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I WEST -WALES RATES.
I WEST WALES RATES. Teachers' Salaries Blamed for increase. Extra IOd. in County. An alarming i"crease in the rates of the county was reported at the quarterly meeting of the Carmarthenshire County Council, held at Llanelly on Wednesday, when Aid. J. L. Thomas, J.P., presided, In moving the adoption of the supple- mentary rate of lis. 2 £ d., bringing the rat.e for the retiiain;ng S.J months of the current financial year up to 5s ltd. in the X, Aid. Evan6, chairman of the Finance Committee, said that in 1913 the elementary -Iucat;on rate was 8d.; 1913 li, 9d. 1915-10, lid.; 1918-19, lIS. 4d.; 1910- 1920, Is. lOçd. That was the amount which they estimated was required to carry on the work of education for the year. The total uriount budgeted for the year for educati'»a was -0111,192. Now it was found that they had not estimated sufficiently to nicest the;r liabilities. For- tunately, for the County Council, they had th6 poor ratepayers to fall upon. Dr. J. H. Willianis made an interjec- tion, whereupon Mr. Evans saiid: Yes. and can draw for at.d bleed t0 dearth, if you like." TEACHERS' SALARIES. Proceeding, Mr. Evans said that for teachers' salaries they budgeted £ 75,000. which was JS15.000 more than the amount --bey required for last year They found that by the middle of the year they had already Epent £ 53,000, so that they had to increase their estimates for teachers' salaries by < £ 3Q,000u The sum of X105,00,0 would be required for tea chews' salaries, as against < £ (>0,000 for las;t year. This increase would mean a supplementary rate of Is. That was the biggest item. The additional anount required to carry on the work of the Education Committee was £ 9,945, which was met by an extra rate of Hd in the 4 for the half-year. but had it not been for the CI5,600 re-1 ccived from the Government in respect of arrears of grants, it would have been Is. in the < £ Coming to the County rate, here again it was found that more money had to bt- rR'f'OO THE ADDITIONAL RATES, The proposed >idditional rates were a speci-al rate of 5d., and a general rate of od., nuiking Wd. The county rate origin- ally estimated was Is, 10 £ d., and with an additional rate of JOd., it came to 2s Bid. rhe rate was as estimated in March last 3s. Hid., and it was now 5s. IN Mr. H S. Holmes (Carmarthen) asked if the item, salaries of teachers, amount- ing to Y,105,000, was the county's contri- bution to that heading. Mr. Evans. These are the sajaraw we pay. Mr. Holmes: But the Government pays £ 62,000. Air Evans: That is the amount we pay, buit it does not all come from rates. Aid Blagdon Richards po-inted out that the Government grant was paid by the taxpayer, and indirectly they in Car- marthenshire were contributing toward s the extravagance of varous other coun- ties, so that it did not make one jot of difference in the long run. Dr. J. H. Williams said the Mr. Evans had forgotten the depreciation in the value of money, for a rate of 8d. in 1913 was equivalent to Is. lOd. to-day. Mr. Evans replied that the depreciation was the same on money received and ex- pended, so it made no difference at $11] Dr. Williams: You blame the County Council. Mr. Evans: I do. Dr. Williams: Yon should blame the farmers and others. (Hear, hear.) I SINS OF THE PAST. Lady Howard contended that; they were being hard hit to-day because they had I not paid their teachers as they ought to before the war. It really took a European war to pojnt this out to them. If they wanted their children decently educated, they must have decent people to educate them, and they could not have them for 2d. a year. Aid, W. N. Jones aid that the rates had jumped up because thyhad not done their duty to the teachers in the day., ;-one by. and they had forgotten thai the teachers were the very -people who were bringing up the'r children, and they should have given to the teachers what was fait and right. It was only now that they were beginning to do that which they ought to have done years agp. Mr. Evans took exception to the re- marks of Aid. Jones, and said they had beeB able to settle wf.th the teachers on every occasion, with exception of the time when they w.ent to arbitration. Aid. Jones was in the light then, and the teachers did not garin by it. Dr. J. U. Williams: Did they lose by it? Mr. Evans: Certainly, and that was the only fight we had w'th the teachers, j The motion for the adoption of the new J rate was then passed
! NEW -LOANS.__I
