Consett Iron Co. Ltd.

Registered in 1864

Warning: This is not intended to be an exhaustive history of the company, but an indication of the changes of ownership and the links between companies and directors in those companies. Only collieries, pits etc. in the North of England are shown - the company may own other properties etc. outside this area and there may have been other changes of ownership etc. for which we currently do not have details.

Registered – April 4, 1864, and owns the Chopwell, Garesfield, Langley Park, Victory, and other collieries in the county of Durham, limestone quarries near Stanhope (acquired in 1900), and iron and steel works at Consett. Coke-washing and by-product plants are erected at Templetown and Langley Park Colliery and new by-product plant known as the Fell Coke Works commenced operations in January, 1924. Two steamers have been purchased in order to secure the necessary and regular supply of ore to the blast furnaces. In conjunction with Guest, Keen & Nettlefolds, Ltd., the company has acquired a large interest in the Onconara Iron Ore Co., Ltd., owning iron ore properties in Spain.

Capital – £3,500,000, divided into 500,000 eight per cent, cumulative preference shares and 3,000,000 ordinary shares of £1 each. All the shares are issued and fully paid.

The capital was originally £400,000 in £10 shares, but was increased by various amounts in 1866, 1872, 1880 and 1886, and finally in November, 1890, from £1,000,000 to £1,500,000 by the creation of 100,000 preference shares of £5 each, which were offered share for share to the ordinary shareholders in December, 1890. The priority of these shares appiles to dividends only and not to capital. Of the ordinary shares only 73,600 were issued up to August, 1886, when 24,533 new shares were issued in the proportion of one new to every three old shares held, the new shares ranking for dividends pro rata with the old. The remaining 1,867 new shares were disposed of by auction on the 22nd November, 1890, realising a premium of £43,048 2s. 6d. On the 31st March, 1882, the paid-up capital was reduced by returning to the shareholders the sum of £8,355, being money paid in advance of calls. (This repayment was made out of profits.) In August. 1913, each ordinary share of £10 having £7 10s. paid was divided into 10 shares of £1 having 15s. paid and a bonus of 5s. per share was declared in order to meet call for a like amount, thus making the shares fully paid; at the same time the preference shares were sub-divided into £1 shares. Increased from £1,500,000 to present amount in September, 1919, by creation of a further 2,000,000 ordinary shares, which were alloted as fully paid out of undivided profits to holders of ordinary shares in the proportion of two or every one ordinary held.

First Debenture Stock – In May, 1922, £1,500,000, part of £2,500,000, was offered for public subscription at 99 per cent., repayable July 1, 1962, by annual drawings at par, commencing July 1, 1933, but the company reserves the right to pay off the whole or any of the debenture stock for the time being outstanding at 102 per cent. at any time after July 1, 1933. The company also reserves the right to purchase debenture stock at any time in the open market. Interest is payable July 1 and January 1.

Dividends – Paid half-yearly in January and July (free of tax). The following distributions have been made on ordinary shares since 1912-13 :—

1913-14	30	per cent.	1917-18	40	per cent.	1921-22	4	per cent
1914-15	12½	,,	1918-19	35	,,	1922-23	5
1915-16	50	,,	1919-20	12½	,,	(nine months).
1916-17	40	,,	1920-21	10	,,	1923-24 (interim)	2½

Accounts – For nine months ended March 31, 1923, submitted in Newcastle June 28, 1923, there was a profit of £187,036, making with balance forward a sum of £207,706; dividends (pref. and ord.) absorbed £142,500, written off special expenditure £4,319, debenture issue expenses £30,789, leaving £30,097 carried forward. Reserves £1,015,150.

Transfer form, common; fee, 2s. 6d. Voting power, one vote for every share. The debentures and shares are quoted in the Official List. Latest price, ord. 26s. 4½d.; pref., 26s. 1½d. debs., 102.

Source: Mining Manual & Mining Year Book for 1924

1936 - Advert from Durham Year Book (1936)
Source: Durham Year Book 1936