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Advertising
NEW issue. The LIST of APPLICATIONS will CLOSE on or before WEDNESDAY, tho 4th March. 1914 The PORT TALBOT STEEL COMPANY, LIMITED. (Registered under the Companies Acts, 1S62 to 1890.) Authorised Capital £ 500,000, Divided into 6U,Nl Shares of £1 each. ISSUED CAPITAL: iC35OgOOO Shares of Al each, fully paid, £ 350,000. Offer of £300,000 5 per Cent. First Mortgage Debenture Stock at 97 per Cent. The Stock will be secured by and issued subject to the provisions of a Trust Deed 1ft favour of Lloyds Bank, Limited, as Trustees, creating a specific F.tMt Mortgage on the C,ompany's Leasehold Works, fixed plant, and machinery. at Port Talbot, and also a floating charge-upon the undertaking and other assets of the Company, present and future, other than uncalled capital. The Stock is re-payable by mean? of aci.mulative sinking fund of 2 per cent. per annum to be applied annually, commencing on the Isi January. 1915, in redeeming the Stock by drawings at par, or by purchase in the market below that prioe plus accrued interest, and all Stock so redeemed or purchased is to be cancelled. The Sinking Fund is calculated to redeem the Stock by the 31st December, 1940, on which date the Stock matures for payment. The Company may also redeem the Stock or any part thereof (in the case of a part only the portion to be redeemed being ascertained by drawings) at any time on thret; -monthl" notice at the price of i-Ol per cent. plus accrued interest, and the Stock will be re-payable at the same price in the event of Voluntary Liquidation for the purpoR? t)f amalgamation or re-construction. LLOYDS BANK LIMITED, Lombard-streett E.C. (and Branches) 8iI Bankers for the Purchasers of the Stock arc authorised to reoeive applications 0110 their behalf for the \bove-m^ntioned LSOO,000 5 per cent. First Mortgage Debenture Stock. At the Price of 97 per Cent. Payable as follows.- £ 5 per cent. on Application. B20 per cent. on Allotment. £ 32 on tHe 31st March, 1914. L40 on the 30th April, 1914. t97 Payment may be made in full, either on allotment or on 31st March, 1914. under dis- count at the rate cf 5 per cent, per annum. Interest will be payable on the 1st April and 1st October, a full half-year's interest being payable on tne 1st October next. Srri!) CertiScaK? to Beurer, which will be issued in ?x<dMUge .for the AUotm'&nt Srri,,) receipted, wi.H. wh?n fully paid. be ?xch?ng?d in due course for t.he DeHn'tivc Sto?k C?rt.iac?t?-. Preferential allotment will as far as possible be given *to Shareholders and Deben- ture :aockiwlders of Baldwins (L:?!ted) and ths Gloucester Ra;lwaj Carriage and Wagon Company (Limited), who should apply en the special application form provided. The .folio* iqg letter 4- been received from the Managing j>j rector of the Oompa,ny- Port Talbot, South Wales, 24th February, 1914, Manors. COHEN. hUfIG. GOSCHEN, and CO.. 14, Austin-friars, E.C. Gentlemen,— The Port Talbot Steel CcxmPoan-" (Limited) wa formed itl'l. with a nowiral capital of £100.000. divided into 100,000 Snares of £ 1 each, and carries on the business of Steel Manufacturers and Makers of Steel Ingots, Bam, Blooms, Billete, Rails, Sections. Plates, aDd similar articles. The Company was promoted by Baldwinp (Limited) and the Gloucester Railway Car- riage and Wagon Company (Limited), who vubwriw th? capital neosmary for the imttatMn of the Company'a busine<w. The (;\)mpany'B bueineas has quickly developed, and large additions to capital soon became new-wary. The following table shows, according W. the Company's