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FINANCE - GSSR

See also:
The Granada Railway
The Hornillo Company
The Bacares Iron Ore Mines

Edmund Sykes Hett won the bid at auction for the concession to build the line by depositing 601,642 pesetas in the treasury (£2,500,000 at today's rates) and being the only bidder! Presumably he recovered this sum when The GSSR was formed.

The original shareholders on the 17th December 1885 each had 100 £100 shares. They were:

David Davies
Thomas Webb, Cardiff - Colliery Proprietor.
Edward Kier Hett.
W. Goodwin Barnes - shipowner.
Robert Mercer.
Perry Fairfax Nursey.
Alfred Fernandez Yarrow.

The shareholders on the 28th February 1888 were as follows:

NAMECAPITAL (£)APPROX. VALUE
TODAY
PER CENT
Edmund Sykes Hett.52,5007,000,00011.9
David Cooper Scott.39,8005,500,0009.0
Charles Morrison.31,1204,100,0007.0
Hett, Maylor & Co. Ltd.30,5004,000,0006.9
Henry Herbert Hett.30,0003,900,0006.8
Frederick John Yarrow.30,0003,900,0006.8
A.S. Harvey.17,0002,300,0003.8
National Provincial Bank of England.16,0002,100,0003.6
Alexander Henderson (possibly A Henderson).14,5501,900,0003.3
The Mercantiles Investment & General Trust.10,0001,300,0002.3
C.H. Hillingdon.8,7501,200,0002.0
William Rodger.8,5001,200,0001.9
E.A. Hoare.8,0001,100,0001.8
J. Leighton.8,0001,100,0001.8
L.C. Scott.7,000950,0001.6
J. Guthrie.6,000800,0001.4
D.S. Baker.5,000700,0001.1
A.J. Frost.5,000700,0001.1
George Higgins (possibly George Higgin).5,000700,0001.1
T.M. Keywood.5,000700,0001.1
97 small stockholders.104,81214,000,00023.7
TOTAL442,53258,000,000100.0

Presumably, the above table lists only ordinary shareholders and not debenture or mortgage stock, as the total raised was £1,704,000 (see below).

The Spanish government subsidy for the construction of the line was 13,309,914 pesetas, the budget being 60,164,380 pesetas. The Spanish government did not offer any financial support for the running of the railway, so there must have been a huge leap of faith that the railway would make sufficient profits to cover the difference. The subsidy worked out at approximately £370,000 per mile at today's rates.

The GSSR subcontracted to Hett, Maylor & Co Ltd for the sum of £2,089,184 for the construction of the 299 kilometres of line, payment to be made on completion.

The GSSR initially raised £1,704,000 on the stock exchange rising to £1,896,126 in 1892.

Many towns and villages along the route offered to subsidize the construction eg Lorca offered to pay 100,000 pesetas (£3,184) anually over 20 years. There is no evidence that that ever actually happened.

Hett, Maylor declared bankruptcy on 11th August 1890, creating enormous financial problems for The GSSR, who had to take up the responsibility of finishing the works. Did The GSSR have to pay Hett, Maylor a proportion of the sum of £2,089,184 for works already finished? The agreement was payment on termination of ALL works.

Table of accounts

DESCRIPTIONAMOUNT PESETASAMOUNT POUNDSPOUNDS TODAY'S RATE
Approx.
Spanish subsidy13,309,914532,40069,000,000
Budget (estimated)60,164,3802,406,575312,000,000
Contracted to HM65,000,0002,089,184270,845,785
Difference between budget and subsidy46,854,4661,874,575250,000,000
Stock (1892)59,538,3561,896,126245,817,379
Budget per km (mile)201,212 (321,950)8,048 (12,878)1,043,358 (1,669,528)
Subsidy per km (mile)44,515 (71,224)1,780 (2,850)230,762 (369,479)
Difference between budget and subsidy km (mile)156,697 (250,726)6,268 (10,028)812,595 (1,300,048)

NOTE: figures in italics are approximations as it is difficult to know which exchange rate was in use at the time. It seems that the Stock Exchange was using 25/1 whereas The GSSR was using 31.4/1. The figures above probably explain why Edmund Sykes Hett was the only bidder. Also, it has to be said that the 'Budget' was also grossly underestimated (Other Spanish railways had cost on average £20,360 per mile, the GSSR estimate being £14,000 per mile in the most geologically and geotechnically difficult area on the peninsula).

There were two re-organizations of the company. The comments by the head of the company's commercial department, Miguel Lloret Baldó are reproduced below:

1894

"In the Annual General Meeting of the company on the 27th July 1894, which was the ninth AGM, it was agreed that there should be a reorganization.

On this date there were declared the following issues:

Bonds of 1º Mortgage at 6% £447,772

Obligations at 6% £943,000

Debenture loan £152,000 including interest accrued.

Additionally, there were law suits which also hadn't been settled amounting to some £588,000. The project for the reorganization of the Company was as follows:

1º: To trade the bonds for 6% of 1º obligations. Mortgage at 5% same quantity.

2º: Substitute the obligations at 6% for others at 5% called bonds of variable interest, being variable interest on the profits of the operation of the line.

3º: The debenture loan to be changed to obligations for the 1º Mortgage.

In this way, they received investments against the first wave of bad luck experienced by the Company, however, the holders of the 6% bonds now had 5% bonds and the obligation owners had mortgages at 6% and had to understand that they would have to lose their right to a mortgage and 1% of their interest, now not fixed but variable - SO variable!! Additionally, some others lost the accrued interest to date. The project was presented to the highest tribunals in London, and after many meetings with shareholders during 1894, the reorganization was approved in the November."

1904

"The Extraordinary General Meeting held in London on the 14th June 1904 was to present to shareholders, creditors and other interested parties the following project, whose terms were accepted and put into action. The payment of £200,000 of Mortgage Stock obligations at 6%. The sum of £599,772 of Special Debenture Loans, the exchange for the same value of Obligations of Variable Revenue at 5% accrued of that which had increased to the respectable value of £239,909, which were satisfied with the input of £119,955 in the same class of Obligations of Variable Revenue, plus £119,954 in shares: in other words, in place of crediting the Company said interests, to pay the creditors their amounts, half of the obligations, and the rest in shares. The obligations came to £1,002,952, and the Funding Certificates to £72,223, which they exchanged for 50% of their nominal value to shares. The preferred shares, that were worth £250,000, were substituted for 10% of their value and the Ordinary Actions valued at £234,820 were exchanged for 5% of their value to New Ordinary Shares. In this way, the Company's capital was transformed:


Old CapitalNew Capital
First Mortgage Debenture Stock£200,000
Prior Lien Bonds£599,7725% Income Debenture Stock£599,772
Interest debt acrued£239,90950% interest owed£119,955
Debentures£1,002,95250% shares
50% in ordinary shares
£119,955
£119,954
Funding certificated£72,22350% of nominal value in shares£25,000
Preference shares£250,00010% of the value in shares£25,000
Shares£234,8205% in shares£11,741

£2,399,676
£1,614,009

What you can see clearly above of the disastrous bad luck that those who invested their money in the Company had. The investors received variable equities in change for their money, and paper with a dubious value in place of their due interest. The bondholders lost 50% of their capital and the rest were converted to shares that had never paid any interest, and that today are worth 10% of their value on the Stock Exchange. The owners of Preferred stock lost 90% of their money and the ordinary stock holders 95% leaving them 10% and 5% today [1918]. It is said that the first shareholders (if they hadn't burnt the shares in desperation) for shares that, say, cost 1,000 pesetas could sell them today for 5 pesetas. Probably they had sold them as scrap paper!"

To ensure that the bonds were secure, the company had to take out a mortgage, efected on the 8th December 1904, this being signed by Gerard Torrens and David Greenhill Bruce-Gardyne

One mildly interesting observation is that the cost of a transfer form never changed during the life of The GSSR. This means that in 1900, the 12½ penny form would have cost, in today's rates £16.21 but at the end of The GSSR it would have only cost £5.74.

Below are the verbatim reports from the Stock Exchange Year-Book and the press.

NOTE: the text has been copied exactly, including some unusual punctuation. Many thanks to my friend Don Gaunt for the newspaper clippings reproduced below. With regard to the Stock Exchange texts, they are taken from yearbooks, so the year shown is one year greater than the year of the actual report.



DATESTOCK EXCHANGEPRESS

1885

No Stock Exchange Year-Book information for 1885.

GOVERNMENT SUBVENTION, £534,000., PAYABLE IN CASH DURING CONSTRUCTION.
THE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED)
. Incorporated under the Companies Acts 1862 to 1885.
Length of the line about 350 kilometres or 217 miles. Share Capital £1,250,000., in 125,000. Shares of £10 each. Issue of 62,500 Shares of £10 each, of which 10,000 Shares may be reserved for Subscribers in Spain, and 13,900 Shares have been already subscribed.
Payable as follows:-
£1 0 0 per share on application.
£1 10 0    "      " allotment.
The balance will be called up from time to time at intervals of not less than two months.
Interest at 7 per cent. per annum will commence on each amount called up from date of payment, payable out of the Government Subvention.
DIRECTORS
The Right Hon. Sir James Fergusson, Bart., M.P., G.C.S.L., K.C.M.G., 24, Grosvenor Gardens, S.W. (Chairman).
Sir George Russell, Bart., M.P., Swallowfield Park, Reading, Director of the South-Eastern Railway Company.
David Davies Esq., M.P., Llandinam, Montgomeryshire, Deputy Chairman of the Barry Dock and Railway Company.
Edward K. Hett, Esq., Eltham, Kent, Director of the Great Western of Brazil Railway Company (Limited).
W. Goodwin Barnes, Esq. Beaufort Lodge, Cambridge Park, Twickenham, Shipowner.
Perry F. Nursey, Esq. 151, Fleet Street, London, E.C., President of the Society of Engineers.
A.F. Yarrow, Esq., Isle of Dogs, Poplar, London, E., Engineer.
BANKERS. London: National Provincial Bank of England (Limited), 112, Bishopsgate Street, E.C.
Madrid: Union Bank of Spain and England (Limited). SOLICITORS:,-Messrs. Phelps, Sidgwick, and Biddle, 18, Gresham Street, E.C.
BROKERS:-Messrs. John M. Douglas and Co., 1, Threadneedle Street, E.C.
ENGINEER IN CHIEF.-George Higgin, Esq., M.I.C.E., Boadway Chambers, Westminster, S.W.
AUDITORS.-Messrs. James Fraser and Sons, 2, Tokenhouse Buildings, King's Arms Yard, E.C.
SECRETARY.-Mr. Alfred F. Judd.
REGISTERED OFFICES.-9, New Bond Street, London, E.C.
ABRIDGED PROSPECTUS
The Great Southern of Spain Railway will complete the Main Trunk Line between the Atlantic and Mediterranean.
The report of the company's engineer annexed to the prospectus and advertised in the daily papers of the 17th inst. explains fully the conditions and prospects of the line.
The proposed Railway will form the connecting link between the fertile wheat and cattle producing lands of Andalucia and the Eastern Coast of Spain, whilst its junction with the Madrid, Zaragoza, and Alicante Co.'s Lines at Murcia will place the whole of the centre of Spain and the manufacturing districts of Catalonia in direct Railway communication with the provinces of Almeria and Granada, as well as that portion of Murcia at present without railways.
The two terminal cities are situated in the centre of irrigated valleys of great extent, the very garden of Spain, producing two or three crops a year, and almost every cereal and fruit of both temperate and subtropical regions, and the line will traverse in its course several other anciently irrigated districts, which up to the present time have been practically isolated for want of means of transport to the markets of Spain or of the World. The abundant minerals, too, have had to be unworked or be worked for little more than local wants.-(See details in the Engineer's report annexed to the Prospectus.)
Construction will begin at Aguilas, thence to Lorca and up to Almanzora Valley, bringing these sections into early operation with a view to immediate profit.
In place of guaranteeing a fixed rate of interest, like some Foreign Governments, Spain prefers to promote railway construction by free money contributions or subventions of amounts fixed by the Government to suit each case. Up to December 31st, 1884, the Government has paid in subventions for railways over £25,500,000 sterling.
Besides the Government subvention of £534,000, the provincial authorities of Almeria have undertaken to give a subvention of £100,000, payable also by instalments, and several cities and townships on the line have voluntarily undertaken to contribute in a similar way. The subvention money will be applied so far as required to pay interest on the capital at the rate of 7 per cent. per annum during construction. It is proposed to raise most of the remaining capital required by the issue of debentures or obligations redeemable by the operation of a Sinking Fund. After payment of all interest during construction, it is calculated that more than one half of the subvention money will remain available.
Judging by the results of neighbouring lines, the gross earnings of the completed system should be at least £383,900, and allowing an extreme working cost of 40 per cent., it would then yield £230,400. net, which affords 10 per cent. on the shares and 6 per cent. on the Debentures. But the report examined and approved by the Spanish Government estimates the Gross Traffic on the Main Line alone at £577,000, yearly. Deducting this the average Spanish working expenses at 36.4 per cent., this would give £356,972 net.
Messrs Hett, Maylor & Co. (Limited) have contracted with the Company for the transfer of the Concessions, and for the construction, equipment, and completion of the Railway, to the satisfaction of the Company's Engineer, within the time prescribed by the concession for a sum of £2,877,000. To secure due fulfilment of the contract the company have a charge upon the Caution Money deposited by the contractors with the Spanish Government, amounting to 2,017,500 pesetas, or about £115,000.
Applications on the Form enclosed in the Prospectus, accompanied by a deposit of £1 per share, may be made and forwarded to the Bankers. If no allotment is made the deposits will be returned in full; should fewer shares than are applied for be allotted, the surplus paid will be appropriated towards the amount due on allotment. Subscribers will have the option to pay in full on allotment, or at the time of payment of any call; the full interest of 7 per cent. will accrue upon the amounts from time to time paid.
Prospectuses and forms of application may be obtained at the offices of the Company of the National Provincial Bank of England, (Limited), and of the brokers, Messrs John M. Douglas & Co.
The following contracts have been entered into, viz:-
The Contracts, with copies and translations of the Concessions, and the Memorandum and Articles of Association of the Company, can be seen at the Offices of the Solicitors of the Company.
April 16, 1886


SPANISH RAIL.--The Great Southern of Spain Railway Company (Limited), which has a share capital fixed at £1,250,000, is now issuing 62,500 £10 shares, of which 10,000 may be reserved for subscription in Spain, and 15,900 have been already subscribed. The government gives a free contribution of £534,000, payable in cash by six yearly instalments. Also, the provincial authorities of Almeria have undertaken to give a subvention of £100,000. "and several cities and townships on the line have voluntarily undertaken to contribute in a similar way." An extension of the railway system is very important for Spain, and if the country is undisturbed by revolution there will probably be a development of her resources that will make her railways a safe and remunerative investment. At present, that "if" has to be taken into consideration.

1886

No Stock Exchange Year-Book information for 1886.

PROSPECTUS
The Great Southern of Spain Railway will complete the Main Trunk Line between the Atlantic and Mediterranean, commencing at the City of Granada, in connection with the extensive Railways of the Andalusian Company, it runs easterly, as shown by the map accompanying the Prospectus, to the City of Guadix, the Town of Baza, and down the rich and populous Valley of Almanzora to the Town of Huercal. A little east of this a branch goes to the rising Port of Aguilas, while the Main Line proceeds to the City of Lorca, and thence follows the rich and fertile Valley of the Sangonera to the City of Murcia, where it joins the vast Madrid, Zaragoza and Alicante Railway system. It thus places the rich agricultural district of Andalusia in direct communication with the manufacturing districts of Catalunia, and supplies an important strategic line for the State connecting the eastern and western military and naval districts, which are at present without any direct means of transport.
The report of the company's engineer annexed to the prospectus explains fully the conditions and prospects of the line.
In 1848, Spain had only 17 miles of railway, which had increased to 3332 miles in 1868, and to 5420 miles in 1885, yet she is still behind the rest of Europe in this respect, having only one mile of line for 41 square miles of country, Italy having one mile for every 20 square miles, and France one mile for every 11 square miles. Spain has no intersecting arms of the sea. Very little river navigation, and till (sic) the last few years very few roads, so that bulky produce of the interior grain, fruits, ores, &c. could neither be exchanged with other districts of Spain nor exported till Railways afforded means of transport.
Spain has thus developed her industry and commerce rapidly. The Government reports to be seen at this Company's Office show as follows:-
Revenue-1854, £12,281,398; for 1864, £26,173,075; for 1884-5, £31,444,683.
Shipping. 1862-Ships entered and cleared, 18,820: registered tonnage, 2,856,966. Shipping 1882-Ships entered and cleared, 39,498; registered tonnage. 18,310,608.
The proposed Railway will form the connecting link between the fertile wheat and cattle producing lands of Andalucia and the Eastern Coast of Spain, whilst its junction with the Madrid, Zaragoza, and Alicante Company's Lines at Murcia will place the whole of the centre of Spain and the manufacturing districts of Catalonia in direct communication with the provinces of Almeria and Granada, as well as that portion of Murcia at present without railways.
The two terminal cities are situated in the centre of irrigated valleys of great extent, the very garden of Spain, producing two or three crops a year, and every cereal and fruit of both temperate and sub-tropical regions, and the line will traverse in its course several other anciently irrigated districts, which up to the present time have been practically isolated for want of means of transport to the markets of Spain or of the World. The abundant minerals, too, have had to be unworked or be worked for little more than local wants.-(See details in the Engineer's report.)
Construction will begin at Aguilas, thence to Lorca and up to Almanzora Valley, bringing these sections into early operation with a view to immediate profit.
The estimated moderate cost per mile of the proposed line, compared with that of the principal Spanish railways, is encouraging.
Northern Railway of Spain. 1092 miles in length, cost £24,502 per mile.
Madrid Zaragoza and Alicante, 1384 miles in length, cost £17,418 per mile.
Valencia, Almanzi, and Tarragona, 243 miles in length, cost £16,120 per mile.
Barcelona, Tarragona, and France, 215 miles in length, cost £23,399 per mile.
Great Southern of Spain estimated cost under £14,000 per mile.
The four lines abovementioned have been paying 6 per cent. on debenture capital and from 4½ to 10 per cent. on their share capital, besides providing a sinking fund, the debenture capital of each being more than double the share capital.
The Government concessions for this line provide, besides other minor conditions-
1. The right of the Company to make, maintain, and work a railway from Murcia to Granada, and a railway to Aguilas, all for 99 years, after which the railways, as is usual in Spain, will become the property of the nation.
2. Exemption of the Company from Customs duties for the Murcia and Granada line during construction, and for ten years after completion.
3. A subvention, or free contribution, from the Government of £534,000, payable in cash by six yearly instalments extending over the period fixed for the construction.
4. The right of the Government to redeem the concession at any time, and purchase the railway on terms favourable to the Company.
In place of guaranteeing a fixed rate of interest like some Foreign Governments, Spain prefers to promote railway construction by free money contributions or subventions of amounts fixed by the Government to suit each case. Up to December 31st, 1884, the Government has paid in subventions for railways over £25,300,000 sterling.
Besides the Government subvention of £534,000, the provincial authorities of Almeria have undertaken to give a subvention of £100,000, payable also by instalments, and several cities and townships on the line have voluntarily undertaken to contribute in a similar way. The subvention money will be applied so far as required to pay interest on the share capital at the rate of 7 per cent. per annum during construction. It is proposed to raise most of the remaining capital required by the issue of debentures or obligations redeemable by the operation of a sinking fund. After payment of all interest during construction, it is calculated that more than one half of the subvention money will remain available.
Judging by the results of neighbouring lines, the gross earnings of the completed system should be at least £383,900, and allowing an extreme working cost of 40 per cent., it would then yield £250,400 net, which affords 10 per cent. on the shares and 6 per cent. on the debentures. But the report examined and approved by the Spanish Government estimates the gross traffic on the main line alone of £517,000 yearly. Deducting this the average Spanish working expenses at 36 4-10 (sic) per cent. this would give £366,872 net.
Messrs Hett, Maylor & Co. (Limited) have contracted with the Company for the transfer of the concessions and for the construction, equipment, and completion of the railway to the satisfaction of the Company's engineers, within the time prescribed by the concession, for a sum of £2,877,000. To secure due fulfilment of the contract the company have a charge upon the caution money deposited by the contractors with the Spanish Government amounting to 2,317,500 pesetas, or about £115,000.
Applications on the form accompanying the prospectus, accompanied by a deposit of £1 per share, may be made and forwarded to the bankers. If no allotment is made the deposits will be returned in full. Should fewer shares than are applied for be allotted the surplus paid will be appropriated towards the amount due on allotment. Subscribers will have the option to pay in full on allotment, or at the time of payment of any call. The full interest of 7 per cent. will accrue upon the amounts from time to time paid.
Prospectuses and forms of application may be obtained at the offices of the Company of the National Provincial bank of England, Limited, and of the brokers, Messrs John M. Douglas & Co.
The following contracts have been entered into, viz:-
A Contract, dated 25th February, 1885, between Hett, Maylor & Co. (Limited) of the one part and the Great Southern of Spain Railway (Limited) of the other part.
A Contract, dated 23d February, 1885, between the Great Southern of Spain Railway Company (Limited) of the one part and George Higgin of the other part.
These Contracts, with Copies and Translations of the Concessions and the Memorandum and Articles of Association of the Company, can be seen at the Offices of the Solicitor of the Company.
16th April, 1886

The LISTS will CLOSE on or before TUESDAY, 20TH APRIL, for LONDON, and on APRIL 21ST for the COUNTRY.


The directors of the Great Southern of Spain Railway Company (Limited) invite subscriptions for an issue of 62,500 shares of £10 each, of which 15,900 have been already subscribed. The proposed railway will form the connecting link between the wheat and cattle-producing lands of Andalucia and the eastern coast of Spain, whilst its junction with the Madrid, Zaragoza, and Alicante Company's lines at Murcia will place the whole of the centre of Spain and the manufacturing districts of Catalonia in direct railway communication with the provinces of Almeria and Granada, as well as that portion of Murcia at present without railways. Interest at 7 per cent. per annum will be payable out of Government subvention (£534,000.)

1887

No Stock Exchange Year-Book information for 1887.

The LIST will CLOSE on or before WEDNESDAY, the 22nd June, 1887.
THE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
Incorporated under the Companies Acts, 1862 to 1883. Length of Railway to be constructed-Lorca to Granada, with branch to Aguilas, about 183 miles.
Government Subvention, payable in cash during construction, 13,300,114 pesetas, equal at par to £534,000, at which calculation the contractors agree to accept the said subvention in part payment of the contract price. 'Share capital, £650,000, in 25,000 Seven per Cent. Cumulative Preference Shares of £10 each, which are now offered for subscription, payable as follows:-£1 per share on application, £1 10s. per share on allotment, £1 10s. per share on 15th August next, £2 10s. per share on 15th October next, £2 10s. per share on 15th December next. Payment in full may be made on allotmant under discount at 4 per cent. per annum.
Interest at Seven per Cent. per annum on Preference Shares during the period fixed for construction is payable half-yearly to the Company in London as hereafter mentioned, and 40,000 Ordinary Shares of £10 each, of which 15,000 have already been applied for, unconditionally allocated and paid up in full, and 4,100 have been applied for, and will be unconditionally allotted and called up as required, and the remaining 20,000 Ordinary Shares will be accepted by the Contractors in payment of works in lieu of cash.

