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 THE BRYMBO WATER COn)AY,…

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 THE BRYMBO WATER COn)AY, j The twenty-seventh annual general meeting of the shareholders of the Brymlm Water Company was held at the Wynnstay Arms Hotel on Fridav, under the 1 ,f 'I II I' t Ie, presid ency of Mr Henry Robertson, M.P the chair- 1 C' ne c 1;\lr. man of the Company. There were also present Sir "'1 d '1' K' >vIr Theodore Martin, K.C.B.. Messrs W. Begg, .1 H Darby, Henry Dennis, W. Snape, Simon Jones, T C Jones, J. Harrop, W. Sellers, Huxley, P. Storr I \y 0' t 1 d \y, L', ",Jrr W. Overton, Edward Williams, W. Fisher, C. W" Parsonage, J. Brierley, W. lt,bert.s, C. Glasco dine, Y trac1l C' J 1 ,co( 111< Y. Straclian, C. J. Giobons, R. V. Kyrke. J. Tudor }" 1 IJ 1" J uuur Rogers, .1., Pierce, J. Allington Hughes, Vernon, John Jones. Manchester PeUg 1. Junes, &c. '1 Tl Ch 1, e"b L'¡H!! Ü.c, Mr lhos. Charles, secretary. The Secretary having read the notice convening the meeting, the Chairman said the next business would be to attach the seal of the Company to the official list of shareholders. Mr Brierley said before that was done he wished to object. He had been at the Company's offices, and had waited for about an hour and a half to see the secretary, and when the secretary came he refused to let him see the list. With regard to that, further proceedings would be taken. He had reason to believe there were one or two names 0:1 that list that should not haw been put there. The Chairman said Mr Brierley could not object to the fixing of the seal to the list. Of course he could see the list afterwards. Mr Brierley If I can see it afterwards all right. The Chairman You will be entitled to any riirht you have as a shareholder, but nothing more. The seal was then affixed, and at the request of the Chairman, the secretary read the report of the Directors. The accounts for the year ended :{Utb June, 1.j! are herewith suMaitteil. The results winch they exhibit are in the view of v<»ur Directors highiv sit sfiCtory. During the veir 1:5 aililitional hous-s have been connected, the total number supplied being 2,4.j: The revenue from trade supply account shows an incrase on the previous year ol The revenue fiom doaiestic supply account s hows all increase on the pievious y, ar of £ lt>-2s llti. During the year the Company has undertaken extensions of mains, under a guarantee from the Rural Sanitary Authority of ten per cent. per annum, upon the outlay for ten year-. This has necessitated an outlay of jtl.o'.tj 3s uo to :t'J:la June last, bringing the expenditure on works to i.il'j ills in excess of the authorised capital of the Com- pany. A'sa further extensions under like terms are being still cirried out, which will further increase the expendi- turl" on capital account. Your Board under their liability to the public to supply water within their authorised limits, could not avoid incurring this expenditure, more especially as it has been, and will be the means of securing a large and profitable rental. The present consumption for trade purposes, and the outlook in consequence of new and enlarge(I works in the district, promises a substantial alilit:o:i to the revenue account. With these favorable prospects, your Directors look forward to a s'.eadily increasing; revenue. As the shareholders are aware, since tne last annual meeting, your Directors promoted a Hill in Parliament. This was flone mainly with the view (1) of increasing the Company's capital to meet the outlay, and such further outlays of capital as 1II;ht from time to time be necessary for enabling the Company to improve their works, and in- crease their means of supply (2) to execute such works as might enable the Company to increase their supply, and inprove its quality. This Bill, however, met with active hostility from a section of the shareholders, and was not proceeded with, in consequence of the necessary majority, under the Standing Order of Parliament, not being obtain- able to secure its approval at the Wharncliffe meeting. The ball nee to the credit of net revenue account after pa)ing interest on debentures and an interim dividend for the first half-year at the rate of six per cent, per annum is iolS lis 7d, out of which your Directors recommend that a dividend be declared fit the same rate as the interim dividend, viz., six per cent. per annum free of Income Tax. Your Directors, in common with many others, report with much r.gret the lamented death of Sir Watkin Williams Wynn, Bart., M.P., who had filled the position of Chairman of the Company since its formation, and at all time- evinced the deepest interest in all its affairs. Your Directors have filled up th-j vacancy by the election of Sir Watkin Williams Wynn, Bart., -M P., for