andjted Balano"heets for the lfl/;t, three financial years:—(!) The Capitol paid up. (2) The annual uwjfltfi after providing for depreciation and Directors' fees, nod (5) The dividend PaAti for the three years 19?0-11 to 1913-13 inclusive. Share Capital paid up exclusive of amount paid Profit for the year ending Dividend paid. up in advance of calls. £ 137.504 0 0 31st March, 1911 £OY 12 5 10 per Milt. 150,000 0 0 „ „ 1912 39,072 13 3 10 „ 173,875 0 8 „ „ 1913 41,265 16 2 10 „ The Company's capital lias airce been increased to £ 500,000. of whioh R-WM bag been issued and is now fully paid up. At the date of the Company's last audited Balance-sheet the stock in hand and debtors, letw reserves, amounted to £147,177 15s. lid., and are approximately of the game amount at the present date. The Company's business ha» hitherto been carried on upon leasehold premises at Port Talbot, contain,? Z5 held for a pM-io? of ? yea?s fmm %&?ll D?c<tcaber. ,L W)& *t a r?nt of £ 1,000 a year. Theae premlÐ. with the fixed and iooae plant «<nd machinery, tools, utensils, railway wagon#, ac.. were on the 23rd June, 1913, valued by Messrs. Wheatley, Kirk, Price and Co. at the guni of £ 240,257 5!s. lid. The Company is on the point ot coinip.eting, 4t a. cost of about £ 400,000. additional work- on 173 acres of land adjoining, lie la for a iike period 3-t a rent QÍ £ 630 lJoI:1' annum. The New Works are expected to tie finished by the end of April next. The proceeds receivable by the Corajk» ny from the sale of the iaotue erf £ 300.000 First Mort.ga,ge Debenture Stock will be applied in discharging- the existing Debentures and Mortgages, amounting approximately to £ 105,009, in providing the further funds re- quired in connection wirh the New Wor", el)d for additional working: capital. The security for the Debenture StocKholdars will consist of:— The Original Works, &c., as valued by Wheatley, Kirk. Price & Go. £ 240,237 a 11 Expenditure on the New Works to date, approximately .OGO 0 0 • Further estimated expenditure to be Provided out of the proceeds of the New Debenture Stock ..— 140,009 9 0 Stock in hand and debtors as at 31 March, 1913. and estimated at approximately the same figures 147,177 15 11 9787,415 1 10 The balance of the proceeds of the Present Issue not required for the above purposes, oa) I., 91^250 0 0 £ 818,865 1 19 The Directors of the Company believe thftl the profits of the current financial year will exceed the average of the three years above mentioned. So far the outlay on the New Works has bemx wholly unramunerative but the pos- sible output of the Company when the new works arc completed will be nearly double that of the old works, by ipeans of which alone tho profits above mentioned have beelri earned. (Signed) W. CHARLES WRIGHT, Managing Director A brokerage of i per cent. will be paid on all allotmejats made in respect of apnli- sationa from the public hearing Broker's stamps. Applications for purchase of the Debenture Stook JPust he made on the form ac- companying these Particulars, and sent to the Bankers, Lloyds Blk, Limited, Lom- bard-street, E.G., or Branches, together with a remittance for the amount payable on application Where no allotment is-made the deposit will be returned in full, and in case of partial allotment the balance of the deposit will be applied towards the amount due on allotment, and any sarplus I eUliUn ing will be returned. Failure to pay any instalment when due will render the allot- ment liable to cancellation, and previous payments to forfeiture. Interest at Six per Cent. per annupl will be charged on