DIRECTORS
The Right Hon. A. J. Mundella, M.P., Chairman.
W. Reirson Arbuthnot, Esq., Director of the London Joint Stock Bank (Limited).
Hanbury Barclay, Esq., Director of the Union Bank of Spain and England (Limited).
David Davies, Esq., Deputy-Chairman of the Barry Dock and Railway Company.
Edward Woods, Esq., C.E., Past President of the Institution of Civil Engineers.

BANKERS
London Stock Bank (Limited), 5, Princes-street, London, E.C.
Union Bank of Spain and England (Limited), London, Madrid, and Barcelona.
SOLICITORS.-Messrs. Freshfields and Williams, 5, Bank-buildings, Lothbury, London, E.C.
ENGINEER-IN-CHIEF,-George Higgin, Memb. Inst. C.E., Broadway-chambers, Westminster, S.W.
AUDITORS.-Messrs. James Fraser and Sons, 2, Tokenhouse.buildings, King's Arms-yard, E.C.
SECRETARY.-A.F. Judd.
Registered Offices.-53, New Broad-street, London, E.C.

PROSPECTUS
The Great Southern of Spain Railway will complete the system of the Main Trunk Lines between the Atlantic and Mediterranean.
Commencing at the City of Granada, and ending at Lorca, in which city is the terminus of a line now open to Murcia, it connects the extensive railways of the Andalusian Company with the vast railway system of the Madrid, Zaragoza, and Alicante lines. The new line will thus place the agricultural districts of Andalusia with the manufacturing districts of Catalonia, and supply the link between the South Western Railway network and the important main lines that run along the Mediterranean coast direct to the French frontier. It forms a line of great importance to the state, having regard to the eastern and western military and naval districts, which are at present without any direct means of transport.
Besides the great traffic that has to pass over this railway, and the earnings from local traffic, it is expected a large revenue will be derived from the rich mineral wealth of the districts through which the line passes, and which will find its outlet through the branch line direct to Aguilas, the nearest sea-port.
The concessions from the Spanish Government for this line provide for, among other things:-
1. The right of the Concessionaire to make, maintain, and work a railway from Murcia to Granada for 99 years from the 1st March, 1985, after which the railway will revert to the Government.
2. The right of the Concessionaire to make, maintain, and work a railway from Lorca to Aguilas. This concession was in the year 1874 granted to the then Concessionaire in perpetuity, but in June, 1885, the right to exercise it in perpetuity was surrendered in consideration of the Government extending the time for the construction of the line, and the Concessionaire then became subject to a railway law of Spain passed in 1877, whereby the period for which railway concessions are granted is limited to ninety-nine years.
3. The right for the Concessionaire to import into Spain for the use of the Murcia and Granada line a large quantity of rolling stock free from duty for ten years after the completion of the line.
4. A subvention-i.e., a free contribution from the Government-of 13,309,114 pesetas (about £533,000), payable in cash by instalments. This subvention is given in respect of the line from Lorca to Granada.
The company have contracted with Hett, Maylor, and Co. (Limited) for the transfer of the concessions and the completion and equipment of the railway from Lorca to Granada, including the branch to Aguilas, to the satisfaction of the Spanish Government, in consideration of the payment of £2,099,184. Of this sum £101,184 is payable in cash, £200,000 in fully-paid Ordinary Shares, £956,000 in Debentures (or, at the Company's option, in cash), involving an annual charge for interest and sinking fund not exceeding £70,000 and £532,000, the subvention payable as and when received from the Government. The Preference and Debenture Capital represents about £6,600 per mile of completed and equipped railway.
It will be observed that the Concession includes the right to construct a line between Lorca and Murcia, which will probably not be executed, as a junction with the existing line from Murcia to Lorca (the cost of such junction being included in the contract) will connect the railway with the general railway system of Spain.
As a security for the fulfilment of the Contract the Company has, subject to the claims of the Spanish Government, a charge on the securities from time to time deposited by the Contractors caution money. The amount at present deposited by the Contractors is 2,887,500 pesetas nominal, representing in cash an actual value of about £93,000.
The contractors have agreed to complete the undertaking to the satisfaction of the Spansih Government as to the line between Lorca and Granada on or before the 12th day of March 1891, or such later date as may be allowed by the Government; and as to the line between Lorca and Aguilas at such a date as may be arranged with the said Government, the date at present fixed by the Government being 31st December, 1887.
The original estimates of the line were founded on the Spanish surveys (which formed the basis of the Government Concession), but since the formation of the Company the Company's engineer, as empowered by the Government, has made fresh surveys of the whole line, modifying the original trace, and materially improving its general working condition. An important economy in the cost of the works has also been effected, enabling the contractors to make a considerable reduction in the contract price already fixed for construction. It has therefore become possible to reduce the capital of the Company from that originally contemplated, and in lieu of the larger amount of capital previously offered in the form of ordinary shares, to raise the capital of the Company in the present form.
The net earnings of the five principal Spanish Railway Companies, representing a total mileage of 3,724 miles for the five years ending 1885 (the last published) , gave an average of £982 per mile.
The lines which border on the district opened up the Great Southern of Spain Railway gave in 1885 the following results:-

Line.LengthGrossExpensesNetNet/mile
Carthagena, Murcia, Alicante, and Madrid451869,758350,650507,9791,124
Manzanares, Cordoba, Seville, Malaga and Granada498663,523280,778382,745768
Seville to Cadiz98141,70553,04388,662904

Assuming the net earnings do not exceed lowest shown by the returns in the above statement, say £768 per mile, the net revenue of the Great Southern of Spain Railway would be £140,544. The dividend on the present issue of Preference shares, and the £70,000 to which the interest and sinking fund of the before-mentioned issue of Debentures is limited, amount together to £87,500 per annum. There would, therefore, remain a large surplus revenue to provide for dividends on the ordinary share capital and for a sinking fund to redeem capital within the term of the concessions.
The contractors undertake to pay to the Company until completion of the lines such a sum of money as shall be sufficient to provide for the payment half-yearly of the dividend at the rate of 7 per cent. per annum upon so much of the Preference Share capital now offered as shall for the time being be subscribed and paid up.
In part consideration of this obligation, and for the period during which it is in force, the contractors will have the option of working the line for their own benefit.
Applications on the form enclosed with the Prospectus, accompanied by a deposit of £1 per Share, may be made and forwarded to the Bankers.
The following contracts have been entered into, viz:-
Contract dated 14th June, 1887, between Hett, Maylor, and Co. (Limited), of the first part, H.S. Hett of the second part, and the Great Southern of Spain Railway Company (Limited), of the third part.
A contract dated 14th June, 1887, between the Great Southern of Spain Railway Company (Limited), of the one part, and George Higgin of the other part.
These contracts, with copies and translations of the Concessions and the Memorandum and Articles of Association of the Company can be seen at the offices of the Solicitors of the Company.
Prospectuses and forms of application can be obtained at the offices of the Company, or from the Bankers.
June 14, 1887.

1890

No Stock Exchange Year-Book information for 1890.

Sorry, image missing
BLESSING A SPANISH RAILWAY
In Roman Catholic countries the opening of a new railway is a more solemn affair than it is with us, and always requires the benison of an ecclesiastical functionary of some sort. The line to which our picture refers has, however, an additional interest for us, inasmuch as it has been made by an English company and with English money. It is a branch of the main line from Murcia to Granada, now being constructed by the Great Southern of Spain Railway Company, and runs from Lorca, one of the principal towns on the route to Aguilas, a newly constructed port on the Mediterranean. This port belongs to the company, and is likely to become a point of some importance, as it will be the natural exit for all the products of at least one-half of the line, including the famous iron mines of Bacares, the equally famous marble-quarries of Macael, and the steatite mines of Somontin. The new railway will eventually connect, moreover, with the line now being constructed by another English company from Bobadilla to Algeciras, and thus a continuous route from Gibraltar to Marseilles, through Granada, Murcia, Alicante, Valencia, and Cataluña, will eventually be formed. Altogether the prospects of the line seem exceedingly favourable-Our engraving is from a photograph.


(From The Daily News, 22 November 1890).
THE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY Limited.
To the HOLDERS of SIX PER CENT. MORTGAGE DEBENTURES of the above named company, secured by Deed of Trust, dated 15th July, 1888.
Notice is hereby given that, at the instance of the Board of Directors of the Company, and persuant to the powers preserved in the above-mentioned Deed of Trust, a GENERAL MEETING of the holders of mortgage debentures will be held on TUESDAY, the 2nd day of December, 1890, at three o'clock, at Winchester House, Old Broad-street, in the City of London, for the purpose of considering a proposal for the raising of the necessary funds to complete the works left unfinished by the contractors, such proposal involving the following conditions, or some of them, and such modifications or amendments, if any, as may be adopted, viz:
1. That the Company create and issue prior lien bonds to an amount not exceeding £600,000, and broking interest at not more than 8 per cent. per annum, having a first preferential mortgage upon the railway works and undertaking comprised in the above mentioned Trust Deed, the Company being at liberty to redeem such prior lien bonds at any time before maturity at £110 per £100 Bond on 6 months notice, and the Company to apply such portion of the Government subvention or its proceeds as may not be required on the completion of the works in redemption of prior lien bonds by purchase in the market if below £110, or by drawings and repayment at £110.
2. That the payment of interest upon and the amortisation by means of the sinking fund of the existing mortgage debentures be suspended for a period of three years, as and from the 31st December, 1890, and that in respect of the interest payable at any time during such three years the coupons be exchanged for scrip to be issued by the Company. Such scrip to be redeemed at the Company's option in cash, and if not redeemed at the expiration of such three years, to be exchanged for equal amounts of mortgage debentures ranking par ?? with the existing debentures.
3. That such of the holders of existing mortgage debentures as may subscribe for prior lien bonds, be entitled to have the scrip representing Funded Coupons forthwith redeemed in cash and set out against the first instalment of the issue price at the rate of £18 scrip, in respect of each £100 prior lien bond subscribed by them.
4. That a representative of the existing mortgage debenture holders be appointed a member of the Board of Directors of the Company.
5. That no dividend be paid upon preference shares before June 30th, 1893, and also, if thought fit, passing a resolution approving of such proposal (with or without modification as aforesaid), and requesting and authorising the Trustees of the said Deed dated 15th July, 1888, to enter into such deed or agreement with the Company as they may deem suitable, with a view to carrying the same into effect.
Information and explanations as to the above proposal will be supplied on inquiry at the Company's office.
The Trust Deed provides as follows:-
Art. 12.-If the holders of not less than two-thirds of the outstanding mortgage debentures shall be present in person or by proxy at a meeting, any resolution of such meeting (if passed nean con., or in case of a poll by a majority of not less than three-fourths of the votes given thereat), shall bind all the holders of the mortgage debentures as effectually as if such holders were competent to consent and had consented thereto in writing under seal for valuable consideration.
Debenture holders desiring to attend or vote by proxy at the meeting, in accordance with the provisions of the Trust Deed, must, on or before the 28th day of November, 1890, deposit their debentures with the company's bankers, the London Joint Stock Bank (Limited), Princes-street, Mansion House, E.C., where lists and proxy forms can be obtained. The bankers' certificate of deposit will entitle the holder to attend and vote, in respect of the debentures so deposited, at the said meeting and any adjournment thereof, and any poll to be taken in consequence thereof; and after the transaction of the business of the meeting, the debentures will be returned upon surrender of the certificates.
A.J. MUNDELLA.
W.R. ARBUTHNOT.
ADOLF VON ANDRE.
Trustees.
53, New Broad-street, London, E.C., 13th November, 1890.


Debenture holders of the Great Southern of Spain Railway are reminded of the necessity of depositing their bonds with the London Joint-Stock Bank not later than Friday, the 28th instant, so that the necessary resolutions may be passed at the bond-holder's meeting on the 2nd December, authorizing the company to raise the necessary capital to complete the line.


(From The Daily News, 19th December 1890).
THE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (Limited).-ISSUE of SIX PER CENT. DEBENTURES-secured by Deed of Trust, dated 15th July, 1888.-
Notice is hereby given, that in pursuance of the Resolutions passed unanimously at the meeting of Debenture Holders held on the 2nd December, 1890, the COUPONS representing interest payable half-yearly from the 1st January, 1891, to 1st July, 1893, inclusive (six coupons for £3 each), will be EXCHANGED for SCRIP, which will be redeemed by 31st December, 1893, will be exchanged for an equal amount of 6 per cent. Debentures, forming part of the above issue, and entitled to interest as and from 1st July, 1893.
Coupons should be sent to the London Joint Stock Bank (Limited), 5, Prince-street, Mansion House, E.C., on or after MONDAY, the 22nd inst., and must be left three clear days for examination.-By order of the Board,
A.F. JUDD, Secretary.
53, New Broad-street, London, E.C., 18th December, 1890.


(From The Daily News, 19th December 1890).
THE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (Limited).-ISSUE of SIX PER CENT. DEBENTURES-secured by Deed of Trust, dated 15th July, 1888.-
Notice is hereby given, that in pursuance of the Resolutions passed unanimously at the meeting of Debenture Holders held on the 2nd December, 1890, the COUPONS representing interest payable half-yearly from the 1st January, 1891, to 1st July, 1893, inclusive (six coupons for £3 each), will be EXCHANGED for SCRIP, which will be redeemed by 31st December, 1893, will be exchanged for an equal amount of 6 per cent. Debentures, forming part of the above issue, and entitled to interest as and from 1st July, 1893.
Coupons should be sent to the London Joint Stock Bank (Limited), 5, Prince-street, Mansion House, E.C., on or after MONDAY, the 22nd inst., and must be left three clear days for examination.-By order of the Board,
A.F. JUDD, Secretary.
53, New Broad-street, London, E.C., 18th December, 1890.


The proposed reorganisation of the Great Southern of Spain Railway company has already met with opposition. Mr Alex Young, the chairman of the Industrial and General Trust, which is a holder of £60,000 of the bonds of the company, is inviting other bondholders to co-operate with the trust in taking whatever steps may be necessary to insure the rejection of the scheme. The formation of a committee is proposed, and in the meantime legal action is being taken to "preserve the rights of the bondholders." Mr Young's chief objection is that the plan is really designed to benefit the shareholders, "who are called upon to make no sacrifice, and whose position would consequently be greatly improved at the expense of their creditors."


A SCHEME is on foot for the reconstruction of the Great Southern of Spain Railway Company. It is proposed that the amount of the prior lien bonds shall be increased from £600,000 to £700,000, and that the rate of interest shall be reduced to 5 per cent. For the three years 1895, 1896,and 1897 the interest is to be paid in cash only to the extent that the net earnings will permit, the balance being funded into 5 per Cent. Income Bonds, which security was also to be issued in exchange for the original debentures. The lenders of the special loan of £152,000 will take prior lien bonds which they hold as security, and will receive in addition a subvention in respect of the line to Baza as soon as it is received from the Spanish Government. The prior lien bondholders are to have a controlling voice in the management of the company.

1892

Great Southern of Spain Railway Company, Limited:- Directors: Rt. Hon. A.J. Mundella, M.P.(Chairman), W.R. Arbuthnot, H. Barclay, F. Praed, C.J.C. Scott, G.P. Torrens, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C.-The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish government, to build and work certain railways for 99 years from 1885, after which the lines revert to the government without payment. However, there is an option of government purchase of the line at any time before the expiration of the concession, on terms defined therein. The government gave a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company have no financial assistance from the government. The authorized capital was £400,000 ordinary shares, and £250,000 preference shares, with £1,054,000 debentures. The construction of the undertaking was given out to a firm of contractors who were to work the line until completion for their own benefit, they to provide debenture interest and 7per cent. dividend on the preference shares. Late in 1890, however, the contractors broke down, and the company then took over the construction of the road. Fresh capital arrangements became necessary, and it was decided that for a period of three years (that is, to July 1893) debenture interest should be funded, and the sinking fund suspended; and that the preference dividends should be suspended, while an issue of not exceeding £600,000 prior lien bonds was authorised. The capital is now as follows:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and the remainder having £1 paid.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£800,000 Six per cent. mortgage debentures of £100 each, with coupons payable January 1 and July 1 by the London Joint Stock Bank, Limited, Princes Street, E.C., and repayable July 1, 1928, unless previously redeemed by a cumulative sinking fund applied to half-yearly drawings (May and November), or by purchases in the market if under par, the first redemption taking place July 1, 1889; while the company reserve the right of redemption at 10 per cent. premium at any time after giving six months notice. In July, 1888, £334,000 was issued at 95 per cent., a further £165,000 was afterwards allotted privately at the same price, and £300,000 was issued publicly in April, 1890, at 93 per cent. Debentures for £6,100 have been purchased out of the sinking fund, leaving £793,900 outstanding. As stated above, interest on these debentures up to and inclusive of that due July, 1893, has been funded, and the sinking fund has been suspended to the same date. The debentures are to bearer, but may be registered as to principal only, and registered debentures may be again made payable to bearer.

£71,226 Scrip issued late in 1890 against coupons from January 1, 1891, to July 1, 1893, both inclusive, of 6 per cent. mortgage debentures. The scrip is redeemable at the company's option in cash, and if not so redeemed by December 31, 1893, is to be exchanged for an equivalent amount of 6 per cent. mortgage debentures, forming part of the above issue, and carrying interest as from July 1, 1893. The total amount of scrip issued was £142,902, but of this amount £71,676 was accepted by the company as cash in subscriptions towards the prior lien bonds mentioned below.

£400,000 Six per cent. prior lien bonds of £20 and £100 each. These bonds form part of a total authorised of £600,000, and were issued in December, 1890, at 75 per cent., subscribers having to simultaneously apply at par for ordinary shares at the rate of two shares for every £100 bond. The bonds are a first mortgage on the undertaking, have coupons payable January, 1 and July 1, and are redeemable at par January, 1 1921, or earlier at the company's option, on six month's notice, at 110 per cent. The company undertook to apply such portion of the government subvention as may not be required on the completion of the works to redemption of bonds of this issue, to be effected by purchase in the market if below 110, or by drawings for repayment at 110.

The Spanish government has extended the time to complete the line to May, 1893 about 53 kilometres, out of a total of 299 kilometres, were opened for traffic in 1890, and another 19 kilometres were opened in April, 1891. The preference shares and 6 per cent. mortgage debentures are quoted in the official list. Voting power, one vote for each share, ordinary or preference. Transfer form, common; fee, 2s, 6d. per deed. Latest prices-preference shares, 3; debentures, 52½.

No press comment for 1892

1893

Great Southern of Spain Railway Company, Limited:- Directors: W.R. Arbuthnot, W. McKerrow, F. Praed, G.P. Torrens, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. The authorized capital was £400,000 ordinary shares, and £250,000 preference shares, with £1,054,000 debentures. The construction of the undertaking was given out to a firm of contractors who were to work the line until completion for their own benefit, they to provide debenture interest at 7 per cent. dividend on the preference shares. Late in 1890, however, the contractors broke down, and the company then took over the construction of the road. Fresh capital arrangements became necessary, and it was decided that for a period of three years (that is, to July 1, 1893) debenture interest should be funded, and the sinking fund suspended, and that the preference dividends should be suspended, while an issue of not exceeding £600,000 prior lien bonds was authorized. In 1892 another estimate was obtained of the probable cost of completing the line, and it was then decided to raise the money on loan, and complete to Baza, a distance of 164 kilometres (of which 95 kilometres are already in operation), while the date for the completion of the line has been extended by the Spanish government to May, 1895. On the loans thus to be raised (authorized amount, £200,000) interest at 6 per cent. per annum is to be paid January 1 and July 1, and as security for the advance the company is to deposit with trustees the unissued £200,000 of prior lien bonds, while the subvention which the company is to receive from the Spanish government is to be charged to the extent of £116,000; "after applying in reduction of the loan the proceeds of the subvention available for the purpose, say about £116,000, the lenders will hold the £200,000 prior lien bonds at the low price of approximately 42 per cent. of their face value. The lenders shall then have the option of taking their proportion of the bonds firm at such price as they may so ultimately hold the same." The capital is now as follows:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£800,000 Six per cent. mortgage debentures of £100 each, with coupons payable January 1 and July 1 by the London Joint Stock Bank, Limited, Princes Street, E.C. and repayable July 1, 1928, unless previously redeemed by a cumulative sinking fund applied to half-yearly drawings (May and November), or by purchases in the market if under par, the first redemption taking place July 1, 1889; while the company reserved the right of redemption at 10 per cent. premium at any time after giving six months' notice. In July, 1888, £334,500 was issued at 95 per cent., a further £165,500 was afterwards allotted privately at the same price, and £300,000 was issued publicly in April, 1890, at 93 per cent. Debentures for £6,100 have been purchased out of the sinking fund, leaving £793,900 outstanding. As stated above, interest on these debentures up to and inclusive of that due July 1893, has been funded, and the sinking fund has been suspended to the same date. The debentures are to bearer, but may be registered as to principal only, and registered debentures may be again made payable to bearer.

£71,226 Scrip issued late in 1890 against coupons from January 1, 1891, to July 1, 1893, both inclusive, of 6 per cent. mortgage debentures. The scrip is redeemable at the company's option in cash, and if not so redeemed by December 31, 1893, is to be exchanged for an equivalent amount of 6 per cent. mortgage debentures, forming part of the above issue, and carrying interest as from July 1, 1893. The total amount of scrip issued was £142,902, but of this amount £71,676 was accepted by the company as cash in subscriptions towards the prior lien bonds mentioned below.

£400,000 Six per cent. prior lien bonds of £20 and £100 each. These bonds form part of a total authorised of £600,000, and were issued in December, 1890, at 75 per cent., subscribers having to simultaneously apply at par for ordinary shares at the rate of two shares for every £100 bond. The bonds area (sic) first mortgage on the undertaking, have coupons payable January, 1 and July 1, and are redeemable at par January, 1 1921, or earlier at the company's option, on six month's notice, at 110 per cent. The company undertook to apply such portion of the government subvention as may not be required on the completion of the works to redemption of bonds of this issue, to be effected by purchase in the market if below 110, or by drawings for repayment at 110. Interest is regularly met.

The preference shares and 6 per cent. mortgage debentures are quoted in the official list. Voting power, one vote for each share, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Latest prices-preference shares, 3; debentures, 52½.