NEW LOANS. Swansea Council Borrowing. Advances up to £ 340,000. The minutes of the Swansea Finance Committee, which are among those for consideration at the special meeting of the Council on Thursday afternoon, in- clude the following interesting one on temporary borrowings and issue of stock The Borough Treasurer reported fully on thu interview which tho Mayor and he had had with the Bank ot England on the 14th instant and submitted the fol- lowing arrangements which they had then provisionally made, viz. :-(a) The Bank of England to advance to the Cor- poration the sum of $1(W,UU? at once ?r further sums if required of £20,1100 per month for 12 months; (b) the Corpora- tion to take immediate steps to secure the necessary powers to enable them to issue Stock when advised by the Bank of England so to do, such Stock to be issued and managed by the said Bank." Kesolved—(a) That the arrangements as indicated be approved and that the Borough Treasurer be instructed to write to the Bank confirming such arrange- ments; (b) that the Bank of England be and they are hereby requested to advance to the Corporation the sum of £ 100,000 on the 1st December, 1919, and further 6ums, if required, of .£2(1,000 on the 1st day of each succeeding month tor a period of one year, such advances not to exceed in all the sum of £ 340,000 interest (payable quarterly) to be charged at bank rate varying, and the whole of any I sum advanced to be repaid out of the pro- ceeds of an issue of Stock to bo made through the Bank of England, the issue to take place as soon as circumstances may, in the opinion of the Bank, be fav- ourable for making such an issue; (c) I that the Borough Treasurer for the time being be authorised to make applications for the amounts to be advanced as re- quired, and to give the necessary instruc- tions as to how the sums advanced are to be disposed of." PURCHASE OF STOCK. The Borough Treasurer further re- j ported that he had purchased £ 2,000 j worth at 3? per cent. Irredeemable Stock j at a price which produced a profit en the j traMaction of E643 18s. 6d. It wa? re- solved that the chief cashier of the Bank of England be authorised to transfer I from the general account the sum of £ 2,000 3t per cent. Irredeemable Stock re- cently purchased by the Corporation. HAULAGE PRICES. I Tito Stores Committee reported accept- ance of the following haulage tenders for a period of six months to end 31st March, 1920:—Town (for scavenging and general work)—S. Williams, T. H. Toms and Co., Corker and Bevan, Ltd., and T. Cousins, I at 2&s. per day. Llansamlet (for scaven- ging, emptying cf cesspools and general I work)—T. Thomas and J. M. Phillips, at 28s. per day. Landore, Morriston and Clase (for scavenging, emptying ce&spools and general work)—E. Jenkins and Sons, J Cwinlan-terrace, Landore; W. Turner, II Moriston; J. Tulk, Brynhyfryd; J. Price, Morriston; W. Jenkins. Morriston, and I E. Jenkins, Morriston, at 28s. per day. Oystermouth (for scavenging work and emptying cesspools)—T. Williams, Mum- bles, at 26B. per day; and for general work, J. K. Clement, at 26s. per day. Sketty and Dunvant (for scavenging, general work and street waterinÛ-M. Wotkins, at 28s. 6d. per day. Fforest- fach D. E. Bevan, at 25s. per day for general work, and 24s. per day for street watering.
[No title]
— Book You' Sea?a uo ? for (Jc;mmeT'oial Travellers' Semi.Na tio.ial Eit»teddlO° Al! Hall November let. I
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I Pemi-^atiou.-i Eisteddfod Albert Hall, j November 1 Great Mn«?kil Treat. T C. ?- L ?l ??
I MISS ADA THOMAS.) -
I MISS ADA THOMAS. ) Local Actress at the Grand. Miss Ada Thomas, who is playing the leading part in Gypsy Love" &t the Grand Theatre to-night, is by no means a 6 tr a infer to Swansea. She has per- formed in the town on several occasions, and it is interesting to note tha-t. al- though of Cor <:sh origin (her mother comes from Tnno), she has many lo- nl relatives. She is an actress of great charm, and her intrpreation of the part of Natalie in the "Merry Widow" during the earty part of the week was much appreoiartwi.
Advertising
SPECIAL PURCHASE! j I Having managed to secure a line of I LADIES' COATS, '4 At a Special Cash Price, we are offering same 1 Friday and SKIM I ALL § Saturday M i 1 1 ONE I Only fl 1 B PRICE I I Wonderful Value. Exceptional Bargains. SEE WIN DO TVS. ?? ??f TIT B  ?  GOULDS, 23, Castle St. '(From Glasgow) Swansea. Under the Clock. Corner of College St. 9! ST. GABRIEL'S HALL, ST. HELEN'S AVENUE, SWANSEA. WEDNESDAY, NOVEMBER 5th, 1919. Mr. Joseph Harris Has been favoured with instructions to SELL by PUBLIC AUCTION, at the above flall and date, the Contents of a I Gentleman's Residence, which consists of Very Superior Household Furniture AND OTHEK EJECTS, the chief items being: UaUfdsome Carved CJük Bedroom Suite, Walnut do., Inlaid Mahogany do., Beautiful Drawing and Dining-room Suites, China Cabinet, Teks- tXlpe Dning Table, Hall Stand, Linoleum, Hearthrugs, Oak Bedstead, Ail-Brass do.. Wire Mattresses, Wool Overlays, leather Beds, Kitchen Tables and Chairs, together with an Excellent PIANOFORTE, 4 Size Billiard Table with all Accessories, (equal to new), also a quantity of Heavy Ii ,-Ali-Wool Blankets, Tapestry Table Cov- ers, Lace Curtains and Sheets, all of higii- ciass quality, as well as a No. 10 Yost Typewrtter (equal to new), and other J Articles too numerous to particularise. Goods ou. View Morning of Sale. Sale to commence promptly at 11 o'clock a.m. Terms-Cash. Auctioneer's Offices: 1. George-street, ) Swansea. Tel. No., 469 Docks. i n
