Cargo Fleet Iron Co. Ltd.

Registered in 1883

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 – January 29, 1883, and owns works comprising three blast furnaces, coke ovens, bye-products recovery plant, finishing mills, steel works and freehold land, total area about 198 acres, situate near South Bank Station, Middlesbrough, on the south aide of the River Tees. A large interest in the share capital of the Wingate Coal Co., Ltd., has been acquired.

Capital – £1,000,000, in shares of £1 each; all the shares are issued and fully paid.

Debentures – £246,500 four and half percent. first mortgage in bonds of £100 each, balance outstanding of £500,000, £370,000 of which were offered for public subscription in May, 1905, at 92 per cent.; they were issued to bearer, but may be registered at any time; the Weardale Steel Coal and Coke Co., Ltd., guarantee the interest and the redemption of £12,500 yearly, commencing January 1, 1907, until all are redeemed at £105 per cent. by drawings or by purchase in the open market for cancelment at or under the same price; in addition to redemption or purchase of £12,500 annually, the company, out of profits remaining in any year after payment of a dividend of 6 per cent, for such year upon shares, carries to a special fund an amount not exceeding in any one year £12,500, to he applied in further redemption or purchase; the company may pay off all at £105 on six months notice at any time.

£500,000 six per cent. A debenture in bonds of £10 each were offered to shareholders for subscription at par in April, 1907, redeemable at 5 per cent, premium after January 1, 1925, or by purchase at or below that price before that date; £3,500 have been redeemed, leaving £496,500 outstanding. Interest is payable January 1 and July 1.

Dividends – 1904-5, 5 per cent.; 1905-6, 5 per cent.; 1906-7 to 1912-13, nil; 1913-14, 2½ per cent.; 1914-15, 5 per cent.; 1915-16, 5 per cent.; 1916-17, 5 per cent.; 1917-18, 5 per cent.; 1918-19, 5 per cent.; 1919-20, 5 per cent.; 1920-21, 5 per cent. psid December 31, 1921; 1921-22, nil; 1922-23, nil.

Accounts – For two years ended September 30, 1923, submitted in Middlesbrough November 28, 1923, there was a profit of £191,961, making with balance forward a sum of £344,806; debenture interest absorbed £82,156, and £60,000 was written off depreciation, leaving £202,650 carried forward: cash £58, 878, Government securities £50,216, debtors £226,466, stock in trade £230,855, works, plant and invested in connected companies £2,010,225; creditors £373,743. Reserve £150,000. Provision for renewals, re-linings and deferred repairs £97,028.

The shares and debentures are quoted in the Official List. Transfer form common; fee, 2s. 6d. Voting power, one vote for each share. Latest price, ord. 15s. 4½d ; debs., £4 7/8.

Source: Mining Manual & Mining Year Book for 1924