the unexpired term of his predecessor. The Chairman said they had heard the report of the Directors read, and perhaps they would allow him to refer to the death of Sir, Watkin, and to express the great regret they felt at being deprived of his presence in the chair that day. (Hear, hear.) The loss to Denbighshire and Wrexham was very great, and he felt sure all would concur in the paragraph in the report which alluded to that event. (Hear, hear.) But in the midst of death they must attend to the affairs of the present. They had the report of the Directors before them, and in his own opinion he thought it was a very satisfactory one. With regard to the question of the income that had been received on their property, it was the more necessary to allude to the value of the property, since they might, he thought, have to enter into arrangements with a neighbouring Company with a view of making more business for themselves by the supply of water. (Hear, hear.) It might not be out of place to allude to the increase that had taken place in the revenue account. In 1883 they had, dealing with round figures, KIGOO of revenue. In 1884 they had £ 1700 of revenue, and in 18S5 they had 1:2000 gross revenue. Mr Brierley I suppose you go back to the be- ginning. The Chairman said Mr Brierley might go back as far as he pleased. If they looked into the net revenue account they found they had of net revenue in June, 1*83, 1:1,018 in June, 1884, and kl,409 in June, 1885. He begged to say that those figures to him were exceedingly satifactory, especially when they considered the circumstances which they had had to contend with in that neighbourhood in the depression iR trade, which unfortunately still existed, yet notwith- standing this they had a steady increase of income. He thought it spoke well for the state of the property of the Company, and showed that its managers had been faithful t) their interests. (Hear, hear.) It was the Directors' intention to move the adoption of the report. With regard to the Bill on which there was a difference of opinion amongst some of the shareholders. The object of that Bill was to acquire fresh capital and to increase the powers of the Company for the supply of water and the improve- ment of the property. As to that it was over, and they were then on the basis they were before. As regarded the demand for water supply which was constantly increasing, the Directors had made arrangements for the extension of the mains, upon which a return of ten per cent. would be paid. (Hear, hear.) The result of their working was to enable them to pay a dividend of six per cent., which was very satisfactory. (Hear, hear.) It had been said that they had not taken into account the existence of bad debts. That was not so. It was true that the arrears due by a certain work were likely to be a bad debt, but it had not been ascertained at the time the accounts for the half year closed. He referred to the late Vron Colliery Company, upon which Company they were creditors to the amount of £70, but supposing they did not get anything out of it, that was not a large liability for a company with a revenue of £ 2,040, and that on the increase. Suppose they found that the bad debts of the Company amounted to ilUO and they could not exceed that amount, they could surely be left over to the next year, when it was certain they could be wiped off. He mentioned this in consequence of the proceedings taken by one of their shareholders, and in order that they might see how the question was. It was not usual for the shareholders to depreciate the value of the property. (Cheers.)—[Mr Brierley Hear, hear.] He was glad Mr Brierley agreed with him. He had to announce that Mr Evan Morris, who had been one of the directors, and whose term of office expired that year, did not intend, although he was qualified, to offer himself for re-election, for he found that he could not spare the necessary time to devote to the duties of his office. He had therefore decided not to offer him- self for election again. Mr Sellers He said that at Christmas, but he didn't. The Chairman Mr Morris intends resigning his post as director. Mr Brierley That is very satisfactory. The Chairman (continuing) said it might be very satisfactory to Mr Morris, for he would be able to give time to more valuable and more remunerative duties, and he begged to say that as an able man of business he had met few who were better qualified to assist in the management of that Company. Mr Tudor Rogers It will be a great loss to the Company. (Hear, hear.) The Chairman (continuing) said in the place of Mr Morris it was intended to propose the name of Mr Fisher, who was a large shareholder and the owner of large property in the district. Perhaps he should state that it was his (the chairman's) intention