I ABERAVON COUNCIL.I
I ABERAVON COUNCIL. I Contests in North and South I Wards. The election on Saturday of four mem- bers to act on the' berav')n Town Council i.s evoking considerable activity and ex- I citement. Probably there never was an occasion in the history of the borough when the need for sane and experienced ^preventative* was more emphatic. The next few months will be big with events f-'i importance to the town and district. Tha long discussed question of an ex- tended borough is being given a practical ktart, and improvements delayed by the, 11 v, ar wiU have to tie tackled forthwith. In the North Ward the two retiring cand'daies—-tr. Percy Jacob, J.P., and T. S. Gosli l, J.P., are seeking if- election, and a.e being opposed by Ateszrt. Bowden and Hargctt (Labour)., and Ilr. E A. Thomas (Independent). u MR. PERCY JAUUB,  I- air. Jacob has carver on lile council eleven years, and Piled tho office of Mayor v.ith dignity in 1916. His experience a/ a practical enguieor proved useful to the Council during the conflict between JVlar- 9;im and Aberavon over the gas work, and in the recent Hous'ng and Town Planning inquiry as well as 111 the steps that have alreadv been taken towards amalgamation During the war he did excellent work as chairman of the tribunal, and in support of war charities, having initiated the Welcome Home Vund. MR. T. S. GOSLIN, J.R. Mr. T S Gosl'ii iike Mr. Jacob, is also a formeT mayor <"•916-17), and really has had all the honours that the town can bestow upon him, so that in offering h: cervices again he has no selfish motives. He has a record of public service of •which he may wet be proud, for he be- lieves in getting things don-; and amidst all his business -ophics there is none he values more f'1un the golden key with which he opened fhe Municipal Buildings and Markets, foi which he was such a tireless advocate And worker. As an old soldier, and in cons-deration of services to service men, ;ie has been nominated by the D ?. and S Federation. In the South NN ar(I only one of the re- tiring members (Mr. J. H. Nash, Labour,) is 6eeb:.n T0-el('(Otion. There ar- four nther candidates—Messrs. E. Mnrehant Jenkins, Alf Thomas (D.S. and S. Federa- tion), C. Matthews (Labour), and M. 'harp (Independent). MR. MARCHANT JENKINS. As will be seen from his address ;n our column, Mr. Marchant Jenkins, who topped the poll in the Guardians' election early in the year, is emphasising his Ion" business extvrience as a qualifica- tion for the difficult work which con- fronts the Council. Mr. Jenkins (who after 30 vears with Vivian's. is launch ing out on his wn as metal merchant), thinks that Aber'von should mtike their splendid natural beach a nork, attractive and remunerative one; and that the train services between the seaside and the town should be ,ire comprehensive. During the war Mr. Jenkins was. the indeÛl tiglt b; organiser of moot of the Flag Day efforts
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Mrs. Clara E. Slater, of London and Southport, visits Swansea on Friuay next, See Advt. on Page 8
[No title]
A Russian seaman, Alexander Seras- tianoff (25), wa" enarged at Swansea on Thursday, w;th be-ng an alien did land at Newport (Man.), Oil Cctcber 28th. with- out permission o. an immigration officer. The o ft once was adnlittc,-I.-A fine of 40s. or 21 d,,ii-, was imposed. Mrs. Clara E. Slater, of London and uthport, visits Swansea on Friday next, k-e Adq. on Page S. Male Competition £ 50; Children's -Jjhoir. £ -1- Champion Solo, £t, 5s.; At ScmJ. r,Wjnnal Eisteddfod, November 1.
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j Entriep nnivinp from ail Darts ,.)1' Coir- mercial Traveller' Eistedfodti. November 3.
II U.K.C.T.A. EISTEDDFODI…
I U.K.C.T.A. EISTEDDFOD I I Two Members for Swansea to I1: be Present. I The Eisteddfod which takes place on Saturday next at the Albert Hall Pro- mises to he of a most successful char- acter. The entries for the choirs and solos proving to be of standard Quality, the musical taste of Swansea folk will bt amply rewarded by a visit to the meeting j on that day. The committee have the fail support j of the two members of Parliament-the Bight Hon. Sir Alfred Mond, Bart.. P.C.. M.P., and Ald. Dd.. Matthews, who are coming down from London to preside. In the presidential speeches reference l to the industrial situation will be made, and the town will have the opportunity of hearing Ald. Dd. Matthews, M.P in his first speech in public since his attend- ance at St. Stephens. The Eisteddfod commences at 1.30 p.m., and should be well patronised. Selections will be played on the grand organ from 12.30 p.m. The secretaries are Messrs. A. C. Quicke, Ashleigh, Argyle-street; and B. T. Eddy, 80, Cromwell-street, to whom all in- 1 quiries should be directed.—A13.
