJOUSE JjlURNISHING KEPT IN STOCK. Also jpIANOS, JJARMONIUMS AND 0RGANS. NEWEST STYLE AND ENDLESS VARIETY OF MAIL CARTS & PERAMBULATORS. A S Y rjl E R M S if p urchasers desire it we arrangethe payments on very ea £ :y terms to suit their convenience, and strictly private. CHAIRS AND TABLES LENT ON HIRE FOR PARTIES OR ENTERTAINMENTS ,NTS GOODS DELIVERED FREE WITHIN 100 MILES 'j CATALOGUES FREE ON APPLICATION. Note t Address :— ^TLAS JpiURNISHING ^10., CABINET MAKERS, UPHOLSTERERS, kc., HAYES BUILDINGS. CARDIFF. PLEASE NOTICE. G 11 E A T SA L E OP pIANOFORTES AND QRGANS. jgXPIRATION OF y^EASE. RJ. J. HEATH ( SONS. 51, QUEEN-STREET, CARDIFF, previous to REMOVING TO JJARGER PREMISES, 76 Queen"stbeet' Corner of Charlea-atrect. yjlNORMOUS REDUCTIONS IVA For Cash and on the New Hire System. 1066 ——— 2e ALSO AT PENARTH & PONTYPRIDD Pontypridd^ j 1__JaUhlic Companies, &r. The LIST will OPEN TO-MORROW (Tuesday), 12th June, a.nd CLOSE on or before THURSDAY, lath June, for Town, and FRIDAY, 15thJune, at 11 a.m., for Country Applications. ¡i FREDERICK LEYLAND & COMPANY (1900), LIMITED. (Incorporated under the Companies Act, 1362 to 1898.) SHARE Divided into 150,000 FIVE PER CENT. CUMULATIVE PREFERENCE SHARES of £10 each. XI,500,000 130,000 ORDINARY SHARES of £ 10 each. SI,300,000 £ 2,800,000 The Dividend on the Ordinary Shares jg, by the Articles of Association, restricted to 6 per cent, per annum until the RESERVE Fund a.moants to £ 750,000. There will be issued to the present holders of Debentures of Frederick Leyland and Company, Limited, £ 500,000 First Mortgage Debentures, carry- ing interest at 4 per cant, per annum, payable 1st JUDe and 1st December in each year, in exchange for their present Debentures of equal amount. Of the above Preference Shares, 1450,000 will be reserved for issue to the existing holders of Pre- Preference and Preference Shares in Frederick Ley- land and Company, Limited IZ150,000 is reserved to offer in exchange for the Preference Shares in the Wilsons and Furness-Leyland Line, Limited; and £ 150,000 is reserved to offer for subscription by the Shareholders of the West India and Pacific Steam- ship Company, Limited. The Preference Shares have priority both as to Capital and Dividend over the Ordinary Shares, and 'in the event of the liquidation of the Company, are entitled io share in the surplus assets, after repay- ment of the Share Capital to the extent of ii per Share. The dividends will be payable half-yemly. on 15th January and 15th July. The fjrst payment on 15th January next will be calculated from the dates fixed for payment of the several instalments. Of the Itoove 11,300,000 Ordinary Shares. 11,150,000 will be issued to the Ordinary Shareholders of Fsederiek Leyland and Company, Limited, and S150,000 is reserved to offer for snbscriDtion by the Shareholders of the West India. "nd Pacific Steamship Comnany, Limited. None are available for public subscription. The BANK of LIVERPOOL, Limited, and 'Branches, and its London Age-its, Messrs GLYN, MILLS, CUHRIE, and COMPANY, London, and the NORTH AND SOUTH WALES BANK, Limited, Liverpool, and Branches, and its London Agents, the LONDON AND WESTMINSTER BANK, Limited. London, are authorised as Bankers to receive SUB SCRIPTIONS of 175,000 FIVE PER CENT. CUMU- LATIVE PREFERENCE SHARES of ilO each at PAR, being the balance of the above 150,000 Shares. Payable iEl per Share on Application. £3 per Share on Allotment. £ 6 per Share on 30th July, 1900. Or the Shares may be paid up in full on Allotment, interest at the rate of <? pe- ent. per annum being allowed on the amounts prepaid. DIRECTORS. JOHN REEVES ELLERMAN, Chairman (Chairman Frederick Leyland and Company. Limited). Sir THEODORE FRY, Bart., J.P. (Director of Frederick Leyland and Company, Limited), VAL C. PRiNSEP, R.A. (Director of Frederick Ley- land and Company. Limited). M. W. MATTINSON, Q.C. (Director of Frederick Leyland and Company, .Limited). F. E. SPEED (Director of Frederick Leyland and Company, Limited). WALTER GLYNN (Managing Director of Frederick Leyland and Company, Limited), Managing Director. GENERAL, MANAGEP.—M. MARTIN. BACKERS. BANK OF LIVERPOOL, LIMITED. Water-street, Liverpool, and Branches, and their London Agents. Messrs GLYN, MILLS. CURKIE and Co., 67. Lom- bard-street, London. E.C. THE NORTH AND SOUTH WALES BANK, LIMITED, 62, Castle-street, Liverpool, and Branches, and their London Agents. THE LONDON AND WESTMINSTER BANK, LIMITED, Lothburv, London, E.C. BROKERS. PANMURE GORDON. HILL and;CO., Hatton-court, Threadneedle-street, London, E.C. HORSFALL BROTHERS, Queen Insurance-build- ings, Dale-street, Liverpool. F. W. BENTLEY and CO., Estate-buildings, Hudderslield. E. W, INGLEBY and SONS, Ezchange-bnildings, TTnll SOLICITORS. ASHURST, MORRIS, CRISP, AND CO., 17. Throg- morton avenue, London, E.C. HILI" DICKINSON, DICKINSON and HILL, 10, Water-street, Liverpool. ATOITOJJS—HARMOOD BANNER and SON, 24, North John-street, Liverpool. SECBKTAEY AND OFFICKS.—GEORGE GOLDS- WORTHY, 27 and 2?, James-street, Liverpool. PROSPECTUS. This Co-.npauy has been formed for the purpose of reorganising tho capital of Frederick Leyland and Company, Limited, and to provide the capital required fcr the purchase oi: the business and assets of the West India and Pacific Steamship Company, Limited. Frederick Leyland and Company, Limited. was formed in the year 1892 to acquire the fleet of steamers and business carried on by the late Mr F. E. Leyland and his predecessors, which business had been established over half a century. Considerable devel- opments have since been made, new lines ha.ve.' been inaugurated, and the tonnage largely increased, the total in operation on the 31st March last amount- ing to 91,329-;tons gross. Some of these steamers are very large modern cargo and passeDger steamers of good speed, whilst six of the older steamers acquired in 1332 have recently been modernised at a LARSE cost. Large surplus earnings, available for dividend on the Ordinary Shares have been used as additional captal to extend the business. The West Indi-L and Pacific Steamship Company, Limited, has been established for over thirty-five years, and trades between Liverpool and the West Indian, Spanish Main, and Mexicau ports, and between Liverpool and New Orleans. The gross tonnage owned by that Company, including one j steamer in course of construction, i8 upwards of 37,000 tons gross. This Company has also in the past four years applied large surplus earnings to capital purposes. The Companyiwill continue the businesses without interruption, and will be entitled to the profits, in the case;of I<'r9deri!'kLevlEmd and Compan:ï, Limited, as from the 31st March. 1900. and of the West India Pacific Steamship Company, Limited, from the 31 st December last. Apart from the valuable goodwill of the business, the completed steamers and refrigerating plant tobe acquired from Frederick Leyland and Company,. Limited, have been valued at £ 1,223,200, as per valua- tion of MR John Preston, of Cornhill, London, and Messrs JolIn Hughes Ilond Co., of Liverpool, copy of which is appended, and are taken over at £ 1,200,000. In addition, the Company will acquire the whole of the other assets of Frederick Leyland and Company, Limited, including instalments paid ON account of their interest in steamers in course of construction. Frederick Leyland AND Company, Limited, guarantee that, on the 15th June, 1900, these assets, including the current net earnings, exceed in value E593, after deducting all current trade liabilities. The steamers in course of construction above referred to were contracted for at prices below those now raling, and the additional benefit of this largely increased value is also acquired by the Company. The assets and business of the West India and Pacific Steamship Company, Limited, are acquired, as below mentioned, AT a cost of £1,008.000 (including I £1£.000 compensation), plus £24.000 to cover the divi- (lpnd to the 31st July, 19GO. On the other hand the Company obtains the trading profits from 31st December, 199, and this sum, which is known to be very large, will bo applied IN reduction of the pur- chase price. Atrongst the assets as on the 31st December inchded in this purchase are loans and investments outside the business, amounting to approximately £ 100,000. The completed steamers have been valued at £ 864,500, as per valuation appended, RtCd thf Directors are of opinion that the purchase has been made on advantageous terms, and that, the consideration to be given will, apart from goodwill, be fully equalled by the value of the net assets acquired. The total assets, therefore, included iu the above purchases, apart from goodwill and exclusive of the increase in value of the steamers under construc- purchases, apart from goodwill and exclusive of the increase in value of the C',1:cam<):rs under construc- tion, wiil exceed £2.500,00::>. I Messrs Harmood Banner and Son, "Chartered Accountants, Liverpool, report as follows as to the past profits 24, North John-street, Liverpool, 21st May, 1900. We have regularly audited the accounts of Frederick Leyland ana Company, Limited, and of the I West India and Pacific Steamship ACompiny, Limited, and we certify that the net profits oi Frederick Ley- land and Company, Limited, for the four years and three months ending 31st March, 1900, and of the West India and Pacific Steamship Company, Limited, for the four years ending 3ist December, 1899 (from which date the respective ousinesses-are taken over), after deducting depreciation and administration charges, buc including, in the case of the West Indiu. and Pacific Steamship Company, Limited, the profit earned on its own Insuro,nee Account, have been as follows Frederick Leyland West India and & Co., Ltd. Pacific Steamship Co., Ltd. Total. Year ending 