No press comment for 1893

1894

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. The authorized capital was £400,000 ordinary shares, and £250,000 preference shares, with £1,054,000 debentures. The construction of the undertaking was given out to a firm of contractors who were to work the line until completion for their own benefit, they to provide debenture interest at 7 per cent. dividend on the preference shares. Late in 1890, however, the contractors broke down, and the company then took over the construction of the road. Fresh capital arrangements became necessary, and it was decided that for a period of three years (that is, to July 1, 1893) debenture interest should be funded, and the sinking fund suspended, and that the preference dividends should be suspended, while an issue of not exceeding £600,000 prior lien bonds was authorized. In 1892 another estimate was obtained of the probable cost of completing the line, and it was then decided to raise the money on loan, and complete to Baza, a distance of 164 kilometres (of which 95 kilometres are already in operation), while the date for the completion of the line has been extended by the Spanish government to May, 1895. On the loans thus to be raised (authorized amount, £200,000) interest at 6 per cent. per annum is to be paid January 1 and July 1, and as security for the advance the company is to deposit with trustees the unissued £200,000 of prior lien bonds, while the subvention which the company is to receive from the Spanish government is to be charged to the extent of £116,000; "after applying in reduction of the loan the proceeds of the subvention available for the purpose, say about £116,000, the lenders will hold the £200,000 prior lien bonds at the low price of approximately 42 per cent. of their face value. The lenders shall then have the option of taking their proportion of the bonds firm at such price as they may so ultimately hold the same." The capital is now as follows:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£800,000 Six per cent. mortgage debentures of £100 each, with coupons payable January 1 and July 1 by the London Joint Stock Bank, Limited, Princes Street, E.C. and repayable July 1, 1928, unless previously redeemed by a cumulative sinking fund applied to half-yearly drawings (May and November), or by purchases in the market if under par, the first redemption taking place July 1, 1889; while the company reserved the right of redemption at 10 per cent. premium at any time after giving six months' notice. In July, 1888, £334,500 was issued at 95 per cent., a further £165,500 was afterwards allotted privately at the same price, and £300,000 was issued publicly in April, 1890, at 93 per cent. Debentures for £6,100 have been purchased out of the sinking fund, leaving £793,900 outstanding. As stated above, interest on these debentures up to and inclusive of that due July 1893, has been funded, and the sinking fund has been suspended to the same date. The debentures are to bearer, but may be registered as to principal only, and registered debentures may be again made payable to bearer.
Interest on these debentures up to and inclusive of that due January, 1895, is being funded, and the sinking fund has been suspended to the same date.

£71,226 Scrip issued late in 1890 against coupons from January 1, 1891, to July 1, 1893, both inclusive, of 6 per cent. mortgage debentures. The scrip is redeemable at the company's option in cash, and if not so redeemed by December 31, 1893, is to be exchanged for an equivalent amount of 6 per cent. mortgage debentures, forming part of the above issue, and carrying interest as from July 1, 1893. The total amount of scrip issued was £142,902, but of this amount £71,676 was accepted by the company as cash in subscriptions towards the prior lien bonds mentioned below. The amount will be increased by the scrip for 6 per cent. mortgage debenture interest to January 1, 1895.

£400,000 Six per cent. prior lien bonds of £20 and £100 each. These bonds form part of a total authorised of £600,000, and were issued in December, 1890, at 75 per cent., subscribers having to simultaneously apply at par for ordinary shares at the rate of two shares for every £100 bond. The bonds area (sic) first mortgage on the undertaking, have coupons payable January, 1 and July 1, and are redeemable at par January, 1 1921, or earlier at the company's option, on six month's notice, at 110 per cent. The company undertook to apply such portion of the government subvention as may not be required on the completion of the works to redemption of bonds of this issue, to be effected by purchase in the market if below 110, or by drawings for repayment at 110.
Holders of practically all these bonds have agreed to fund interest due in 1893 and 1894 into bonds of the same issue.

£152,000 Loan. This amount carries interest at 6 per cent. per annum, payable January 1 and July 1, and as security for the advance the company has deposited with trustees £152,000 of prior lien bonds, while the subvention that the company is to receive from the Spanish government is to be charged to the extent of £116,000; "The lenders have the option of taking their proportions of the bonds firm at the price at which they may ultimately hold them after applying in reduction of the loan the proceeds of the subvention available for the purpose, say about £116,000. The interest on this loan has hitherto been met."

The accounts are made up annually to December 31, and submitted in July. In 1892 the gross earnings were £15,036, and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894 the gross earnings were £17,064, involving a loss of £1,620; in 1895, to October 31, the gross earnings were £25,612, as compared with £13,866 in the same period of 1894. Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

The Great Southern of Spain Railway Company announces that on the 11th inst. the section of the railway from Almanzora to Purchena, a distance of 18 kilometres, was opened for traffic. The total length of line now opened is 114 kilometres.


The Great Southern of Spain Railway Company announced that on Sunday last, the 15th inst., the section of the railway from Seron to Baza, a distance of 31 kilometres, was opened for traffic. This makes a total length of line opened of 135 kilometres, and completes the railway of the company.

1895

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. The authorized capital was £400,000 ordinary shares, and £250,000 preference shares, with £1,054,000 debentures. The construction of the undertaking was given out to a firm of contractors who were to work the line until completion for their own benefit, they to provide debenture interest at 7 per cent. dividend on the preference shares. Late in 1890, however, the contractors broke down, and the company then took over the construction of the road. Fresh capital arrangements became necessary, and it was decided that for a period of three years (that is, to July 1, 1893) debenture interest should be funded, and the sinking fund suspended, and that the preference dividends should be suspended, while an issue of not exceeding £600,000 prior lien bonds was authorized. In 1892 another estimate was obtained of the probable cost of completing the line, and it was then decided to raise the money on loan, and complete to Baza, a distance of 164 kilometres (of which 95 kilometres are already in operation), while the date for the completion of the line has been extended by the Spanish government to May, 1895. The capital is now as follows:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£943,000 Six per cent. mortgage debentures of £100 each, with coupons payable January 1 and July 1 by The London Joint Stock Bank, Limited, Princes Street, E.C., and repayable July 1, 1928, unless previously redeemed by a cumulative sinking fund applied to half-yearly drawings (May and November), or by purchases in the market if under par, the first redemption at 10 per cent. premium at any time after giving six month's notice. In July, 1888, £334,500 was issued at 95 per cent.; and £300,000 was issued publicly in April, 1890, at 93 per cent. The balance was issued to fund interest from January, 1891, to January, 1895. Debentures for £6,100 have been purchased out of the sinking fund, leaving £936,000 outstanding. The debentures are to bearer, but may be registered as to principal only, and registered debentures may be again made payable to bearer.
Interest on these debentures up to and inclusive of that due January, 1895, has been funded, and the sinking fund has been suspended to the same date.

£447,772 Six per cent. prior-lien bonds of £20 and £100 each. These bonds form part of a total authorised of £600,000 and £400,000 was issued in December, 1890, at 75 per cent., subscribers having to simultaneously apply at par for ordinary shares at the rateof two shares for every £100 bond; and the balance was issued to fund interest. The bonds are a first mortgage on the undertaking, have coupons payable January 1 and July 1, and are redeemable at par January 1, 1921, or earlier at the company's option, on six month's notice, at 110 per cent. The company undertook to apply such portion of the government subvention as may not be required on the completion of the works to redemption of bonds of this issue, to be affected by purchase in the market if below 110, or by drawings for repayment at 110.
Holders of practically all these bonds agreed to fund interest due in 1893 and 1894 into bonds of the same issue, and those who did not agree to this have been paid.

£152,000 Loan. This amount carries interest at 6 per cent. per annum, payable January 1 and July 1, and as security for the advance the company has deposited with trustees £152,000 of prior lien bonds, while the subvention that the company is to receive from the Spanish government is to be charged to the extent of £116,000; "The lenders have the option of taking their proportions of the bonds firm at the price at which they may ultimately hold them after applying in reduction of the loan the proceeds of the subvention available for the purpose, say about £116,000. The interest on this loan has hitherto been met."

The accounts are made up annually to December 31, and submitted in July. In 1892 the gross earnings were £15,036, and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894, to September 30, the gross earnings were £12,120, as compared with £13,525 in the same period of 1893. Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

No press comment for 1895

1896

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. The authorized capital was £400,000 ordinary shares, and £250,000 preference shares, with £1,054,000 debentures. The construction of the undertaking was given out to a firm of contractors who were to work the line until completion for their own benefit, they to provide debenture interest at 7 per cent. dividend on the preference shares. Late in 1890, however, the contractors broke down, and the company then took over the construction of the road. Fresh capital arrangements became necessary, and it was decided that for a period of three years (that is, to July 1, 1893, since extended to January 1, 1895, inclusive) debenture interest should be funded, and the sinking fund suspended, and that the preference dividends should be suspended, while an issue of not exceeding £600,000 prior lien bonds was authorized. In 1892 another estimate was obtained of the probable cost of completing the line, and it was then decided to raise the money on loan, and complete to Baza, a distance of 166 kilometres which is now finished. In July, 1894, it was decided to reconstruct the company. The concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for 99 years from 1885), with a subvention in respect of that section of about £286,000, has been transferred to another company. Pre-existing 6 per cent. prior-lien bonds, and a 6 per cent. loan secured by the deposit of prior lien bonds, have been consolidated into a fresh issue of prior lien bonds, and old 6 per cent. mortgage debentures are to receive new 5 per cent. debentures, interest being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now as under:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£600,000 Prior lien bonds of £20 and £100 each. These rank for 5 per cent. per annum. Interest is payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896, and 1897, payable in cash only so far onlly as net profits will allow, debentures of the fillowing class to be issued for the balance. These bonds are entitled to an additional 1 per cent. per annumafter payment of 5 per cent. interest on the new debentures. The principal is repayable January, 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorized is £700,000. Of this issue, £599,772 was issued against pre-existing prior lien bonds and a loan, secured by prior bonds for £152,000. Holders of the loan also had a charge on £116,000 of subvention due from the Spanish government, and in the reconstruction schemeit is provided that any sums received in the future under this heading are to be distributed amongst the holders of new prior lien bonds issued against the above-mentioned loan. The bonds are secured by a trust deed.

£943,000 New debentures of £100 each, carrying 5 per cent. interest, cumulative, but payable only out of not profits, while, after payment of an additional 1 per cent. on the prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserverd power to redeem the debentures earlier by drawings. Any interest not paid in cash is to be met by the issue of certificates, which certificates are to be redeemed out of net profits after payment of 6 per cent. interest on the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior bonds as mentioned above.
Interest has so far been paid in certificates.

The accounts are made up annually to December 31, and submitted in July. In 1892 the gross earnings were £15,036, and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894, the gross earnings were £17,064, involving a loss of £1,620; in 1895, to October 31, the gross earnings were £25,612, as compared with £13,866 in the same period of 1894. Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

No press comment for 1896

1897

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. In July, 1894, it was decided to reconstruct the company. The line now owned (all in operation) is 104 miles in lengt, the concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for 99 years from 1885), with a subvention in respect of that section od about £287,000, having been transferred to another company. Pre-existing 6 per cent. prior lien bonds, and a 6 per cent. loan secured by the deposit of prior lien bonds, have been consolidated into a fresh issue of prior lien bonds, and holders of old 6 per cent. mortgage debentures receive new 5 per cent. debentures, interest on these being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now under:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£599,772 Prior lien bonds. These rank for 5 per cent. per annum interest, payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896, and 1897, it is payable in cash only so far as net profits will allow, debentures of the following class to be issued for the balance. These bonds are entitled to an additional 1 per cent. per annum after payment of 5 per cent. interest on the new debentures. The principal is payable January 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorized is £700,000. The bonds are secured by a trust deed. Interest has so far been paid in new debentures.

£1,002,951 New debentures carrying 5 per cent. interest, cumulative, but payable only out of net profits, while, after payment of an additional 1 per cent. on prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserved power to redeem the debentures earlier by drawings. Any interest not paid in cash is to be met by certificates, which certificates are to be redeemed out of net profits after payment of 6 per cent. interest in the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior lien bonds as mentioned above.
Interest has so far been paid in certificates, the amount of which interest is £72,222.

The accounts are made up annually to December 31 and submitted in March. In 1892 the gross earnings were £15,036, and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894 the gross earnings were £17,064, involving a loss of £1,620; in 1895, the gross earnings were £30,626, and the net earnings £1,007; in 1896, to October 31, the gross earnings were £22,764, as compared with £25, 612 in the same period of 1895. Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

No press comment for 1897

1898

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 53, New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gives a cash subsidy equivalent to about £532,000 (payable by instalments), but beyond this the company has no financial assistance from the government. In July, 1894, it was decided to reconstruct the company. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for 99 years from 1895), with a subvention in respect of that section of about £287,000, having been transferred to another company. Pre-existing 6 per cent. prior-lien bonds, and a 6 per cent. loan secured by the deposit of prior lien bonds, have been consolidated into a fresh issue of prior lien bonds, and holders of old 6 per cent. mortgage debentures new 5 per cent. debentures, interest on these being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now as under:-

£374,900 Ordinary shares of £10, with £338,000 shares being fully paid, and 4,100 £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£399,772 Prior lien bonds of £20, £100 and £500. These rank for 5 per cent. per annum interest, payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896, and 1897, it was payable in cash only so far as net profits would allow, debentures of the following class being issued for the balance. These bonds are entitled to an additional 1 per cent. per annum after payment of 5 per cent. interest on the new debentures. The principal is repayable January 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorised is £700,000. The bonds are secured by a trust deed. Interest has so far been paid entirely in new debentures.

£1,002,951 New debentures of £100 and £1,000, carrying 5 per cent. interest, cumulative, but payable only out of net profits, while, after payment of an additional 1 per cent. on the prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserverd power to redeem the debentures earlier by drawings. Any interest not paid in cash is to be met by the issue of certificates, which certificates are to be redeemed out of net profits after payment of 6 per cent. interest on the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior bonds as mentioned above.
Interest has so far been paid in certificates, the amount of which interest to June 30, 1896, was £72,222.

The accounts are made up annually to December 31, and submitted in July. In 1892 the gross earnings were £15,036, and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894, the gross earnings were £17,064, involving a loss of £1,620; in 1895, the gross earnings were £30,626, and the net earnings £1,007; in 1896 the gross earnings were £27,462, involving a loss of £2,637; and in 1897, to September 30, the gross earnings were 18,706, as compared with £20,121 in the same period of 1896.

Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

No press comment for 1898

1899

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chirman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 16, Eldon Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 199 kilometres) from Lorca to Granada and from Lorca to Aguilas, for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gave a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for99 years from 1895), with a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited, the purchase consideration including material, &c., having been £160,360 in shares. In July, 1894, it was decided to reconstruct the company. Pre-existing 6 per cent. propr lien bonds, and 6 per cent. loan secured by the deposit of prior lien bonds, and holders of old 6 per cent. mortgage debentures received new 5 per cent. debentures, interest on these being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now as under:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£599,772 Prior lien bonds of £10, £100 and £500. These rank for 5 per cent. per annum interest, payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896 and 1897, it was payable in cash only so far as net profits would allow, debentures of the following class being issued for the balance. These bonds are entitled to an additional 1 per cent. per annum after payment of 5 per cent. interest on the new debentures. The principal is repayable January 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorised is £700,000. The bonds are secured by a trust deed. Interest to June, 30, 1896, was paid entirely in new debentures; nothing since.

£1,002,951 New debentures of £100 and £1,000, carrying 5 per cent. interest, cumulative, but payable only out of net profits, while, after payment of an additional 1 per cent. on prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserved power to redeem the debentures earlier by drawings. Any interest not paid in cash is to be met by certificates, which certificates are to be redeemed out of net profits after payment of 6 per cent. interest in the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior lien bonds as mentioned above. Interest to June, 30, 1896, was paid in certificates, the amount of which is £72,222; nothing since.

The accounts are made up annually to December 31. In 1897, the chairman was appointed receiver. In 1892 the gross earnings were £15,036 and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894 the gross earnings were £17,064, involving a loss of £1,620; in 1895 the gross earnings were £30,626 and the net earnings £1,007; in 1896 the gross earnings were £27,462, involving a loss of £2,637; in 1897, £27,051, involving a loss of £4,096; in 1898 to September 30, the gross earnings were 591,825 pesetas, as compared with 486,359 pesetas in the same period of 1897. Voting power, one vote for each share, ordinary or preference. Director's qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

No press comment for 1899

1900

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chirman), W.R. Arbuthnot, M. Levysohn, W. McKerrow, F. Praed, and E. Woods. Secretary: A.F. Judd. Office: 16, Eldon Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 199 kilometres) from Lorca to Granada and from Lorca to Aguilas, for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gave a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for99 years from 1895), with a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited, the purchase consideration including material, &c., having been £160,360 in shares. In July, 1894, it was decided to reconstruct the company. Pre-existing 6 per cent. propr lien bonds, and 6 per cent. loan secured by the deposit of prior lien bonds, and holders of old 6 per cent. mortgage debentures received new 5 per cent. debentures, interest on these being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now as under:-

£374,900 Ordinary shares of £10, with £338,000 paid up, 33,390 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£599,772 Prior lien bonds of £10, £100 and £500. These rank for 5 per cent. per annum interest, payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896 and 1897, it was payable in cash only so far as net profits would allow, debentures of the following class being issued for the balance. These bonds are entitled to an additional 1 per cent. per annum after payment of 5 per cent. interest on the new debentures. The principal is repayable January 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorised is £700,000. The bonds are secured by a trust deed. Interest to June, 30, 1896, was paid entirely in new debentures; nothing since.

£1,002,951 New debentures of £100 and £1,000, carrying 5 per cent. interest, cumulative, but payable only out of net profits, while, after payment of an additional 1 per cent. on prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserved power to redeem the debentures earlier by drawings. Any interest not paid in cash is to be met by certificates, which certificates are to be redeemed out of net profits after payment of 6 per cent. interest in the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior lien bonds as mentioned above. Interest to June, 30, 1896, was paid in certificates, the amount of which is £72,222; nothing since.

£5,000 Receiver's loan

The accounts are made up annually to December 31. In 1897, the chairman was appointed receiver. In 1892 the gross earnings were £15,036 and the net earnings £678; in 1893 the gross earnings were £17,096 and the net £1,315; in 1894 the gross earnings were £17,064, involving a loss of £1,620; in 1895 the gross earnings were £30,626 and the net earnings £1,007; in 1896 the gross earnings were £27,462, involving a loss of £2,637; in 1897, £27,051, involving a loss of £4,096; in 1898 the gross earnings were 883,300 pesetas, and the net earnings £2,050; and in 1899, to September 30, the gross earnings were 746,476 pesetas, as compared with 591,824 pesetas in the same period of 1898. Voting power, one vote for each share, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed. Telegraphic address, Overglide, London.

The 14th ordinary general meeting was held yesterday, at Winchester-house, Mr. Gerard P. Torrens presiding. The chairman, in moving the adoption of the report, said that the accounts for 1899 showed a profit of £5,100, as compared with £2,000 in 1898 and a loss of £4,100 in 1897. In itself, this was evidence that the general business of the railway was improving. Last year the undertaking benefitted considerably by the great demand in England, and on the Continent, for Spanish Hematite ores, but, when the inevitable reaction set in, he believed that the line would continue to pay its way, apart altogether from other sources of traffic. The passenger receipts for 1899 had increased by 17,677 pesetas and the goods and minerals receipts by about 150,000 pesetas. These were small amounts in themselves, but, with gross receipts aggregating only £40,000, every little addition was of importance. The percentage of expenditure to gross receipts in the period under review was 83.4. It was very difficult to work a railway cheaply and efficiently when the gross revenue per mile per week, as in their case, was only 199 pesetas, or, at 31.40 of exchange, £6 6s. 8d. The manager, Mr. Gillman, and his staff had, however, succeeded in doing so. The present year's working would, he thought, be very much like the past one; perhaps not quite so good. After wiping off losses of former years; the balance-sheet showed a credit balance of £1,452. Against that had to be charged the cost of new boilers to locomotives, about £5,000, so that at least £3,500 must be made this year before they can say that they had paid their way. After stating that all litigation against the company was now at an end, he dealt at considerable length with the prospects of the undertaking, more particularly in reference to the development of large iron-ore deposits near the railway in the neighbourhood of Seron Station. The Bacares Iron Ore Mines (Limited), which had been formed to work those ore deposits, had entered into an agreement guaranteeing, for ten years, to this company, a minimum traffic of 150,000 tons per annum, at a fixed rate per metric ton. There were also provisions in the contract for carriage of ore exceeding 300,000 tons per annum. To enable this company to carry out their engagement with the Bacares Company, the Hornillo Company had been formed. In consideration of the financial assistance to be rendered by the Hornillo Company to the railway, the former would receive, for ten years, an annuity of £16,800. An (sic) the result of the agreement the Great Southern of Spain Company would secure an addition to their assets of about £70,000 in the shape of locomotives and wagons, and would have the complete command and possession of a loading pier at Aguilas, provided with the best appliances on the coast of Spain, such as would enable them to load into ship, at a nominal cost, several thousand tons of mineral daily. For the first ten years the net revenue of this company, owing to the large annuity payable to the Hornillo Company, might not be so great as he anticipated that it would be subsequently; still, he believed that it would be satisfacory even in the first ten years. Mr. W McKerrow seconded the motion. Replying to a shareholder, the chairman said that he did not think the line would be carrying any of the new mineral traffic before 1902. The report was unanimously adopted.

1904

Great Southern of Spain Railway Company, Limited:- Directors: G.P. Torrens (Chairman), W.R. Arbuthnot, W. McKerrow, and F. Praed. Secretary: A.F. Judd. Office: 42 New Broad Street, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gave a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada (to run for 99 years from 1895), with a subvention in respect of that section of about £287,000, having been transferred to another company. Pre-existing 6 per cent. prior-lien bonds, and a 6 per cent. loan secured by the deposit of prior lien bonds, have been consolidated into a fresh issue of prior lien bonds, and holders of old 6 per cent. mortgage debentures received new 5 per cent. debentures, interest on these being payable annually out of net profits. The shares were not affected by the reconstruction, and the capital is now as under:-

£374,900 Ordinary shares of £10 with £338,000 shares being fully paid, and 4,100 having £3 10s. called up, but only £1 per share has been paid. Of these, 9,908 fully paid shares and the whole 4,100 with £1 paid have been surrendered to the company.

£250,000 Seven per cent. cumulative preference shares of £10, fully paid.

£399,772 Prior lien bonds of £20, £100 and £500. These rank for 5 per cent. per annum interest, payable January 1 and July 1, and in respect of the years ended June 30, 1895, 1896, and 1897, it was payable in cash only so far as net profits would allow, debentures of the following class to be issued for the balance. These bonds are entitled to an additional 1 per cent. per annum after payment of 5 per cent. interest on the new debentures. The principal is repayable January 15, 1921, but the company has power to redeem the bonds earlier by drawings. The total authorised is £700,000. The bonds are secured by a trust deed. Interest to June 30, 1896, was paid entirely in new debentures; nothing since.

