The Cambria Daily Leader

At Pontardawe on Friday John Smith, Ailtwen, was fined 20s. and ordered to pay the 35s. damage done to trees on Graig-road, Alltwen, the property of Mr. 3. H. P. Lloyd, J.P. P.C. Sheean proved the case.

Children's Corner. 1 I BY UNCLE JOHN i They are having their innings—aren't they," remarked the riddie-sender to tht1 jokelet boy. Who asked the jokelet boy. The poets in the Children's Corner," was the reply. Well, we must try to follow suit," said the first. But I ¡ can't got the rhymes to suit," said the 1 second. Then there were cries ? "poetry —more poetry from all parts of the Comer, so we must got along. 'I Aarnes Gough (age 11). Tirbaoih, Bryn- road, Loughor, therefore, comes first with i MISS JUMPER." ) Mies Jumpcif her name, and a jumper sat I wears, She's a jumper by nature, and jumps un- awares: She's tne fashion ail over—is smart, tnough not rare, And the smaller her jumper the bigger the snare. Though its colours be fa6t when & man jumps at her, Oft heart-j urnps wax faster than jumper* infer; So don't jump to ooncluskms when jumpers you view, Lest girls in a jumper jump farther thaw you." Next, please! And Gwyneth May Row- lands (age 11), 68, Brighton-road, Gore- oinon, speaks up with a poetic introduc- tion to a short stol-y:- I love the ctlildrcn's Corner, Indeed, indeed 1 do; If you think my story worth apritè l'iaase send it oil-—will jcut jIereit is:— A farmer, who was also a butcher, WM one day asked by a neighbouring iarmer if he would go on the tollowing week to kill a bullock for him. He promised to go, but the next day he suddenly remeyi- bered that he had been promised, assist- ance to kill one oi hie own, so he had to. seud the following letter of apology twiiicii took him pome time to writ. not lpeirg- much of a scholar) :—"Dear Sii,—I am very sorry I oanaot come and kill you next week. I must kid my son, but alter i'll finish to kill myself, I shall come and kill you.—Yours till death, Jonathan." A FEW QUESTIONS AND ANSWERS. To give the other children a ehance, let us have those questions from JIafod:— 68, Aberdybcrthi-street, Hafod, Swansea. Bear Uncle Jolm,-l am sending you eoiye Smart Sayings for the Corner. Mother: What makevs you limp so, Does youi shoe hurt? Reggie: No nother; it's my toes! Neighbour (who never knows the twins apart): And which of the twins are you Little girl: I'm the one what's out walk- inc! Mother, con me and Janie have some cake, please ? Me and Jani,is that right, Johnnie? Well, then, mother, can I have some cake? Tommy: And when I grow up FU be a man, won't I dad?" "Yes, my boy; but if you want to grow and be a man you must work at school now." Tommy (after considering for a few minutes): An' if I don't work dad, will I grow up a woman?" —Yours loving nephew, Leonard Matthews (age 9 years).

STRANDED. Actresses Find a Home at Swansea Y.W.C.A. At the annual meeting of the Swansea. Y.W.C.A on Thursday afternoon, the attendance was large and representative. Mr. Syd Solomon pres:dad, and the Rev. Harrington C. Lees gave an address. There was another meeting of the mem- bers* in the evening, the occasion being the J ith annual birthday celebrations," and g;f'6 were received by Mrø rboimas Evans. Tea was provided by the com- mittee. There was a musical programme, and an address by M-iiss Stone (Mumbles), i Tnere is a general feeling that the timo has come wh?f the committee 8ld. launch out, and take over new premises A slight error crept iato our Thursday report—30 applications wore refused, not in the year, but in one month. The vicar, in his address, told of some actresses, in Swansea for a Bank holiday revue, who came to him after eervice, i and asked where they could get lodgings, for they weiv Gttr-mdiKl. Fonr of them were accommodated by the Y.W.C.A. The came for one night only, but next day begged to be allowed to remain. At considerable inconvenience (the matron putting off her own holidays for a week), they were allowed to stay. On leaving they asked whether thev m'ght not come to the Y.W.C.A. auiin, as they had been so happy there. j