all Instalmentd in arrear. Ap !ic8.tious will be made to the Committees of the London. Birmingham, and Cardiif Stock Exchanges for a special settlement, in and an c?ci?l quotation of the De- Dture Stock now ofFered. The Memorandum ana Articles 01 Aesooiation of the Company., the draft (subject to revision) of the Trust Deed uecunns the Debenture Stock, which Stock has been sold at the price of 92t per CCD., the 1 urcherí) paying all expenses of the offer out of the difference between that price and the issue price, and Messrs. Wheatley, Kirk Price and Co.'s Valuation Report and the Balance-sheet of the Company as at the 31st March, 1913. can be ieeu at the oftices of Messrs. PaineV, Blyth. and Huxtftfele, 14, St F,c.. Qn any day during nmn ao, h<wrs prior t,o the closing of the liet Particulars and Forms of Application can be obtained at LLOYDS I!JAKK LIMITED JnhlbaI"J-3treet..J<jC., and Branches; Messrs, COHEN, LAMING, GOSCHEN/and Co., 14: Austin Friarp. B.C.; Messrs. N, LEA and SON, .8. Bennett's Hill, Birmingham and Messrs. FYSHE and HORTON, 75. Co^more-row,Birmingham; and Messrs. E. T. L YDDON and SQM6, 1, Bute-atrcet. Oardift. TRUSTEES FOR PEBENrURE STOCKHOLDERS. LLOYDS BANt LIMITED. DIRECTORS. filCHABB VASGAR VASSAR-SMITH F, (i., Charlton Pr, Cheltenham (Chairman of Lloyds Baiili Jamited, and of the Gloucester KaUway Carriage and Wapon Oom- P¡MlY, i,imited).  OW ROPER WRICHT, L¡wyderu. Baekplll, R.S.O., G!4mD rgan4bire, South .0? 't irmaii of Baldwins, IJUDJtd, Chairman Port Talbot Railway and Dock C"  Eaton-s(iu.-i.re,  (DePutY-Cbairman Baidwins, STAN LTV BALD WIN, Esq., A.I., ? Eatonsf<uare. S.W. (Daputy-chairm&a Baldwins I,imit?. Director ff the Great Western R_atlw?y and t.e Metropolitan Bank of )<;n"'b\ndH\d W alc¿<, LlIUlted L Th/Hon. MJCHApL HUGH H^CKS-BEACH, M P. Ooln St Aldwyp.s, Fairford, Glouces- ter Director Lloyds Bank Limited and Gloucester Railway Carriage and Wag-on EDMUNP EVAN-THOMAS, Esq., 14. Billiter?treet, London, B.C., (Shipowner (Chairman Vl of Gl&mot-?n |t8ilw«j Company and Director P?woeeteFT?B??mr?y Carriage and Wagon Company, Limited). Colom! WILLIAM CHAHHF&WRtCHT.GwemeinonBIackpiU. Swansea (Majiaeinir Director of the Company. Director of Baldwins, lilted. and DirMtor ()fl -tnfl Swansea Bay Railway Company). lomm QPCIL DA VIES, Esq., The Mount, Gowerton, Glam. (Director of Baldwins. Limited). sOLIQllr6R FOR THE COMPANY. PINSENT and CO., 6. Bennett's-hill. Birmingham. AUQI TORS. ITTDSON. SMITH, BRIGGS. and CO., Chartered Accountants, Exchange-chambers Bristol' Dated 28th February. 1914. TH16 FORIS MAY BE USEi). No. The Port Talbot Steel compa n y IJMITED. Registered undee tjve Com pani»B Act*, 1862 to 1..) Offer of 4300,000 5 per oent. First Mortgage Debenture Stock at 97 per oent To LLOYDS BANK LIMITED. Lombard-4reot. Ijondon, E.C.. And Branoboo. (Sa) Bfnkers for the Purohaeejr* of the Stock,) Having paiil to 190 t)e .Q1d 01 S b*in« per £100 on ,f of the above Stock, I/we agree to purchase that, amount of the said Stock, or any smaller amount that you may allot to me/us, upon the tarns of the Par- tkwlars of ?Ie dated 2&th February, .1914. and to pay te ba4"ee of the purchaee m?y for th* e?M by HMt?nen? tte n? 4podAed in t? ?d B?ft?la?. Name in full (Add whether "Mr. "Mrs. or "Miss," or Title, if *ay). 4.ddre>B .I. Dated rabruary, lfM. (PliKASE WRITE DIflmNCTLY). KOTE.-Applications must be for Ltbo ftr raultiejUwi of XSC. The deposit payable eB "Pli. catMun 18 £ Z 10s. Od. for «v«ry Rfio.of the Stock Applied for ""ue JlU16t a>cc.oIDpa.I1ea- &ppl.tí!Ð, _I an rl he »&¥- to W&r,u, aa or aøJJ. u.ïtøl..