£1,002,951 New debentures of £100 and £1,000, carrying 5 per cent. interest, cumulative, but payable only out of net profits, while, after payment of an additional 1 per cent. on the prior lien bonds, as stated above, the new debentures are entitled to an additional 1 per cent. The principal is repayable July 1, 1928; but the company has reserved power to redeem the debentures earlier by drawings. Any interest not paid in cash was to be met by the issue of certificates, the certificates to be redeemed out of net profits after payment of 6 per cent. interest on the prior lien bonds and on the new debentures. The debentures are secured by a trust deed, and more debentures may be issued sufficient to meet interest on the prior bonds as mentioned above.
Interest to June 30, 1896, was paid in certificates, the amount of which is £72,222; nothing since.

£5,000 Receiver's loan.

The accounts are made up annually to December 31. In 1897 the chairman was appointed receiver. Interest is in arrear as stated above. In 1897 the gross earnings were 703,318 pesetas, involving a loss of £4.096; in 1898 the gross earnings were 883,300 pesetas and the net earnings £2,050; in 1899 the gross earnings were 1,018,224 pesetas, and the net earnings £5,127; in 1900, the gross earnings were 1,042,333 pesetas, and there was a loss of £5,396, after including £6,279 special expenditure; in 1901 the gross earnings were 1,157,710 pesetas, and there was a loss of £3,709, after including £6,286 special expenditure; in 1902 the gross earnings were 1,186,154 pesetas, and there was a profit of £3,462; and in 1903, to September 30, the gross earnings were 930,000 pesetas, as compared with 860,000 pesetas in the same period of 1902. Voting power, one vote for each share, ordinary or preference. Directors' qualification, 100 shares, ordinary or preference. Transfer form, common; fee, 2s 6d. per deed, a separate deed is required for each class of security. Telegraphic address, Overglide, London.

IN RE GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
His LORDSHIP sanctioned a scheme of reconstruction of this company under the Joint Stock Companies Arrangement Act, 1890.
Mr. Buckley, Q.C., and Mr. Kirkby supported the application.

1907

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), W.R. Arbuthnot, W. McKerrow, and F. Praed. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885, and for 99 years from 1874, respectively, after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government gave a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited. In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of existing ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£685,922 Ordinary stock, issued under the scheme of 1904 against accrued interest on prior lien bond, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£75,000 Loan, secured by the deposit of £116,000 of 6 per cent. first mortgage debenture stock. The loan is repayable on or before 3 December 31, 1909, with the option to the holders to exchange the loan for £84,000 of the first mortgage debenture stock.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. No interest is being paid.

The accounts are made up annually to December, 31, and submitted in April. In 1902 the gross earnings were 1,186,154 pesetas, and there was a profit of £3,462; and in 1903, the gross earnings were 1,357,557 pesetas, and there was a loss of £5,027, after including £5,400 special expenditure; and in 1904 the gross earnings were 2,463,532 pesetas, and after charging £5,990 special expenditure and £2,107 for interest on loan, there was a deficit of £5,605; and in 1906, to September 30, the gross earnings were 1,711,000 pesetas, as compared with 1,530,000 pesetas in the same period of 1905. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee, 2s 6d. per deed, a separate deed is required for each class of security. Stock is transferable in multiples of £1. Telegraphic address, Overglide, London.

No press comment for 1907

1911

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, W. McKerrow, and F. Praed. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 pre cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£688,162 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£124,438 Six per cent. first mortgage debenture stock (part of £200,000 authorized), issued in 1909 in repayment of a loan. The interest dates are January 1, and July 1, and the principal is redeemable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption to take place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. No interest is being paid.

£9,000 Loan against first mortgage debenture stock.

The accounts are made up annually to December, 31, and submitted in April. In 1906 the gross earnings were £91,560, and after charging £3,872 for interest on loan, there was a deficit of £2,131; in 1907 the gross earnings were £96,330, and after charging £4,484 for interest on loan &c., and setting aside £1,896 as reserve for assessment for Spanish stamp tax for 1906 and 1907, there was a deficit of £8,068; in 1908 the gross earnings were £88,161, and after charging £5,877 for interest on loans, &c. and setting aside £950 as reserve for Spanish tax for 1908, there was a deficit of £6,611; and in 1909 the gross earnings were £91,014, and after charging £7,898 for interest on first mortgage debenture stock, loan, &c., and setting aside £953 as reserve for Spanish tax for 1909, there was a deficit of £200, the total debit then standing at £21,311. In 1910, to October 31, the gross earnings were £83,242, as compared with £71,743 in the same period of 1909. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. Latest prices-ordinary, 1 per cent.; income debenture stock, 13 per cent.

No press comment for 1911

1912

No Stock Exchange Year-Book information for 1912.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
A HOPE REALIZED-A "CLEAN" BALANCE-SHEET.
The 26th Ordinary General Meeting of the Great Southern of Spain Railway Company (Limited) was held yesterday at Winchester House, Old Broad Street, under the presidency of Mr Thomas Harrison, the chairman of the company.
The secretary (Mr. A.F. Judd) having read the notice convening the meeting and the auditor's report,
The chairman said:-The circumstances of the past year were not favourable to the company in respect of its most important traffic- that of iron-ore, but I am glad to be in the position to-day of recording the realization of the hope that I expressed at our meeting last year that the debit balance might soon be extinguished. Although the progress of our traffic was affected by the inactivity of iron and steel markets, yet we have every satisfaction in presenting for the first time for many years a "clean" balance-sheet, from which the accrued loss has been written off out of profits. After payment of £18,983 to the Hornillo Company the remaining profit amounted to £24,186 and Spanish taxes £904-slightly less than for 1910, leaving £13,835. With this balance we have disposed of the debit of 13,553 and carry forward £282 to 1912, which enables us to enter upon the current year's working unhampered by any arrears. I should like to take the opportunity of this reference to Spanish taxes to express our fullest acknowledgements to the Foreign Office and the Commercial Department of the Board of Trade for supporting, in association with other railways, our representations to the Spanish Government in regard to taxation, and although we have only partially succeeded in our efforts yet we recognize very cordially that every possible assistance has been extended to us, and that we are greatly indebited to the authorities in question.

THE ARRANGEMENT WITH THE HORNILLO COMPANY
Before introducing this reference to taxation I had just mentioned that the profit was arrived at after payment of £18,900, which commenced to run in 1903 as provision for interest and amortization of the £120,000 of six per cent. Debentures issued by that company, will come to an end on the termination of the current year, and would in the ordinary course, in accordance with the contract, be substituted thereafter by a tonnage ratio of 6d. per ton. That alone would have represented, on the basis of last week's tonnage, a very considerable reduction of the rent charge to come into force on January 1, 1913, but I am glad to say that, according to a request to reconsider this rate, the shareholders of the Hornillo Company have agreed to a satisfactory proposal to sell their £20,000 of shares for £100,000 in cash or Six per cent. First Mortgage Debentures. Assuming that this offer meets with your approval and that of the Mortgage and Debenture holders, and that £100,000 of Mortgage Debentures be issued in payment for these shares, the annual charge from January 1, 1913, will be reduced to £7,000 a year for interest and amortization instead of 6d. per ton, which, on the basis of last year's tonnage, would have represented a much larger sum. This proposed commutation of the 6d. per ton, added to the advantage which, as I have just stated, would have accrued under the contract from the substitution of a tonnage rate for the minimum, will give a total saving, compared with last year, of £11,983, and of correspondingly larger amounts in proportion to the current and future increase of long-distance iron ore traffic. This amounts to a considerable alleviation of the prior charges, and if we take into account the larger iron ore traffic to which we may look forward and are this year already realizing, the combined effect on the prospects of the company of reduced rent charge and increased receipts assures to us progressively satisfactory results from January 1, 1913.

THE ACCOUNTS: ECONOMIES OF WORKING.
The balance-sheet presents but few variations compared with that for 1910. The amount of first mortgage stock has been increased in order to provide for the outlay on new locomotives, wagons, water supply, &c. Sundry credit balances are £26,801, against £24,316, and sundry debit balances £13,482, against £16,900, while cash balances are £10,204, against £6,949.
Revenue accounts will justify close examination. Working expenses were 78.06 per cent., locomotive expenses showing a gain of 4.47 per cent., although the distilling plant at Aguilas only got to work in June and the pipe line between Tíjola and Zurgena in August last. The improved water supply thus provided has proved of notable advantage, and will become increasingly serviceable with the growth of our heavy mineral traffic. If me make a comparison with the accounts for the year 1908 we can better appreciate the progress which has been made without the least impairment of upkeep in every one of the departmental headings of expenditure. The expenditure then was 100.17 per cent., inclusive of the Hornillo payment; for 1909 it was 90.51 per cent. and for 1910 83.80 per cent.; last year's figures being 78.06, which shows a total gain of 22.11 per cent., made up of savinga of 2.13 per cent. in way (sic) and works, 6.87 per cent. in locomotive expenses, .54 per cent. in carriage and wagons, 7.40 per cent. in traffic expenses, 1.43 per cent. in general charges, and 3.73 per cent. in rent charge. Some of this has been due to larger traffic receipts, but more still to the economies which have been gradually effected in every branch of the service. Let me also point out that from 1913, assuming the rent charge to have been converted into a debenture charge, our expenses will then fall into line with those of other railways working similar traffic. The 78.06 per cent. on that basis becomes 60.63 per cent., and when the water supply realizes for us, as it must gradually, all the advantages of which it is capable, we shall doubtless establish a rate of working that will leave the company quite a satisfactory share of the receipts.
TRAFFIC RECEIPTS: THE CURRENT YEAR
The moderate progress in our traffic receipts for 1911 was not, as I mentioned, in my opening remark, assisted by any activity in iron and steel production. It is satisfactory, however, to find that we did not in the long-distance mineral traffic lose ground; there was, moreover, distinct improvement in the short-distance mineral receipts. General traffic showed a marked and very welcome improvement; passenger receipts, including the summer excursion traffic, increased considerably, and it is encouraging to note that after May, when a through train service without change of carriage was established between Lorca and Granada, enabling the journey between Carthagena and Granada to be made in one day, the receipts showed a steady increase. Ordinary merchandise, and especially esparto, improved, and the apricot traffic from the Almanzora Valley seems at last to promise well.
The receipts for the first 23 weeks of 1912 show a good increase of £11,520, and our long-distance mineral business is fully realizing our anticipations now that the important connexion at kilo 98 is at work. We hope, too, in spite of drought, which has for the moment injuriously affected agriculture prospects in some of the districts served by the line, that we may continue to show a good result from passengers and merchandise, which have so far practically maintained the level of last year under all heads except that of marble, one of the quarries having been shut down. We may, therefore, reasonably conclude that the current year, although it will continue to bear the Hornillo rent charge, will, in ordinary circumstances, give us such a satisfactory increase in profit as will enable us to recommend some distribution on the income debenture stock at our next annual meeting, while for 1913, allowing for the purchase of rent charge and the growth of mineral traffic, the results cannot fail to be even more satisfactory. We are, as you are doubtless aware, dealing with a highly mineralized district containing iron ore resources of great value and extent. The nine years which have elapsed since the first shipment of long-distance iron ore was made in 1903 have served to establish markets for the ore, which is of excellent quality. I have just recently returned from a visit to the railway and the mines. Those of the mines which have been openend are being carefully developed, and show every prospect of becoming of increasing importance as sources of revenue to the company, and we can all appreciate the possibilities of a traffic derived from raw material used in the constantly extending applications of iron and steel manufacturers.
I shall be glad to answer to the best of my power any questions that may be addressed to me and will conclude by moving "That the report of the directors, together with the statement of accounts to the 31st December, 1911, be and are hereby approved and adopted."
MR FITZPATRICK PRAED seconded the motion, which was at once carried unanimously, and resolutions were afterwards passed re-electing Mr Gustave Gillman, M.Inst.C.E. to his seat at the board, and reappointing the auditors, Messers. James Fraser and Son.
The CHAIRMAN then proposed the following resolution:-"That, subject to the consent of the holders of First Mortgage Debeture stock and Income Debenture stock of the company, the board of directors be and they are hereby authorized to create an additional amount of £150,000 First Mortgage Debenture stock ranking equally in all respects with the £200,000 like stock previously authorized."
Mr. E.B. FORBES, M.Ins

1913

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and F. Praed. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£688,162 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£267,688 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption to take place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. No interest is being paid.

The accounts are made up annually to December, 31, and submitted in April. Interest on the first mortgage debenture stock has been paid to date; but there has as yet been no payment on either the income debenture stock or ordinary capital. In 1908 the gross earnings were £82,804; in 1909 £91,014; in 1910, £100,262; and in 1911, £109,206, and after charging £9,511 for interest on the first mortgage debenture stock, and setting aside £953 for Spanish stamp tax, &c., for that year there was a credit balance of £13,835, out of which the debit of £13,553 brought forward was extinguished, leaving £282 to be carried on. In 1912 to October 12, the gross earnings were 2,917,617 pesetas, as compared with 2,306,253 pesetas in the same period of 1911. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 27½; first mortgage debenture stock, 102½; income debenture stock, 67½.

FIRST PAYMENT OF INTEREST ON INCOME DEBENTURE STOCK.
The 27th ORDINARY GENERAL MEETING of the above-named company was held yesterday at Winchester House, Old Broad-street (sic), Mr. THOMAS HARRISON, Chairman of the company presiding.
The SECRETARY (Mr. A.F. Judd) read the notice convening the meeting and the auditor's report.
The CHAIRMAN said:-Gentlemen, the report and accounts have been issued to the shareholders, and I presume it will be your pleasure to take them as read. (Hear, hear.) With your permission I will proceed to make a few remarks upon the work and results of the past year; and, first, I will say that, subject to your approval of the accounts, it is on this occasion my priviledge to submit to you, as we anticipated at our last meeting, a recommendation that a first payment of interest be made on the Income Debenture stock of the company. The payment in question is moderate enough, but we all know that a modest beginning will not prejudice later on more satisfactory developments.

THE AGREEMENT WITH THE HORNILLO COMPANY
One of the main factors in our progress, to which we may look in the future for improved results, is the conclusion of the agreement referred to in the report, by which we take over the shares and merge the assets and interest of the Hornillo Company in those of the railway. In the past ten years we have paid to the Hornillo Company in respect of interest and amortization of debentures, &c. the sum of over £180,000. The work done by that company in providing a shipping pier, rolling stock, and facilities for the development of the mineral traffic has been of the greatest importance to the railway, but this necessary stage of providing out of earnings the means for carrying and shipping this important traffic has been followed by an equitable arrangement under which the future charge upon the railway will be limited to a payment of £7,000 a year for interest and amortization of the £100,000 of six per cent. First Mortgage Debenture stock issued to provide for the acquisition of the Hornillo shares.
The progress of our mineral traffic is not, however, under any limitations, and it has made great strides during the last few years, quite verifying our forecast and calculations that it would take ten years to bring the mines into the present satisfactory... [Lost].

1914

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and Maj. H.A. Micklem, D.S.O. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£690,442 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£274,350 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption to take place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912..

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date, and the first payment on the income debenture stock was 2 per cent. in respect of 1912-no dividend yet on the ordinary capital. Carried forward £594, including £282 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum form The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1913, to October 18, the gross earnings were 3,438,477 pesetas, as compared with 2,992,742 pesetas in the same period of 1912. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 21½; first mortgage debenture stock, 999½; income debenture stock, 64.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
THE PAST YEAR'S WORKING: THE MINERAL TRAFFIC.
The 28th ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company (Limited) was held yesterday at Winchester House, Old Broad-street (sic), under the presidency of Mr. THOMAS HARRISON, the chairman.
The SECRETARY (Mr. A.F. Judd) having read the notice convening the meeting and the auditor's report.
The CHAIRMAN said: Gentlemen, the report and accounts having been duly issued to the stockholders, with your permission, we will take them as read. Before entering on the report I will first say how deeply the directors regret the death of Mr. Fitzpatrick Praed and the loss of his very hearty and effective co-operation. Mr Praed warmly identified himself with all that pertained to the company's interest and progress, and I am sure this meeting will wish to be associated with an expression of sincere sympathy with Mrs. Praed and other members of the family. When we met 12 months ago we were fully participating in the benefit to our traffic derived from the very great activity which prevailed in the iron and steel trades, and we were justified in hoping that we had before us a period of sustained improvement. The second half of the year was, however, entered upon with indications of transition and a falling off in demand, which has increased, and at the present time has reached a stage of low prices, which ought soon to be followed by improved demand. Bearing in mind that the second half of 1913 showed a decrease of nearly 7 per cent. from the receipts for the first half of the year. I feel assured that the result of the whole year's work will be regarded as satisfactory, and as affording proof of what the mineral traffic is capable of doing for the railway when the present slackness in the consumption of iron ore gives place to the normal growth of steel production, on which our traffic so largely depends.

GROSS AND NET PROFITS
The gross profit for the year was £68,790, against £32,703, and the net profit £32,854, against £14,706. The deductions from gross profit amount to £35,930 against £17,929, and include, amongst other charges, £19,304 for interest and sinking fund on the First Mortgage Debenture stock and £10,000 for depreciation. It will be recognized that it is the first duty of the board to make suitable provision for the renewals which will in course of time be necessitated by the wear and tear of our heavy traffic. The item of suspense accounts, £5,000, is a provision for outstanding matters which have yet to be settled. After adding the amount brought forward the available total £33,448 enables the board, subject to your approval of the accounts, to pay a further 2 per cent., making 4 per cent. for the year, on the Income Debenture stock, and to carry forward £5,460, against £633 brought into the account.
I think this result fully justifies the splendid support which has been given to this company by those who have supplied the large amount of capital without which it would have been impossible to construct the shipping mole and to equip the railway with the special rolling stock required for the effective and economical transport of iron ore. This has been done on a scale affording facilities and security for the development of the important mining district which has been opened up in the province of Almeria and which supplies us with our long-distance mineral traffic. At the same time the profit realized accredits the forecasts which were submitted to you in regard to the great possibilities of this traffic by my predecessor in the chair, the late Mr. G.P. Torrens.
THE BALANCE-SHEET
The balance-sheet presents few changes, but we have added a note explanatory of the provision in the Trust Deed for a sinking fund on the Income Debenture stock, which accrues from January 1, 1912, and to the end of 1913 amounted to £20,274, First Mortgage Debenture stock is increased by £34,562, issued to provide for capital expenditure, including 25 additional steel wagons as well as the balance of purchase-money of the three Kitson-Meyer double locomotives, &c. but there is a deduction of £3,156 for the amount of redeemed stock, which also appears on the credit side in reduction of discount on the stock. Sundry credit balances, £38,574, compare with £26,826, the increase being explained by the depreciation and suspense accounts which are now set aside. Sundry debit balances are £12,518, against £15,664, the difference being within the ordinary fluctuations in traffic collections. The stock of stores represents £24,360, against £20,119, the increase being required for growth of traffic; and cash balances are £27,729, against £17,825.

THE REVENUE ACCOUNT: ADVANTAGES OF DISTILLED WATER.
Revenue account shows that working expenses amounted to £89,015, compared with £86,970, so that increased receipts of £15,954 were carried at a cost of £2,045. Permanent way and works cost £11,470, against £12,153 the percentage being 7.29 against 8.60. Locomotive expenses, which have always been with us an exceedingly heavy charge on the working, were slightly higher in amount but the percentage was reduced to 30.85, against 33.80-a gain of 2.95 per cent. The use of distilled water at Aguilas and the improved supply at Tijola has enabled the management to bring the locomotive into first-class working order, and from this time the repairs and renewals will not, with the exeption of the replacement of a couple of steel fire-boxes by copper, be increased by arrears of work. The cost of distilling water and providing the up-country supply for pipe service from Tijola to Zurgena will of necessity remain a charge upon locomotive expenses. The gain is much more than commensurate with the cost, and is to be measured by the efficiency and economy which it has brought about in the haulage of our heavy train-loads of mineral.
A considerable strain has been put on the up-country supply by the prolonged drought from which nearly the whole of the country served by our line has suffered, and some increase in hardness in the water necessarily followed, but the melting snow from the hills and copious rainfall last month, with further rain on several days since, have renewed the abundance of our supply and improved the quality. We may therefore justly say that the arrangements initiated by Mr. Forbes for distilling water and utilizing the up-country sources discovered by him, to which the progress of the company owes so much, have had to experience a severer test than could have been anticipated, with results that are satisfactory in regard to the past and reassuring with respect to the future. We now enter upon our traffic operations with a locomotive equipment comparable in point of repair and efficiency with that of any other well-managed railway. Carriage and wagon repairs have increased owing to the ordinary wear and tear from the constant use of the steel mineral wagons, which are doing us very good service.

WORKING EXPENSES
Traffic and shipping expenses were somewhat higher in amount but lower in percentage - 9.65, against 10.32; while general charges were slightly lower in amount and 6.51 in percentage against 7.32. Working expenses as a whole were 56.62, against 51.57 per cent.-a percentage which is relatively satisfactory, and shows that this heavy mineral traffic, which is carried at a low tariff, can be made on adequate tonnage to give good results. I need scarcely point out that we cannot expect this year to continue our progressive improvement in the ratio of working expenses, but must look for some addition to it consequent upon the fall in receipts. The management are doing all that is possible to meet this, but a large proportion of railway expenditure does not admit of reduction to correspond with traffic fluctuations. The rent-charge has disappeared from our expenses, but it may be well to state that the purchase of Hornillo shares saved us last year £9,200. The royalty on last year's transport of 649,000 tons from up-country would have been £16,200, compared with £7,000 paid for interest and sinking fund on £100,000 of first mortgage debenture stock.

THE OUTLOOK: OUR IRON ORE IMPORTS.
Our gross earnings of £157,000 were not only satisfactory in respect of minerals, but the steady improvement in passenger traffic and merchandize (sic) shows some decrease this year, but reduced traffic has been experienced by all the principal railways in Spain, and is probably halt in the good progress made in railway receipts generally in that country for some years past. It is satisfactory to learn that the harvest promises well, including the esparto crop, and there is an increasing outlet in Madrid and Barcelona for the marble industry, which is steadily developing. Fruit was disappointing last year on account of the drought.
To the end of May our long-distance iron ore showed a falling off of 56,000 tons. Together with a decrease of 13,000 tons on local mineral, the shortage is equal to about 25 per cent. This appears to correspond roughly with the reduction of imports of iron ore into this country, amounting for the five months to 825,000 tons, which is also equal to about 25 per cent. reduction on the corresponding imports for 1913. The falling off has no doubt been accentuated by the shipping strike in Spain, which has paralysed business there for some weeks. I find that the average annual tonnage of iron ore imported into Great Britain for the seven years to the end of 1913 was over 6½ million tons, and, although there were considerable fluctuations, the yearly total fell only on one occasion below six millions, and then but fractionally, the maximum being 7¾ millions. Assuming that we may get some guidance from the last seven years, these figures afford indications that the present slackness is not likely to be maintained, and that the rate of decrease may be considerably reduced for the rest of the year. So far as our own recipients are concerned, we shall have to compare from July with a smaller average of 80,000 pesetas per week as against 86,000 pesetas per week for the first half of 1913. An important factor in our prospects is that the mines from which we derive the bulk of our traffic are in good working order, and are being developed and explored with a due regard to the future. The mineral, too, is well established in British and Continental markets, so that all the conditions are favourable to a resumption of good traffic so soon as an improvement may take place in the iron and steel trades.

