Walter Scott Ltd.

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 – December 4, 1900, to acquire the business of Walter Scott, Ltd., and the Leeds Steel Works, Ltd. The properties comprise among others the Leeds Steelworks and adjoining Ironworks, covering 25 acres freehold, in the city of Leeds; a leasehold interest in the Leeds Phosphate Works, and all the share capital of the company operating the works, East Hetton Colliery, 14 miles from Hartlepool, Trimdon Grange Colliery, 10½ miles from Hartlepool, and Trimdon Colliery, 10½ miles from Hartlepool. The purchase consideration was £850,000, payable in cash.

Capital – £575,000, in 300,000 six per cent, cumulative preference and 275,000 ordinary shares of £1 each; all the shares are issued and fully paid. In December, 1900, one-half of the preference and ordinary shares and £150,000 debenture stock were offered for public subscription. The preference shares rank as to dividend and capital in priority to the ordinary, but have no right to vote on general business or administration.

Four per cent. Perpetual First Mortgage Debenture Stock – £300,000, secured by trust deed, and in the event of voluntary winding up is repayable at 110 per cent.; interest payable July 1 and January 1; transferable in multiples of £1; the company has power to buy stock in the open market for cancelment.

Dividends (on ordinary shares) – For period to June 30, 1901, 1s. 9d. per share; for year 1901-2, 12½ per cent.; for 1902-3, 9 per cent.; 1903-4, 5 per cent.; 1904-5, nil; 1905-6, 5 per cent.; 1906-7, 7½ per cent.; 1907-8, 6 percent.; 1908-9 to 1911-12, nil; 1912-13, 10 per cent.; 1913-14, 5 per cent,; ; 1914-15, 7½ per cent.; 1915-16, 15 percent.; 1916-17, 15 per cent.; 1917-18, 15 per cent.; 1918-19, 12½ per cent.; 1919-20, 12½ per cent.; 1920-21, 7½ cent.; 1921-22, nil; 1922-23, 2½ per cent.

Accounts – For year ended June 30, 1923, submitted in Newcastle August 29, 1923, there was a profit of £82,174. making with balance forward a sum of £84,400; debenture interest absorbed £12,000, dividends £42,875, directors' fees £2,500, to special reserve £7,531, to general reserve £14,400, leaving £5,094 carried forward. Special reserve £186,828 ; general reserve £260,847.

Transfer form, common; fee, 2s. 6d. Voting power, one vote per share, but preference shareholders only vote under certain circumstances. Latest price, ord., 15s. 3d.; pref., 16s. 6d. ; deb's., 62½.

Source: Mining Manual & Mining Year Book for 1924