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Entricf &rrivinK froma1l oa?e for CIln*I I merciai Travellers' fiisterifodd. November 1 nH:TC)ai Tra,('l1el'S' F:i!'tPrl_Novemr 1
I LEET COURT. I
I LEET COURT. I I Ancient Ceremonial at Loughor. I I The Let Court for the Manor oi I L,oiigii<wr was held at the Globe Inn on Tuesday. The Court was presided over bv the Deputy Steward, Mr. Wilson, in the absence of Mr. Boor, the Steward. and he was supported by Mr. Hobbs. the agent for his Grace the Duke of Beau I fort. Lord of -the Manor. Mr. J. B. John was elected Foreman of the Jury, nnd Mr. Daniel Richards and Mr. Howell Howell were re appointed bailiffs; Mr. John Morgan, hayward; and Mr. John Morris, ale tasteT. The business of the Court over, the jury were invited to a lunch by the steward. The toast to the King and the Royal Family were given by Mr. Wilson, steward: His Grace the Duke of Beau- fort h.v Mr. J. B. John: Mr. Beor by the RfOV. T-r, Rees, rector; Mr. Hobbs by Mr. Knoyle; Foreman of the Jury by Mr. I Wilson; Mr. Dowdall clerk of the Court, by Mr. Hobbs and the Rector by Mr. W. I Houston. The officials and jurors de- !Hi.rh>,¡j after having spent a most enjoy- able evening.
[ FINANCIAL NEWS.
[ FINANCIAL NEWS. FOlthIU-N EXC-dA-'N(iM. j-iie ivevY xout tioutuige was lews lavuur- abie, tM6 i«ue cio^nig at *4.164. 'mere wa& a. luruaer fali in the value oi we lrano, ¡>a.ns, closing ¡¡.J61. boo. -scileis, bUL the Belgian exchange improved to oof. aOc. The lira again weakened to 44ir. (Scandinavian rates continued to iu\oe in our favour; but the pooeta, improved to lp, 50. Oeiman marits recovered about 5. to 126. -A-NOT-HFR-REk)ORD FOR SILVER. -I Bar iilver jumped l?d. per ounce for  caah. to 6&?. and 9-lod ior forward de- livery to Wsi-i. per ounce, both prices creat- I ing new hitsh. records. SHILLING WORTH 12d. I for the tirst trme in our history, sliver ) has reached the point (66d. per ounce) at wmcli our fresiiiy minted silver token coins are worth their vaiue as metal, since the extra halfpenny may be regarded as the cost of lenning. It was underetood yester- day in banking cir?e? (5àYS ?e Times ") that it had b?cu decided at once to i&sue an Order in Council making the melting of the silver currency lUegad. Apparently there has been some doubt whether. as un- doubtecily is the case with our gold coinage, the inciting of silver coins was illegal already, but it is now to be definitely pro- hibited. Presumably the export, except under licence, of silver coins will also be i-topped. it need not be supposed, of course, that the melting down of shillings and half-crowns for export is, even at the pre- sent price for bar silver, a paying proposi- tion. Most of the silver currency in circu- lation is somewhat worn, and the market price of bar silver may have to rlee per- haps another 2d. an ounoe before that point is actually reached. Practical meu who have examined the problem consider that silver would have to rise well over 7lid. per ounce, and stay there for some time, before the circulation of silver coins would be endangered. SALVAGE AND TOWAGE 00., LTD. I The Salvage and Towage Co., Ltd., with which are now associated the Ocean Salv- age Co.. Ltd. and Vickcrs Pontoons, Ltd., with a total oapital -3t are now offering, through Lloyds Bank, 640,000 shares of Zl ei-ch at par. The company acquires the whole of the share capital of the Ocean Salvage Co., which has been engaged in im- porta.nt operations for the Admiralty since May. 1317. The company also acquires all the shares of Vickers Pontoons (Ltd.). which are able to raise ships sunk in deep water. The company propose to undertake (1) commercial towage to any part of the wonu, including heavy work, such as the towage of floating dry docks; (Z) the salvago of stranded and sunken veissels and their cargoes; (3) towage of wrecks or disabled ships to places of safety. Most of this work has hitherto been in foreign hands, and ie believed to have yielded extremely profitable results. Statistics published by the Admiralty "how that nearly 2,500 British merchant vessels were lost through enemy action during the war, and that about 15,000,000 tons of merchant shipping of all nation- alities were lost during the same period from all causes. The company will, there- fore, in addition to marine casualties, have a very large field for its operations, and be able to chooee those contracts which present the greatest likelihood of success and profit. Ships salved will add to the aggregate wealth of Great Britain, and thereby materially help reconstruction. The Board includes Messrs. Samuel Victor Oardier, engineer, Vickors (Limited); Sir John Esplen, K.B.E.. chairman of Espien and Sons (Limited); Messrs. Edmund Lyons Evan Thomas, Ernest Heneage Finch; Lieilt.