THE GENERAL MANAGER AND THE STAFF
I may mention that the assistant manager, Mr. Boag, was appointed general manager in July last to succeed Mr. Ambrose Jones, who completed his engagement with every satisfaction to the company and retired for family reasons. The directors cordially acknowledge that the successful exertions of the general manager, secretary, and the whole of the staff have largely contributed to the improved position of the railway, which now ranks in respect of milage earnings with the best of the trunk lines in Spain. (Cheers).
I shall be glad to give any further information that may be desired, and will conclude by moving:-
"That the report of the directors, together with the statement of accounts to 31st December 1913, be, and are hereby, approved and adopted."
Mr. WILLIAM McKERROW seconded the resolution, which was at once unanimously carried.
On the motion of the CHAIRMAN, seconded by Mr. E.B. FORBES, M.Inst. C.E., Mr. G. Gillman was re-elected a director of the company.
The CHAIRMAN then proposed, and MAJOR H.A. MICKLEM, D.S.O., seconded the following resolution, which was unanimously agreed to:--
"That the directors be, and they are hereby, authorized, in so far as in their opinion the net revenue of the company, ascertained or estimated, may justify the same, to make from time to time an interim payment to the income debenture stockholders on account of the interest to which they may be entitled in respect of the operations of a current year.
A meeting of the holders of income debenture stocks was held, at ehich a resolution was unanimously passed, on the motion of the CHAIRMAN, seconded by Mr. McKERROW, re-electing Major Micklem as director of the company.
Mr W. SANDFORD-POOLE congratulated the chairman and the directors on the admirable statement they had been able to put before the meeting. The shareholders and the debenture holders, he remarked, had had a long and weary wait, but they at last were being rewarded for their patience. A substantial dividend was now being paid on the income debenture stock, and he hoped that the time was not far distant when the holders of that stock would receive their full dividend, and when the shareholders might get some return. He concluded by proposing a hearty vote of thanks to the chairman and the directors for their conduct of the business of the company, and expressed his desire that the vote might also include the management and staff both in this country and in Spain.
Mr. HANCKE seconded the motion, which was unanimously carried.
The CHAIRMAN briefly acknowledged the compliment, and the proceedings then terminated.


Great Southern of Spain Railway.
The results of the Great Southern of Spain Railway for last year show a marked advance on those for the preceeding year, the profit, after providing for the service of the Mortgage Debentures, having increased from £14,700 to £32,800. This suffices for the payment of interest at the rate of 4 per cent. on the Income Debenture stock which compares with 2 per cent. for 1912, when the stock received its first distribution. But a very considerable advance has yet to be made before the ordinary shareholders can receive any return on their investment, for the income stock is first entitled to a payment of 5 per cent., and in addition, the appropriation of £10,137 per annum as from January 1, 1912, for the redemption of the stock, the total amount of which is £719,726.

1915

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and Maj. H.A. Micklem, D.S.O. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£690,442 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£300,000 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption to take place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, and for 1913 4 per cent. was paid.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, and for 1913 4 per cent. was paid-no dividend yet on the ordinary capital. Carried forward £4,659, including £594 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1914, to October 31, the gross earnings were 2,888,1867 pesetas, as compared with 3,602,000 pesetas in the same period of 1913. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 15½; first mortgage debenture stock, 99½; income debenture stock, 55.

COMPANY MEETING
GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
ABNORMAL CONDITIONS OF WORKING.
The 29th ORDINARY GENERAL MEETING was held yesterday at Winchester House, under the presidency of Mr. THOMAS HARRISON (the chairman of the company).
The secretary (Mr. A.F. Judd) having read the notice convening the meeting and the auditors' report.
THE CHAIRMAN, in the course of his remarks in proposing the adoption of the report and accounts, said:-No doubt the abnormal conditions of the past year will have prepared the stockholders for a large falling off in the company's traffic and revenue and in view of the disruptive influence of the war, we must feel that the effect on our business might have been even greater but for the complete security and protection afforded by the action of the British and Allied Fleets. The commercial sea routes having been kept open, shipments to this country have been carried on without the slightest interruption. Our work as railway carriers and shippers of iron ore connects us as intermediaries with an international traffic of equal importance to Spain and Great Britain, and we are consequently in a position forcibly to realize the vital importance of this control to our iron and steel trades, whose ramifications extend into every nook and corner of the industrial life of this country. An expression of profound satisfaction and gratitude for the maintenance of this supremacy of the seas is therefore appropriate to the circumstances in which we meet to-day.

THE TRAFFICS: REDUCED WORKING EXPENSES.
As our weekly traffic returns showed, there was a large falling off in our receipts for the first seven months of the year, due to the marked depression in markets for steel, which had succeeded rather suddenly to the prosperity of the years 1912 and 1913. This depression was naturally intensified by the war, which immediately cut off Continental outlets and caused a great restriction of this country's output of iron and steel, thereby influencing a notable decrease in our mineral traffic for the rest of the year-a falling off which has continued in the current year. Shipments of iron ore would, however, have been more active but for a great scarcity of vessels and an unprecedented rise in freights. So soon as the Government were made aware of the hampering effect of want of tonnage, they allowed some of their transports to come to the relief of the trade by loading return cargoes of iron ore. This effective assistance exercised at once a favourable influence upon freights, and we look upon it as the starting point from which we may hope that larger shipments will develop to meet the increasing demand for iron ore and the present improved prices of steel manufactures.
The gross profit for 1914 was £46,985, compared with £68,014 for 1913. Deductions (which he specified) leave a net profit of £5,205, to which there is to be added £1,650 brought forward from 1913, giving an available balance of £9,805. We much regret that after due consideration of existing conditions and our immediate prospects, the board do not feel justified in recommending a distribution on the Income Debenture stock. Pending the satisfactory conclusion of the war, our sound course is to strengthen the company's position by carrying forward the balance to next account. As to the balance-sheet, I may mention that on the debtor side we have set out the present position of accumulated depreciation and reserve funds, amounting to £25,420, and this sum may be fairly regarded as representing satisfactory progress during the past few years in a direction which is of the utmost importance for the future of the railway. When we come to examine our working expenses for the last year it will be obvious that the necessarily large proportion of fixed expenditure makes it impossible to introduce economies on a scale which is proportionate to the largely reduced receipts. Short of this it will be recognized that the result attained-namely 61.52 per cent., against 56.62 per cent. for 1913, gives a satisfactory measure of the good work done by the general manager and the staff, and represents a sustained and successful effort to meet the adverse conditions of our traffic for the past year. In regard to traffic generally there was a falling off of, roughly, £35,000, Minerals account for nearly £30,000, goods for £4,000, passengers £1,000. Even with a reduction of 169,635 tons in the long-distance traffic, the profit on the transfer of Hornillo pier represents a sum of £5,377 for the year, to be added to the gain of £9,228 in 1913.

PROSPECTS AFTER THE WAR
At present the railway may be said to be not doing much more than mark time, and expenditure will be curtailed as much as possible until our traffic again becomes normal. Meanwhile, the traffic in iron ore is unlike that of passengers and goods, in so far as it may be held to be deferred rather than entirely lost. The mines with which we are in connexion are capable of great development, and we may well bear in mind that what occurred after the Franco-Prussian war in 1870 may be repeated after the present war. The outbreak of activity that followed upon peace was so great, and the demand for hematite iron ore for steel making became so urgent, that supplies from Cumberland, which up to that time had sufficed for this country, proved to be quite inadequate. This state of matters and the stimulus of a remarkable rise in prices led to the opening and development of Spanish mines, which have since contributed so largely to that country's exports.
Mr. E.B. FORBES, M.Inst.C.E., seconded the motion, which was at once unanimously adopted; and the retiring director, Mr. Gustave Gillman, M.Inst.C.E. and the auditors, Messers. James Fruser and Sons, were re-elected. Mr. Forbes was also re-elected a director at a subsequent meeting of the holders of Income Debenture stock.
The procedings terminated with a cordial vote of thanks to the chairman, the directors, and the staff in London and in Spain.

1916

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and Maj. H.A. Micklem, D.S.O. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£300,000 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption taking place in 1912. Amount outstanding, £291,828. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid and for 1914 nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid and for 1914, nil-no dividend yet on the ordinary capital. Carried forward £9,865, including £4,659 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1915, to October 23, the gross earnings were 2,522,847 pesetas, as compared with 2,827,771 pesetas in the same period of 1914. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest price-income debenture stock, 20¼.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
FREIGHT DIFFICULTIES AND THE SPANISH IRON ORE TRADE.

The 30TH ORDINARY GENERAL MEETING of this company was held yesterday at Winchester House, Old Broad-street, Mr. THOMAS HARRISON (the chairman) presiding.
The SECRETARY (Mr. A.F. JUDD) read the notice convening the meeting.
The CHAIRMAN, in moving the adoption of the report, said that the whole course of trade during the past year had been governed by war conditions, and they had to again express their grateful recognition of the spendid work done by the Fleets in safeguarding and maintaining open sea communications for the unchecked freightage of all the varied commodities imported into this country, including iron ore, for the manufacture of armaments and construction of ships of war. The Government had continued its effective assistance to the trade, by allowing Admiralty transports to load return cargoes, and the company had in the course of the past year dispatched 13 vessels representing a tonnage of 78,470. They would be glad to think that the increasing urgency of freight difficulties, which weighed very heavily upon the Spanish iron ore trade, in respect to shipments of iron ore, as well as to outward coal cargoes for railway service, might lead to measures which would bring about increased supply of new vessels and the fullest utilization of transports, so as to control the inordinate demands of shipowners, to whom they had paid as much as six times the normal freight. As the company's tarffic in iron ore-practically the whole of which was exported to the United Kingdom-represented 84 per cent. of the total tonnage carried over the railway, it was not out of place to point out, that, both as to supply of vessels for iron ore and coal for the railway service, they had an equitable claim upon the best consideration of the authorities, to whom they might be given to them for carrying on under practicable conditions the transport and shipment of iron ore on which the Government must depend for the manufacture of war material.

LAST YEAR'S RESULTS - THE OUTLOOK.
Having had all these serious difficulties to contend with, he thought they might fairly conclude that the result of the company's operations for 1915 was not in the circumstances unsatisfactory. The balance-sheet gave a clear statement of their financial progress, and the revenue account exhibited and compressed into a few figures the excellent work and great economy with which the operations of the railway and shipping pier had been conducted in a year that had been full of difficulties in the way of normal management. Some of their stockholders had thought that a notice in the daily papers about an alleged purchase of a controlling interest in the South of Spain Railway might refer to this company. That, however, was not the case, the railway in question being the Linares and Almeria, known in Spain as the South of Spain Railway.
The prospects for 1916 mainly depended upon the war. So far they had a slight increase in receipts, but until ordinary conditions were restored and all the present dead weight of freight removed, they could only look upon the business as in a state of arrested development, with latent powers which must be brought into full play on the termination of the war. Increased demand for iron ore must certainly arise on a scale which doubtless would make an unprecedented call on the productive powers of hematite iron ore mines in Spain, for the manufacture of steel which would be required to make good the destructive effects of the war and to facilitate the resumption of industrial progress. When that time came the mines with which they were connected, would, he had no doubt, give a very good account of themselves, and should bring largely increased traffic to the railway. In conclusion, he moved the adoption of the report and accounts.
Mr. WILLIAM McKERROW seconded the motion and after a short discussion, in the course of which Mr. BRUCE GARDYNE complimented the board on the results obtained, in view of the difficulties caused by the war, the report and accounts were adopted.
A vote of thanks to the chairman and directors, and to the general manager and staff, terminated the proceedings.

1917

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and Lt-Col. H.A. Micklem, D.S.O. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) From Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved-the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£300,000 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption taking place in 1912. Amount outstanding, £291,828. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914 and 1915, nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914 and 1915, nil-no dividend yet on the ordinary capital. Depreciation and reserve funds, £40,420; carried forward, £11,251, including £9,865 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1916, to October 28, the gross earnings were 3,261,226 pesetas, as compared with 2,563,753 pesetas in the same period of 1915. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 11; first mortgage, 98; income debenture stock, 34;.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
EFFECT OF WAR CONDITIONS
The 31st ORDINARY GENERAL MEETING was held yesterday at Winchester House, Mr. THOMAS HARRISON, the Chairman, presiding.
The SECRETARY (Mr. A.F. Judd) having read the notice,
The CHAIRMAN, in moving the adoption of the report and accounts, said that the transport and shipment of iron ore, which was the most important feature of the company's business, had again been controlled by war conditions, but the overseas traffic had been considerably increased, so that we all had the satisfaction of feeling that the Allied Fleets had continued successfully to safeguard the supplies of iron ore on which this country was dependent for the production of steel. The rise in freights, however, which was so marked in 1915, continued in 1916 by leaps and bounds, involving the company in great difficulties, the disastrous effect of which was seen in the accounts submitted, notably under the head of coal. Receipts had only just balanced expenditure, and even this result would not have been attained but for a very necessary allowance in respect of excess dispatch given to the vessels which they had loaded for their two principal freighters. This allowance only came into operation practically at the end of August last, and they would derive more extended benefit from it in the current year. The profit of £250 had been added to the amount brought forward, and gave £11,500 to be carried forward. Depreciation and reserve funds had been increased from £40,420 to £55,420. Working expenses showed that the locomotive outlay, represented 40.78 per cent. against 31.28 per cent. for 1916. This was due to coal, on which they had spent £40,028, against £20,726. The percentage of expenditure under all heads other than that of locomotives showed reductions amounting in the aggregate to over 4 per cent. Taking the whole circumstances of the year into account, the ratio of 65.59 per cent. compared with 60.37 per cent., reflected the successful work of the general manager and staff in controlling departmental expenditure. The iron-ore traffic showed an increase of 70,731 tons, and in ordinary conditions this considerable increase would have told favourably on their net revenue. General traffic on the whole also showed better results than in 1915. So for this year there had been an encouraging increase in receipts, and the imports of iron ore into the United Kingdom for the first two months were considerably greater than in the corresponding months of 1916. The directors anticipated that the termination of the war would initiate the greatest demand for iron ore for steel purposes that had ever been experienced.
Mr. E.B. FORBES, M.Inst.C.E., seconded the motion, which was unanimously adopted.

1918

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, G. Gillman, W. McKerrow, and Col. H.A. Micklem, D.S.O. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£300,000 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption taking place in 1912. Amount outstanding, £283,567. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the trhee years to 1916, nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914, 1915 and 1916, nil-no dividend yet on the ordinary capital. Depreciation and reserve funds, £55,420; carried forward, £11,502, including £11,251 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1917, to October 27, the gross earnings were 3,773,016 pesetas, as compared with 3,261,226 pesetas in the same period of 1916. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 9½; first mortgage, 95; income debenture stock, 30;.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
THE IRON ORE TRAFFIC ARRANGEMENT.
The 32ND ORDINARY GENERAL MEETING was held yesterday at Winchester House, Mr. E.B. FORBES, M.Inst.C.E., presiding owing to the absence in Spain of Mr Thomas Harrison (chairman of the company).
The SECRETARY (Mr. A.F. Judd) read the notice convening the meeting.
The CHAIRMAN, after dealing with the accounts, said that owing to the suspension of the long-distance iron ore traffic in November last the tonnage for iron ore was less than in 1916, but all other classes of traffic, except esparto grass, showed an increase. The reduction in the quantity of esparto grass was due to restricted importation into Great Britain, but, on the other hand, there was an increase in the use of esparto grass in Spain for the manufacture of paper, cordage, baskets, &c. The traffic in marble showed a satisfactory increase, as was also the case with cereals and flour. The receipts from passenger traffic also showed a good improvement. He detailed the circumstances which led to the suspension of the long-distance iron ore traffic from November 15 last, and said that, as a result of extended negotiations with the Government and freighters, an arrangement had just been concluded which would enable a resumption of this traffic to take place so soon as the cargo of coal, now due to load, arrived and had been discharged at Aguilas. They were grateful to the Government and freighters for their assistance in the matter, but they could not count on the assistance being more than sufficient to enable them to pay the cost of working the iron ore traffic.
The iron ore transported over the company's railway was very much needed in Great Britain, and the board felt quite sure that the authorities would do all in their power to send the iron ore to this country, so it might reasonably be anticipated that the result of working during the remaining months of the year would be less unfavourable than the earlier months, but the difficulties in connexion with working a railway abroad during these abnormal times were very great. Speaking of the valuable services rendered to the company by Mr. Harrison, he remarked that his time and talents had been almost exclusively devoted during the past year to the solution of the problem of their long distance iron ore traffic. By his energy and tact he had managed to get all parties in one common accord, and in this manner had saved the company, if not from actual disaster, at all events from a highly critical situation. In conclusion the Chairman moved the adoption of the report and accounts.
COLONEL H.A. MICKLEM, C.M.G., D.S.O., seconded the motion, which was, after some discussion, carried unanimously.
At a meeting of the income debenture stockholders Colonel Micklem, the retiring director, was reappointed, and to fill the vacancy caused by the death of William McKerrow the CHAIRMAN proposed the election of Mr. Richard Popkiss as a director.
COLONEL MICKLEM having seconded the motion, it was carried.

1919

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, Col. H.A. Micklem, C.M.G., D.S.O., and R, Popkiss. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£300,000 Six per cent. first mortgage debenture stock (part of £350,000 authorized). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption taking place in 1912. Amount outstanding, £280,170. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the four years to 1917, nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914, 1915, 1916 and 1917, nil-no dividend yet on the ordinary capital. Depreciation and reserve funds, £70,420; carried forward, a debit balance of £2,400, as against a credit balance of £11,502 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1918, to November 23, the gross earnings were 2,556,944 pesetas, as compared with 4,053,762 pesetas in the same period of 1917. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 10; first mortgage, 92; income debenture stock, 32½;.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
EFFECTS OF THE WAR.
The THIRTY-THIRD ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company (Limited) was held yesterday at the offices, 2 Broad-street-place, Mr THOMAS HARRISON, the chairman presiding.
The SECRETARY (Mr. A.F. Judd) having read the notice convening the meeting,
The CHAIRMAN referred to the great diffficulties which the company had experienced in the past year, and remarked that it was not surprising, in the circumstances, that the accounts showed a loss of £15,757, without adding to it any allowance for depreciation. In the war period of four years and five months they transported nearly 2,000,000 tons of iron ore at a loss (if depreciation for 1918 were added) of considerably over £40,000, whereas, on the basis of 1913, they might have had the opportunity of earning anything over £100,000. The arrangement entered into through the mediation of the Ministry of Munitions, however, had enabled the main business of the railway to be carried on, if not at a profit, at any rate at a much reduced loss. The directors were also grateful to the Department of Steel Production of the Ministry for their great consideration and appreciation of the company's needs in respect of a supply of suitable large coal. The revenue account showed working expenses of 92.68 per cent., against 80.01 per cent., of which locomotive expenses represented 63.67 per cent. due to the cost of coal and wood together having amounted to £60,000, although the long-distance iron ore portion of their traffic was only in operation for five months. The rest of the departmental costs amounted to 29.01 per cent., against 26.33 per cent. in 1917, and this slight increase in face of such a large reduction of traffic proved once more that the general manager and his staff had made very successful efforts to bring about economy wherever it could be effectively realized.
As the prospects of the company so largely depended upon the cost of fuel, he might state as to outward freight there was at the beginning of the year a remarkable fall from the 120s. they last paid in November to 100s. in January; they had since chartered at 85s. and looked forward rapidly falling rates as tonnage was released and new vessels became available. Their appeals for some years past, and those of Spanish railways generally for permission to increase the tariffs had only from January 1 last been partially met by authority to add 15 per cent. They might fairly anticipate that the approaching peace would open up a restoration of trade prospects generally, and that it would bring about a permanent increase in the production of steel, which would be of the first importance to all concerned in that great industry, and would make, probably, an unprecedented demand upon the sources of supply for hematite iron ore.
The report and the accounts were unanimously adopted.

1920

No Stock Exchange Year-Book information for 1920.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
IMPROVED PROSPECTS.
The THIRTY-FOURTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company (Limited) was held yesterday at the offices, 2 Broad-street-place, Mr THOMAS HARRISON, the chairman presiding.
The CHAIRMAN, in moving the adoption of the report and accounts, observed that the recovery of the steel trade from the consequences and dislocation of the war was retarded in the past year by many difficulties, principally by labour questions and shipping conditions, but there were satisfactory indications that the current year might tend to increase the power of production and the capacity for oversea transport, so necessary for the restoration and development of this and other great industries. In addition to labour troubles on this side, they had been greatly prejudiced by a strike of miners in the province of Almeria. The delay in the resumption of work at the mines and of haulage to the railway also reduced their mineral traffic for the first three months of the current year, but in April they got back to normal working again. Another very great disadvantage which was experienced during 1919, and which was still continuing, was the delay on the part of the Spanish Government in granting a further advance of tariffs of 35 per cent., to make, with the 15 per cent. put into operation on January 1, 1910, a total of 50 per cent. The directors hoped to hear at any moment that the endless delays and discussions in the Cortes would lead to an equitable settlement, as a fair remuneration was in the broadest sense indispensable to the welfare of railways and their men, and was vital to the development of Spain's trade and prosperity.
The gross receipts for the year amounted to £186,886. The revenue account showed that working expenses were 85.30 per cent., against 92.68 per cent. the gross profit being £27,478, against £9,157; and the net result, after providing for Spanish and British taxes, interest, and exchange, and £21,000 for interest and sinking fund of the first mortgage stock, was a credit balance of £180 against a loss for 1918 of £15,757. Strikes in the States had postponed the export of coal to the Continent, but it was now being sent to Italy, in spite of very high freights, so that there would, they hoped, be some check upon and alternative to the rise which had taken place in the price of coal for export. Traffic receipts afforded them a hopeful outlook for the future. Confining themselves to immediate prospects, they might anticipate that the set-back from the satisfactory position attained in 1913 caused by the war would, step by step, be steadily overcome, and some progress in that direction might be fairly hoped for during the current year.
Mr. E.B. Forbes, M.Inst.C.E. seconded the motion, which was carried unanimously.
A vote of thanks to the chairman and directors terminated the proceedings.