to move the adoption of the report, together with a resolution declaring a dividend at six per cent. He would refer now to a matter which taken then might pave time. There were some shareholders whom he could not call shareholders of the Brymbo Company, for they appeared to come in the interests of the Wrexham Company. (Cheers.) Mr Sellers Haven't they paid for their shares ? The Chairman I suppose they have, but they act in the interests of the Wrexham Company. Mr Sellers: I don't know you have any right to call them as acting in the interests of the Wrexham Company. (Chair, chair.) The Chairman said they appeared to take a very extraordinary interest in trying to depreciate the value of this Company. (Cheers.) They were of opinion that the Brymbo and Wrexham Companies should be united. It was quite clear that this should be so in the interests of the locality, but to obtain such union it was necessary they must do it on fair .erms~(0ueers)—and those terms could not be "bt?inMt by depreciating the value of the Company, which had been done by some of their shareholder K(SVhaamlnep.) i It was his charge against the gentlemen who came before them that they had endeavoured to ùepreclae the value of the shareholders' property. Mr Brierley Come to facts. The Chairman said he would come to facts, and one was that they had circulated statements about the Company which were not true. He believed that lr Brierley had; with Mr William tellers, circulated certain matters to the shareholders in a circular. (Voices To some of them only.) That was the point, and they were sent to those whom they were the most likelv to iniKience. Where aid they send them from ? From the ofifces of the Wrexham Com- pany. (Laughter.) He recognised the handwriting on the envelopes, and he did not suppose his friend Mr Storr would deny his clerk's hand. These cir- culars were sent from the Wrexham Company's offices. Mr Brierley; Did you never send a circular from the Wrexham Company's offices ? The Chairman If I did the circulars I sent out were for the benefit of the Brymbo Company. (Cheers.) Here is a gentleman from Bak who told me he had received a circular from Mr John Brierley. I asked him to send it to the (Interruption by Mr Brierley.) Sir Theodore Martin (warmly) Theee interruptions are intolerable. Time U important to come of us at least. The Chairman (continuing) trusted Mr Brierley would only interrupt when necessary. In that cir- cular it was stated that the funds of the Company had been illegally used to keep the Bill of last Session alive. That was not correct. 'n -I- Drieriey 1 will prove it. The Chairman You caTinot. It is not true that £ 200 was paid, the R200 used was repaid. Mr Brierley: It was paid. Mr C. Giascodine These interruptions are exceed- ingly ru'e and vulgar. (Loud cheers.) The Chairn:an. continuing, said the circular con- ?nedthefoUowmg:On the 26th February a fftfj r the Wrexham Company was despatched to ito Brym?(, Co?Esny inquiring when it would be convenient to C") thoroughly into all matters necessary to -.n'f t:tto the resolutions for amalgamation i a-"ed hy the two Boards. It was not until May that a filial answer was stit from the Brymbo office in these words, 4 I am instructed to state that my directors are not prepared to join with the <vm- ,i,.itt.e named therein.' It was not to the committee that they objected, it was to Mr Brierley. The directors believed he was acting against the interests of the Brvmbo Company, and it was against him that thev objected. It was not against treating with the Wrexham directors they had objections, became they n..liov-l those centleinen were, with themseives, most anxious to meet in order to give effect to the common wish of both Companies. (Cheers.) It was stated that an application from the Wrexham Company to see the Brymbo Company's accounts had been refused. That was a misrepresentation. When they were told j that the Wrexham Company wished to see the accounts, they gave permission, upon the understand- in" that the Brymbo Company should also examine the Wrexham Company's books. This he thought they were quite as entitled to do as a solvent Com- j pany with a small capital, to make the necessary in- i quiries to secure a guarantee dividend. There had been no reply received from the Wrexham Company. The circular went on to say The above letter, dis- courteous to the neighbouring Company and con- temptuous towards you, reveals the fact that so long as your present directors have the power, no union can be effected." That was simply unfounded. There had always been a desire to meet the Wrexham directors and to amalgamate, but they did not think the right way to go about it was to depreciate the value of the Company. It was their duty to make the most of it. (Cheers.) Mr Glascodine: You