-col. Henry Mullenaux Grayson, M.P.. chairman of H. and 0. Grayson (Limited), Liverpool; Messrs. Thomas George Owens- Ihurston, director of Vickers (Limited); J. Wilson Potter, director of Birt Potter. and Kughes (Limited); and Uear-re Paget Wia.1- ford, chairman of Leouold Wr.lford, Lon- don (Limited). Mr. Wrn. Davis, M.B.E., director of Lane and Macandrew (Limited) who Íif abroad, join the Board after allotment, as also will Rear-Admiral Sir Charles Lionel Veiiz)ian-L-ee. K.B.E., C.B., on retiring from active service. The subscription list will close on or before Tuesday. November 4th Mgr. E. oyddon and Pons. Bute Docks. Cardiff, are j the local brokers. I "'L u MONTROSE FISHING CO. I Hie Montrose msnuig Co., tormed in 1917 as a. private company to carry on the business of trawlin? &nd fishing, with the port of Montrose as centre, are now invit- ing applications for 280,000 ordinary share. cf £1 Oach. The total capital of the com- pany 15 £ 300,000, of which £ 28,000 shares are already i&sued, and paid for in caeh. A concession bae been obtained which grants the company control of the Montrose Fish Market for 21 years. WELSH MINTXG INDUSTRY AND THE I BOOM IN LEAD. a uompany 12ag oeen registered under the name of the Welsh Atines Corporation Limited, with a capital of £ 50,000 having the Earl of Lisburne as its chairman. It is being formed for the purpose of exploiting immense dumps at the famous Frongoeh Mine in Cardiganshire, which was taken in nand by the Ministry of Munitions up to the signing of the Armifrtjce for the pur- pose of providing metal for the war. The dumps are estimated to yield a profit (If upwards of .£50.(1.J{), The mining -arM to be acquired will extend to 2.500 acres, embrac- ing several valuable properties. Lead and blende are rising in price day by day. I The prospectus of this Company will shortly be issued to the public. NEW SWANSEA COMPANY. «v I C*4. V. /N__ ,T • luiWinp?,.uy mmnea C_ apital £ 50,000 in shares. To adopt an agreement with W. J Jones for the acqui- sition of the steamship Cetus. and to carry on the business of shipowners and brokars, shi. pping agent, loading brokers, lighter- men, etc. The subscribers are: W, J. Jones, I 6 Fisher-street. Swansea, coal exporter; G. •v, Rees, Baltic-buildiugs. Swansea, colliery proprietor; W. G. Curtis. 9. Park-avenue, Mumbles, commercial traveller: S. 0. Jones 577, Kensington-ereeeent, Swansea, schooi teacher; Dorothy Jones, 177. Kensington- crescent, Swansea; R. Jones, 177 Kensing- ton-crerrcnt, Swansea, builder; rd Ada Key. 30, Kensington-crescent, Swansea, milliner. Minimum cash subscrintion. Æ:15,OOQ, The first directors are: W. J'j Jones (managing director) and G. W. Rces 'both permanent, subject to each holding I £.5.000 shares!. Messrs. Willi's an J. Jones and Co arc the managers. Registered office: ¡ 6, Fisher-street, Swansea. OWMAMAN COAL COMPANY (TIM.). I ;aL¡-6, U, n. merrett ann tt. Heymour Berry, both of whom are directors of Msrs. L?weHyn. Mcrrett. and Price ?L:m:tfd), Aberdare House, 6ard iff, have been ma?e directors of the Cwmaaz- am Coal Company (Limited). I BARCLAY'S BANK. I Barclay s Bank, London, have acquired a large interest in the Union Bank of Man- chester. AT THE DOCKS. Arrivals and Sailings of Vessels. KING'S DOCK. I A R.RIV Ar-, -Breiz a 144. 8- Brieux. SAILINGS—Eika s 394 Dieppe; Frivole 99. St .Brieux; Franooise 83. S-. Brieux; Aehtor 6 113. St Malo. PRINCE OF WALES DOCK. ARRIVALS.—Fernandina e 1528, Cardi.1f: Graecfield r 1695, Lewispoi t. SAILINGS.—Carena f:5 97. Dublin; Torfrey e 157. Guernsey; Graneretown s 849, Bordeaux; Thereto a 573, Rouen; Nuorla s 176 Treport: I'hilotis 6 542 Nantes. NORTH DOCK A,RRIVAI-q.-Ferrni.a s 271 Caen; Heather Belle 52 Avon mouth A « 310. Havre: Lian- elly Trade* s 296. Llanelly. SAILINGS —J- H. Barrow 99. Dieppe; Me- tcore 70. St Brieux: A i « 66. Cardiff; Pan., tcore 70. 123 St Medo. mure s 12J St. Mala. SOUTH DOCK ARRIVALS—Patricia 342. Dublin. SAirdNGS.—Astree 427 Caen; Patricia 542. Cardiff.
I - -,- - - ! HIS LUCKY NUMBER.…
HIS LUCKY NUMBER. Two old friends, each of whom held a heit-share in the winning ticket of the Victory" Cambridgeshire Army Sweepstake, will divide the first prize of £11,17¡;, as the result of drawing Brigand. The two friends and winners arc-, Mr. Herman Meadows, Manor-road, Stoke Newingtou, an ex-soldier; Mr. R. J. Feinnesser, Whitechapel- rcad. How they came to be possessed of the lucky ticket is an interesting storv. The actual holder is Mr ,Meadows ,who was, reluctantly persuaded by Mr. Feinnesser to buy it. As soon as he saw that it bore the number 13, regarded by him as his lucky number, Mr. Feinnesser at once bought a half-share. Mr. Meadows, who is 56 years of age, is a ladies' costumier, carrying on busi- ness in Middlesex-street, E.C. He has six children and two grandchildren. He regards his good fortune as one of the ups in a long busines shfe of II)s and "downs."