NEW ISSUE. 1 No. FORM OF APPLICATION. (44) Thig yorm may be filled up and forwarded to the Company's Backers, Lloyd's Bank Limited, Lombard-street, London. E.O.J. and Branch^, or the National B&nk of Scot- land, Limited, St. Andrew-square, Edinburgh, and Branches, Imuo of 280,000 Ordinary Shares of ft each at par. To the Directors of the MONTROSE FISHING COMPANY, LIMITED. Gentlemen,—Having paid to the Company's Bankers the sum of £ being a deposit of ?41. 6d per share on application for Ordinary shares of £ 1 each in the above-named Company, I request that you will allot me that number of shares, and 1 hereby agree to acoept the e&me or any M'?a number that you nicy allot to roc, upon the terms of your Prospectus dated the ^nd day of October. 1919, and the MemopaD- dum and Art?Io of AM'?ciation of the Ccz")any and I agree to pay the balance <? ?78 6d per share due from me by Uie insta?i;e-nit-, 8'clfted m the sadd Prospectus, And I &utOOl'iM you to p]&ec -y na?M 19 t e a>-C;'lster of Members of the Company in re&pect cf the aha res allotted to me. I HEREBY DW?A-R? that tiis application is not made by or for the benefit of any enemy subject within the meaning of the Trading with the Enemy Amendment Act, 1916. l!r ,:ifr 'iëi I AMre. fin jmiM C«iaJ Sigmtwrs — Occupation Date 15 The Directors have, already received applications from Montrose aiid surrounding districts for over 120,000 share* of the above issue. ■ 11■!iii IB.IMII—wim | h h 111 BfiC^ PAINLESS DENTISTRY. ""¡ WARDS 91 COTTERELL ¡¡;¿¡' fiJU D ental Surgeries, J 9a, CASTLE ST., SWANSEA (OVER BOVEGA.) L PAINLESS EXTRACTIONS Is. Advioo Free. < Modeata Charges Extractions Free when Nsw Teeth are Supplied, Daily-10 till 7. XN MfDHU CYMKAEG, YN GWEINU | JW-eiali-speaking nurse in at,nndance.) | 0J. n¡rr.1'1:'<1I_-w'rw-t?U"'1.>tI"r.t4P:<i" >;r;: t:

I SKEWEN. At the Tabernacle Band of Hope, Skewen. on Friday evening, all interest- ing lantern leotuie was given upon the life and work of the famous temperance orator, John B. Gough." During the coming week a great united effort is to be made in iSkowen and dis- trict on behalf of the British and Foreign oailors' Society. A house to house col- lection has been arranged, Mrs. M. H. Chick being the organising secretary. E. S. Chappell, Swansea, has 1,000 Over- boats réa.1 i to wear m stock Ten per cent <;i<>eoum allowed to Ditehmrged Soldiers and (iaiiors. &"3 Windows.

I LLANSAiV.LET. A pretty wedding took place at Adulam Chapel. Bonymaen, on Thursday, between Mr. Thomas Henry Ace, son of Mr. and Mrs. John Aoe, Absrtridwr, and Miss Maggie Rees, daughter of Mr. and Mrs. James Rees, Glanwern Farm, Llansamiet. The Rev. J. D. Harris officiated. The bride was given away by her father. The best man was Mr. Thomas George Ace, Swansea (oou:kn of the bridegroom). The bridesmaids were Misses Annie s (sister of tho bride), Ceinwen Davies (Birchgrove), Sarah Catherine Rees (Skewen, cousins of the bride), aud Agnes l e bridi, and M Tracy (Swansea), Tne bride and bridesmaids carried a bouquet each, the gift of the bridegroom. Under the auspices of the Ebenezer Chapel Guild, an excelleiit lecture was given at the' Lonlas Hall by Mr. John Thomas (Golvvg y Mor), on his war ex. periences in Gallipoli, Egypt, and Pales- tine. Mr. Thamas possesses great intel- lectual abilities, and has a charming per- sonality, which strongly appealed to the large audience he held spell-bound for nearly two hours. The Rev. T. C. Lewis (pastor) ably presided E h. Chappell, Swansea, has 1.000 Over- Coats read." to wear in stock. Ten per sent (!i&coun"> all-we.I to Diecharged Soldiers uid I Sailors Seo Windows. I, MORRISTON"- 1 ) At a epecial meeting of the SWansel! Local War Pensions Committee, a repre- sentative committee comprising ex-Service men, local ladies and gentlemen, to deal with the grievances of Morriston e^-Ser- vice men and their dependants, was srib- fitted by the Morriston Branch of Dis- i charg-ed and Demobilised Sailors and Soldiers. This oominittee waS approved of by the Pension^ Comjniftee, pub;ect to the ,-6nditioiai that tbey add to the committer I if n8CE\<;sári. Another of a aeries of weekly concerts j was held at the Carmel Chapel, Morriston. on Thursday evening, when the oppor- 'unity was taken to welcome the return of Lance-Corpl. David WiUinms. Mr. W. D. M?rri? ,psided. Mr. Morris James, on behalf of the members, presented Lance-Corporal D. Williams with a gold ring." Eulogistic references to the recip- ient were made bv the Rev. M. G. Daiv- kins (pastor), Mf. D. C. Jones, and Mr. J. Richards." An excellent musical pro- crramTne -was provided, to which the fol-j louring contributed: Misses Ethel Rowley, Nellie Michael, Miriam Morgan, Evelyn Williams, Katie II. Jones, M. A. Buckley, i Messrs R. J. Morgans, and Will i Mie-s May Brs&ell, 1L t E 8. ChappeH. fiwahsea hO,3 1;000 Over- Coats ready to wear in stock Ter> por cpt. ?i?ount ?!!