3L3T December, 1896 £ 122,150 £ 71,666 £ 194,125 Year ending 31st December, 1897 163,017 70,471 233,518 Year ending 3ist December, 1S08 170,499 110,815 281,314 Twetvt; mouthy of tho We"I Tndia&Pacific Steamship Co., J (Ltd.), to 31at J Dec., 1899, and 285,723 80,399 366.122 15 months of Frederick Ley- land AND Co., ] (Ltd.), to 311 March, ?.903 .J or au annual aver AGE of upwards of £ 256,000. Harmood BANNER■ & Son, Chartered Accountants. The profits OI the West Incha and Pacific Steam- ship Company, Limited, for the year ending 31st December, 1899, were less than the previous year by reason of certain steamers being withdrawn from the regular trades fcr A period, and the profits arising from the charter (A such steamers to the GOVERNMENT not having been ta.ken iuto account. To pay 4 per cent, on £ 500,000 Debentures, taken over from Frederick Leyland and Company, Limited, will require £ 20,000 To pay 5 per cent,-on £ 1,350,000 Preference Share will requite 67.500- £ 87,500 HAVING, on the above average, a surplus of upwards of £ lsa,COO available ior DIVIDENDS on ORDINARY Shares and Reserve. Th" average earnings of Frederick Leyland and Company, Limited, alone, for the last years, woulu have been sufficient to pay the above and a Dividend of 6 per cent. on £ 1,300,000 Ordinary Capital. By the Articles of Association the Dividend on the Ordinary Shares is restricted to 6 per cent, per annum unti! the Re verve Fund amounts to £ 750,000. Doring the current, year new steamers, aggregating nearly 5U,COO tons, will be completed and in opera- tion, it is oiiiy reasonable to assume that they wiil add largely to the earning capacity of the businesses, A proposition on terms is in coarse of consideration by tne Preference Shareholders of the Wilsons and Fumess-Leylaud Line, Limited, for the exchange of their Shares into Preference Shares of this Com- pany, und for this purpose 15,000 Preference Shares are RS^RVED. The 1 iquidation of Frederick Leyland and Company, Limited, may not be finally completed until certain contracts have been fulfilled, and the Shares owned bv them in the Wilsons and Fumess-Leylaud Line, Limited, will be retained in their name for a certain time. The to be paid for Frederick Ley- land and Company, Limited, as on the 15th June, 1900, exclusive of the contract for the purchase of the West India and Pacific Steamship Company, Limited, is the sum of £ 2,179,500, payable as to £ 500,000 by the issue of Debentures in exchange for those of Frederick Leyland and Company. Limited, now outstanding, £Q50,OOO in paid-up Preference Shares, £ 1,150 000 in paid-up Ordinary Shares, and the balance of Y79,500 in cash. The liabilities are also taken over and paid by this company. The con- siderafcion to be paid for the West India and Pacific Steamship Company, Limited, subject to current trade liabilities and a pension to the late manager, is £ 1,008,000, payable in cash, or partly in cash AND PN^TIY in Preference and Ordinary Shares (RANKING for dividend as from 31st Julv, 1900), to the extent that the shareholders of that CQIDpauya 1;0111; the Shares reserved for subscription by them alone. Since the valuation of 19th May, 1900, below "lentior.ed. one, the smallest, of the steamers mentioned has been sold, and the pro- coeds, which are in excess of its valuation, will be handed over instead of the steamer. The following contracts have been entred iuto with 1), view to the formation of this company:— J'X^ted 28 FH May, 2900, 'oatweeu Frederick Ley land :U;d Company, Limited, and Frederick Leyland and Company. 1900, Limited; dated 14th May, 1900, be- [ tweea Frederick Leyi&iid aad Cotmwy, j r ;r3ulrHr. &r. and the West India, and Pacific Steamship Company, Limited. The sale, beiner from the old Company to this Company direct, there are no intermediate profits. Frederick Leyland and Company, 1900, Limited, have also contracted with Messrs Williamson, Murray, and Company, by letter under date 28th Mai, 1900, that they guarantee, for a commission of £ 32,500, the subscription of the Preference Capital now offered, and undertake the management of the issue. Messrs Williamson, Murray, and Company have made agreements with reference to the guar- anteeing of the present issue of Capital, to none of which this Company is a party, but which may come within the provisions of the Companies Act, 13B7, See- tion 33, and there are many contracts with customers and servants, and coni-ra"ts with Furness, Withy. and Company, Limited, dated 7:h October, 1 £ 9S, aud 2nd April, 1900, the Wilsons and Furness-Leyland Line, Limited, dated 7th October, 1896, Thomas Wilson, Sons and Company, Limited, dated 7th October, 1896, and 2nd April. 1900, and others. Applicants will be held to have notice of all the above contracts, and to have agreed with the Company, as Trastee for the Directors and other persons liable, to waive any claim against them for not more fully complying with the requirements of Section 38 of the Com- Danies Act. 1867. It is intended to make application in due coarse to the London and Liverpool Stock Exchange for a settlement and quotation. Copies of the Memorandum and Articles of Asso- ciation of the Company of the Accountants'Certifi- cate, of the contracts specified above, entered into with a view to the formation of this Company and the letter between Messr" Williamson, Murray, and Company and the Company, and the valuation of Mr John Preston and Mes rs John Hughes and Com- pany, can be seen by intending applicants for Shares at the offices of the Solicitors of the Company. Prospectuses and Forms OF Application may be cb- tained from Messrs Williamson, Murray, and Com- pany, 5, Copthall Buildings, London, B.C., at the Company's Office, and from tiie Bankers andBrokers. Applications must be made on the accompanying form and forwarded to the Hankers, to- gether with the amount of the deposit. Where no allotment is made the deposit will be remrned in full, and where the number of Shares allotted is less than the number applied for the balance wiil be applied to the payment dU0 on allotment, and any excess returned to the applicant. Failuie to pay any instalment when due win render the previous pay- ments liable to forfeiture, and. withont, prejudice to this provision, interest will be charged on instalments in arrear. COPY OF VALUATION. Cornhiil Chambers, 63, Cornhiil, London, 14, Tower Buildings, Old Churchyard, Liverpool, 19th May, 1900. To the Directors Messrs Frederick Leyland and Company (1900), Limited, Liverpool. Gentlemen,—After having made exhaustive investi- gation and given the subject our most careful con- sideration, also having regard to the fac T that most of the undermentioned twenty-eight (28) Steamers were constructed specially for the particular trades in which they have been, and will continue to be employed, viz. Winifredian Virginian Flaminiam Algerian Armenian Almerian Flavian Athenian Victorian Albanian Persian Lesbian Cestrian Assyrian Arabian Tagus Lancastrian Falernian Egyptian Mioho Philadelphian Favoniau Andalusian Oporto Columbian Fabian Alsatian Lisbon inclusive of the Refrigerating Machinery owned by your Company, and fitted in some of the Steamers ItS well as the Refrigerating Machinery flttedin the Steamer" Georgian." now under charter to your Company, we estimate the total value of same as of this date to be the sum of One million two hundred and twenty-three thousand two hundred pounds, say, £ 1,223,200 sterling. And after the most careful consideration we value the following nineteen (19) completed fcteamers in- cluded in your purchase of the business and assets of the West India and Pacific Steamship Company. Limited, viz. Atlantian Tiimpican Nicaraguan Floridian Antillian Jamaican Louiaianian Texan Colombian Barbadian Darieu Yucatan European Mexican William Cliff Bernard American Cuban Costa Rican Hail at the sum of eight hundred and ixty-four thousand five hundred pounds, say, sterliug, and we r have no hesitation in saying that this amount, or more, could readily be obtained by private sale of the separate Steamers, We are, Gentlemen, vour obedient Servants, JOHN PRESTON, Broker for the Purchase, Sale, and Valuation of Steamships. JOHN HUGHES and CO., Steamship Salesmen, Valuers, and Shipping Auc- tioneers. Jone 9th, 1900. 7581 OUR jjj~^ I S Z T piANO (SMALL UPRIGHT GRAND), £ 31 10s NET CASH, OR Yl Is PER MONTH, CARRIAGE PAID. jpIANOS AND ORGANS, i. BY BEST MAKERS. CATALOGUES FREE. DALE, FORTY & C°- HIGH-STREET & CASTLE ARCADE, c APTDIFF. ALSO AT 475e 6343 CHELTENHAM, BIRMINGHAM, &c. XMARSii & CO~" FUNERAL CARRIAGE MASTERS AND FURNISHING UNDERTAKERS, 80, ST. MARY-STREET, | CARDIFF. Price List oij Application. 1153—14E NORFOLI{ SQUARE k HOTEL' PADDINGTON STATION, Opposite Arrival Platform. FORTY BEDROOMS. LUXURIOUSLY FURNISHED. SPLENDID DINING, DRAWING, AND BILLIARD ROOMS. PRIVATE SITTING-ROOMS. ELECTRIC LIGHT THROUGHOUT. MODERATE TARIFF. NIGHT PORTER. Telephone No. 255, Paddington. BAKER & CO., 6710 PBOTHIKTOBS. G. STONE & CO. NDERTAKERS. ONLY 11 WORKING-STREET ADDRESS 5L A, CARDIFF. Telegraphic Address Stone, lJ, Working-street I Cardiff. National Telephone, No. 8i9. NOTICE TO CORRESPONDENTS. Confcribnfciona sent to the South Wales Daily N-ewg ahonld be pJainly written in ink, and In variably on one side of the paper. We desire to nrge uponoirr numerous correspondents the value of conciseness and the desirability of curtailing the length of their communications. It ca.uuot be too clearly under- stood that brief and pointed letters receive the first attention. All cotnmunica-Mona intended for inser-. tion must be authenticated by the name and address of the writer, not necessarily for publica- tion, but as a guarantee of good faith. No notion will be taken of svnonymons letters. Rejected com- knunicatiojif; will not be I