[No title]
[ Pemi National Eisteddfod Albert Rall. I Xcnenber 1. Groat. Kucioal Trea.t, T C,
Advertising
( NEW ISSUE. A Copy of the full Prospectus has been filed with the Registrar of Joint Stock Companies. No part of the proceeds of this Issue is to be applied for capital purposes outside the United Kingdom, or to replace money which has been so applied. The special permission of the Committee of the Stock Exchange to deal in the Shares now offered is being applied for. •* The SUBSCRIPTION LIST will CLOSE on or before TUESDAY, the 4tfc day of November, 1919. THE SALVAGE AND TOWAGE COMPANY, LIMITED, WITH WHICH ARE ASSOCIATED THE Ocean Salvage Company, Limited, and Vickers Pontoons, Limited (Incorporated under the Companies Acts, 1908 to 1917).  CAPITAL ?,250,000 Divided into 1,250,000 Shares of t1 each. 160,000 Shares are reserved to be iaeued as fully paid, in part satisfaction of tio Purchase Consideration, and 640,000 Shares of P.1 each are now offered for Subscription at par. LLOYDS BANK LIMITED, Lombard Street, E.C.3, and Branches, are anfchOTjjed by the Company as its Bankers to receive subscriptions for the 641,. Shares, payable as follows:— y ad follows:- Is. per Share on Application; 4s. per Share on Allotment; 5s. per Share one month thereafter; 5s. per Share on the 30th April, 1920, and 5s. per Whare on the LOth July, 1920. Payment in full may be made on allotment or on the due date of any subsequent instalment, and upon sums go prepaid the Company will pay interest at the rate of 5 per cent. per annum until the respective dates at which the instalment* are doe. DIRECTORS. SAMUEL VICTOR DARDIER, Vickers House, Broadway. Westminster. 8.W.1 (Engineer, Viewers Ltd.) SIR JOH? 'ESPLEN, K.B.E., 31, Jame"tl*et. Iiverpwl (Chairman of Eeplen and Sons, Ltd.). EDMUND LYONS EVAN-THOMAS. 14, Billiter-treet, E.C.3 (Chairman of East India* Coal  Ltd.). ERNESTXEAGE FINCH. 28, Fenchurch-street, E.0.3 (Manager of The Borneo CGM- LII^TM^LONEL HENRY MULLENEUX GRAYSON M.P., 1M. La?aeter-?te. W? LIEUT.-COLONEL HEKRY MULLENEUX GRA.Y80Ni M.P" 100, La.neamra.t.e, W.z (Chairman of H. and C. Grayson, Ltd., Liverpool). THOMAS GEORGE OWENS-THURSTO-N. Vickers" House, Broadway, Westminster. Se .W.It (Director of Vickers. Ltd.). J. WILSON POTTER, 2, Fenchurch-avenue, E.C.3 (Director of Birt, Potter and Buirbeo, Ltd.). GEOfi^E PAGET WALFORD, 29, Great St. Helens, E.C.3 (Chairman of Leopold Walford, London. W1LL?Am" DA/V ifcS, M.B.E., 5, Gracechurch-street, E.C.3 (Director of Lane and M»- andrew, Limitedwill join the Board after allotment, and is only prevented by absence abroad from joining the Board at the present time. REAR-ADMIRAL SIR CHARLES LIONEL VAUGHAN-LEE, K.B.E. C.B., Naval and. Military Club, 94, Piccadilly, W.1, will join the Board after allotment on retiring from active service. SOLICITORS. DOWNING, HANDCOCIT, MIDDLETON AND LEWIS, 22, Great St. Helens, EXU. LINKLATER AND CO., 2, Bond-court, Walbrook, E.C.4. BANKERS. LLOYDS BANK LIMITED. 72, Lombard-street, E.C.J. BROKERS. COHEN, LAMING, HOARE. 14, Austin-friars, E.C.&. E. T. LYDDON AND SONS. Bute Docks, Cardiff- 'AUDITORS. W. A. HENDERSON AND CO.. £9. Graeechureh-street, E.C.S. SECRETARIES. THE BORNEO COMPANY, LIMITED, 28, Fenchurch-etreet, E.C.5 ABRIDGED PROSPECTUS. OBJECTS OF THE COMPANY. The Corrranr has been formed for the DnrvoFe of earryinsr on the business off Marine Salvage Oontraeiore. Wreck Removers Shin :\n.' Tug Owners and Towage Con- trnotorp. and for the other purposes set forth in the Memorandum of Association of the Company. « GENERAL POLICY. The Company pr-oposc to undertake inter alia t— (1) Commercial towage to any part of the worlu fnciuditiz neavr work sneii 19, the towage of floatinsr dry docks. (2) Th- salvaze of stranded and sunken vregel and their cargoes (3) Towage of wrecks or disabled ehiix? to plae.. of safetv. Irot of this work has hitherto been in foreign bands, and is believed to haTe yielded extremely profitab'-e results r Ocean towage work is well known to yieH remunerative results and a steady and regular revenue. Present facilities for tow fee in all parts of the worli are extremely limited and in the Directors' opinion there to a real need for increased plant. work, of co'.rr;e. involves an element of ris! but even a moderate percent- age of successes secures a large profit Statistic* published bv the Admiralty sh o v that nearly 2,500 Bntls.i Hereto ant ve^s- sels were lost