The Rhondda Leader

KINSEY & Co's. Delicious Teas MAKE TEA-TIME A PLEASURE 1/4,1/6, 1/8, & 2/- PER I LB. DUNRAVEN ST., TONYPANDY also at PANDY SQUI-RE. %;w)

South Wales Markets. I [From A. Mitchelson & Co.. Stock- brokers, Cardiff and Swansea.] Local markets are a little dull, but quotations, on the whole, are fairly well maintained. The Railway market is still the most active, but there has been a little n.ore doing in Coal and Iron shares. In Rails, Barry Deferred nas been done as high as 84, but has since reacted slightly to 83—84. Taff is also easier at 72-? 731. This stock has been lacking in strength for some time past. There has been a little doing in Rhymney Un- divided at between the quotation, also in the Deferred at round about 911. Port TaVbots are quiet at 19|—19f, but are quite steady. In prior-charge securities, Alexandra B" has improved to 804- 84?. but Brecon Preferences are still on offer, the Fourth having been marked down to 37-39. Brecon B" Deben- ture is also lower at 82-84. and vale of Glamorgan Debenture has fallen to 71- 73. v V In Bank shares, the feature is the weak- ness in London and Provincial New. which have been marked down to '—h addi- tional premium. There is no feature in Gas and Water or Brewery shares. lotli classes are firm and shares appear to be very well held. Coal and Iron shares are somewhat ir- regular, but on the whole the market in these is a steady one. T'here has been a little doing in Albion Preference at 7i', and Burnyeat Browns are quiet at 48s.— 49s. Cambrian Ordinary are wanted and the Preference continue to change hands round about 21s. 6d D. Davis and Soms are steady at 27s. fid.—28s. (xl., but the New are not better than lis.—Us. 6d. Duffryn Rhonddas are still offered, and Ebbw Vales are a shade easier at round about 8f. Glamorgan Ordinary are changing hands in a small way at 36s. 3d., and the Preferences between 22s.—22s. 6d. Great Western B" are a firm spot, business having been done as high as 7-1. Internationals are one of the weakest shares in the market, the quota- tion having been marked down to 5-5:}. Locket ivlerthyr Ordinary have changed hands at 5J. the Second Preference at 6t. and the Debentures at 94J. Mains and Rhymney Irons are both offered and have been marked down. There has been a transaction in Newport Abercarns Ordi- nary at 5i, and Norths are a little easier round about 5f. Powell Duffryns have eased off to 51s. 6d.—52s. 6d. and Tre- degar "A to 19s. 6d.—20s. In un- quoted securities, Fernhill Ordinary are steady at 31s. —32s., and the Preference at 21,s.-21s. 6d. United Nationals are 25--25-}. Ocean Wilsons Ordinary have been changing hands between 9J—9f. In Dock and Shipping there has been I a little business in Channels round 18s. 6d. in Mount Stuarts Preferred at Sh and in the Deferred between 5 43 and 6. Both Hills and Cardiff Junction Dry Docks are enquired for, but there do not appear to be any sellers of these in the market. Mordey Careys are about 2s. 6d. —3s. 6d., with a weak appearance. Ship- ping shares generally are steady, but per- haps not quite so active. Tatems are 27s. 6d.—28s. Gel., W. and C. T. Jones are 14s.-15s., Fields Lines are 12s.-138., and Hains 10' bid. Furness Withvs have been up to 37s., but have eased off to 35s. in company with the general dulness. In Miscellaneous, Moss Empires Ordi- nary are weak at 3H. Cardiff Ice have been rather active round 12i-12¡.. Thomas Stevens Ordinary have been done in a small way at 29s., and there has also been a transaction or two in John Blands at between 16s. 6d. 17s. Barry Deferred.—Since we last drew attention to this Stock, the price has risen substantially to the present level of 83t to 84. It is still, however, far below what the positron intrinsically war- rants. There appears to be no limit to the phenomenal traffic increases, and the aggregate increase' for the 21 expired weeks of the half-year is nearly £ 60,000. Without any further increases to the end of the half-year, the Company will be in a position to pay 10 per cent. on the Ordinary Stock, place to reserve a sum equal to three times the usual amount, and carry forward a substantial balance. This would mean 6 per cent. on the Deferred Stock, which at current price would give a yield of over 7 per cent. There can -be little doubt that the quota- tion will find its way to the neighbour- hood of 95 and possibly par, and we con- sider a purchase in every way to be com- mended. Glasgow and South Western Railway Deferred Stock at 43t to 44 per cent. is -1 to 44 per c?ent. is also a very attractive purchase. The railway is making excellent headway, and the dividends have been progressive for several years. For the year to July 31st last. 2f per cent. was paid., and traffics have so much improved that 3 per cent. for the current year may be reasonably expected. This would give a yield, on the current price, of nearly 7 per cent., and the stock should, we think, be bought for a rise of from 5 to 10 points.

London City and Midland Bank, Limited. We are informed that Mr. David i Davies. M.P., of Llandinam. Montgomery- shire, has been elected a director of the 1 London City and Midland Bank, Ltd.