<'yMi to O^ehareed Soldiers and Sailors. See Windows. GORSEINON. I Under the auspices of the Gorseincn War Memorial FÎtJ; Welsh drama was j a prominent attraction at the Brighton j Hall this week. Tho Rhos Dramatic i Society of Pontardawe presented to full houses on Wednesday and Thursday Y Ddau Pritwd and Y Ferch o ICef 1) Ydfa." The committee have engaged] other dramatic companies for the nearl future. The plays were well staged and cleverly acted. I Mr. T. Jone^ Preswylfa, was the! central object of interest in a very large: and representative meeting at the lnsti- tute, Gorseinon, on Thursday evening,! when he was presented with a beautiful: illuminated address and a wallet contain- ing a cheque for a substantial sum and treasury notes. The inhabitants as-ailed themselves of the opportunity on his resignation of the headmastership of the r,t.,?il after nearly 40 years' service. The Rev. J. Stephens handed! the ad?k-es?. ad MI R. Rev. W. Morgan! presented the wallet. Mr. T. Powell,; H.M.I.S., Neath, delivered a fine rC.- ciation of Mr. Jones's work. Local! ministers and laymen representing the, neighbourhood paid their tribute as weO. Mr. D. Davies, Play-y-coed, presided. ( Mr .Joseph Lewis, Bryngelli, aded as ,treasurer. the Rev. W. Morgan as sec-I retary. The musical portion was taken) by Mrs. Reynolds, Messrs. Bennett and Navies. Miss Gladys. L.R.A.M., accom-I panist. and Miss Miriam Afan Jones as elocutionist. J PCNTARDULAIS. I At the Mechanics' Institute, a highly isue-cessful social was held under the auspices of the Alale and Female Ambu- lance Classes to welcome home the 21 I members of the local St. John's Brigade i who had served in the war. Sixty per cent. of these had attained N.C.O. rank, and C.Q.M.S. Der. Thomal3 was recently awarded the M.S.M. by the G.O.C. the forces in Russia Mr. David George, the youngest volunteer, had the longest record of serv-oe viz., five years and two I months. At the post prandial proceed- ings. Councillor Matthew Griffiths pre- sided, and he was '.upported by Dr. R. J. Isaac (instructor) and other? There two gentlemen gave r using speeches to wel- come the boys home. Nurse Price diØ- tributed 90 certificates gaied by the students at the St John's and County i examination*. Harmony was provided by Miss Muriel Morgan, Messrs. Ph:lip J. Jenkins, Evan Jones. George Phillips and Tommy Hughes; Mr. D. T. Morgan acting aJ3 accompanist. Messrs. Josiah Jones, W. J. Mandrv, E. Clifford Rees and Evan Morgan Jones spoke. The news of the victory of Mr. Dan Matthews's combination in the drama" competition was hailed with general del:ght. Some local enthusiasts had gone so far as to predict that Ponty" Societies would occupy the first three positions.

FATHER WARNED. Unusual Swansea Vatley Casa Against Son. At Pontardawe on Friday there was a j | charge against Gwynrydd Joseph, Tre- ) banos, for the alleged iiioit of £47 belong- ing to his father, David Joseph. J Prosecutor now eaid he wished to with- draw the charge on condition that £3:1 I' was returned to him. lie was quite wili- i j ing for the boy to have the other £17. Mr. Thorpe (clerk): Do you know the I seriousnes of what you say? Do you know that it iSlrfong to put. the criminal law j in motion to recover money ? j The case was adjourned for 14 days.

i j CAPT. EMRYS PARRY. I I Rhine Army Post for Lian. samlet Minister's Son. i The Gaeztte contains the promo- tion to Captain and hi the Rhine Army (Kducatiou Corps) of Captain W. Ernrys Parry (B.Sc.), HUSll "Wclsii Fusiliers, the only surviving son of the Rev. J. H. Parry, Llansamiet. He was one of three brilliant brothers who entered the Army in -iist, 1914. The three were graduates of the Welsh University, and the three, joining the ranks, were subsequently given commis- sions. Two of them have been killed in France-Lieutenant T. E. Parry, on tho Somrae in 1910, and Lieutenant J. H. Parry in 1917. Captain Emrys Parry is -one of the small remnant vrlii>h was in the fight from "start to finish." Ho has been twice wounded, has been men- tioned in dispatches, and was in the firing line when cease lire" was sounded at the hour of armistice last year. He has been put in charge of the Light Division College, one of the best- equipped and most efficient technical col- leges on the Rhine.