would be very false to your position if you did not do so. The Chairman, continuing, said he trusted that in the interests of both Companies, steps would be taken to carry on the negociations. He beggtd in conclu- sion to move the adoption of the report. (Loud cheers.) Sir Theodore Martin, in seconding the adop- tion of the directors' report, said Mr Brierley had written a 'etter to a friend and client of his, Mr Richard Ellerton. He had the letter with him. It was to Mr Ellerton that he owed having had an interview with Mr Brierley, which, please God, would be the last he should ever have with that person—who came to him as a brother shareholder and asked him (Sir Theodore) to give him unreservedly his opinion as to the best policy for the Company to pursue. He did so, in entire reliance on the professed sincerity of Mr Brierley, who, as he left him thanked him for the perfect frankness with with which he had spoken to him as a brother share- holder, and then came down to Wrexham and attacked him at a public meeting in language the most offen- sive that could be used to any gentleman, much less to any professional man. (Hear, hear.) Mr Brierley accused him of having fostered animosities, of .1 having promoted bills not in the interest or tne com- pany, and of having only one desire to foment these animosities to put money in his pocket, and who then attempted to debase the holding he had, on the miser- able pretext that he had been paid as parliamentary atrent in shares. He was not the only member of his house. He was but a partner, and any account that was paid for in shares, he (Sir Theodore Martin) had to account for in sovereigns. Why did he take shares ? He took them because he thought he could assist the neighbourhood. (Cheers.) He had spent thousands in this part of the country with the ¡¡,¡me object where he had only received twenties for professional services. (V oices Quite true.) He had done all this to help that district. When they were making the Brymbo Works they came to him and asked him to help them. He said Yes, you shall be helped," and in the place of taking payment in money when the company was struggling, he took it in shares, and not only so, but subscribed for many hundred pounds of shares besides. He would mention another fact to show how little he was the kind of person Mr Brierley had represented. He learned that day that upon his shares he had paid a call of £ 00 twice over, and that it had been standing to his credit in their books for more than ten years. And yet Mr Brierley had thought fit to charge him with promoting antagonism to the Wrexham Company for the contemptible pur- pose of making professional profits! He had done with Mr Brierley, except as regarded the letter he wrote to his friend and client, Mr Ellerton. Mr Brierley said there, Two of your directors have openly and repeatedly declared there shall be no amalgamation so long as they have the power." Supposing two directors had so saii, it was of no consequence, for they were not a majority of the board. He had never heard such a declaration, but it had always been his opinion that it would be best for the district and to the interests of both com- panies that they should be consolidated, and that course was the one which common sense dictated. There are many reasons why this matter should be settled soon, and at the next meeting. The balance sheet is bad enough to those who understand it." Mr Ellerton understood it and he understood it as well as Mr Ellerton, and it did not dishearten him one jot. It was quite true they were at the end of their capital; and that would be very awkward if they had not got a growing revenue. Arrangements had been made for the extension of the Company's mains, but upon the oatlay they were guaranteed ten per cent. as interest. He should like to know what man in his senses would like to complain of that. (Applause.) He believed their property to be good and the returns increasing. It was one of the objects of the Bill of last session to provide for the creation of new capital. They wanted more capital, for they had more work to accomplish. He had nothing to do with sug- gesting the Bill he had done his best for it as the agent, although he did not approve of some of the proposals of the Bill as a shareholder. He told Mr Brierley so, and how nicely he had beei. rewarded for his frankness. The letter went on No money in the bank on the contrary they owe the bank £ 244." That was easily got over, for the money could be easily raised if the bank wanted it. Accounts which I know are bad have been brought forward for several years as good, although they know that not one farthing can be recovered." When he read that he was surprised, but he found on inquiry that a debt of about £70 was owing by a local coal and iron