f§xrt(j«, iKarmges, an Iteatiis. Notices of Births, Marriages, awl De<Uh*, Is tetch, I not exceeding f) nwils. '1nd 6d for encit extra 10 ivoy<l< DEATHS. DAVIEs.-On Jane 8th, at his residence, Meithyr- a, road, William DAvies, late Holly House, Ponty- pridd, age 77. Funeral 3.30 p.m. Thursday for Glyntiiff Cemetery. No flower5!. GILES.—June 9th, at Plas Farm, Tir Phil, Evan Giles, late of Deri, Funeral Wednesday, 1 p.m., for AOerdare, special train leaving Tir Phi' Station at 2 p.m. No flowers. 747 MORGAN.—At Dryscoed Farm, Llantwit Vardre, near Pontypridd, on the 10th June, William Morgan, age 80 years. Funeral on Thursday, 2.30 p.m., for Brynfcirion Chapel. No flowers. WATSON.-On Jane 1st, at Liudley, South Africa, of wounds received on May 31st (his 22nrl birthday), Jack Watson, A trooper in the Duke of Cambridge s Special Corps, eldest son of the late Domluick Watson and of Mrs Watson, of Box House, Wilt- shire. 655 Wair>K.—On the 9hh ivnf., at Llanishen House, near Cardiff, Francis Wride, 7U!ç 53 years. Funeral on Wednesday, the 13th, at 3 p.m., Llanishen Church. IN MEMORIAM. FARR.—In loving memory of our dear daughter and sister, Minnie Farr, who died June 10th, 1899. Though lost to sight, to memory dear." x790