1921

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, Col. H.A. Micklem, C.B., C.M.G., D.S.O., and R. Popkiss. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary. The capital is now as under, and at December 31, 1919, there was a banker's loan of £15,116:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£270,349 Six per cent. first mortgage debenture stock, outstanding balance of £300,000 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption taking place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the six years to 1919, nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914, 1915, 1916, 1917, 1918 and 1919, nil-no dividend yet on the ordinary capital. Depreciation and reserve funds, £78,881; carried forward, a debit balance of £17,977, against a debit balance of £18,157 brought down. At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated above. In 1920, the gross earnings were 4,619,730 pesetas as compared with 5,168,298 pesetas in 1919. Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 4; first mortgage, 86½; income debenture stock, 17½.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
GOVERNMENT PROJECT FOR CO-PARTNERSHIP.
The ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at 2, Broad-street-place.
The CHAIRMAN (Mr THOMAS HARRISON), after referring to the totally inadequate tariffs, said that a very differnt solution of the railway difficulties had been embodied in bases for a law which had been recently placed before the Cortes by the Minister of Public Works. It was proposed that all the railways should be worked under the control of a Council appointed by the Government, with representation of the various interests. The Government would enter into a consortium with the companies, fixing the capital of the latter on the average of the last ten years' quotations of the companies' shares, such recognized capital to receive as a fixed dividend during the consortium the average profit obtained during the previous 10 years, but not to exceed 3 per cent., with a contingent additional 2 per cent. out of the profits, and a possible further 1 per cent. as a premium for good management and increased traffic, with the same percentage to the personnel. Mortgage Debentures issued to date were to be fully respected and to constitute a charge on the enterprise. Foreign companies were to be nationalized, and to appoint one-third of the ordinary members of the board. The Government were to have the right to acquire the railways during the currency of the concessions, capitalizing on a basis of 5 per cent. the actual average profits and reserves obtained during the previous 10 years. This measure was of the most complicated and comprehensive character, involving immense ultimate outlay on projected improvements, extensions, electrifications, and construction of new lines, as well as other public works of vast extent. The need of increased tariffs concerned all the railways, but it affected this company in an especial degree owing to its large proportion of low-rated iron ore traffic. The Minister of Public Works had recently ordered that the Government contributions in the form of advances on wages account were to be consolidated with the pre-existing rates of pay, and whatever might be the result of the consortium project, the railways had the right to assume that an adequate addition to the tariffs would be granted. The State largely benefitted by the railways, from direct taxation, reduced rates on Government transport, free carriage of mails, &c. In the case of this company such a benefit amounted for the past year to about £20,000.
The report and accounts were unanimously adopted.

1922

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, Col. H.A. Micklem, C.B., C.M.G., D.S.O., and R. Popkiss. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C. - The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
The capital is now as under, and at December 31, 1920, there was £56,250 called up out of a credit subscribed for £75,000, in respect of which &112,500 first mortgage debenture stock was deposited with lenders as security:-

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares.

£270,349 Six per cent. first mortgage debenture stock, outstanding balance of £300,000 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by about 1945, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption having taken place in 1912. Interest is being duly met.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the seven years to 1920, nil.

The accounts are made up annually to December, 31, and usually submitted in April. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for 1914, 1915, 1916, 1917, 1918, 1919 and 1920, nil-no dividend yet on the ordinary capital. Depreciation and reserve funds, £78,881; carried forward, a debit balance of £56,007, including a deficiency of £17,977 brought down. In 1921, the gross earnings were approximately 3,022,406 pesetas as compared with 4,557,024 pesetas in 1920.
Voting power, one vote for each £10 of ordinary stock. Directors' qualification, £1,000 of ordinary stock. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central. The company is quoted in the official list. Latest prices-ordinary, 2; first mortgage, 75½; income debenture stock, 10-20.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
INCREASED TARIFFS NEEDED.
The THIRTY-SIXTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the offices, 2, Broad-street-place, E.C.
Mr THOMAS HARRISON, chairman of the company, presided, and in the course of his remarks said:-The past year has been extremely unfavourable to the company's operations is Spain. The demand for iron ore for steel-making in this country has run down to insignificant proportions; 1921 was a year of strikes, which have gone far to thwart legitimate prospects of expansion of industries. The collapse in the demand for iron ore which followed the prolonged coal strike had the effect of bringing to an end the negotiations which we reported to the stockholders at the last annual meeting for an increase of 50 per cent. in our tariff for transport of iron ore.
At the end of 1921 we made strong representations in regard to the company's losses and the impossibility of continuing the traffic at the original rate. After several months of negotiations our largest freighters have consented, under protest, to pay an increase of 50 per cent. on the transport rate from April 1 last, but a few days before our report was issued we received notice from them that the bonus for shipping dispatch introduced in 1916 is to be terminated next November, and the 50 per cent. increase on the transport rate will be thereby reduced by about two-thirds.
We mentioned also in May last the proposals of the Spanish Government in regard to a reorganization of Spanish railways with an increase of tariffs, and many other changes which were proposed in the project then under consideration in Spain. That project was not approved by the Cortes, and there has since been a second, and at the present time, a third scheme which is being first discussed in the Senate. Whether this third project will be passed in some amended form we have not at the moment the means of judging. I may say that the railways are following with the utmost solicitude the proposals of the Government and are making known their views as to desirable amendments, but the ultimate...[text missing].

1923

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, Col. H.A. Micklem, C.B., C.M.G., D.S.O., and R. Popkiss, all appointed by the income debenture stockholders. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C.2.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £990,075, balance of £1,019,726 issued and part of £1,169,726 authorised; and at December 31, 1921, there was £56,250 called up out of a credit subscribed for £75,000, in respect of which £112,500 first mortgage debenture stock was deposited with lenders as security.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Quoted in the official list; latest price, 6.

£270,349 Six per cent. first mortgage debenture stock, outstanding balance of £300,000 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases half-yearly, or by tender when the price is below par, or by drawings at par, the first redemption having taken place in 1912. Interest is being duly met. A further 112,500 is deposited as security for a credit of £75,000, of which £56,250 is called up. Quoted in the official list; latest price, 72½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier my mkeans of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the eight years to 1921, nil.

£56,250 Credit called up out of £75,000 subscribed, secured by the deposit of £112,500 first mortgage debenture stock.

The accounts are made up annually to December, 31, and usually submitted in May. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the eight years to 1921, nil-no dividend yet on the ordinary capital. In respect of 1921 there was a net loss for the year, after providing first mortgage debenture interest and sinking fund and £5,000 for suspense account, of £31,657, which was carried to the balance sheet; against this it was proposed to write off £22,398, the amount standing at the credit of depreciation and reserve funds, leaving a debit to profit and loss of £9,259 to be carried forward. The debit to profit and loss of £56,007 as at December 31, 1920, was similarly written off. In 1922 the gross earnings were approximately 4,371,873 pesetas as compared with 3,022,406 pesetas in 1921.
Voting power, one vote for each £10 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for three consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
GREAT TRAFFIC INCREASE.
The THIRTY-SEVENTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the offices, 2, Broad-street-place, E.C.
Mr E.B. Forbes, M.Inst.C.E., who presided in the absence, through indisposition of Mr. T. Harrison, said that the working of the railway for 1922 had resulted in a moderate profit instead of a large loss, as was the case in recent years. This improvement was mainly due to the increased transport of minerals and merchandise. Traffic receipts for the first twenty weeks of the current year were about £28,733 in excess of those of the corresponding period of last year, and it was hoped that the increase in the traffic would be continued.
At the general meeting last year reference was made to the proposals of the Spanish Government in regard to the reorganization of the railways in Spain and the increase in tariffs, but, although various proposals had been mentioned, the Government had not yet passed any Bill to effect a settlement. A new Government was now in power, and it was rumoured that it would bring in another railway bill next month, but the board understood that, at present, there was no mention of any nationalization scheme in connexion with the new Bill. The general feeling in Spain was that the railway companies wanted to get the question definitely settled, and the Treasury also wanted to get it settled on account of the large amount of the monthly advances now being paid to the railways to meet the increased wages,so it was hoped that in the new Railway Bill provision would be made to increase the tariffs by an amount sufficient at least to compensate for the monthly advances, and also to include the existing 15 per cent. increase in tariffs granted in January, 1919, and authorized to be continued until the railway question was settled. Should the improvement in the mining and general industries continue, and subject to an early termination of the miner's strike and to the company continuing to receive from the long-distance iron-ore freighters a remunerative tariff; also should the Government treat them with reasonable consideration with respect to tariffs and matters generally, there seemed to be every expectation that the result of working for the current year should enable a distribution to be made to the income debenture holders next year.
The report and accounts were unanimously adopted.

1924

Great Southern of Spain Railway Company, Limited:- Directors: T. Harrison (Chairman), E.B. Forbes, Col. H.A. Micklem, C.B., C.M.G., D.S.O., and R. Popkiss, all appointed by the income debenture stockholders. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C.2.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £990,075, balance of £1,019,726 issued and part of £1,169,726 authorised; and at December 31, 1922, there was £56,250 called up (since paid off) out of a credit subscribed for £75,000, in respect of which £112,500 first mortgage debenture stock was deposited with lenders as security.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Quoted in the official list; latest price, 3.

£270,349 Six per cent. first mortgage debenture stock, outstanding balance of £300,000 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees, T. Harrison, Hon. A.P. Henderson. Latest price in official list, 86½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier my mkeans of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1922, in respect of this fund of £111,507. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the nine years to 1922, nil.

£56,250 Credit called up out of £75,000 subscribed, secured by the deposit of £112,500 first mortgage debenture stock.

The accounts are made up annually to December, 31, and usually submitted about May. Interest on the first mortgage debenture stock has been paid to date; the first payment on the income debenture stock was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the nine years to 1922, nil-no dividend yet on the ordinary capital. In respect of 1922 there was a profit for the year, after providing first mortgage debenture interest and sinking fund and £20,000 for depreciation and renewals, of 12,642, converting a debit balance of £9,259 brought down into a credit of £3,383, which was carried forward. Gross receipts Jan. 1 to Dec. 22, 1923, Ptas. 4,981,132 (increase, Ptas. 710,386).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for three consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central.

GREAT SOUTHERN OF SPAIN RAILWAY COMPANY (LIMITED).
ATTITUDE OF THE GOVERNMENT.
THE PROPOSED NEW LAW
POSITION OF BRITISH COMPANIES
The THIRTY-EIGHTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the company's offices, 2, Broad-street-place, E.C.
Mr RICHARD POPKISS, M.Inst.C.E. (chairman of the company) presided.
The SECRETARY (Mr. A.F. Judd) having read the notice convening the meeting and the report of the auditors,
The CHAIRMAN said:-Gentlemen,-The result of working the railway for 1923 has been a net profit of £20,398, compared with £12,641 for 1922, and, but for the labour troubles at the iron-ore mines, where a general strike completely stopped the output for three to four months, the revenue no doubt would have been larger.
DISTRIBUTION TO INCOME DEBENTURE HOLDERS
At the general meeting last year the chairman said that there seemed to be a very fair expectation that sufficient profit would be made in 1923 to enable a distribution to be made to the Income Debenture holders. I am very glad that this expectation has been realized, and it is proposed to make a payment of 2 per cent. on the Income Debenture stock for the year 1923. This stock was issued in 1904, but the company was not in a position until 1912 to make a payment of interest on it. For that year 2 per cent. was paid, and 4 per cent. for the year 1913, but as a result of the Great War the company has been unable to make any further distribution until now.
As you are aware, the Spanish Government in 1920 ordered the railway companies to increase the wages of their employees to a very large extent, but did not permit the tariffs to be increased beyond the small addition of 15 per cent. allowed in 1919. As the railways were unable to meet such an increase in wages without corresponding increases in tariffs, the Government advanced monthly the necessary funds conditionally that they be repaid when the net receipts exceed those of the year 1913. I regret to say by Government order these advances are now being reduced monthly, and will be withdrawn altogether at the end of this year, without any increases in tariffs being granted in compensation.
As doubtless you are aware, the Military Directorate took over the Spanish Government in September last, and one of its first acts was to institute a study of the whole "railway problem," and the resulting report in the form of a project of law is now being considered by a Superior Railway Council specially constituted for the purpose, sitting in Madrid. This new scheme appears to follow the lines of the Copartnership Bill of the "Maura" Administration, brought forward but not proceeded with in 1922. In general the proposed new law is said to provide funds from a State Railway Loan for extensions and betterments, the tariffs being modified to cover working expenses, plus interest on the capital both of the State and the companies.

COMPANIES' PROTEST.
The Council is also to report within one year on a scheme of regrouping, and provision is also to be made for rescinding the concessions, but the terms have not yet been decided. The companies have protested against the project generally, and the Foreign Office, at the instance of the British companies, has applied through our Ambassador for special consideration of the interests of the stockholders, and the request has been favourably received by the Spanish Government. Our general manager, in company with the representatives of other railways, is following very closely the discussion in Madrid, and came to London recently to confer with your directors on the subject. As the Superior Railway Council has so far only got through part of the project it is too early to forecast the result. I do not think, however, I should disguise from you the fear that we are approaching what may be perhaps the most critical time in the history of this company, although the Spanish Directorate may be actuated by perfectly fair and honest motives, which I thoroughly believe to be the case, it is striving to do too much by proposing to place under one scheme the whole of the railways in Spain regardless of their size, importance, and general character, and which, whilst being absolutely fair to some-the larger railways in particular-may, it is feared, severely penalize others, the smaller undertakings, amongst which our company would, of course, be unfortunately placed.

EXTENT OF THE SYSTEMS.
There are, I believe, about 9,260 miles of railway in Spain, of which 5,574 miles are owned or controlled by the three big railway systems-the Northern, the Madrid, Saragossa, and Alicante, and the Andaluces. As you are aware, the length of our railway is but 104 miles, and if we add to this the three other British-controlled railways we get but 297 miles, a little lesss than 3¼ per cent. of the total length of railways in the country. I am, therefore, hopeful that should the Government scheme be found unfairly to affect our position and the other British railways, the Spanish Government will allow us to stand outside the scheme upon conditions which will place us in no worse position than we occupied last year.
The stockholders may rest assured that the directors are doing everything in their power to protect the interests of the company, and later on it may be necessary to call the proprietors together to decide as to the course to be adopted by the company.
As the general manager in his report, which you have received attached to the director's report, deals very fully with the working of the railway for the last year and matters in connexion therewith, I do not think I need add anything further in this direction.

THE CURRENT YEAR
I regret to say that the gross receipts for the first 16 weeks of the current year show a decrease of £13,894, compared with the corresponding period of 1923 (sic). This result is due to the quantity of iron ore and general merchandise transported, but it is hoped that a marked improvement will soon take place.
I now move: "That the report of the directors, together with the statement of accounts for the year ended December 31,1923, be and are hereby approved and adopted."
Col. H.A. Micklem, C.B., C.M.G., D.S.O., seconded the motion, which was carried unanimously.

1925

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), T. Harrison, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C.2.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnershipin working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses to each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government's valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Petition asking for admission to regime has been presented to Spanish Government.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £981,420, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Quoted in the official list; latest price, 2½.

£261,649 Six per cent. first mortgage debenture stock, outstanding balance of £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees, T. Harrison, Hon. A.P. Henderson. Latest price in official list, 88xd.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier my means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1922, in respect of this fund of £121,644. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the nine years to 1922, nil; and for 1923, 2-no dividend yet on ordinary. Depreciation and renewals account at Dec. 31, 1923, £40,636; carried forward, £9,387 (compared with %pound;3,383). Gross receipts Jan. 1 to Dec. 27, 1924, Ptas. 5,378,456 (increase, Ptas. 284,930).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for three consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1. Telegraphic address, Overglide, London. Telephone number, 5931 Central.

GREAT SOUTHERN OF SPAIN RAILWAY
TRAFFIC POSITION
NEW RAILWAY LAW
The THIRTY-NINTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the offices, 2, Broad-street-place, E.C.
Mr. RICHARD POPKISS, M.Inst.C.E., chairman of the company, presided.
The SECRETARY (Mr. A.F. Judd) having read the notice convening the meeting,
The CHAIRMAN, in moving the adoption of the report, said:-Gentlemen,-After adding the credit balance of £9,386 16s. 3d. brought forward from last year to the net profit for the year 1924, we have, after meeting the First Mortgage Debenture interest and sinking fund, an available credit balance of £40,879 2s. 11d., out of which your directors propose to pay 4 per cent. interest on the Income Debenture stock, absorbing £28,789 1s. 2d., and to carry forward to the following year the balance of £12,000 1s. 9d., an amount slightly in excess of that of last year, and very advisable, I might say, in view of the very obscure and difficult position which at present exists.
Those who closely follow the affairs of the company will, doubtless, have noticed how slight has been the expansion of the passenger and general merchandise traffic during recent years, and neither do I think, judging from the productive limitations of the country through which the railway passes, can much be expected, and, of course, as is the case with all other railways nowadays, we have not escaped a certain amount of loss due to road motor competition.

THE IRON ORE TRAFFIC CONTRACTS.
The iron ore traffic, which constitutes about 50 per cent. of our business, or in another way, produces about half the gross receipts for the year, is naturally a very vital one to us, and therefore always commands the closest consideration of the local administration and your directors. In 1913, 710,525 tons were carried, whereas during the last five years (1920 to 1924) the annual tonnage carried varied between 149,662 and 410,621 tons, a very considerable reduction, due, no doubt, to the slowness in the recovery of that business after the Great War. Practically the whole of this is carried by us for two firms under contracts entered into with them over 20 years ago, when the Hornillo shipping installation was first established.
Owing to the extraordinary rise all over the World in the cost of labour and materials, which in our case amounts to about 100 per cent. for labour and 50 per cent. for materials, your company found itself in the position of being unable to carry this iron ore traffic at the original contract base rate without such a loss as would have in a very short time landed it in bankruptcy. Your directors therefore approached the two firms concerned, with whom a provisional arrangement was made embracing such an increase in the rate as, with the special dispatch charge then ruling, it was considered might compensate for the extra transport costs, which arrangement has been in force ever since, except now both firms have withdrawn their undertakings to pay the dispàtch money. We shall, therefore, be deprived in the future of the revenue from this source, which, I might add, amounted to £9,124 and £12,333 respectively in the years 1923 and 1924 when the tonnage handled was comparatively low. Not satisfied with this, I regret to say that one of the before-mentioned firms has instituted legal proceedings against us for the return of certain sums paid to us over the original basic rate, which, if successful, might bring about the very serious conditions which your directors avoided by approaching these firms about three years ago. As the case is now before the Courts, we must abide by whatever may be the result, and I will say no more than that your directors are giving the closest attention to the preservation of the company's rights.

CHAIRMAN'S VISIT TO SPAIN.
As I always contend, the best administration of an undertaking such as ours can only be attained by the directorate on this side doing everything possible to make themselves thoroughly conversant with the local conditions and affairs. I am pleased to be able to inform you that I made it convenient to visit Madrid and the railway during the latter half of April and the first week of May last. Generally speaking, I could percieve but little change in the general conditions of that part of the country, and neither do I think there can be much from an agricultural point of view, entirely dependent as it is upon irrigation water from the surrounding mountains. Therefore, the only practicable expansion which can result, apart from passengers, must originate from its mineral possibilities.
I found the railway in first-class condition and well maintained, although the time is approaching when instead of renewing under maintenance the small principal defects as they occur, heavy entire renewals will require to be carried out, the permanent way appearing to be the principal item, for which the carriage of the heavy iron-ore is largely responsible. Having this in view, your directors feel in every way justified in their policy of allocating out of each year's revenue as much as possible to help meet this expenditure when same becomes necessary.

VALUATION FOR TARIFF PURPOSES.
Referring to the new Spanish Railway regimen, he said:-The Railway Council and its committees have been in constant session, and, so far as we are concerned, have, we understand, made their provisional valuation of our property, which forms an important factor in the fixing of the new tariffs. The exact figure has only just reached us, and therefore we are at the moment unable to say whether the amount correctly represents the case or not.
It has always been our endeavour to explain that, although our position may be slightly different in some respects to that of the much larger railways which have entered the scheme, we can congratulate ourselves on the powerful alliance of their help in all the vital points of issue which arise in the negotiations as to the interpretation and application of the scheme.
The year under review will always be a memorable one for Spanish railways by reason of the promulgation of the new railway law, the full effect of which upon the destinies of your company it would be hazardous for me to prophesy, and I can only assure you that everything possible in the circumstances will be done to guard your interests and gain that full measure of justice to which your company is entitled.
COLONEL H.A. MICKLEM, C.B, C.M.G., D.S.O., seconded the resolution, which was unanimously adopted.

1926

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), T. Harrison, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: A.F. Judd. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-Central 5931.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Petition asking for admission to regime has been presented to Spanish Government.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £974,670, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Quoted in the official list; 2¼.

£254,944 Six per cent. first mortgage debenture stock, outstanding balance of £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees, T. Harrison, Hon. A.P. Henderson. Price in official list, 88½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1924, in respect of this fund of £131,781. The first payment of interest was 2 per cent. in respect of 1912, for 1913 4 per cent. was paid; and for the nine years to 1922, nil; and for 1923, 2; for 1924, 4. Trustees, T. Harrison, Hon A.P. Henderson. Price in official list 21½.
Accounts toDec. 31, submitted July. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31. 1924, £40,259; carried forward £12,090 (compared with £9,387). Gross receipts Jan. 1 to Dec. 12, 1925, Ptas. 5,079,837 (decrease Ptas. 98,232).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

No press comment for 1926

1927

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), Capt. R.H.W. Henderson, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: F.P. Higgs. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-Central 5931.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff, Coxe, Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Company was admitted to regime as from Jan. 1, 1926.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £966,702, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Price in official list; 1-3.

£246,976 Six per cent. first mortgage debenture stock, outstanding balance £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees-Hon. A.P. Henderson, R. Popkiss. Price in official list, 84;.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1925, in respect of this fund of £141,918. Payments-1912 (first) 2%, 1913 4; nine years to 1922, nil; 1923, 2; 2 years to 1925, 4 each year. Trustees, Hon A.P. Henderson, R. Popkiss. Price in official list 23.
Accounts to Dec. 31, submitted July. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31. 1925, £39,123; carried forward £12,164 (compared with £12,090). Gross receipts Jan. 1 to Dec. 12, 1926, Ptas. 3,913,845 (decrease Ptas. 985,601).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

GREAT SOUTHERN OF SPAIN RAILWAY
THE TARIFF QUESTION.
APPLICATION OF NEW STATE FORMULA
The FORTY-FIRST ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the company's offices, 2, Broad-street-place, E.C.
Mr. RICHARD POPKISS, M.Inst.C.E., (the chairman), in the course of his address said:-Gentlemen,-the net profit for 1926 was £14,488, compared with £28,863 in 1925. The amount brought forward was practically the same as in the previous year, and out of the available credit balance of £26,663 your directors recommend the payment of 2 per cent. on the income Debenture stock in respect of the year 1926, which will absorb £14,394. Your directors also propose to set aside £10,000 out of the remaining balance of £12,258 as a specific reserve for accidents, leaving the balance of £2,258 to be carried forward to the following year.
The gross receipts, excluding government advances, amounted to £149,980, as against £195,789 in 1925, the difference of £45,800 being accounted for by a reduction in the mineral traffic receipts amounting to £45,897, reflecting the disastrous effect on the demand for iron ore of the prolonged coal strike in this country during the latter half of last year, which is only another striking commentary upon the far-reaching effect of that ill-conceived movement.
The working expenses for the year amounted to £127,571, or 74.06 per cent. of the receipts, compared with £163,077 and 75.13 per cent. for 1925. The exceptional circumstances of the year 1926 render statistical comparisons somewhat misleading, as, during the coal strike, receipts dwindled to about half their normal figure.
The application of the eight-hour day in all departments continues to form a heavy additional expense which will be further aggravated if increasing mineral traffic makes it necessary to revert to night running, as many of the stations would then have to work a continuous service.