through enemy action dui-inar the war and that Sbmit 15.000,000 tons of' irerchant shipping of all nationalities were Jo<;t, durintr the fame perind from all causes í ar and marine): the Company wUl therefore in? addition to currcrj marine caMaI- t?f!' have a very Inrpe fieH for its operations, and be ?M? to cb(' tBO?e contractf which present the greatest likelihood of success anj profit. PURCHASE OF THE SHAKES OF THE OCEAN SALVAGE COMPANY, LIMITED- The Company has entered into agreements to acquire the whole of the share capital of the Ocean Salvage Company Limited, incorporated in May. 1917. This company has ar authorised capital of £ 100,000, the whole of which is now issued and its assets include three salvage steamers and two first-crass tug-boats in fnll working order, fitted with pumps and salvage gear, and a quantity of va.lua.ble salvage plant taken ove over from the A dmiraltv. The value of the two salvage steamers. La Nma and" 1.0, VMlrtte. with gear and store* as fixed by Newman Mumford. Lloyd's surveyor at Constantinople. 18 £150.()()(I, and that of the Zoraide ag fixed bv Messrs Flanrsery Baggallay and Johti POT T,imited .a-.nd C W. Kellock and Co.. is €20.000 making with the cost price of the tugs all aggregate amount of £ 178,200. and estimated value of other assets represented bv each insurances prepaid, book debts, and stores, amounts to about £ 32.000 after deduction of liabilities, making in all appro*! nately to whidlmnet be added profits to accrue from salvage contracts recently completed, and now in the course of execution The purchase consideration for the shades of the Ocean Salvage Company I/ifnitod. has bee-n fired at 3CZ 10s 1): share, carrying all profits as from 1st Sentember. 1918. P,,v. ,il,e as to £ 1 thereof in fully.paid shares of this Oempanv and tb0 balance in engb. rrn. Company also grants to the shareholders of the Ocean Salvage Company. Limited, an option until the Slit December. 1922, to subscribe at twenty-five shilling* per for one share oV this Company in respect of each share of the Ocean Salvage Company, Li-nited, sold by them. PAST HISTORY OF THE OCEAN SALVAGE COMPANY, LIMITED. The steamers of the Ocean Salvage Company Liroited, were u.ir Admiralty con- trol u':hl Ar:nl.:May.1919. U» to the ore?e'tt time their steamers h-n salved or takes part in salving 25 vessels, including the saHage of the armoured cruiser H.M.S. Kinf Alfred." in Belfaet Lough, aal the s.s. "River Clyde." at Cape Ilelles. Gallipoli Penin. sul,i. Though the Company was working at the comparatively low Admiralty rates its audited Profit and Loss Aooount from May, 1917. to 3IRt August. 1918. showed profits which wert eufitciunt to pay a dividend at the rato of ten per cent pe- annum, less ta. on the amount of its capital cf £ 62,600 calculated from dates of payment, after writing oil all the preliminary expenses, and &. ram of £ 6,478 5s 4d. for depreciation. PURCHASE OF THE SHARES OF VICKERS PONTOONS, LIMITED. The Company has also entered into aon cements to acquire all the shares of Vicltets Pontoons Limited a company having a capital of £ 00,00c, including cash assets of abnut, £4., The pTtrcba?e consideration has been fixed at £ 1 per share. payable on the basM of eix shillings and eight pence in ca6h and thirteen shillings and four pen ii fullv-paid shares of kl each of this Company.. A satisfactory report as to the validity of the patent covering the Vickers Pontoon ha3 been it?e by Mr. James Hunter Gray. K.C.. and Messra. HascItinM Lake and Co., chartered patent a-gents.. favourably on the Mp?sra Clark and Stanfield the naval architects, have reportei ,favourably on the tf??nio?! va?ue of the?o pontoons, and the D,rmtore are cf the opir?n taat they are a ruitable plant for raising shiva which have been sunk in deep water, and in competent and experiei.ced hands shoullI give ■satisfactory results, and overcomo the difficulties hithv-rto encountered in raising vessels in other than comparatively shallow waters. AGREEMENT WITH COMMANOER BORISSOW. T it; Directoro of the Ocean Salvage Com).any. Limited have been fortunate in se- curing for fiv, years the so: vices of Commander Borissev as General Manager and Agent, an officer of great experience in salvage operations. He was tb0 chief Salvage Officer of the British Admiralty foi- the whole of the Mediterranean throughout the war. CASH AVAILABLE FOR THE PURPOSES OF THE COMPANY, After