The LONDON IOLIII-5 U £ LITE OTTUI WALEA IHIM, NEWS are at 46, Fleet-street (opposite Fetter-lane) where advertisements are received up to 4.45 P,TIJ for insertion in the following day's issue. The. South IV oks Daily News maybe obtained immed; atcly after the arrival of the 10.15 train at the 46, Fleet-street; at MESSRS W. H. Smith and Sons Bookstall, Paddingtan Station; at Messrs Willing and Co., Ltd., 17, Royal Exchange; and at MESSRS Everett and Son"J, f.,aJisburT-¡¡qor.-re, Fleet-street.

MONDAY. JUNE 11, 1900. THE CRISIS IN CHINA AND AFTER. WHILST thoroughly disagreeing with Mr Cecil Rhodes' dictum that the British flag should be negotiated as a commercial asset --for British traditions, British prestige, British honour, and the righteousness which exalteth a nation, should have primary place in our treatment of and in our love and reverence for that flag-we nevertheless heartily believe that the flag should promote and protect, as far as is. consistent with right and justice, what has been called I- the policy of the open door in-our dealings with other nations, and especially with China. The real crisis I for China might not after all be its internal troubles, omincwis and meuaciog.aa 1 Asd if it be"t: a the subtle machinations of that impsrious woman the Dowager Empress are the secret springs of the Boxer uprising, then the insurrection is more threatening and dangerous to international quiet than even alarmist newspapers would represent it to be. To say that the gravity of the situa- tion is great, viewed from whatever stand- point we select, would be but to repeat a commonplace of current political history. We are not yet, however, in possession of sufficient data on which to found even an approximately accurate opinion as to the number of the Boxer insurrectionists, their real aim, or what has stimulated them to their sudden and sanguinary outbreak. Hatred of the foreigner is not a sufficient or satisfactory explanation. For hatred of the foreigner is a constant quantity, a weed of indigenous and perennial growth in China. There must be something plus that hatred to cause this sudden uprising, I and we do not yet know what that some- thing is. If we are to accept the report of I a special correspondent of a London morn- ing paper published on Saturday, the Boxer outbreak is a matter of small conse quence, a mere Hash in the pan, one of those ordinary runnings amuck of Chinese fanaticism suddenly bursting into fury and as suddenly collapsing. The special correspondent states that he has had an interview with Sir Halliday Macartney, secretary to the Chinese Legation, and that Sir Halliday belittled the whole affair. From the first," he is reported to have said, I have been sanguine that the rebellion would collaple, and now I am certain. The end is in sight. It will soon be over, and no more heard of it." Sir Halliday did not state the grounds upon which he rested this roseate prediction, at least the special correspondent, has nofe revealed them, Other special correspon- dents take a much more gloomy view of the situation, and so evidently do the foreign diplomatists, the British Minister to the Court at Pekin amongst the number. We are assured that all the European Governments who have interests in China, together with the Governments of the United States and of Japan, intend to act in unison, and to make common cause against the insurrectionists, and against the Government of China as well, if it shall be found that the Dowager Empress has stimulated this Boxer uprising. And it is in this common cause," this joint action of the outside Powers, that a serious menace to peace might come. Joint action is unquestionably the safest if'Sir Halliday Macartney's prognostications should prove to be correct, and the Boxer rebellion, as it is called," shall dissolve like the baseless fabric of a vision. But suppose Sir Halli- day should be mistaken, as from the pre- sent view of others on the spot he, in all likelihood, is, and the outside Powers should be compelled to take up arms to protect their own subjects and their own interests in China ? Therein lies the risk to international peace and the. danger. The beginning of strife," said the wise King, is as when one letteth out water." It might end in a devastating flood. The partition of China is not an unknown yearning to many in high places in Russia, Germany, and France, and to some in our own land, and in some quarters therefore the diplomatic game might be manipulated to this end. Not so many years ago, not a score of years ago, British influence and British interests were predominant in China. They are so no longer. Russia has succeeded to our inheritance, and in any international quarrel over China now British interests are likely to go to the wall. Even our Russophobes have ceased to double the fist against Russia for a time. The South African campaign has brought to them consideration and reflec- tion. And they do not fail to remember, vi too, that we have a Prime Minister and Foreign Secretary who is notorious for his graceful concessions." When the parti- tion of China. comes, as come it will, it will be a day of trial and of alarms for those outside nations who have interests in China. And British interests are para- mount in that densely populated Empire of incongruous and not easily understood races.