1 j MEW ISSUE. A copy of this Prospectus has been filed with the Registrar of Joint Stock Companies. ?0 part of tdc proceeds of this issue ia to be applied for capital purpcsee outEide the United Kingdom or to replace money which has been BO applied. The SUBSCRIPTION LIST will OPEN en FRIDAY, the 31st day of October, 1919, and CLOSE on THURSDAY, the 6th day of November, 1919. Applications will be received by and Prospectuses and Forms of Application can be obtained at the Company's Bankers or any of their branches, and the Company's Brokere, The special permission of the Committee of the Stock Exchange to deal in the shares is being: applied for. THE MONTRfffiE FRHim COMPANY LIMITED. (Incorporated under the Companies Acta, 1908 to 1917.) CAPITAL C300,000 consisting of 300,000 Ordinary Shares of Ll each, of which 20,000 Shares are already issued and paid for in each. Applications are now invited for 280,000 Ordinary Shares of Ll each, Payabla 2& M. per Share on application and 2s. fcj. per Share on allotment; and the balance as required, but not less than two months' notice being given to Shareholders. No Shares have been or will be underwritten, and DO Shares have been or will be issued exce pt for cash. DIRECTORS. GEORGE GAUDYNE MILNE, J.P., Grain Merchant, Montrose; Chairman of Montrose Harbour Committee; The Montrose Auction Go. Limited, Ac., Chairman. ATiSXA-NL) £ .K LY'KLL, J.P., of G«rdyiie, Scii-citor, Montrose. Director oi the Strathmore Salvage Co.. Ltd., &-c. JOHN iLi-NDLiil', Trawler Owner, 7, Clark-road, Trinity, Edinburgh. OiLAjKJjES F PATON, J.P.. Fish Salesman and Trawler Owner, Fishmarket, GJasgow; Chairman of Paton'e Trawlers, liniited, and The Gran ton Ice Company, Limited &c., Managing Director. On the completion of the qualifications required by the Articles of Association, WIIJLIAM LOW, J P., of Ba'makewan and Gallery, Chairman of James F. Low and Co., Limited, Engineers, Monifieth, Dundee, will join the Board. BANKERS. LLOYDS BANK LIMITED, Lombard-street, London, E.O.. and Branches. NATIONAL BASK OF SCOTLAND LIMITED, St. Andrew Square, Edinburgh, and Branches. SOLICITORS. j MITCHELL & BAXTER. W.S., 11, South ChArlotte-street, Edinburgh. BROKERS. BEDNEY J. LOVEIL & CO., Pinners Hall, Austin Friars. London, E.C.2, and Stock Exchange, London. BOiBUUiGJlS & CO., 96, Buchanan-street, Glasgow, and Stock Exchange, AUDITOR. WILLIAM Mc-CALLUM, Chartered Accountant, 194. St. Vincent-street, Glasgow. SECRETARY AND REGISTERED OFFICE. JAMES SMITH, €l, High-street, Montrose. PROSPECTUS. The Company was formed as a Private Company in November, 1917, to carry on the business as Xraarlmg and fishing, with the port oi Montrose as centre. Existiug trawiuig port* being very cciieested. Montrose is the only remaining har- bour oil liie l!hbt Coast of Scotiiiiui suita-jic- for converting into a trawling centre. It is in the centre of the North Sea Fisuing wround*. the richest in the worid. Montrose is icrvovi by the same two rai.lways as is 42 miles nearer the Southern Blankets, and nearer the principal ikiiing ground than any English port. U nt il the Company was started its operations could only be co.iuuoted on a mode- rate »ca.e, as all the available trawlers were employed on tiovernment Service. but a imcceesiul start was made with two motor liners and three motor yachts, which were converted into small trawlers. The Directors in March, 1918, acquired two eteam trawlers, which weie on Government Charter. These two trawlers, the "Loch Kildonan" and Loch Loon,' were released by the Admiralty in the Spring of this year, and, as will be teen by the Auditor's Certificate below, they have since been en- gaged in fishing with very satisfactory results. rIlle Company also purchuwtd from the Admiralty, in August of this year, on favour- able teraiN the new steam trawler GE-).-we Lane," which has sin^e been engaged in trawling, and is ah owing excellent returns. The Directors being satisfied that the kusinese can be profitably developed, a firm option has been obtained from the Admiralty to purchase twelve other absjuutely modern trawlers of the best standard type. on what the Directors consider yerjyadvan- tageous terms, and the present issue is primarily to enable the Company to Cake ad- j) vantage of that option; also to construct a Fishmarket at Montrose, to erect an lee ) Factory, Refrigerator, Net Works, Fish Curing and Tinning Factories, and, if necessary. • suitable houses for the Company's employees. Delivery of tke above trawlers is promised before the end cf There is no intermediate profit in respect of the option referred to. me whole of the benefit? of which will aceiue to the OemDany. The Directors have expert advice that to build these boats t<>-d$.Y woul-d cost more than 50 per cent. above the option prices, owing to the rise \n price? since, the ou.ilding  contracted for by the Admiralty. The 8 me 'xp? ts a, TiS? fat it s ;o ml ctpat'?! ? E*mt the cost of shipbuilding will fall for a considerable penc? In the opinion of the Directors these ships wal form one of the, finest and most up.. to-date trawling fleuts afloat. The Directors