THE GOVERNMENT AND THE RAILWAY COMPANIES.
I might remind you that the new law of 1924 instituted an entirely new principle in the shape of a consortium or alliance between the State and the railway companies under which the State furnishes capital for extensions and betterments, and to the extent of that capital participates in the profits, the tariffs being fixed to cover working expenses and a return on capital.
The repayable subvention for increased wages was withdrawn in June 1926, and as it was not found practicable to increase tariffs to cover the deficit so caused, the Government substituted for the original decree a form of compensation, designed in a measure to maintain the economic position of the companies during the provisional period consisting of three years, at the end of which it is expected definite traiffs will be fixed. A formula directed to this end was published under Royal Decree of August 8, 1925, and provides, with certian reservations, that each company's individual economic position shall be made up out of the State Railway Fund to the average earnings of the triennial period 1923 to 1925, subject to the mean working ratio of that period. At the same time this is qualified to the extent that no company is to receive any greater amount than it previously received in cash aid, nor shall the total amount so provided by the State Railway Fund exceed 80 per cent. in 1926, 60 per cent. in 1927, and 40 per cent. in 1928, of the aggregate sum previously advanced by the state for wages. On the other hand, should there be any surplus over the figures of the triennial period same would have to be paid into the Railway Fund against the accumulated debt.
It was only a short time ago that we received definite information as to how the formula would be applied; but the immediate effect of its operation, so far as our undertaking is concerned, is that with the fall in receipts in 1926 the limiting factor of the formula operates, under which the total cash aid in that year is restricted to an amount not exceeding the sum we previously received-that is to say, the maximum we can receive under the decree.

STATE CAPITAL-COMPANY'S CONSERVATIVE ATTITUDE.
With regard to State capital to be issued to the companies for extensions and betterments your directors have hitherto adopted a conservative attitude, as they felt that it would be unwise to enter into committments of this nature during the uncertain period we have recently been passing through, and until more definite information with regard to it was forthcoming, with the consequence that our capital expenditure account in the meantime has been kept as low as possible. Now, however, as there appears to be an improved prospect of continued traffic and affairs generally seem more settled, this matter will be seriously reconsidered with a view to the acceptance of such capital assistance as may be forthcoming for works which offer a prospect of improving the earning power of the railway, as under the scheme the Government undertakes to advance capital on favourable terms.
I regret to say that the Spanish authorities threaten, under a Government order, to insist that certain protected undertakings shall use a very large proportion of Spanish coal, notwithstanding that it is computed that the country does not produce more than 70 per cent. of the whole national demands.

THE OUTLOOK
From what I have alredy stated I think you will understand how difficult it is for your directors at the present time to forecast with any degree of accuracy what our future prospects are likely to be, for, although it is 18 months since we entered the Government regimen, we can form but little idea as to what its real effect will be, clouded as the position is by the numerous Royal orders which are issued from time to time, and I think all we can do is to trust the Spanish Government, who, we thoroughly believe, are consciencious in their intention to deal fairly with the railways in their country, whether foreign or localy owned.
The current year has started badly, owing to the serious falling off of the mineral traffic during the first months of the year. However, your directors believe that, owing to the settlement made with our iron ore shippers, large traffics from that source may be expected during the remainder of this year.
The report was unanimously adopted.

1928

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), Capt. R.H.W. Henderson, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: F.P. Higgs. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-Central 5931.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff, Coxe, Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Company was admitted to regime as from Jan. 1, 1926.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £957,892, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Price in official list; 1-3.

£238,166 Six per cent. first mortgage debenture stock, outstanding balance £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees-Hon. A.P. Henderson, R. Popkiss. Price in official list, 86½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1925, in respect of this fund of £141,918. Payments-1912 (first) 2%, 1913 4; nine years to 1922, nil; 1923, 2; 2 years to 1925, 4 each year. Trustees, Hon A.P. Henderson, R. Popkiss. Price in official list 23.
Accounts to Dec. 31, submitted July. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31. 1926, £39,123; accident reserve, £16,500; carried forward £2,259 (compared with £12,164). Gross receipts Jan. 1 to Dec. 24, 1927, Ptas. 5,972,135 (increase Ptas. 1,863,037).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

GREAT SOUTHERN OF SPAIN RAILWAY
THE COMPULSORY CONSUMPTION OF SPANISH COAL.
The FORTY-SECOND ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the offices, 2, Broad-street-place, E.C.
Mr. RICHARD POPKISS, M.Inst.C.E., the chairman, presided.
The SECRETARY (Mr. F.P. Higgs) having read the notice convening the meeting,
The CHAIRMAN, in moving the adoption of the report and accounts, said that after adding to the profit on working, differences in exchange and interest from investments &c. and deducting therefrom interest and sinking fund on the First Mortgage Debenture stock, Spanish taxes, provision for depreciation and renewals, and other expenses, including British income-tax, the net profit for the year 1927 was £28,838, compared with £14,488 in 1926. The available credit balance now to be dealt with was £31,097, out of which the directors recommend the payment of 4 per cent. on the Income Debentures stock, which would absorb £28,789, and leave £2,308 to be carried forward.

IRON ORE TRAFFIC INCREASED
With regard to the year's working, after excluding Government advances the gross receipts amounted to £217,213, compared with £149,989 in 1926, mineral traffic producing £74,804 more than in the previous year, when this traffic was disastrously reduced owing to the coal strike in Great Britain, the effect of which continued to be felt for the first two months of the year under review. In the year 1925 the number of passengers carried exceeded, for the first time in the history of the company, the 200,000 figure. It was disappointing to have to report in 1926 a reduction of 6 per cent. in the number, and still more so to note that in 1927, instead of the recovery which it was confidently expected would follow the resumption of the iron ore shipments, there was a further drop of about 11 per cent. In merchandise there had been a serious decline, and statistics showed that this was distributed over the principal commodities which, apart from the iron ore, constituted the main bulk of the goods traffic of the railway.
Coming to the important item of iron ore traffic-which in 1927 constituted about 81 per cent. of the total tonnage of merchandise carried and 62 per cent. of the whole of the traffic receipts of the railway-it showed an increase of 411,094 tons over that of the previous year. He admitted that the quantity handled in 1926 was abnormally small, but it was satisfactory to know that this traffic had again reached normal proportions and even exceeded the quantity carried in the record year of 1913.
When addressing the stockholders in July last, he stated that a settlement of a long pending question had been made with the iron ore shippers upon mutual terms, which, it was hoped, would induce the shipment of the largest possible amount of that traffic. It was satisfactory to have achieved this during the first year of the operation of the terms of the settlement, although the receipts from this traffic had not increased in the same proportion as the tonnage-due to the application of a scale of tariffs diminishing as the tonnage increased. The directors had little doubt that these measures had been efficacious in enabling the shippers to meet the competition of other iron ore mines, principally in Algeria, Morocco, and Sweden, and, consequently, to maintain a traffic over the railway which would otherwise hardly have been practicable.

OPERATION OF THE CONSORTIUM.
He was unable last year to give them a full account of the operation of the consortium, or alliance, entered into between the railway companies in Spain and the Government under the statute of 1924, nor could he do so now, except to say that, according to their information, the effect of the measure of reform instituted under this law appeared to have been favourable, and the public service now rendered by the railways in Spain was improving. So far as their railway was concerned, the principal traffic being in iron ore, which could only exist under a low tariff, they were not in the same position as regarded the Statute as were other railways in Spain. Nevertheless, they were entitled under the Decree of August 8, 1926, during what was known as the "provisional period" ending with this year, to receive such an amount of State aid as would augment receipts to maintain their economic position at the level of that of the triennial period 1923-25. Unfortunately, however, this aid was subject to the mean working ratio of the said triennial period and certain other equally subversive limitations, and no allowance was made for increased expenditure, even though such might be imposed on them subsequently by Government action. In the current year, the total aid to be afforded by the State to the railways as a whole was to be reduced to 40 per cent. of the aggregate sum advanced for wages in 1925.

SPANISH COAL.
It had always given him great pleasure to speak hopefully of the satisfactory working of the consortium; it was, therefore, with much reluctance that he was now compelled to refer to a recent legislative measure, which could only be described as repressive and unjust, especially towards this company. He referred to the compulsory purchase of Spanish coal. They had been compelled by Royal Order to reduce from December last the use of British coal to 10 per cent. of their requirements, and had, consequently, to cancel the unexpired portion of a particularly favourable contract for coal from this country. Apart from its inferior character for their purposes, Spanish coal cost them at least 14s. per ton more than British, thus seriously augmenting working expenses and depleting their already meagre profits. Moreover, the annual amount of State aid was calculated upon a fixed ratio of expenses towards receipts, and they were thus deprived of increased State aid in respect of this extra cost so unfairly imposed on them. It was difficult to understand how the Spanish authorities could justify themselves in this respect, as in the abstract it meant that by one Royal Order they were promised the maintenance of the average economic position of the triennial period 1923-25, and by another extra expense, such as they had never borne before, was imposed upon the working of the railway, which largely nullified the benefit of the former Order. They could only hope that the Government authorities would yield to their continued protests in this matter and grant either exemption from the Coal Order or some equivalent.
The report and accounts were unanimously adopted.

1929

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), Capt. R.H.W. Henderson, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: F.P. Higgs. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-Central 5931.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff, Coxe, Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Company was admitted to regime as from Jan. 1, 1926.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £947,289, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Price in official list; 1-2.

£229,561 Six per cent. first mortgage debenture stock, outstanding balance £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees-Hon. A.P. Henderson, R. Popkiss. Price in official list, 92½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1927, in respect of this fund of £162,. Payments-1912 (first) 2%, 1913 4; nine years to 1922, nil; 1923, 2; 2 years to 1925, 4 each year; 1926,2; 1927, 4. Trustees, Hon A.P. Henderson, R. Popkiss. Price in official list 40.
Accounts to Dec. 31, submitted July. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31. 1927, £43,123; accident reserve,£7,467; carried forward £2,308 (compared with £2,259). Investments £54,854. Gross receipts Jan. 1 to Dec. 22, 1928, Ptas. 6,517,939, (increase Ptas. 545,804).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

GREAT SOUTHERN OF SPAIN RAILWAY
RECORD GROSS RECEIPTS.
THE COMPULSORY USE OF SPANISH COAL.
The FORTY-THIRD ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the company's offices, 2, Broad-street-place, E.C.
Mr. RICHARD POPKISS, M.Inst.C.E., (the chairman), said in the course of his speech:-The net profit for the year 1928 was £28,833, as compared with £28,838 for 1927, and we have an available credit balance of £31,141 15s. 5d. out of which your directors recommend the payment of 4 per cent. on the Income Debenture stock in respect of the year 1928.
The gross receipts, excluding Government aid, were £241,986, against £217,213 in 1927, being not only 11 per cent. higher, but constituting a record in the history of the railway. (Hear, hear.)

COST OF SPANISH COAL
Coal is always one of the most important items of expenditure on a railway and has acquired now an even greater claim to our attention, since the Spanish Government in August, 1927, ordered the compulsory consumption by railways (among other public utility concerns) of 90 per cent. of Spanish coal. The consortium formed with the mining interests fixed prices for different classes of coal, all sales being effected by a central authority. Unfortunately, in the first place, the cost of Spanish coal placed in Aguilas is considerably higher than, and in addition, it is inferior to, the Welsh coal previously used for our purpose, and therefore its consumption is greater. A large part of the increase in the locomotive expenses, under the head of "running" is therefore attributable to the compulsory use of this Spanish coal. With this increase, fuel accounts for practically half the expenditure of the locomotive department, and fully one quarter of the whole cost of working the railway.
Protests were filed against this compulsory consumption, and later in the year petitions were submitted for exemption or for an increase of the 10 per cent. allowance of British coal, but, unfortunately,the only result so far achieved has been that the Coal Council increased the allowance to the extent of one shipment of 2,000 tons as a special concession to cover the period of the changing over to Spanish coal. Our claims for further consideration are still before the Spanish Government, and it is hoped that exemption or some further tolerance will eventually be granted us. It is calculated that the compulsory use of Spanish coal represented, in 1928, an increase of something like £14,000 in the cost of working our railway and this burden must continue with only slight variation so long as the restriction remains.
Wages are higher, the wages bill is also augmented by the extra payments for overtime to station and train staff, and expenditure was further increased by certain payments for arrears of overtime ordered by the Government.

EFFECTS OF THE NEW STATUTE.
At our last meeting I explained at some length the operation of the consortium or alliance instituted with the railways by the Spanish Government in 1924. I also explained that the new Statute appeared to work satisfactorily for the principal companies, a result which was to be expected, seeing that it was drafted on the basis of the circumstances, as regards capital and traffic, of those companies. Unfortunately, the statute is not applicable in all ways to a railway with such a highly specialized traffic as ours.
More than half our revenue is derived from iron ore traffic, mined at a considerable distance from the coast and transported and shipped at our own port at an exceptionally low rate. On the other hand, we have always considered that our ordinary traffic in passengers and goods should pay higher rates, and we therefore accepted the invitation of the Spanish Government to enter the consortium on the understanding clearly laid down in the Statute that tariffs would be revised so as to cover not only working expenses but a reasonable interest on capital. It is understood that the Government encountered considerable difficulties in carrying out this undertaking and we were given a substitute, during the so-called provisional period, in the shape of an amount of pecuniary aid sufficient, in the words of the Decree, to maintain our economic position at the level of that of the triennial period 1923-1925. This equivalent has been duly forthcoming, and the amount due to us for 1928 is shown in the revenue account, being considerably less than that of the previous year.

UNFAIR TREATMENT.
As the provisional period expired on December 31 last, and the Spanish Government has made no move either in continuing the arrangement or proceeding to the fulfilment of the promised revision of rates and charges, we are left to surmise that the Government considers that the flourishing state of the big companies renders unnecessary any general increase in tariffs, but this only emphasizes what I have already pointed out, namely, the difficulty of equitably applying a general measure to each individual railway, and the more so in the case of specialized conditions such as ours. This being so, your directors consider that our company is entitled to special consideration, instead of which we have had imposed upon us new burdens, including the compulsory consumption of Spanish coal, and we do think we have been unfairly treated. (Hear, hear.)
His Excellency the Spanish Ambassador, at a dinner given on March 7 to the British section of the Barcelona Exhibition, referred to this question of coal and is reported to have said that all Spain wanted was a fair margin of supply to be reserved for her own mines and workmen. We can but applaud this very laudable desire, but we do not see why the railways, which are by no means rich, should be selected to pay for the losses in the mines. His Excellency, in the same speech, also spoke of the tariff wall against imports into Spain, and we were sorry to see he did not give any definite promise of relief.
The report and accounts were unanimously adopted.

1930

Great Southern of Spain Railway Company, Limited:- Directors: R. Popkiss (Chairman), Capt. R.H.W. Henderson, Col. H.A. Micklem, C.B., C.M.G., D.S.O., C.H. Pearson, all appointed by the income debenture stockholders. Secretary: F.P. Higgs. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-Central 5931.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff, Coxe, Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Company was admitted to regime as from Jan. 1, 1926.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £938,097, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip. Price in official list; 2-3.

£218,371 Six per cent. first mortgage debenture stock, outstanding balance £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). The interest dates are January 1, and July 1, and the principal is repayable by July 1, 1983, from a sinking fund of 1 per cent. per annum, applicable to purchases, or by tender when the price is below par, or by half-yearly drawings at par, the first redemption having taken place in 1912. Interest is being duly met. Trustees-Hon. A.P. Henderson, R. Popkiss. Price in official list, 91½.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1928, in respect of this fund of £172,329. Payments-1912 (first) 2%; 1913, 4; nine years to 1922, nil; 1923, 2; two years to 1925, 4 each year; 1926, 2; 1927 and 1928, 4. Trustees, Hon A.P. Henderson, R. Popkiss. Price in official list 40½.
Accounts to Dec. 31, submitted May. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31, 1928, £43,123; accident reserve, £1,675; carried forward £2,353 (compared with £2,308). Investments £54,854. Gross receipts Jan. 1 to Dec. 21, 1929, Ptas. 6,256,270 (decrease Ptas. 196,492).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

GREAT SOUTHERN OF SPAIN RAILWAY

GOVERNMENT AND OPERATING CONDITIONS IN SPAIN
The FORTY-FOURTH ORDINARY GENERAL MEETING of the Great Southern of Spain Railway Company, Limited, was held yesterday at the company's offices, 2, Broad-street-place, London.
Mr. RICHARD POPKISS, M.Inst.C.E. (chairman of the company), presided.
The CHAIRMAN, in the course of his speech, said:-The net profit for the year 1929 was £22,747, compared with £28,833 in 1928. The amount brought forward was slightly larger than in the previous year, and out of the available credit balance of £26,774, which includes an amount of £1,074, being the balance of our income-tax reserve, which under the changed basis of assessment is no longer required, your directors recommend the payment of 3 per cent. on the Income Debenture stock in respect of the year 1929, absorbing £21,592. They also propose to credit to the contingencies fund £4,000 out of the remaining balance of £5,183 and carry forward £1,183 to the following year.
With regard to the year's working, the gross receipts amounted to £234,706, against £241,985 in 1928, after deducting Government aid, when the figures constituted a record for this railway. Unfortunately, this fall of 3 per cent. in receipts coincided with an increase in expenditure of 9.2 per cent. The cumulative effect of the reduced receipts, the disappearance altogether this year of the Government aid, and the increase in the working cost is evidenced in the reduced profit on working, which has fallen from £68,659 in the previous year to £30,309, and in the rise of the ratio of working from 72.2 per cent. to 83.2 per cent.

IRON ORE TRAFFIC
Turning now to the iron ore traffic, which in the year under review constituted about 79 per cent. of the total tonnage of merchandise carried and more than 60 per cent. of the total revenue, unfortunately, 85,091 less tons were transported than in 1928, when the record tonnage then carried was to a great extent due to the very large stocks of ore standing at the mines and forwarding station, accumulated during earlier years, the exporters being able to deliver ore for transport independently of the actual running output of the mines.
This increase in working expenses amounted to £16,357, the total for 1929 being £194,713, as compared with £178,356 in 1928. The major portion of this increase was in the heavier outlay necessary on renewals and materials for repairs of rolling stock, which must necessarily require a greater expenditure on this account with every year of increasing age.
With regard to the very important expense item, fuel, you will observe that there was a slight reduction under this head in the year under review, which was due partly to the lower train milage. I dealt at some length last year with the burden represented by the order for the compulsory use of 90 per cent. of the inferior and more costly Spanish coal, and I am sorry to say that our petitions to the authorities for some relief of compensation, which have been assiduously renewed, have so far achieved no satisfactory result.

RAIL PROBLEM IN SPAIN
I have already explained at past meetings the operation of the Statute of 1924, and you may recollect that its principal feature was a sort of alliance with the railway companies. Under this arrangement the State was to find new capital for extensions, while tariffs were to be adjusted to cover working costs and interest on an approved capital. The Statute was promulgated by the Military Directorate, and while no doubt in theory it appeared to offer a reasonable solution to what was known as the railway "problem" in Spain its operation cannot be said to have been universally successful, especially in the case of railways with somewhat exceptional conditions, such as ours. On the contrary, it may be said to have demonstrated the difficulty of applying drastic changes in legislation when a number of individual interests are involved.
Thus it is, that when the end of the "transitional" period provided for in the Statute was reached the Government did not authorize the increase in tariffs which was one of the basic conditions of the Statute, but at the same time considered it necessary to reduce the drain on the National Treasury represented by the advances for wages granted to the companies in 1920. This led, in August, 1926, to the substitution, as I explained at last year's meeting, of an amount of pecuniary aid sufficient, in the words of the Decree, to maintain the economic position of the companies at the level of that of the triennial period 1923 to 1925, during the "provisional" period which expired nominally in December, 1928. Nothing has been done by the Government since that date, either to fulfill the promise of compensating increased tariffs, or to grant any extension of the period. However, we have not ceased to urge the Government to do something to relieve the existing uncertainty.

COMPLICATION BY POLITICAL EVENTS
The question has been further complicated by recent political events. The principal companies had for some time been in negotiation with the Government, and the smaller companies, in number, 31, held a meeting as recently as January 22 of this year, just a few days before the change in the Government. At that meeting an appeal was drawn up, and later presented to the Minister by the two representatives of the smaller companies on the Superior Railway Council, praying for a continuance of the aid until such time as the tariffs should finally be fixed for the "definite" period. This petition, of course, remained in the hands of the Government officials at the Ministry, and the new minister, Señor Matos, promised our representatives, at a subsequent interview specially accorded to them, to attend to it immediately he had reached a settlement with the big companies. In a later official note the Minister announced his intention of restricting the disbursements in his department to the lowest possible amount. Although the minister promised that the matter would receive his attention almost immediately, the question of the principal companies is not yet decided, and we have no news whatever of our own case.
The Chairman concluded by moving the adoption of the report and accounts.
COLONEL H.A. MICKLEM, C.B., C.M.G., D.S.O., seconded the motion, which was carried unanimously.