THE FIXITY OF POLITICAL CONVICTION. Do you not regret your present political position and the assistance you are giving to spread political views and opinions which you, for so many years, persistently and earnestly condemned as false '? The question was put by a lifelong Liberal in a conversation with an old political friend, whom he had not seen for nearly a score of years, and who in the interim had be- come what is called- a Liberal Unionist. No was the almost resentful reply, I do not regret myposition." Well, tell me this, then," was the rejoinder, do you not regret the loss of once deep-seated political convictions, which in past days you so sincerely believed to be true ? The visitor's countenance changed per. ceptibly the temporary hardness wentfout of it as his old and abandoned opinions, if indeed they are abandoned, struggled for recognition. He took up a newspaper which was lying on the table before him, and turning to his friend, the inquirer, said in a quiet voice, Yes, I do regret," and then busied himself in turning over the paper. The two old friends sat alone in silence, and nothing more was said. It is a sad thing, and to men who really believe, whose convictions are sincere and profound, it is a bitter thing, to lose faith in old opinions, whether they be political or religious. It must be a severe wrench to the moral feeling, and for a time at least must leave a blank which the new belief cannot adequately fill. Of course, there are-one meets them daily-men and women, too, who have no strong faith, whose convictions, if they can be called convictions, are superficial and shallow, and who can, and do, change their views on any question as easily, and as readily, as they can change a coat or a dress. We are not referring to such butterfly politi • ci&us as these, who, like the bubbling brook, make the most noise when they aie the most shallow, but to persons of strong; natures and strong convictions who really do believe, who think the ethics of faith to be something more than a phrase, aud who for reasons sufficiently convincing to themselves feel compelled to change their former political or religious opinions. And such men and such wornou xnast, no matter through what change of opinion they pass, feel a profound contempt for those whose opinions are but political prejudices, and whose beliefs are but the catchwords of political party. At a meeting of Tories and Liberal Unionists, held in Cardiff on Friday night, to select a Tory candidate vice Mr J. M. Maclean, displaced from their affections, one of the speakers, formerly a Liberal, said that the candidate, who had also been a Liberal, had developed into a Con- servative. He (the speaker) had not. They did not know, however, what might happen." We hold as a primary article of faith that every man possesses the inherent right to hold whatever opinions he con- scientiously believes to be true, but he has no right to hold or to change belief save upon evidence sufficient to satisfy him. But no man in advance knowti whether that sufficient evidence will be presented to him or not, and therefore he cannot, from any ethical staadpoint, make any ebiw Qr otherwise. ,f!l'bve not developed into a Tory, but I cannot say what might happen to-morrow," is not the creed of a stalwart. Fluidity of belief is worse than the absence of belief, be- cause it leads men into strange companion- ships, from which a more robust faith, or no faith at all, would have shielded them. Hervey,the well-known author of Theron II and Aspasia," and of Meditations among the Tombs," in discussing a question of religious doctrine with another Protestant I minister, who had quoted Bellarmine and other Roman Catholic authorities in sup- port of his views, replied in a somewhat stinging retort, I am sorry to see you in such company, and would fain hope, were it not an unhandsome reflection, that you do not know your associates." A man holding definite and intelligent opinions I should hold them firmly, and with a deep consciousness of their truth, until he has ample reasons, in stronger evidence, to change them. He should be either cold or hot. But to be neither, to be able to put off and take on opinions easily, to I- blow hot blow cold, to anti- cipate that something might happen to-morrow to induce us to change the opinions of to-day, whilst it is a passport to the acclamations of the thoughtless and the shallow (the prospective change hinted at on Friday night was greeted with Loud laughter and applause "), is seri- ously damaging to the moral nature of those who profess it, or practise it without professing it, and is the prelude to a future of mere formality or of absolute doubt. Many observant thinkers are led to belien e, from the signs and portents of to-day, that the British people are travelling fast I into the negation of all beliefs, when for- mality and not faith shall be in the ascendant. We do not think so, but cannot deny that as a people we sadly need more and truer sincerity of conviction.