propose to construct a Fisamarket at rontro, with the rncst modern enri"ment and a railway siding into it to pave the cost of c-arta,ge and handling of fisli between the Market and the Railway Stations. The Company have also acquired direct on favourable term6 two lots of ground on which to build their refrigerators,   at 3iont- ??i'- intended that. as m AbcrdeeB. the f.s.h b.? auctioned d&ily on arrival at Mont- KMe. for distribution all over the Kingdom. Moreover, it is proposed to make arrange- m?ttt? for the curing and ccid 6Wl'agc of th e fiFh w.hen necesaary, so as to enable the Co-mpany to regulate and deal with the supplies from dey to day. and also provide for the stormy periods of the year when fish are matin; the highest prices. The Company being in possession of a sufficiently large fleet would be in a position to regulate the daily landings of the baasand so ensure continuity of supplies. A ooncesdon li,,w been obtained from the Montrose Harbour Trust which grants the Company control of the Fishmarket for 21 years. This should represent a progressive pouree of income when the increased market facilities of the port attract the trawle-re of other companies in greater numbers. The two trawlers already owned by the Company, the "Loch KLdonan and "Loch Boon," since their return from Government, service have oitb been fishing for a period of eix moctha. and the following is the Ce- Lqcate by the Auditor of the Company as of eix rront-hi3. and the fnllowing to the trading accounts for that period — W, St. Vmcent-atreet, Glasgow. To the Directors of the Montrose Fishing Co., Ltd. 13th October, 1919. 81, Hiffh-street, Monti-oso. I certify that since the steam Loch Kildonan" and Loch Doon" returned from the Admiralty Scrvice up to the 2?th September last is equal to a combined period of six months, and during that period the profits earned were £ 7.365 18s. Id before allowing for Inccme Tax and Excess Profits Duty, but after charging Shore Salaries, Insurance, Directors' Remuneration, Depreciation, and I Reconditioning and Survey of one of the trawlers. A sum of £11136 6s. 3d. is available for completion of the Reconditioning and Survey of the other trawler. I further certify that when these trawlers were bought by the Company in Ma.rch 1918. their cost to The Company was £ 9.750 each. (Signed) WILLIAM McCALLUM, Chartered Accountant. fTli-e £ 1,136 66. 3d, referred to is in respect to a grant from the Admiralty for the over- haul and repair 01 the Loch Kildonan.") ESTIMATED PMOFllti.—According to the foregoing Auditor's Certificate these two trawierg have each made a clear net profit at the rate of E7,365 per anriuni after oe- flU.lt..ÜD QÎ all expeasLtUHJid esta'biisduneHt charges. On tbe same baste, the Company* total fleet of fifteen trawlers would earn £ 110,475 net peT annum. Even supposing there was a eub&tantial tall in the price of liek. and 'without calculating upon the larger earning capacity of the thirteen new trawlers, tIiaTC should be ample margin for a lihiflend of twenty-five per cent.. which would absorb the sum of £75,000, a return oil the capital which is conservatively consistent with the dividends earned by repre- sentative Trawling Companies*, the share capital of which ia many cases is quoted at a very high premium, it may be pointed out that the larger the fleet of boats the cheeper they can be worked. At this stage the Directors do not bring into their calculations the iprofits which should be made when the auxiliary branches of the Corn parry are established. There it no doubt, however, that the co-ordination of trawling with the other allied indus- tries would enable these to be developed under the most favourable circumstances emd secure substantial profit6 from the good- supplied to the trawlers which, in the case of most ether fishing companies, go to outside sources. Of the twelve new boats on which the Company have all option from the Admiralty eight are of the same chatacter and dimensions as the Lovh Kildonan," but larger than the Loch Doon." The other four are larger still. The operating radius of this fleet would enable advantage to be taken of all fishing grounds now worked from any ,rt. Brit iE$vh en better resu lts should be obtained from BOW boats suchu tho?e covered by the option than from the "Loch Kildonan" and "Loch Doon," which are twelve years old. Delivery of all the trawlers under option is prromisftd before the end of November, and the Company, therefore, should be almost immelHtely on the new profit-earning basis. Two of the vessels are at Montroae, throe on the Clyde, one at Hull and six at Milford Haven. Pending the development of facilities at Montrose. the Company's I trawlers will also operate from other porta. THE FISHING INDUSTRY.—The fishing industry today, with its modern steam trawlers, is a commercial business of au attractive character, and -on the largest scale. Every year nearly a million tons of the ch^spost and most nutritions food are handled, and owing to the world shortage of other foods there i> an increasi_ ng demand 1 fot" fish. An important feajtn-re in oovneetion with the #ski-ns industry is that buyers win purchase afl readily at the auction sales of the newest, firm 8J111 cf the oldest. The I skippers an4 mates of trawlerfl are entirely paid by the amount their ileli realise. The whole crew enjoy the benefit of a good voy.a?e. practicably working on a profit-ehennc bjMi< fo-d Mr. Cbar;ee F. Paton wag ap- MA?AGEXENT.