paying the respective cash purchase considerations and all preliminary ex- penses of the Company, and the expenses of this issue, there remains a sum in cash of about £ 400,000, plus the cash assets of the Ocean Salvage Company, Limited. and Vickers Pontoons Limited, available for the general purposes of this Company. The Directors propose to purchase, emonsst other necessary gear. additional s^Iva^e steamers Vickers Patent Pontoons, and such other plant ae in their opinion will m. most advantageoue. leaving in band a sufficient amount of cash working capital. The Company has granted an option until the 31st December, 193'l. on 125,000 of its unissued shafes at twenty-five shillings per share, to the Saint Denis Corporation, Limited, in consideration of services rendered in connection with the flotation of the The preliminary expenses, including registration fees, cost of reports, broker's fees. printing. distributing and advertising the Prospectus, costs and duties on the transfer to the Company, legal and other expenses down to allotment (except stamps on allotment letters, underwriting commission and brokerage as mentioned herein) are estimated at L15-DOO. a76 T? m?n!mum subscriptiQn upon which the Directors may proceed to allotment '« £ 7 but the whole 640.000 chares having been underwritten at a oommiS8ioD of five per cent., an4 one per cnt. over-riding commi?Mn. the Company wtU proceed to allot- ?.Ment immediately on the closing of the subscription list. A brokerage of threepence per share will be pa.id by the Oompany on shares applied for and allotted on applications bearing the stamp of Bankers and St?k- br°' ??' ?S'co of the Memorandum and Articles of Association of the Company and of the conSac? tL rcpcrTby??r. Clark and Standfield as to the Vicltere Pontoons, Coun- £ rsTnd* Patent A?ent'o opinion thereon, can be m?pected at the offices of the ?Mci?ra of the Comp-y at any time, during busing houm, while the subscription list remains open. llSt A n^icatlon ?ll be made in due course to ? Committee of the London and 0<MrdiK ?oc? E?han?foran om?aJ quotation for the ehar? of the Company I A?nl?aticna?for shares should be made on the form acoomp?yiBX thcProøpectus. and ee?nntuott?? ?mp? .ny-. Bankcn. Lloyds Bank Limbed.. Lombard?treet. E.C,3. or Branche$, together with the amount payable on apphcation When n? ?o?n<-n?.n?de the ?posit paid on application will be Nturned 1ft tun. Wbpre the nuwùer (\f sberes allotted ie ] tba,n the atJ;1ount a,pplied for, the bahne   e-Ilotment and ?  I'talm()nt; any balance remaining will be returned  at t1e rate of five 1)er cent, per annum wilI he rharged (m -0-11 Jnste-Imentl! not pld at theIr due 1'1. FaIlure P?he? due ary instalment on the shares allotted wiH render previous payment and the rbares liable to forfeiture. antV^Pro«r^tli^el f^upon'tlfe't^ruis of whi? ?one applic?on. will bt? recelv) and I forms of application for shares can be obtained ?? the Bankers, the Brokars and at the cnlcM of the Company. Dated 50th October, 19i9. THE SALVAGE & TOWING COMPANY, LIMITED FORM OF APPLICATION FOR SHARES. (May be cut out and used.) To the Director. of THE SALVAGE A?D TOWAGE COMPANY,  Gent' ing paid to your Bankers the sum of f being a deposit of 18. per Sha,re QR for Shares of each in the above Company, for at I/we tbt, you will allot to me/m t-ha-t number of Sh:He5, and l/we hereby to at _ept the same or any lei!6 number that may be to me/ue on the tp-rips of the of the Campany dated the 30th Octo- her, 1919. ar d the Nlemorandum Qnd of A,%Focla.tion, nnd IIwe undrtake to  the amount due on allotment. and rubeequent instaJnt.. at tbelr due dates, a'n- aut.horis,e you to retcr me/ a,s to the holder of the  ],,we heebv declgre that thi& 4pplication i not made by me!u6. on behalf oJ. oz:. In  manner for th bone5t of n enemy 5U'oJ"t WlthlU the mea.rouJ  with the Ene=y (Amcudm?nt) Act, 1916. I Usual Signature  Name (in fuN) .———J" ?? I (Plm&e state if Mr.. Mre., or N-iss.) Address .'Oo Deeoription .I.I. Date 1919. To be written distinctly. Th? form .hould be 5nt with remittance for the amount P^hle on ??, ??. ? to TJovds Bank limited. 72, Ix>mbard-stre«t„ London. E.C.0,0r n Cbeoues should be payable to pmrer and c!'Ossed L ()yd6 Bank Llmlte-d.. ^th^b/litter ofAIlotment but an "kiicwledg?tm"t. will ec4L y- )t will be isrunt for piyrnent on forwar ?i in dua aourse oitbp-r bs IAtt- Of Aii,)tme,-t nr by t-be Teturn of t*ne