THE TINPLATE TRADE. ANNEALERS AND THE DOCKERS' UNION. THREATENED SECESSIONS. As the result of rumours of threatened seces- sions from the Dockers' Union on account of dissatisfaction, cbieiiy among annealers at Mor- riston, a meeting vas held on Friday evening at the Lamb and Flag. Speeches explanatory of the discontent existing were made, which went to show that some men held the opinion that the Dockers' officials had not at recent joint meetings with the masters been faithful to their trust. This view, however, was far from being held by tho majority. Mr James Wignall, the Dockers' organiser, delivered a. lengthy speech success- fully rebutting the charges made, and ultimately a. resolution was carried expressing approval of what the Union officials had done,and confidence in the Union. It will be remembered that the annealers demanded 12s per 100 boxes. Mr Ban Tillatt advised at one time the acceptance of lis 3d per 100 boxes, and ultimately the masters agreed to pay lis 6d per 100 boxes. There are other sec- tions of men dissatisfied, but it was the annealers who were chiefly connected with the threat to secede to the Steel Smelters' Union. MEETING AT NEWPORT. A delegata meeting of millmen members of the' Dockers' Union was held on Saturday at the Co- operative Hall, Nowport. Mr Ben lillett pre- sided. The matters considered were those of weight at Waterloo Works, and the cositioa in view of the crisis the trade has now arrived nt. The following resolution was unanimously passed That this meeting of millmen dele- gates belonging to the Dickers' Union recom- mend an acceptance of the 1874 list, providing the employers guarantee its continuation tilt the eud of June, 1901, payment to be by area instead of by weight, payment to ba made for ail waste, and no stoppage to take place."

BRIDGEND COUNTY SCHOOL. THE AGE LIMIT-CHIEF INSPECTOR'S REPORT. A meeting of the governors was held on Saturday afternoon, when there ware present Messrs John I. D. Nicholl (in the chair), T, C. Jones, G. Bevan, Rev. Evnou Lewis {vics-chair- man), G. S. Jon(3) J. Rankin (headmaster), and Harry Lewis (clerk). The usual accounts were paused, and claims for bursaries were dealt with, It was recommended tha.t these be paid at the end of the term. The headmaster's report showed that the average attendance up to the 8th May was 88 per cent. A letter was; read from the clerk to ihe Bridgend School Board asking that their pupil teachers might receive iustmction iI.(the Connty:School, instead of at the central classes at Toadu. The matter was deferred for further considetation, A letter from the clerk to the Gowerton Intermediate School stated that hi3 governorn had passed a resolution calling upon tha Cocnty Governing Body to alter the scheme so as to extend the age limit fronj 18 to 21. It was resolved to write to the County Governing Body asking that the age limit; -thould be extended to 19 years, and that the year shonld bo the unit and not the texm. The report of the chief inspector (Mr Owen Owen), who visited the school on the 31st May, was read, and stated that the results obtained compared most favour- ably with other similar schools in the Principality. He especially congratulated the headmaster upon the results in science and art subjects, particularly as no extra school hours were devoted to the study of those subjects. The grants earned were higher than usual. In regard to the bursaries a sub-cominittes was appointed to go into the question with a view of sending a list to the Conuty Governing Body for a grant of special same in respect of scholars attending the school from a distance.