—Wheo the Company wa? formed Mr. Ohar F. P&ton WM a.p- pointed Managing Director for ten yer8. ?r. Paton has a lifelong and &uocedeful ex- perience of the n?hlRg industry, a?d will continue to act a.? ?tana?ing Director for a period of twelve years from the signing of the Agreement referred to below; his rè- muneration will be voted yearly by the Directors, and will be dependent on the profits earned by the Company, it ha* further been arranged that. for the &aid period of twelve years all fish caught by the Company s boats shall bd sold by auction by Mr. Pilton or his firm at the commission current at the port or fishmarket at which they are sold he or his firm undertaking the usual duties and obligations of fish salesmen Aoeordimr to the custom at such markets. This arrangement it conditional on Mr.Paton hoidmc and continuing to bold during that period not less than 7.(500 sharea of the Com ny, An agreement, dated 17th and 20th October. 5919. ha-3 been entered into be- tween the Company and Mr. Paton setting out the above, arrangement. The criminal Directors remain on the Board, and the same man&^ment continues. The valuations of tho aps"t« of the Company, as certified by independent. valut-rw of wid- experience fV3 at 27th September. 19tl. show a very considerable margin over the present tesued Share Capital and Liabilities of the Company. These valuations ,am taken at, or under, cost price, and in the caEeof trawlers depreciation has been DEDUCTED Mk • Subscribers to the ebare» & ,,bidg,te m the pr?ftta of the Coaipany as from the JTth September, 1919. CONTRACTS.—The following contract* have been entered, into:— 1. The above-narrated Agreement, dated 17th and 20th October. IM, Letween the Company of the one part and Charles Fin lay Paton, Fish Salesman. 25, East Clyde- street, Glasgow, of tne other part, relative to the services of the said Charles F. Paton as Managing Director. 2. Agreement or contrast contained in (a) letter dated 26th August, 1919 by W. S. D Jenkins, Director of Contracts, the Admiralty, London. S.W.I, addressed to Charles F. Paton, Fishmarket. Glasgow, wiving the said Ckarl" F. Paton an option to purchase the twelve steam trawlers taerein mentioned at the total price of kInXoo on the terms therein mentioned, and (b) tele cram and letter both dated 6th October. 1919, by the Admiralty to the srnrl Charles F. Paton extending the duration ef the aaid option till 12th November 1919. 3. Assignment dated 21st October. 19*9, by Charles F. Paton. Fishmarket, Glas- gow. making over the said option to the Company without any price, commission or other consideration being payable to the said Charles F Paton. 4. Offer and Acceptance dated 5th and 6th August. 1919. whereby the Trwrteea of Montrose Harbour agreed to feti (or let on perpetual lesse) to the Company foar anrf.s of ground at Montrose at the fen duty (or rent) of £ 70 par annum. 5 Offer and acceptance both dated 4th July, 1919. whereby Aleiander Muirdetj, Beaker Jlontre, and Mrs MaTy jM? hkYd. wife of R-icht?d rjoyd. Engineer, v?id. ing at ?? 10. Grove-road, ?illpaden Green. London se Trustees of the late JamM <TI»eijr ship-waster, formerly residing at Wharf tfou-se, Montrose, a^icee to fell Wharf House. Montrose, and ground attafthed to the Company at the price of EMO paya,ble on llth November, 1919; and 5. Agreement contained In letter dated 18th October, 1919, by W. P. Martin, SolicitOT, Montrose, Clerk of the \i.ontro«» HarJjonr Tni-5t, to James Smith. Secre- terv rf the Company, 81 Iliga street Montrose, whereby the stsid Harbour Trust a Freed to give the Company the control for a period of 21 year* of the Fishmarket proposed to be created by the company. When the Company was a private one its acthorMed capital waa 20,OOO, a.U of other issue or offer which was issued and fully paid f(J" in cas? The.-e has been no 'Tther t?sue or oSer of -.?res in the Company and no Issue or o!Ter of DebeTTtur?. Me 'mu-mmim s?b- wr,tic,n u!on whi?h the DirectOyf may PT4'd to allotment fixe d by the ArticiM of l. saociatic,l at geven Glares.. No p^motion mopey has been or w-.?n i?n?< Application ?cr shar&$ ms.y be made os tre ace?mpa?yuij? forw a?d fcrvaj?ed to o?e cl the Company's Ba.n?ere. with a -ttvLn,00 f5? the am?nt P7a.be on a?pti- caHan. V?h?e no allotment ie .tpa? ?'??'? will h? returned in full, ana ? the number of shares a.Lca-èd be !e96 thac that applw f,6T. the balance wM be credited ummb,e!- oT s-,iareg a ?.c, t t d t ?e an aal W:?f, ff reiiier tbe aal?Auient liabv-, W oar?ceU&ti*n and towards the amount paqaue on a.!?p?- F?UHre to pay apy InstaJmentwll1 render the allotment ljab to .nœUa.tioD Mid previoQa jnst?Im?t? li?b? to forfoita!? Interest at the rate of 5 per cent. per am?nm will be CbgTged 6V imstajments in Brolterage at the rate of 5d. per share will be paid on all share* allotted on aj>pii- eatioTis bearing a broker's etamp. Copies of the Memorandum and Artle-,Ieo of Wtd -Of the u&ovo^nentioned j Contract and Cprt??<'atfs can be inspected at th? OSce<? of the So!¡dtoJ's of the Cem- panv on any day ?hi?t the list remain open bet ween the hours of 11 a.m. and 4 P.m. pr?cpectu?eg and App'ication Forms can be obtained at tht Omces of the Com- j sany and 1.o from the Company's Banker A &nd Broker.. i Dated the Scd day of October. 1919. j