THE WORL&OF FINANCE
THE WORL&OF FINANCE  TO-DAY'S PBINCIPAL ?U?TAT!OMS MONEY USABLE AT 2: MARKET CENEEIALLY BULL' rank: fliSTC. I Bank Rate, 3 per cent., as from I January 29th. LEADER OFFICE. LONDON. THIS AFTERNOON. Moaey usabl-e3 at 2; discounts, 2J; silver spot, 26 11-IGd. Calcutta, trans- fers, 16d. 1-32; consols lower; foreign firmer; homo rails, generally dull; Americas- and Canadians ^vejsk; South Africans, dull; rubbers firmer. Consols Aceounr 76 1-16 Irish Land Slioo; 17.1' Transvaal Guaraateed 3 Stock 93å Brighton Deferred 91i Caledoxiac Deferred 164 Chatham Ordiaory 17 I. 864 Great JElasfcem 50,t Great Northern Deferred 54 Great Western 119! Great Central Deferred 14 Hull and.Barniiioy GAi Lancashire and Yort. shire 8-1 Motrepolitan. 43 „ District. ioi Midland Deferred 77 Preferred 602 Rerth BriUsh Ordinary Def '26 g Worth, .Eastern 130 North Western. 1871 South Eastern Deferred 55 South Western Deferred 38$ Chinese 6 p.e. Gold Loan, ISlii got Egyptian Unified. 101 Italian 5 per cent. 96 Japan i per cent. Loan 1905. 83 Mexicans per cent. Ext. 81 l'ortuguese(N ow) .m 62i Peru.vreterract 4 ii Russian 4 per cent. 89 Spanish 4 per cent. 8j Turks4p.c. UnifiedEnglisli Script 86 Uruguay 8per cent. 7t) Atohison. 9Ut Baltimore Ohio Ordinary 94.1 Denver Fref. 2.1j Eries 30g Illinois 113 L.,o",villes 141 Milwaukie 105 hiiabouri Kans 191 New YorkUentrab 93i Norfolk Common 105 Untarios 28t Peansylva Philadelphia and Reading. 85;t Boutherailretereaoo 8 61. Southern Paocifics, 97 Union Pacilia 16i Canada Pacific 216 £ Grand Trun-Ordinary 21 13-16 „ „ Second,, 9G „ 80* Mexican Railway nd Pref. 71 Buenos Ayres Great (southern 116 United titates Uteel Corp. Com. Mi liudDon».tlay. 10 Shell Transport & Trading Ord, 5 5.32 Spies Petroleum Shares 22/3 Malacca JLtubber Ordinary õa Liuggi Aubber Nj/9 Marconi's WireleesXeiegraph Or4 3 21-32 Amalgamated Copper 7gg Rio 'mtQ CoP1W:)r. 70 Anaconda Coppot. 7l Britiah South Africa. 19/7i Consolidated Gold fields Dot. 2/f Crown Mw. tit DeHeera diamonds Deferred. 18t Enwrpriso 11-16 East Rands 2 1-32 Globe and Phcsnuc x 27-82 J agarsfentein Deterred 61 Jobanuesburg lQ,v-.$mmt 20/G Moddericntein lit ,Uozeombique 14/3 remieJ; DÚuo.o¡¡d. 9i K&nd Minea & 27-82 Randfontein 1'6.3:4 South African Gold Truafe 11 Tanganyika Couoeuiows. 2 8-33 Tranavaai G. 2 3.16 Great Bouldera. Golden Hofaeahoa 2 11-16 Ivanhoe (New) jig Waihis 2 0-10 Asla,%nti Gold Vields 27-32 Great Cobac 1.f 1.. The Port Talbot Steel Company, Ltd. lu our advertisement columns will be found an offer by the Port Talbot Steel Company, Limited, of £ 300,003 5 per oent. First Mortgage Debenture Stock at 97 per eppt. The stock is repayable by mains of n. cumulative sinking fund of 2 per cent. un an num. to be applied annually, com- mencing on the 1st of January, 1915, in re- deeming the etock by drawings at par or hv purchase in the market below that price plus accrued iliteregt. All stock so rffleemed or purchased is to be cancelled. The sinking fund is calculated to redeem all the gtock by the 31st December, 1340. The. company may redeem at any time on three month#' notice