DEVELOPING THE MUMBLES. Mr W. L. Griffiths, of Newport and London, the architect for the rebuilding of the Cameron flotel, Swansea, and the Swansea new Empire, is engaged in preparing phUB in connection with an important scheme the British Electric Trac- tion Company have for developing the Mumblss. The company has purchased about four and a half acres of land on the 3ea front at the Mumbles, and the schezre includes a winter garden, a pavilion, and a wide esplanade about a quarter of a mile long. It is also suggested that open sea water baths shall be constructed fronting tht. winter gardens. Ott Ti. District Council will be apjyroa ,.aed regaxdiug the widening of the main connty road with a yjew

LONDON LETTER. LONDON, Sanday Night. MR MOBLEi"S ATTITUDE. While the general tone of Mr John Motley's speech at Oxford may seem inimical to Liberal unity, it is important to note that on pointa of practical policy the right hon. gentleman is virtually in agreement with the Leader of the I Opposition. His vehement denunciation of the war does not prevent him from acknowledging that the evil, if evil it be, is done, and the politicians have now something mcro to do than I merely to cry over spilt milk. The controversy of the future must be concentrated on the terms of settlement. Some of the speakers at the Palmerston Club repudiated the idea of accepting annexation as a starting point—for Oxford Liberalism, is nothing if not uncompromising- I but Mr Morley, on the other hand, studiously re- frained from endorsing those views, rather sug- gesting indeed by the tenor of his obaervatious that he is prepared to give a tacit assent to the absorption of the Republics as part of the inevit- able legacy of the war. As to the future. Mr I Morley simply re-echoed the arguments of Sir H. Campbell-Banneraaan. There must be no haste, he said, in committing ourselves to any specific device or mode of reconstruction in other word,any attempt on the part of the Government to cut the military interregnum short by straight- way converting the conquered territories into a Crown Colony will probably be resisted &like by the Leader of the Opposition and the followers of Mr John Morley. BREAKERS AHEAD. On this lock Parliament may be expected to split, and in that cage the dissolution will not be long delayed. Ministers have over aud over again told us that they mean to settle the future administration of South Africa before appealing to the country. If the war is brought to an end within the next few weeks they will have time to lay thair proposals before Parliament in tha pre- sent Session if not, they will probably hold an autumn Session for the purpose. The sequel in the light of recent Liberal speeches may be easily foreseen. Mr Chamberlain's desire for an early dissolution will doubtless have the effect of stiffening his attitude on the administration ques- tion. His proposals will excite criticism, and possibly downright hostility, from the Opposi- tion, and on that cue Parliament will be dissolved. Liberals have oil acute perception of the advan- tages which such a programme wonld give to their opponents, and they are by no means at one in desiring to make the Government a present of it. Moreover, 3.3 I have dtiid before, many are of opinion that the interregnum of a civil bureau- cracy would be preferable to that of a prolonged military dictatorship. THE NEW ADMINISTRATOR. From the vigour with which Mr Morley con- demned the suggestion that Sir Alfred Milner should be asked to go to the Transvaal and arrange a settlement, the inference is generally' drawn that this step is actually in contemplation by the Government, and that Mr Morley knows it. If so, the appointment is certain to provoke Conservative aa well as Liberal disapproval. Other considerations apart, it is obvious that the unsettled condition of Cape Colony will for a long time to come demand the constant presence at Cape Town of a strong, capable, and experienced representative of the Crown. The member for Montrose advises the appointment of a wise, moderate, patient Administrator, wholly uncon- nected with all the passion and exasperation which the war has brought about. I cannot imagine that he had Lord Rofiebery in his mind's eye in framing this descrintion. The name, nevertheless, occurred to many of Mr Morley's auditors, and tbete can be no doubt that if the ex-Premier would undertake the duties of pleni- potentiary 1111 parties would be at one in antici- pating a. satisfactory result from his mission. THE CHINESE CRISIS. An illustration of the reluctance of tha Foreign Office to fall in with the ways of the New Diplomacy is forthcoming in an incident of the Cbineae crisis. Two or three nights ago the cfficials in Downing-street notified the Press that they had received no information as to the pro- gress of events in Pekin. Naturally the state- ment gave rise to a good deal of comment. Lord Salisbury's assistants evidently felt the sting, for they now explain that even if they had informa- tion it has never been the custom of the Foreign Office to divulge the tenor of delicate negotia.- tions. There was probably as much truth in the original confession as in the subsequent explana- tion. The Foreign Office has alwa.vs been badly supplied with information from China, while the newspapers on the other hand hsve been served with remarkable efficiency. More disquieting than the lack of news is the recollection of Lord Salisbury's past record in relation to the Far East. His followers appear once more to be oppressed by a hopeless conviction of the Prime Minister's incapacity and of the superior astute- ness of his Russian rivals. NEWCASTLE AND CAPTAIN T. li'kl"T",Pnv .LILA.u..&I.&. Widespread dismay has been. caused in Unionist circles by the action of the New- ca.stle Liberals in adopting Captain Hed worth Lambton as one of their candi- dates at the next election. The effect of this dra- matic repudiation of the attempted Conservative monopoly of patriotic sentiment is likely to be far-reaching. To begin with, it has delivered a staggering blow at the absurd pretensions of which we had au example in Mr Ch?„mberlain's recent 'description of a Ministerial victory as a triumph for the Imperial forces. In the next place, it has probably prepared the way for Lord Durham's return to the Liberal fold in company with his distinguished younger brother, and at the election it will almost certainly mean a gain of two seats at Newcastle to tho Liberals. More- over, I am informed that a still more remarkable candidature of this kind is likely to be announced at an early date. WORLD'S TEMPERANCE CONGRESS. American influence is visible in the very namo of the World's Temperance Congress, which will begin its deliberations in London to-morrow. Fifty years ago, when a conference of the kind was first held in this country, it was called the International Temperance Convention. Soma of the pioneers who took part in that meeting are still alive, and a few of them were present last night at a reception in their honour, including the Rev. Dr. Newman Elall, the Rev. Dr. Dawson Burns, Mr Thomas Hudson, Mr S. Saunders, and Mr J. Draper. Delegates have come to London for the congress from all parts of the world. America sends delegates from different States, while the British Colonies and India, are not less strongly represented than the great countries of Europe. To-day special sermons in connection with tho congress were preached by the Bishop of Stepney at St. Paul's Cathedrnl and by Canon Wilberforce at Westminster Abbey. The opening address to-morrow wiil be delivered by the Archbishop of Canterbury. SIR HENRY IRVING S RETURN. Law, learning, diplomacy, and art were repre- sented in all their branches at the select little banquet to which Sir Henry Irving was enter- tained last/night at the Savoy Hotel on his return from America. Mr D'Ovly CiJorte was in the chair, with the guest of the evening; on his right and the American Ambassador on his left. Next to Sir Henry sat the Lord Chief Justice, whose reminiscences of the far-away day when he, as I an unknowa barrister, went to tha theatre at Manchester and Liverpooi to enjoy the perform- ances of the then rising actor, Mr Henry Irving, formed one of the moat agreeable fetturei of the after-dinner oratory. Everyone was delighted to find Sir Henry Irving in such excellent form, vigorous alike in voice and gesture, witty in speech, and full of homoor and vivacity in con- versation. j