-1 I FINANCIAL NEWS. MONTROSE FISHING COMPANY, LIMITED Lloyds Bank, Ltd., and the National Bank of Scotland, Ltd., ere open to receive appli- cations for 230,000 Or(linary Sha,re..1 each in the Montrose Fishing Company, I Ltd. The capital of the company is of which CW.000 has already been issued in £1 sharea and paid for in oaoh. The pres- ent issue of £ 230,000 is payuhle 2e. 6d. per I share on application and 2s. 6d. on allot- I ment, and the balance as required. No shares have been or will be underwritten or issued except for cash. The company was formed as a private company in Nov- ember, 1917, to carry on trawling and fish- ing, with Montrose as the centre. The two trawlers already owned since their return from Government service have been fishing for six months, and the auditor certifies that I the profits for that period to September 27th last were £7,300 before allowing for income- tax and excess profits duty, but after charg- ing adl expenses, salaries, insurance, direc- tors' remuneration, depreciation, recondi- tioning end survey of one of the trawlers. A sum of £ 1,136 is available for oonipletion of reconditioning and survey of the other trawler. The trawlers were bought in Mar&h, 1913, and cost the company iC9,750 each. The company has obtained a firm 'I option from the Admiralty to purchase twelve other absolutely mgdern trawlers of the best standard type. The directors are advised that it would coat 50 per cent. more than the option price to build thete vessels now. It is also intended to construct a fish r market at Montrose, with an ice factory, refrigerator, net works, and curing and tinniRg factories. Delivery of the trawlers 'I is premised before the end c-f November, 19i9. A concession has been obtained from j the Montrose Harbour Trust which grants the Company control of the iishmarket for 21 years. This should represent a pro- gressive source of income when the in- creased market facilities of the port attract the trawlers of other companies in greater I numbers, it is understood that already I applications have been received for 123,207 shares from ilontroee and the surrounding districts. The subscription li&t will be I closed on Thursday, November 6th. AGRICULTURAL AND GENERAL EN-  GIKEEiaXG LTD. I An is>uo will be made on Monday next of j S40,0t!0 S v i' cent. Cumulative Preference fciiaiee of L-1 each at par of the Agricultural and General Engineers. Ltd The company has beau formed to associate t4e following five undertakings with a view to their co- ordiuation. development and extelision:- Messrs. Aveiiiug and Porter. Ltd.. which has woli.kiKP.vii and exter.sive works at R-,ehw.e. Kent; Messrs. E H. Bentliall and C>„ Ltd.. of Heybrid-- Maiden, Essex; MfcSorj B.ackfttone ami Co.. Ltd., of Stain- ford Lincolnshire; Messrs. Richard Garrett and Son* Ltd. of Leh;ton. SuffolK; Meeers. Jamcti and Fredit. Howard Ltd., of Bedford. The company is acquiring 97 per cent, of the shara capital of Avelinit and Porter. Ltd. 9) p3- cent. of E H. Bentail and Co., i.td.. 13) per oent. of Blaelrstone and Cb. Ltd. 69 tier cent, of Richard Garrett and Sons. Ltd.. and of James and Fredi. Howard. Ltd., 100 per cent is now beine acQuired and it is anticipated that the bal- ance of the ShN;3 (except 749 sliares of F. H Bentall and Co., Ltd.. held by the staff) vrtll shortly be acquired. The managing director of each of the five companies will be a director- of the A G.E and Mr. A. W. Maconocbie. director of the Great Eastern Railway, chairman Macono- j chie Bros. Ltd. and Sir Thomas B. Robin. Mi. K.C.M.G.. K.B.E.. wir b" chairman aau e P ut j -c 11 a j r m an re?cctivply 1 AERATED BREAD COMPANY (L TD.). I Final dividend of 3s. 6d. per share, less income tax, for the year ended September 27, 1910, which, with the interim dividend of 2s. 6d. per share paid in May last. make 30 per cent. for the year. MAYPOLE DAIRY COMPANY BONUS. An extraordinary meeting will be held at Winchester House, B.C., on November 10 at rioon to consider a resolution to capitalise £ 3uS,333, part of the amount, I standin- to th,, I I standing to the credit of the reserve funds, and to distribute the amount in deterred ordinary shares in the -prol)or- ) tion of one new share for every three de- jl ferred ordinary shares now held. GOWER SHIPPING COMPANY (LTD.) 1 In addition to the steamship Arnhem (•120 tons) Mr. Arthur Gibbs (Messrs. Arthur Gibbs and Co., of Swansea and Cardiff, has purchased for the Gower Shipping Company (Limited), of Swansea, the steamship Sportsman (700 tons) for < £ 47,000. and has also contracted for a new 700-ionner with Messrs. Cliainber- of Lowoitoft, at The two former steamers are now trading for the com- pany, and the latter steamer is expected j to be delivered early in January. SILVER DROPS A PENNY. j Proht-takms; and the absence of I Chinese or other demand caused a relapse of Id. to <55kl. per oz. in the price of spot" silver, and of 15-16d. to 63 £ d. in the forward quotation. I FOREIGN EXCHANGES. I There was a recovery in the value of f the franc, Paris closing at 3Cf. 72c., while I tho Pelgian franc improved further, the rate at the do hcing 35f. New York was slightly less favourable at 4.1(> £ dols.; the lire was wnkcrat 451. 12L German marks deprecated, the final quotation being 128J to the pound. J