Sale of Work at Wattstown. On Thursday last, the sale of work of the St. Thomas' Mission Church, Watts- town, Sewing Guild took place at the Workmen's Institute, Wattstown. The proceedings were opened in an excellent speech by Mrs. Hugh Watts, of Newport, who was accompanied by Miss Watts. There were also present Mrs. Evans- Davies (The Vicarage), Rev. J. LI. Davies, B.A., Mrs. Edmund James, Mrs. Lougher and Miss Lougher, and others. Miss Dorothy Jones rendered a solo. A vote of thanks was accorded Mrs. Watts, pro- posed by Mr. Fred Wiltshire, and secon- ded by Mr. Horler. The stalls and other departments were successfully presided over as follows: Drapery: Mrs. Evan Morgan, Mrs. Row- lands, and Mrs. Cross. Sweets: Miss t. Rowlands and Miss Mabel Kent. Crockery: Miss Ada Preece and Mrs. Horler. Art Gallery: Mr. Gilbert Cross. Wheel of Fortune: Mr. Fred Wiltshire and Mr. J. Manning. Shooting Range: Mr. Albert Clapp and Mr. W. Kent. Bran Tubs: Mrs. Evans. Tea Room: Miss Wiltshire, Mrs. Evans, and Miss Hunt, with Mrs. Ralph, Mrs. Hancock, Mrs. Bateman, Mrs. Thorne, Miss Phyllis Hudd and Miss Elsie Preece as helpers. Assisting in general directions were: Mrs. J. Ll. Davies, Mrs. George Watts, Mr. Horler, Mr. Beckerton, Mr. Bateman, Mrs ixorley, Miss Dorothy Jones. Mrs. Clapp, and Mrs. Leadbea-ter. Gramo- phone selections were given during the proceedings under the direction of Mr. Frank Jones and there was also a palmist pre-nt- Tóoo ?S??s believed th?. ,the effo|^<^thr workers have resu??\:4R??I???.?:- nnancial result. ? v

= The British Life Office, Limited- The decade 1890-1900 was by no meams prolific of new life assurance eompMMs. Those founded in that period could, in point of fact, be counted on the fifcgers of one hand,-we believe. Hence a com- pany which, as was the case with the British Life Office, entered the field in the period referred to, and at the present time shows every evidence of being firmly established—that happy position has, un- fortunately, been withheld from one or two contemporary foundatiom-is worthy of special notice, even though its figures are not yet of the proportions which call for the adjectives employed when dealing most of the companies which have been before the public for fifty or, per- il aps, even a hundred years. The British Life Office is something more Luan the usual type of life assur- ance company. One of its leading features is to aaord facilities for the purchase by its members of the house they reside in, and exiceptional success has been attained in this direction. The reason for this is not far to seek. From the outset the Company has been in the enjoyment of adequate financial resources, and vrould-be, borrowers have not had to submit to annoying procrastinationaTv tactics when applying for loans. Proof of this will appear hereafter when we come to deal with the Company's bond investment and endowment certificate statistics. As re- gards the life assurance business proper, there has been nothing in the shape of fotcing operations indulged in, and the outcome of this policy is; that while the business on the books is not of great magnitude, it safeguarded by accumu- lated funds which bear a proportian to the normal annual premium income quite unusually large for a company only in its sixteenth year. Coming to the operations of the past year, the amoUtrU of the new assurances showed a substantial increase as com- pared with the previous year's figures, and the net premium income also ad- vanced. There was a small increase in the expense ratio, based on the usual comparison of management expenses and commission to premium income, but as the addition to the funds in this branch, after making provision for claims by death and maturity to the amount of JE849 and surrenders for a further sum of JE480. was no less than a,340, or con- siderably more than 75 per oent. of the net life premium income, it must be con- ceded that the streitgtheDÏag of the foun- dations of the Company, which is of the utmost important*; in its earlier stages, is proceeding apaoe so far as the life assurance operations are concerned. The operations intimately associated with the purchase of house or snop pro- perty continues to develop. In the past year tue income from this branch of the business was £14,612, this sum including £ 2,744 of interest earnings. The pre- miums in this branch amounted to Ell.923, and the sum the directors actually advanced to 66 borrowers was £ 17,237. which emphasises the point inci- dentally referred to above that the British Life Office has always had re- sources other than collectible premiums, available for making advances to those who are desirous of becoming owners of the houses in which they reside, or shops in which' they carry on their business. In this department equally with that solely concerned with the life assurance business, the funds last year exhibited a gratifying buoyancy by rising from £ 58,873, at which figure the funds stood when the year commenced, to 263,242 at its close. To further illustrate the firm root the British Life Office has taken it may be mentioned that to the end of 1911, 780 policy-holders had been enabled to ac- quire their own homes through the facilities offered by the Company—the total sums advanced amounting to £ 222,396. A great many of these borrowers have now paid off the amount of the advance made them, but all these, as also the 559 borrowers representing advances amounting to £141,349 who are still indebted to the Company, will we take it give their friendly recommen- dation to the office wherever possible, and this should be a present and prospective asset of no inconsiderable value. At the commencement the Company cultivated annuity business, but it has not apparently done much in this con- nection during the past two or three years. The funds ear-marked for this particular branch of the operations are, however, considerable, amounting alto- gether to £ 54,527. These funds, as also those associated with the life branch, earned interest at the rate of d64 lis. lid. per cent. after deduction of tax. and this is a point where the Company scores, and which goes far to compensate for the higher ratio of expenses a comparatively new office invariably exhibits as com- pared with one founded many years ago. The balance sheet of the British Life Office sets forth assets amounting in all to £ 177,483, and the shareholders' capi- tal paid up is £ 25.000 only, on which a modest dividend at the rate of 3 per cent., free of income tax, was paid on account of the operations of the past year. At the outset of this brief notice we intimated that the British Life Office had, in the fifteen years it had been at work firmly fixed its foundations. The two sets of figures just quoted prove this gratifying fact up to the hilt. For full particulars of the British Life Company's policies. &c. apply to Mr. T. Morgan, district manager. 22. Cemetery Road. Treorchy; or to District Superin- tendent, 37, Eleanor Street, Tonypandy.

On, MaKenzi6ls BACKACHE and KIDNEY PILLS For the Cure of all KIDNEY and LIVER TROUBLES. 11- per Box. Sole Agent—40HN DAVIES The Cash Chemist, TON YPANDY..