company, now in liquidation, but that it was not known whether anything would be paid. Well suppJsing they did not receive a farthinz, how would that effect the stability of the Company., The condition of the works is simply disgraceful." Mr Brierley was a shareholder and professed to be anxious to sell his Company, yet he was depreciating the whole thing as much as possible. (Cheers.) A mortgagee complained to me that he could not get his interest when due." He also was a mortgagee. He was thoroughly well satisfied if he got his interest in the month. In the case referred to by Mr Brierley, he was informed that a delay of two or three weeks was caused by a difficulty in obtaining a meeting of Directors. Such were the statements used for the purpose of getting Mr Ellerton's proxy. (Mr Brierley It is quite true.) They knew that a truth was all the more dangerous when it was half a lie. (loud cheers)—and it was so in that case. The six per cent. dividend is nothing more than a bait." (Mr Brierley It is true.) True ? How could it be true ? (Mr Brierley You have no money.) If the money was required it would soon be forthcoming, and yet that gentleman whom they never heard of until the last meeting, that gentleman who was a greater friend of the Wrexham Company than his own, brings a charge of what, if plain language were used, would be called swindling, and the person who brings this charge against honourable gentlemen is Mr John Brierley, bleacher, in the neighbourhood of Rochdale. The letter continues, "If this sort of management continues however can we expect favorable terms from the Wrexham Company. As a Brymbo share- holder I do not wish these matters to be brought before the public." (Laughter.) Yet Mr Brierley had done his best to make such matters public, and, in his letter to Mr Ellerton, he goes on to say further, but there seems no other way of rousing the shareholders to a sense of the danger their property is exposed to," and asked for his proxy. Mr Ellerton did not possess sufficient confidence in Mr Brierley, and the result was that he had sent a proxy in his (Sir Theodore's) favor, accompanied by a letter, in which he said that Mr Brierley was taking the very worst course possible in the interest of the Company, (Hear, hear.) That was Mr Ellerton's reply to a letter which he considered disgraceful. (So it is.) Mr j Brierley had no right to go behind his back to Mr Ellerton. Mr Ellerton had discussed these matters with him, but he is a man who thinks for himself. He had given his answer by voting' against Mr Brierley, whilst he (the speaker) represented Mr Ellerton, himself, and other share- holders, and he should second the motion of the chairman. It was his wish that the two Companies might join together, which course would be to the mutual benefit of each. Let each Company approach each other and make the necessary mutual disclosures. Let them do that, and he would use whatever influence he might possess in furthering that object. (Applause.) The course adopted by Mr Brierley was not calculated to attain that object, but to cause bitterness and antagonism between the two Companies. Let them instruct the directors to meet the Wrexham Company in a friendly spirit, and they might --st assured of the result. (Loud cheers.) Mr Brierley, in rising to move an amendment, said the letter he wrote to Mr Ellerton was a private letter, and that Sir Theodore Martin had said he had gone behind Sir Theodore's back in writing to Mr Ellerton. That was not the case. Mr Ellerton first wrote to him, and the private letter read by Sir Theodore Martin was the letter sent in reply. Sir Theodore Martin said Mr Brierley had gone behind his back to his client, and subsequently &ttacked him in a full meeting at a time when he was away and was unable to defend himself. The statement he had made to Mr Brierley, in the interests of the Brymbo Company, had been turned against himself in a personal attack. Mr Brierley (continuing) denied going behind Sir iheoaore's back. Sir Theodore was going to guarantee the action of the Brymbo directors. Why did he not guarantee it before the Bill was introduced It was   being employed as the Parliamentary agenT of thr Bill. e Ch&1rman That ? not justified by bet. ^fir ■ TheGdore: That is not true. ^-nk y();lr cha;acter Sir T.??. can ssttaanndd T aagPK^inn^st f this (Loud cheers.) JShftiSf t" objected to Sir Theodore 6&ving use hIs letter, whICh he said was a private one. SIr Th7odore: It was not murked private. ?" y St private Otters be marked prkat Sir Theodore: Decidedly Mr Brierley, continuing, said the Chairman and Sh Theodore had referred to the practice of bringing for- wsrd bad debts as good ones, and alkded to the Vron I cibt. I A long conversation followed upon it. It was stated that the amount of the