1933

Great Southern of Spain Railway Company, Limited:- Directors: C.H. Pearson (Chairman), Capt. R.H.W. Henderson, Col. H.A. Micklem, C.B., C.M.G., D.S.O., F.P. Higgs, all appointed by the income debenture stockholders. Secretary: F.P. Higgs. Office: 2 Broad Street Place, E.C.2.
(Telegrams-Overglide, London. Codes-Private. Telephone-London Wall 5981.) Auditors: James Fraser & Sons. Bankers: Midland Bank Ltd. Solicitors: Bischoff, Coxe, Bischoff & Thompson.
The company was registered December 15, 1885, but no capital was publicly issued until June, 1887. The company acquired concessions, granted by the Spanish Government, to build and work railways (of a total length of 299 kilometres) from Lorca to Granada for 99 years from 1885 after which the lines revert to the government without payment. There is, however, an option of government purchase of the lines at any time before the expiration of the concession, on terms defined therein. The government granted a cash subsidy equivalent (at par of exchange) to about £532,000 (payable by instalments as the works proceeded), but beyond this the company has no financial assistance from the government. The line now owned (all in operation) is 104 miles in length, the concession to construct a railway, about 86 miles in length, from Baza to Granada with, a subvention (at par of exchange) in respect of that section of about £287,000, having been transferred to the Granada Railway Company, Limited.
In July, 1894, it was decided to reconstruct the company, and in 1904 a similar process was gone through; the reconstruction on the latter occasion involved the creation of £200,000 first mortgage debenture stock, the conversion of prior lien bonds into income debenture stock, and the funding of arrears of interest on the prior lien bonds-half into income debenture stock, and half into ordinary shares; the conversion of the new 5 per cent. debentures, and arrears of interest, into 50 per cent. of ordinary capital; the conversion of preference shares into 10 per cent. of new ordinary, and the conversion of ordinary shares into 5 per cent. of new ordinary.
At the end of 1912 an arrangement between the company and the Hornillo Company, under which the latter received a minimum payment of £16,800 per annum from The Great Southern of Spain Railway Company, terminated, and all the shares of the Hornillo Company were acquired in consideration of £100,000 first mortgage debenture stock of the Railway Company, included in the total of such debenture stock as stated below.
Law of July 12, 1924, establishes scheme of State co-partnership in working of Spanish railways under direction of Supreme Railway Council, chief objects of which are to replace monthly wages grants to companies by new tariffs adjusted to cover expenses of each individual company, with view to ultimate formation of railway grouping system and eventual acquisition of all lines by State. Government's capital in this co-partnership is to be represented by any advances which may be made for improvements, extensions, &c., and companies' share in scheme to be determined by the Government' valuation of the undertaking. All companies electing to remain outside this new regime thus established will be penalised by stoppage of 15% authorised increase in tariffs and of any further monthly State wages grants, whilst payment of wages at present enhanced rate remains obligatory. Company was admitted to regime as from Jan. 1, 1926.
The authorised capital is £694,290, of which £691,082 is issued and paid up; the debenture stocks outstanding amount to £903,085, balance of £1,038,526 issued and part of £1,169,726 authorised.

£691,082 Ordinary stock, issued under the scheme of 1904 against 50 per cent. of accrued interest on prior lien bonds, the principal and arrears of interest of new debentures, and old preference and ordinary shares. A suspense account of £3,200 exists as a reserve for further ordinary stock to be allotted for outstanding old debentures or scrip.

£183,359 Six per cent. first mortgage debenture stock, outstanding balance £318,800 issued and part of £450,000 authorised (£100,000 additional having been authorised in April, 1920). Interest Jan. 1, and July 1. Repayable by July 1, 1983, or earlier, from a sinking fund of 1% p.a., commenced 1912, applicable to purchases, or by tender when the price is below par, or by yearly drawings at par. Interest is being duly met. Trustees-R. Popkiss, Hon. Arnold Henderson. Price in official list, 65.

£719,726 Income debenture stock, ranking for 5 per cent. interest, which is to become cumulative when it shall have been paid in full for four consecutive years. This stock was issued against the principal and half the interest of pre-existing prior lien bonds, and is redeemable at par on July 1, 1983, or earlier by means of a cumulative annual sinking fund of £10,137 to be applied to drawings at par or purchases under par. There was an accrued liability at December 31, 1931, in respect of this fund of £202,740. Payments-1912 (first) 2%; 1913, 4; nine years to 1922, nil; 1923, 2; two years to 1925, 4 each year; 1926, 2; 1927 and 1928, 4; 1929, 3; 1930 and 1931, nil. Trustees, R. Popkiss, Hon Arnold Henderson. Price in official list 10.
Accounts to Dec. 31, submitted June. No dividend yet-as to income debenture stock interest see above. Depreciation and renewals account at Dec. 31, 1931, £42,660; accident reserve,£1,161; carried forward debit of £21,487 (compared with credit of £1,838). Investments at cost, less depreciation £32,983; cash £8,242. Gross receipts Jan. 1 to Dec. 24, 1932, Ptas.2,829,851 (decrease Ptas. 869,039).
Voting power, one vote for each £10 of ordinary stock. Director's qualification, £1,000 of ordinary stock. The board is now appointed by the income debenture stockholders, who will continue to appoint four directors until interest on their stock shall have been paid in full for four consecutive years. Transfer form, common; fee for registration of transfer, probate, distringas, proof of death in joint holdings, proof of marriage, or power of attorney, 2s 6d.; a separate deed is required for each class of security. The various stocks are transferable in multiples of £1.

No press comment for 1933

1935

Great Southern of Spain Railway Company, Limited:- Office: 2 Broad Street Place, E.C.2. (Telegrams-Overglide, London. Codes-Private. Telephone-London Wall 5981.)
Directors: (qualification £1,000 ordinary stock)-* C.H. Pearson (Chairman), * Capt. R.H.W. Henderson, * Col. H.A. Micklem, C.B., C.M.G., D.S.O., * F.P. Higgs (Secretary). [* Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff, Coxe, Bischoff & Thompson. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Miles owned and operated 104 from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
In 1925 the company was admitted to the Railway Regimen established by a decree of the Spanish Government in 1924, under which the Government becomes a partner in the railways admitted to the Regimen with the right of forming them into groups and of intervening generally in their management; it also provides for a Government valuation of the undertaking of companies entering the Regimen, based upon their average net profits for the preceeding 15 years, this valuation forming the basis upon which the railways enter into a partnership with the Government and upon which their tariffs are to be regulated.
The Government has the right to purchase, at any time, the railways of companies admitted to the regimen at a price (payable by annual instalments) based upon the average net profits for the preceeding 5 years. Railways admitted to the Regimen are entitled to continue to charge certain additional tariffs and were granted Government assistance in certain directions.
CAPITAL-Authorised £694,290. Issued £691,082 stock; the unissued capital consists of 320 shares 0f £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £694,290 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reservefor ordinary capital to be allotted in exchange for such old debentures.
Officially quoted but not listed. Voting-1 vote per £10 ordinary stock.
DIRECTORS'S BORROWING POWERS-Not specifically limited.

6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £183,359.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 20 Dec. 1932 & 28 Apr. 1933 (to C.H. Pearson, Hon. Philip Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund of 1% p.a. began 1912 and operates by purchase under par or by drawings at par; in Dec. 1932 the company was relieved of its obligation to the sinking fund in respect of 1932 and 1933. Interest 1 Jan., 1 July. Quoted in Official List; price range in 1933: 66, 54½.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1932 to £212,877, which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1933, nil.
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Quoted in Official List; price range in 1933: 4,3.
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec. submitted in June. No dividend yet.
Debit balance forward at 31 Dec. 1932 £49,686 (1931 £21,487). Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,184 (all applied).
Recent results of working (after allowing for difference in exchange)-1923, £73,350 (profit); 1924, £66,548, (profit); 1925, £57,017 (profit); 1926, £48,014 (profit); 1927, £64,685 (profit); 1928, £73,842 (profit); 1929, £55,297 (profit) 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss).
Percentage of working expenses to gross receipts-1923, 64.85; 1924, 68.53; 1925, 75.13; 1926, 74.06; 1927, 72.43; 1928, 72.20; 1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £11. Spouse may not witness signature. Transferors are not notified forthwith after transfer is certified.

No press comment for 1935

1936

No Stock Exchange Year-Book information for 1936.

CONTROL BY WORKERS' COUNCIL
The Great Southern of Spain Railway Company announces that the control of the railway has been taken over by the local Railway Workers' Council with the indulgence of the State Representative, and that the British officers of the company have been obliged to leave Spanish territory owing to the conditions prevailing. Protests have been lodged by his Majesty's Chargé d'Affaires at Madrid with the Government authorities, and also by the company's representative there.

1939

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telegrams-Overglide, London. Telephone-Metropolitan 4277.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Capt. R.H.W. Henderson, † F.P. Higgs (Secretary). [Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff, Coxe & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ltd. (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a single National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities.
CAPITAL-Authorised £694,290. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £694,290 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains.
Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932 & 28 Apr. 1933 (to C.H. Pearson, Hon. Philip Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation is suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the Committee until 31 Dec. 1939. Under a further arrangement of July 1938 the interest moratorium was extended on the same terms until 31 Dec. 1939, the committee having power of further extension for 1940 & 1941; and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Capt. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1932 to £212,877, which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1938, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Quoted in Official List.
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec. submitted in July; those to 31 Dec. 1937 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1937, so far as ascertainable £146,531 (1936 £134,769), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied).
Recent results of working (after allowing for difference in exchange)-1923, £73,350 (profit); 1924, £66,548, (profit); 1925, £57,017 (profit); 1926, £48,014 (profit); 1927, £64,685 (profit); 1928, £73,842 (profit); 1929, £55,297 (profit) 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); 1936 & 1937, not available.
Percentage of working expenses to gross receipts-1923, 64.85; 1924, 68.53; 1925, 75.13; 1926, 74.06; 1927, 72.43; 1928, 72.20; 1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; 1936 & 1937, not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature. Transferors are not notified forthwith after transfer is certified.

No press comment for 1939

1940

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telegrams: Overglide, London. Telephone: Metropolitan 4277.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Maj. R.H.W. Henderson, † F.P. Higgs (Secretary). [† Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff, Coxe & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ltd. (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a sincle National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities. No later information was available at 10 Nov. 1939.
CAPITAL-Authorised £694,290. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £694,290 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains.
Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932, 28 Apr. 1933, 27 July 1934, 14 Dec. 1937, 17 Oct. 1938 & 5 Apr. 1939 (now to C.H. Pearson, Hon. E.B. Butler- Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation is suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the committee until 31 Dec. 1939, the committee having power of further extension for 1940 & 1941; and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Capt. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1932 to £212,877, which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1939, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Officially quoted but not listed.
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec. submitted in July; those to 31 Dec. 1936, 1937 & 1938 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1938, so far as ascertainable £158,183 (1937 £146.531), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied).
Recent results of working (after allowing for difference in exchange)-1929, £55,297 (profit); 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); 1936 to 1938, not available.
Percentage of working expenses to gross receipts-1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; 1936 to 1938, not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature.

No press comment for 1940

1941

No Stock Exchange Year-Book information for 1941.

GREAT SOUTHERN OF SPAIN RAILWAY.-No complete accounts are available for 1940. Taking into account only the revenue and expenditure in London, including First Debenture interest accrued but not paid, the loss for the year is £11,220, increasing the accumulated debt balance, so far as it is ascertainable, to £180,885. Referring to the "important development" since the close of 1940, the enactment of a law that the State should enter into posession of all Spanish railways of normal gauge operated by concessionary companies, the board state that the necessary steps have been taken for the submission of expert valuations in support of the company's representations regarding equitable compensation. Meeting, September 11.

1942

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telephone: City 2110.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Maj. R.H.W. Henderson, † F.P. Higgs (Secretary). [† Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ld. (sic) (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a sincle National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities. In June 1940 it was stated that the local board had, without the consent of the directors, agreed to take over the working of the railway again as from 1 Aug. 1939.
By law of 24 Jan. 1941 the Spanish Government rescinded all standard gauge railway concessions; the effect to this company has not yet been settled.
CAPITAL-Authorised £694,290. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £694,290 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains. Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932, 28 Apr. 1933, 27 July 1934, 14 Dec. 1937, 17 Oct. 1938 & 5 Apr. 1939 (now to C.H. Pearson, Hon. E.B. Butler- Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the committee until 31 Dec. 1941, and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Wing-Comdr. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1940 to £293,973, which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1941, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Officially quoted but not listed.
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec. submitted in Sept.; those to 31 Dec. 1936 to 1940 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1940, so far as ascertainable £180,885 (1939 £169,665), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied).
Recent results of working (after allowing for difference in exchange)-1929, £55,297 (profit); 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); subsequent figures not available.
Percentage of working expenses to gross receipts-1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; subsequent figures not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature.

No press comment for 1942

1943

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telephone: City 2110.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Maj. R.H.W. Henderson, † F.P. Higgs (Secretary). [† Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ld. (sic) (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a sincle National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities. In June 1940 it was stated that the local board had, without the consent of the directors, agreed to take over the working of the railway again as from 1 Aug. 1939.
By law of 24 Jan. 1941 the Spanish Government rescinded all standard gauge railway concessions and this railway was duly incorporated into the National Railway System, but at 22 Dec. 1942 no intimation had been received of the compensation to be paid.
CAPITAL-Authorised £691,100. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £694,290 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains. Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932, 28 Apr. 1933, 27 July 1934, 14 Dec. 1937, 17 Oct. 1938 & 5 Apr. 1939 (now to C.H. Pearson, Hon. E.B. Butler-Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the committee until 31 Dec. 1941, and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Group Capt. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue, and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1940 to £304,110 which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1941, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Quotation suspended due to the absence of recorded bargains..
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec. submitted in Sept.; those to 31 Dec. 1936 to 1940 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1941, so far as ascertainable £192,047 (1940 180,885), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied).
Recent results of working (after allowing for difference in exchange)-1929, £55,297 (profit); 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); subsequent figures not available.
Percentage of working expenses to gross receipts-1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; subsequent figures not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature.

No press comment for 1943

1944

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telephone: City 2110.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Maj. R.H.W. Henderson, † F.P. Higgs (Secretary). [† Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ld. (sic) (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a sincle National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities. In June 1940 it was stated that the local board had, without the consent of the directors, agreed to take over the working of the railway again as from 1 Aug. 1939.
By law of 24 Jan. 1941 the Spanish Government rescinded all standard gauge railway concessions and this railway was duly incorporated into the National Railway System, but at 14 Jan. 1944 no intimation had been received of the compensation to be paid.
Law of 27 Feb. 1943 provided for the voluntary exchange of share and loan capital of concessionary companies for bonds of 3½% amortizable debt of the State. The rate of exchange had not been notified at 14 Jan. 1944. CAPITAL-Authorised £691,100. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £691,100 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains. Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
PRIOR LIEN DEBENTURE STOCK. Outstanding £500. Issued in 1912.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932, 28 Apr. 1933, 27 July 1934, 14 Dec. 1937, 17 Oct. 1938 & 5 Apr. 1939 (now to C.H. Pearson, Hon. E.B. Butler-Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the committee until 31 Dec. 1941, and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Group Capt. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue, and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1940 to £304,110 which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1941, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Quotation suspended due to the absence of recorded bargains..
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec.; those to 31 Dec. 1942 were submitted in Jan. 1944. The accounts to 31 Dec. 1936 to 1942 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1942, so far as ascertainable £214,525 (1941 192,047), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied).
Recent results of working (after allowing for difference in exchange)-1929, £55,297 (profit); 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); subsequent figures not available.
Percentage of working expenses to gross receipts-1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; subsequent figures not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature.

No press comment for 1944

1945

Great Southern of Spain Railway Company, Limited:- Office: River Plate Hse., 13 South Pl. E.C.2. (Telephone: City 2110.)
Directors: (qualification £1,000 ordinary stock)-† C.H. Pearson (Chairman), † Col. H.A. Micklem, C.B., C.M.G., D.S.O., † Maj. R.H.W. Henderson, † F.P. Higgs (Secretary). [† Appointed by the income debenture stockholders see below.]
Auditors-James Fraser & Sons. Solicitors: Bischoff & Co. Bankers: Midland Bank Ltd.
Registered 15 Dec. 1885. Acquired undertaking of Hornillo Co. Ld. (sic) (see Stock Exchange Official Intelligence for 1914) in 1913. Owns and operates 104 miles of railway (5ft. 6in gauge) from Lorca to Baza and Aguilas. The concessions are for 99 years from 1885, at the expiration of which the line will revert to the Government without payment.
.
Spanish Government Railway Regimen.-A scheme of State co-partnership in the working of the Spanish railways was established by Law of 12 July 1924 with a view to the formation of a railway grouping system and the ultimate acquisition of all lines by the state which has the right at any time to purchase the railways admitted to the regimen at a price payable by annual instalments and based on the average net profits for the preceding 5 years. The scheme provides for the share in the co-partnership of companies entering the regimen to be determined by a valuation of their undertakings on the basis of their average net profits for the preceeding 15 years. Railways admitted to the regimen are entitled to charge certain additional tariffs as are granted Government assistance in certain directions.
By decree of 29 Dec. 1925 the Government declared the new regimen to be in force from 1 Jan. 1926, from which date this company was admitted to the regimen.
By Law of 29 May 1934 the Government authorised an increase of tariffs and provided for the introduction of fresh legislation affecting the relations of the State and the railway companies.
The Law of 12 July 1924 has subsequently been held to be without legal effect. On 5 Sept. 1936 control of the railway was assumed by a local Railway Worker's Council; subsequently a Decree of 26 Dec. 1936 enacted that the state should provisionally take charge of the remainder of the railways not included in a Decree of 3 Aug. 1936, under which the large systems had already been taken over by the State and confided to a Railways Exploitation Committee. A decree was issued in Valencia on 21 Oct. 1937 to incorporate all the railways provisionally taken over by the State into a sincle National Railway System, and providing for the transfer to the State of the assets and liabilities of the various undertakings. Protests against the seizure of the company's undertaking have been lodged with the Spanish Government authorities. In June 1940 it was stated that the local board had, without the consent of the directors, agreed to take over the working of the railway again as from 1 Aug. 1939.
By law of 24 Jan. 1941 the Spanish Government rescinded all standard gauge railway concessions and this railway was duly incorporated into the National Railway System, but at 14 Jan. 1944 no intimation had been received of the compensation to be paid.
Law of 27 Feb. 1943 provided for the voluntary exchange of share and loan capital of concessionary companies for bonds of 3½% amortizable debt of the State. The rate of exchange had not been notified at 14 Dec. 1944. CAPITAL-Authorised £691,100. Issued £691,082 stock; the unissued capital consists of 320 shares of £10 and 8 shares of £1.
In 1904, the capital was increased from £650,000 to £677,000 and the directors were authorised to increase it to £691,100 for the purpose of meeting claims which might be made by holders of earlier debentures still outstanding; a suspense account amounting to £3,200 has been set aside as a reserve for ordinary capital to be allotted in exchange for such old debentures.
Quotation is suspended owing to absence of recorded bargains. Voting-1 vote per £10 ordinary stock.
LOAN CAPITAL-Director's borrowing powers are not specifically limited.
PRIOR LIEN DEBENTURE STOCK. Outstanding £500. Issued in 1912.
6% 1ST MORTGAGE DEBENTURE STOCK. Authorised £450,000. Issued £318,800. Outstanding £182,742.
Secured by trust deeds of 2 Apr. 1895, 24 Nov. 1904, 18 July 1905, 16 July 1912, 27 Jan. 1920, 3 May 1902, 24 Feb.1926, 28 Jan. 1932, 30 Dec. 1932, 28 Apr. 1933, 27 July 1934, 14 Dec. 1937, 17 Oct. 1938 & 5 Apr. 1939 (now to C.H. Pearson, Hon. E.B. Butler-Henderson) as a 1st specific charge on the railways, undertaking and property. Redeemable at par on 1 July 1983; sinking fund † of 1% p.a. began 1912 and operates by purchase under par or by drawings at par. Interest † 1 Jan., 1 July; paid to 1 Jan. 1934. Quotation suspended owing to absence of recorded bargains.
† In Dec. 1932 holders agreed to suspension of the sinking fund for 2 years to 31 Dec. 1933. In June 1934 holders of this stock and the income debenture stock agreed to (1) further suspension of the sinking fund for 2 years to 31 Dec. 1935; (2) postponement of interest payments for 4 half-years to 31 Dec. 1935, arrears to become payable (without interest thereon) after expiration of the interest moratorium at the rate of one half-year's arrears with each current half-yearly payment, but subject to acceleration; (3) appointment of a debenture stockholder's committee with power to suspend sinking fund and postpone interest payments for 2 years to 31 Dec. 1937 and to suspend sinking fund from year to year thereafter; and that no interest on income debenture stock and no dividend on share capital be payable so long as any postponed interest is outstanding. In May 1936 the interest and sinking fund moratorium was extended on the same terms until 31 Dec. 1937, and subsequently the sinking fund was further suspended by the committee until 31 Dec. 1941, and the directors were authorised to borrow up to £20,000 ranking in priority to the debenture stocks. Stockholder's Committee: Group Capt. C.E. Benson D.S.O., John Cross, Maurice Hely-Hutchinson.
5% INCOME DEBENTURE STOCK. Authorised and outstanding £719,726. Issued under scheme of arrangement of 1904 against principal and 50% of accrued interest of old prior lien bonds.
Secured by the same trust deeds as the above debenture stock but subject thereto. Redeemable at par on 1 July 1983; sinking fund of £10,137 p.a., to be set aside out of the profits remaining after payment of interest on this stock and all expenses chargeable against revenue, and operate by purchase under par or by drawings at par. [Accrued liability in respect of this sinking fund amounted at 31 Dec. 1943 to £324,384 which is to be charged against future net revenue.] Interest (payable only out of profits) is non-cumulative until it has been paid in full for 4 consecutive years, when it will become cumulative. Recent payments (%)-during 1924, 2; 1925 & 1926, 4; 1927, 2; 1928 & 1929, 4; 1930, 3; 1931 to 1943, nil (see footnote to 1st mortgage debenture stock).
Stockholders have the right, until interest has been paid in full in cash for 4 consecutive years, to appoint 4 directors. Quotation suspended due to the absence of recorded bargains..
ACCOUNTS & DIVIDENDS-Accounts to 31 Dec.; those to 31 Dec. 1943 were submitted in Dec. 1944. The accounts to 31 Dec. 1936 to 1943 included revenue and expenditure in London only, no Spanish figures being available, and the balance sheet incorporated all Spanish currency balances and corresponding conversions to sterling as they appeared in the balance sheet at 31 Dec. 1935, those being the latest figures available. No dividend yet.
Debit balance forward at 31 Dec. 1943, so far as ascertainable £236,921 (1942 £214,525), after charging 1st mortgage debenture interest unpaid. Reserve for depreciation and renewals £42,660. 1st mortgage debenture redemption account £103,801 (all applied). Interest accrued on 1st mortgage debenture stock £109,615.
Recent results of working (after allowing for difference in exchange)-1929, £55,297 (profit); 1930, £31,529 (profit); 1931, £10,763, (profit); 1932, £7,971 (loss); 1933, 6,913 (profit); 1934, £954 (profit); 1935, £14,266 (loss); subsequent figures not available.
Percentage of working expenses to gross receipts-1929, 83.20; 1930, 99.39; 1931, 109.22; 1932, 118.86; 1933, 104.40; 1934, 107.80; 1935, 130.29; subsequent figures not available.
TRANSFERS, &c.-Common form. Registration fee: any document 2s 6d. Separate deed for each security. Stocks transferable in multiples of £1. Spouse may not witness signature.

No press comment for 1945





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