IRISH LABOUR FOR WALES. A WARNING TO STAY AT HOME. ¡ III connection with the exodns of labour i'.s fcom Cork to South Wales to follow employment I at various ironworks, the Cork pewspaperu, under 1 the heading of, The proposed employment in Wales: A warning," give publicity to a letter from Edward Waters, of Penydarren, nellr Merthyr, who advises his fellow-countrymen to stay at home and alleges that they cannot earn the 5s per day momised them. The Cork Everting Echo, in a leading article on the letter, says tnat the labourers are being decoyed to Wales under false pretences, and hopes the warn- ing conveyed in the letter will be taken to heart by those for whom it is intended.

A WELSH GIRL'S SUCCESS. Miss Elsie Owen, one of the granddaughters of the late Dr. John Thomas, of Liverpool, has bi-en successful in winning a studentship at the Victoria University, value JESS por annum, and tenable for tbreo years. I

ABCHISII'S INFANT PLANT CIGARETTES, pro I n«uneed by H.KH. the Prince O Wales to 1> ihe B-^THE «<-••• >•:>■ "J;1 .-SM .1 « K- J S-jXiPHotiNB SKIS 1 JOXIOX.—The only effect I Livo remedy for Skin Troubles. Sulpholine quickly drives away eruptions, pimples, eczemea acne, blacldieads, and deveiopin .t:tØ.dQ01;¡t»JIJ: tt&tfl.. am t

BRECON AND RADNOR. Sir Powlett Millbank, M.P. for Radnor, havinf dccided to retire owing to ill-health, Mr Ct Venebles Llewelyn, lately the prospective candi- date in the Conservative interest for Brecon' shire, has transferred his affections to Radnor- shire. It is current in well-informed circles that Captain the Hon. J. H. Russell Bailey, son of Lord Glanuak, will contest the Breconshire seat with Mr Charles Morley, M.P., at the next election.

MERIONETH, A well-attended meeting of the Executive Com mittee of the Liberal Association of the county W,'W held at Bala on Thursday, under the presi- dency of Dr. Koger Hughes. It was resolved, in conformity with the rules of the association, to submit the resignation of Mr O. M. Edwards, M.P.. to the local committees in the different polling districts for consideration. It was alse agreed to hold a special meeting of the Council of the association at Dolgelly 011 the 28th inst.. and to request the local committees to send to the meeting delegates with the view of adopting measures for the election of a successor to Mii Edwards. The Secretary announced that the suns, of.C295 had been received from ths county towards the Ellis Memorial Fund. It was resolved to press upon the districts who had not seat in tbell contributions to do so without delay, so as t6 transfer the county contributions to the Centraf Fund.

DOWLAIS WORKS. -J- PURCHASE BY A NEW COMPANY. We understand that Mr Arthur Kesn and Mi Windsor Richards, two directors of the Patent Nut and Bolt Company, together with their consulticg engineer (Mr Graham Harries), the pArtner of Sir Frederick Bfamwell, have beefi at Dowlais and Dowlais-Cardiff Steel Workf daring the past week inspecting the whole of the machinery and appliances for a new company* which has now definitely arranged to purchase the whole of the iron and steel works and collieries of Lord TVimborne.

LT ~Fit' ATTEMPTED SUICIDE AT RISCA. At Newport County Police Court on Saturday Reginald Reed, a middle-aged man, was chargea under remand with attempting to commit suicidc at Risca on the 6th inst. As prisoner stood in the dock it was apparent that he had lost both arms, the right near the shoulder, and the left below the elbow. On Wednesday morning George Norris sarv prisoner try to get on to the railway at Risca as a train passad, and remonstrated with him. He replied, Well, George, I've had both arms cut off by a train, ana I will have my head cut off." Prisoner again attempted to get on to the line, and was held by two men and handed over to the police, to whom he repeated his threat. Superintendent Porter said prisoner bad a wife, nearly blind, and two children, and that he lost his arms ill conse- quence of drink at Nine Mile Point 12 months ago. Prisoner made promises of amendment, and was handed over to his father.

CYCLING ACCIDENT AT COWBRIDGE. On Sunday a man named Nathaniel Simon, in business as a draper at Neville-street, Cardiff was cycling with some friends, and disregarding a notice board descended the hill leading into Cowbridge at more than ordinary speed, with the consequence that he lost control of his machine and ran into a wall near the bottonc- Whcn picked up he was unconscious, and a policeman had him conveyed to a neighbouring policeman had him conveyed to a neighbouring hotel. Dr. Shepherd was sent for, but the unfor- tunate man lies in a critical condition. Several cyclists have lost their lives at the same spot.

iavRK COAFLtlNTS.-Dc. King's Dandelion w&i Q llinine Liver Pills. without Mercury.remove OUXAM* and Stomach complaints. Biliousness, HtwlMlW ,1, '¡MR,