EEENEZER DEBATING SOCIETY. The society has restarted its activities -for the session undr the mQst happy &us- pices. Many of the young men who pre- vious to the war were faithful members and keen debter are happily back again. and have taken up their favourite work- in their old home. On Thursday evening a most instructive vddress was given on Daniel Owen, the Welsh author, and his works, by Mr. T t B. Jones. Ile surpassed himself in the very able way in which he portrayed this great character and writer. This was fol- lowed by a helpful discussion, several of the members taking part. The meeting was presided over by Mr. 6. E. Williams. Among other interesting items on their syllabus, which is now published, is next Thursday evening's debate on the League I of Nations. The leaders in this debate will be Messrs. Evan Perocrine and J, H. Joneo

IN THE DISTRICTS. I do I I.. KILLAV. I c Mr?Bryn Morris, a member of the j IMr, fótbàll team, was out practiEig¡ Killay ius collar bone m two 1 W)3en he f-ractur-ed lug owlar bone in tA.0 BIRCH GRO VE. I Mr. Wm. J. Davies, of Brooklands, I Heol Las, met with an accident at the I Bjrchgrove Colliery, resulting in a frac- I tured leg. I GLYN-NEATH. I I At Neath on Friday, William Leysnon, collier, Glyn-Neath, was .fined 50s. for stealing some timber value 10s. from the British Riiondda Colliery, Glyn-Nàth. DUN V ANT. The &MU!d meeting of the Food Pro- duction Society was held at the (?ol!uncl Schools, Mr. 9,,fier priding. The sec- retary's report &kqwed that much useful irork had been done, and that the society wem. t16 to the good. The fol- J lowing. 6JEcas elected for the en- i suing year-. — Chairman, Mr. Napier; Vicc-f hainnaa, Mr. T. E. Rees; troa- sui cr, Mr. J. Hoach, secretary, Mr. Dd. 1 AustUL CWMLLYKFELL. f The committee of the proposed new tennis club held a social and whist drive at the Council School on Thursday even- ing, Mr. Glyn Watkins acting as M.C., Thei"secj^iarval duties frtjre carried out by Miss Netta b. Evans and itir. E. D. Jones. The awards m the whist drive were:— Gent's: 1, Mr. Gwilym Thomas; booby, Mr. Noah Rees. Ladies: 1, Mi?s Edith Morgan; booby, Miaa Alioe Hargreaves.

MORRISTON WARD. Mr. J. Bryn Edwards' Final Meeting. A final meeting in support of the can- didature of Mr. J. Bryn Edwards, M.A., LL.B., who is seeking re-election in the Morr;ston Ward, was held at tha Taber- nacle Schoolroom on Friday evening. Councillor Edwai-d flarris presided over a large and enthusiastic The chairman spoke of t + iiart Mr. Edwards had played in most of the im- portant debates h th,e Council, pa.rt;cu.. larly emphasising the part he took on the Tramway que* fcion, and reierring to the latter said, that the Cambria Daili Lcacler" in one of its leading adicl sa d that his efforts was one of thefit deba^ng efforts hown by a member for some considerable time. Speeches were also delivered by Coun. I dllor D. J. Davies, J.P., Mr. John Meredith, .Mr. George Miles, and others- M" D. F. John proposed, and Mr.' H. W,;Iliti-.w secencled, a vrote of c-Dnfidence in the candidate, v,-hich was unanimously carried.

LEFT IN AMERICA. ———— .0 .———— Husband and Wife Meet in a Britonfsrry Street. After being married 33 years. Annie Edwards Lewis, Britonferry, summoned her husband, Thomas Lewis, labourer, lodging at Hoo-street, Britonferry, for de- sertion. Mr. Dan Perkins, for complainant, -;aíd the parties were marired in 13ritonferry in ISS6, but there were no children of the marriage. Owing to stagnation in the, tiiiplate trade in South Wales in 18S6, defendant decided to go to America, and his wife followed him later in the same year. They settled down at 'Spring- fields, Illinois, where defendant worked as a millman at the tinplate works. They were ihere for 11 years, and afterwards lived for 12 years in East Chicago, where he deserted his wife in Jnne, 1915. De- fendant then left America for Wales. DRAMATIC MEETING. His wife supported herself. by doing sewing, etc., and she decided to follow him to Wales, but owing to the war could not obtain passports. She returned to Britonferry last August, and when ,out, shopping at Neath-road, Britonferry, three weeks ago, she met her husband in the street. When she spoke to him he said he did not wish to have anything more to do with her. Defendant said that in 1915 his wife told him to pack up his trunk and clear out" and he went. He was ordered to pay his wife 25s. a week.