at 101 per cant.. plua accrued intercut. Interest will bo payable an the 1st Am-il and let October, a full half-year's interest being payable on the let October next. The Port Talbot Steel Company, Limited, waa formed in 190, with a nominal capital of iCIOG,000 divided into 100.000 shared of £ 1 each, and carries, on the buaineae of steel manufacturers and and maltera of btel ingcta, bars, blooms, billets, railfi, sections, pLjtea, and similar articles. The company was promotpd by Baldwins. Limited, and the Gloucester Railway Carriage and Wagon Company, Limited, who subscribed the capital neces- sary for the initiation of the company's business. The company's business hae quickiy developed, and large additions to capital soon became necessary. The paiti- qp Ûure capital in March, 1911, was £ 137,500, the profit for the year .€29,098 lite. 5d„ and the dividend 10 per cent., in 1913 the fisruree were respectively £ 173, &75, £ 43.265 16s. 2d., and 10 per copt. The comp- any's capital his sin(,e beep increased to £ 500,000. cf which £ 350,000 hae been iib-sueci apd is now fully paid up. At the date of the company's lost audited balance jehoet the stock in hand and debtore Jefjg reservet amounted to iC,147,177 15s. lid., and are ap- proximately of the same auwnnt. at the present date. The directors believe that the profits from the current yen r will ex- ceed the average of these years. The company's bueinese bas hitherto been car- ried on upon leasehold premises at Port Ta-Jbot containing 25 acroe held for a period of 99. years from 25th December. 1905, .at a rent of £ 1,060 a year. These pre- rouee, with the fixed and loose plant, etc., are valued at E240,257 6s. lid. The comp- any is on the point of completing at a opst of about £ 4f)9,000, additional worka on 17^ fierce of 1 and .irijainiag held for a like HEriod at It rent cf £ 630 per annum. The new worka are expected to bo finished by the end of April Yiatt. The proceeds receivable hy the company from the sale of the issue of XSW,000 First %tQrWaa,B Debenture Stcck will be applied in discharging the exieting debotiturpii and mortgages, amounting appjoximately to £ 106,006, in providing the further funde re- quired in connection with the new worka and for flddritional working capital. lilh$ security for the Debenture f&ookhoiders wial consist cf:—T*1m oriffi^a-l works, etc., valued at LWsD,2,37 56. lid.; expenditure <m the new works to deie, approximately £ 2^0,000: fur. tber estimated expenditure to be provided out of proceeds of the new Debenture Stock, £ 140.000; stock in hand and debtor as at 3let Majidh, 19U, and e^tuuated at aig, proximately the same figures, £ 147,177 10. H4.; the balance of the proceeds of the pr*-R&i»t i" not r-,IulrO for the aliove puv posee, CAY 431.3w; meiing total security of WS.6& 116. Jp{L The subscription liet elpees on WeduqWav nextt I Swansea 00d Bowery and Davies' (Car- digan) Bonded Steves, Ltd. I The report of the directors of the Swan- soa. Old Brewery and Davies' (Cardigan) Bonded Stores, I.td., to. be presented at the 18th aiiiiual 1110611115 cf the, company