debt was £ "70 lis 4d and that the auditors on August 7th had called the attentiGn of the Directors to It, stating tint unless -teps were taken with regard to it they would be com- pelled to write it across the face of the accounts. A letter from the Directors stating that the matter should have their attention was also read, and the subject dropped. Mr Brierley, referring to the six per cent. dividend, 6Md that was delusive, and was nothing but a bait, An examination of the accounts would show that they had not got the money. Mr Glaicodine The account can come in the next year, t Mr Brierley You don't st-cin to know anything about it. Mr Glascodine Don't 1. It is qllit easy to run the amount into the next year. I am perfectly satisfied with the property. (Hear, hear.) Mr Brierley Fai(i he intended to move an amend- ment, which was that the report of the Directors be referred back to them for re-consideration, but that the resolution relating to the dividend be passed. (Loud laughter.) Mr W. Sellers seconded the motion, and referred to Chairman not having answered certain questions the which he promised to do. 'I 'I The Chairman sail he was at a loss to Know wnat the questions were. Mr Overton, in the course of a few remarks, de- fended the Wrexham Water Company, and said the I reason why no reply had been sent to the Brymbo Company in reply to the application for an examina- tion of their account was the Wrexham Directors con- siderjd the matter hardly worthy of notice after the want of courtesy shown by the Brymho Company. The Chairman said no discourtesy had been shown the Wrexham Company. After further discussion the motion was put, when the amendment was lost by a large majority. Mr Brierley demanded a poll of the shareholders, which was taken. Mr F. Storr acting for Mr Brierley, and Mr Harrop for the Chairman. The voting was- for the motion 510, for the amendment 343. The result was received with loud cheers. The Chairman trusted the division would be con- clusive, and that no further voting would be taken. Sir Theod Ire Martin then rose to propose the re- election of Mr Robertson as Chairman, whom he eulogised as an excellent chairman and practical man of business. Mr Overton seconded the motion, which was unani- mously agreed to. Mr Simon Jones moved That Mr Wm. Fisher be elected a director of the Company," and said that he thought it might be necessary for the information of some of the shareholders, to state that Mr Fisher had succeeded to the interests of the late Mr Plant in this Company, he was a gentleman cf extensive com- mercial experience, and was a proprietor of some iron. works in the centre of the field cove ed by the Com- pany's works. Having in view the future amicable arrangements with the Wrexham Water Company, he (the speaker) considered it to be a sine qua non that the person whom they added to that directorate at the present time, should be a gentleman whose judgment was unbiased ar.d whose feelings were unruffled by past proceedings in that room. (Cheers.) Mr Fisher, he believed, fulfilled those qualifications. (Yes.) He would only make one other remark, and that was. that it turned out that what threatened to be for evil had by some power been over-ruled for good, because in the course of the discussion fact had been biought out to show that the position of the Brymbo Water Company was much sounder than many of them had conceived it to be. In fact the position of the Company was such, that with a rapidly increasing nopulation and large industries to supply with water, the directors would use their best discretion and sell in the dearest market. (Cheers.) Mr Tudor Rogers seconded the motion, which was agreed to Mr Merchant was re-elected auditor on the motion of Mr Dennis, seconded by Mr Begg. Mr C. Glascodine moved a vote of thanks to the Directors, and that the sum of 1:60 be granted them for their services. He believed even Mr Brierley would agree that the sum was small enough, and he thought it should be more. The laborer was worthy of his hire, so he begged to propose the resolution. Mr Gibbon seconded the motion, which was also unanimously uassed. Mr C. W. Parsonage proposed, and Mr R. V. Kyrke seconded, a vote of thanks to the chairman. The Chairman, in reply, said his interest in the Company as a shareholder was not great, but it was very large as a consumer. He had taken shires for the benefit of the neighbourhood, and he believed that the demand for water was largely on the increase. He believed the Steel Works would increase and take more water, and the enlarged demand of the district would require the resources of the Wrexham and Brymbo Companies to supply them. This concluded the business, and the meeting separated.

TRYDDYN FLOWER SHOW. I

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