Dorman, Long & Co. Ltd.

Registered in 1889

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 – November 2, 1889, to take over the business of a firm of same name, manufacturers of iron and steel bars, constructional steel, &c. In April, 1923, the following subsidiary companies were absorbed, viz., Bell Brothers, Ltd., Sir B. Samuelson & Co., Ltd, Carlton Iron Co., Ltd., and North Eastern Steel Co., Ltd. In addition the company owns half-interest in Wade & Dorman, Ltd., Braithwaite & Co., Engineers, Ltd., British Structural Steel Co., Ltd, and Pearson and Dorman, Long, Ltd. The works are situated in and near Middlesbrough and consist of coke ovens and by-product plants, blast furnaces, steel works and constructional shops. The collieries are situate in the southern part of Durham, within a short distance by rail from the ironworks. The ironstone is obtained from mines in the Cleveland District of Yorkshire and in Northamptonshire. The steel works have an output capacity of 900,000 tons finished steel per annum. The coal reserves of the combined properties are estimated at 187,000,000 tons and the iron ore reserves at 53,000,000 tons.

Capital – £8,050,000, in 1,500,000 eight per cent, non-cumulative preferred ordinary shares, 550,000 six per cent cumulative preference shares and 6,000,000 ordinary shares of £1 each; all the eight per cent, preferred and ordinary and 518,056 six per cent, preference shares are issued and fully paid. In May, 1918, 1,500,000 preferred ordinary shares were issued at par, and in March, 1919, 1,500,000 ordinary shares were issued at par. In April, 1920, 3,000,000 ordinary shares were created and issued at par, and in April, 1923, 550,000 six per cent. cumulative preference shares were created and offered to holders of Bell Brothers, Ltd., preference shares on the basis of £110 for £100 held.

Four per cent. First Mortgage Perpetual Debenture Stock – £400,000 issued in April, 1900, at par. In the event of liquidation the stock is to he paid off at the average selling price for the three years preceding the liquidation, but at not less than 105 per cent. The company holds £70,140 of this stock. Interest payable January 1 and July 1.

Five-and-half per cent. First Mortgage Redeemable Debenture Stock – £3,500,000, offered for sale in April, 1923, at 95 per cent., redeemable at par on or before May 1, 1963, by an annual cumulative sinking fund commencing in 1924, and operating by purchase in the market at or below par, plus accrued interest or by annual drawings at par. The company reserves the right to the stock as a whole at 102 per cent., plus accrued interest, on or after May 1, 1943, on not less than three months’ notice. Interest payable May land November 1.

Dividends – The preference dividends are paid to date. Since 1911-12 the following distributions have been made on the ordinary shares :— For 1912-13, 8½ per cent.; 1913-14, 7½ percent.; 1914-15, 13 per cent.; 1915-16, 14 per cent.; 1916-17, 8 per cent. (free of tax) and a bonus of one new share for every 5¼ shares by capitalising £240,406 of the general reserve fund; 1917-18, 14 per cent. (free of tax); 1918-19, 12 per cent. (free of tax), including a bonus of 4 percent.; 1919-20, 10 per cent. (free of tax), including a bonus of 2 per cent.; 1920-21, 5 per cent. (free of tax); 1921-22 and 1922-23, nil.

Accounts – For the year ended September 30. 1923, submitted in Middlesbrough December 21, 1923. there was a profit of £275,454, making with balance forward a sum of £476,627; debenture interest absorbed £88,189, preference dividend £132,771, to general reserve £50,000, directors’ fees £3,000, leaving £202,657 carried forward. Reserve £700,664.

Transfer form, common; fee, 1s. per deed for shares, 2s. 6d. for debenture stock. Voting power, one vote for each ordinary share. The debentures and shares are quoted in the Official List. Latest price, 5½ per cent. debs., 97¾ 6 per cent. pref., 20s. 8 per cent. pref., 20s.; ord.. 14s. 1½d.

Source: Mining Manual & Mining Year Book for 1924

In 1923 Dorman, Long & Co., by the consolidation of their subsidiary companies, took over the entire properties and plant of Bell Bros., Ltd., The North Eastern Steel Co. Ltd., and Sir B. Samuelson & Co. Ltd., of Middlesbrough, and The Carlton Iron Co. Ltd., Ferryhill, Co. Durham. In 1929 Dorman, Long & Co. Ltd., amalgamated with Bolckow, Vaughan & Co. Ltd., and the output capacity of the combined undertaking is now 1,750,000 tons of finished steel per annum. Acquired the undertakings of the Bowesfield Steel Co. Ltd., in 1938 and The Upton Colliery Co. Ltd., in 1939.

Source: 1940 Colliery Year Book and Coal Trades Directory. Published by The Louis Cassier Co. Ltd., from a copy held in the Scottish Mining Museum, Newtongrange, Midlothian.