at I the Old Brewery, Singleton-etreet, Swansea, on Monday next (March 9th), at 11.30 a.m., shows that the trading profit of tHe year, after charging all the management ex- penses, repairs, rente anu insurances, amounts to X,11,049 18e. 10d., and after de- ducting charges for income ta,x, bank charges and interest, trustees and auditor's fees, etc.. and allowing for dead debts and depreciation the net profit atands at E5,954 lis. 4d. The interest on the De- benture Rtock is £ 2,118 15a. Od.. and -ifter paying £ 2,690 of the arrears of the Prefer- ence Dividend paid in June and December, 1913, there is an available balance of £ 2,039 16s. lid., from which the directors recommend .£1.700 further reserve for de- preciation, and lc,339 16s. lid.-to be carried forward. During the year Mr. James li-ecu resigned his seat on the board, and the directors appointed Mr. John Thomas to fill the casual vacancy. Bovrii, Limited. Warrants in respect of the dividends on the Preference, Ordinary and Deferred shares have been posted. Setting Days. Mining Contango.Mar 9 Mar 23 Apr 3 General Contango.Mer 10 Mar 24 Apr 6 Ticket Day Mar 11 Mar 25 Apr 7 I'ay Day Mar 12 Mar 26 Apr 8 Consols Pay Day.Mar 2 Apr 2 TO-DAY'S MARKETS. Cork, Monday.—Supply, small; demand, steady. Weather, showery. Firsts, 120ti.; seconds, 102s.; A 134s. to 1228.; factories, 108s. to 98s.
SWANSEA POLICE COURT
SWANSEA POLICE COURT MOND> Y.Beforo Messrs. Richard Martin, Wm. Wiliams, James WignaLI. W. J. I Clancy, Hyam Goldberg, and R. W. Jones. Charged with being drunk and incapable, Minnie Jones; (30). wafi discharged oil pro- mising to go to the Cvvmdonkin Shelter. Thomas Coulter (46), seaman, was die- charged on promising to give up drink- ing. Willyim Pollard (45), labourer, was fined 5s. or seven days. The case against George Galey (30), was adjourned for one month.
CYMRU AM BYTH. I
CYMRU AM BYTH. I lee Leader Sketch.) I
[No title]
An increased number of men attended the Brotherhood at Mount Calvary, Manselton, on Sunday afternoon, when Mr. lewis LI. Thomas spoke 011 My Lambs."JV1 r. Win. Edmunds was the chairman and soloist.
Family Notices
I BIRTHS. MARRIAGES & DEATHS. I DEATHS. EVANS.—At his residency Yfilya," Bryn-y. don-road, March lar, 1914, William Bvejis' (la.?e Foreman, Swansea W*rW,) ed: 41. Funeral 'I'hu, leaving the b7- for Oockect at 3 p.m..Sh?ph?rda ?n? Recbabites please note. ( TOLLICK.—On the 28th ult., Sarah AnnJ Widow of the late Capt. Robert Tollic and mother of Robt. H. Tollkl" in her 74t? year. F?n?ra.1 I?a-via? 4, PTtilUpa?pa-ra?? on Wednesday, at o'clock, for Danygnaaja (Gentlemen Only). j DAVIES.—Ou Saturday, February 2&th, 1914 at HJ. Croft-street, John, beloved hudM-nd of Cecilia Davies, aged 66 yea-re. Funeral on Thursday, at 3 p m., at DianygraiS Cemetery (Gentlemen Only). JOHN.—On January 27th. at Cwmlan, Lan- dore, Naoinie John (nee Griffiths). Deeply regxeited. Funeral Tuesday, 4 o'clock, for Owmgelly (Gentlemen Only). IIA-NSO-N.On February 27th, 1914, at 11. Vivian-road, Sketty, James Hanson, aged .« 72. Public funeral on Tuesday at MO P-0. for Welsh Chapel, Sketty.