See also:
The Granada Railway
The GSSR
The Bacares Iron Ore Mines
The related Bilbao companies
The Manila Railway Company
The Seville Tramway Company
The Hornillo Company, Limited was created by The GSSR, presumably because, with their history, they would not have been able to raise enough funds on the stock exchange to build the Hornillo Pier. They couldn't have worked more hand-in-glove than they did. They shared the same offices in Águilas and in London, even giving the same telephone number. Thomas Harrison, who was the first chairman of El Hornillo in 1901 became chairman of The GSSR in 1906, and G.P. Torrens was a director of both The GSSR and El Hornillo at the same time. Finally, the Secretary was the one and the same A.F. Judd.
One will notice that The Hornillo Company actually paid interest of 10% to ordinary shareholders on a number of occasions. There is no evidence that GSSR ordinary shareholders ever received interest, in fact those that bought on the inception of The GSSR had their share values reduced to 0.5% of what they paid for them. See GSSR accounts.
The Hornillo Company Limited was formed on the 21st July 1899 with a share capital of £20,000 and debenures of £120,000, and was registered in London on the 28th July. The first equal shareholders were as follows:
Thomas William Bischoff | 4, Great Winchester Street, London EC. | Solicitor. |
George Edwards Hunter Tell | 35, Collingham Place, London SW. | Solicitor. |
Edward Griggs | 25, St Mary's Mansions, Paddington, London W. | Gentleman. |
Henry Walton Burnside | 27, Grafton Road, Acton, London W. | Gentleman. |
Charles Dorchester Edwards | 23, Queens Gardens, Muswell Hill. | Esquire. |
Thomas Bolter | 19, Glasslyn Road, Crouch End, London N. | Gentleman. |
John Hubert Williams Baly | Skipton Lodge, Wlaton on Thames. | Gentleman. |
A Royal Order confirmed the concession on the 5th December 1899. The original project by Juan Berné Gris from 1892 would have to be updated, a job left to Gustave Gillman and José Blanco, following revised plans by Livesey, Henderson & Co Ltd. The construction of the pier was authorized on the 23rd November 1899 by Royal Order and work started in early 1900. The pier was inaugurated on the 18th August 1903 with the loading of 4,000 tons of iron ore onto SS Gwentland.
Eventually, in 1911, The GSSR bought out El Hornillo for the sum of £100,000 paid in debentures, mainly to avoid the 6d. per ton payments that had been agreed in 1902. As commented above, these two companies were, from the point of view of management, one and the same.
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. 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.
DATE | STOCK EXCHANGE REPORT |
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1902 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), C.W. Parish, and G.P. Torrens. Secretary: A.F. Judd. Office: 42, New Broad Street, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company has obtained a concession from the Spanish government for the construction of a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company is to supply the railway company with locomotives and waggons (sic), provision being also made for the extension of the line to the mole, and alterations to stations. Upon completion of the works, which is expected to take place in 1902, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures within a period of ten years. The authorised capital is £20,000 in shares of £1, all of which has been subscribed, and £10,000, or 10s. per share, called up. There are also 6 per cent. registered debentures of £100 each for £120,000 issued at par, on which 50 per cent. has been paid; interest is due February 1 and August 1, and the debentures are repayable at par on August 1, 1915, but are to be redeemable by the operation of a cumulative sinking fund of about 7½ per cent. per annum, commencing after the completion of the works, to be applied to purchases when the debentures are below par, and to drawings when above par. The accounts are made up annually to December 31. The works are proceeding. Voting power, one vote for every share. Director's qualification, 100 shares. Transfer form, common; fee, 2s. 6d. Telegraphic address, Overglide, London. |
1903 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), C.W. Parish, and G.P. Torrens. Secretary: A.F. Judd. Office: 42, New Broad Street, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company has obtained a concession from the Spanish government for the construction of a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company is to supply the railway company with locomotives and waggons (sic), provision being also made for the extension of the line to the mole, and alterations to stations. Upon completion of the works, which is expected to take place at the end of 1902, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures within a period of ten years. The authorised capital is £20,000 in shares of £1, all of which has been subscribed, and £17,000, or 17s. per share, called up. There are also 6 per cent. registered debentures of £100 each for £120,000 issued at par, on which 85 per cent. has been paid; interest is due February 1 and August 1, and the debentures are repayable at par on August 1, 1915, but are to be redeemable by the operation of a cumulative sinking fund of about 7½ per cent. per annum, commencing after the completion of the works, to be applied to purchases when the debentures are below par, and to drawings when above par. The accounts are made up annually to December 31, and submitted in April. The works are proceeding. Voting power, one vote for every share. Director's qualification, 100 shares. Transfer form, common; fee, 2s. 6d. Telegraphic address, Overglide, London. |
1904 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), C.W. Parish, and G.P. Torrens. Secretary: A.F. Judd. Office: 42, New Broad Street, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company has obtained a concession from the Spanish government for the construction of a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company is to supply the railway company with locomotives and waggons (sic), provision being also made for the extension of the line to the mole, and alterations to stations. Upon completion of the works, which is expected to take place at the end of 1902, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures within a period of ten years. The authorised capital is £20,000 in shares of £1, all of which has been subscribed, and £17,000, or 17s. per share, called up. There are also 6 per cent. registered debentures of £100 each for £114,700 (outstanding balance of £120,000) issued at 95; interest is due February 1 and August 1, and the debentures are repayable at par on August 1, 1915, but are to be redeemable by the operation of a cumulative sinking fund of about 7½ per cent. per annum, commencing from the completion of the works, to be applied to purchases when the debentures are below par, and to drawings when above par. The accounts are made up annually to December 31, and submitted in April. Voting power, one vote for every share. Director's qualification, 100 shares. Transfer form, common; fee, 2s. 6d. Telegraphic address, Overglide, London. |
1905 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), C.W. Parish, and G.P. Torrens. Secretary: A.F. Judd. Office: 42, New Broad Street, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures within a period of ten years. The authorised capital is £20,000 in shares of £1, all of which has been subscribed and called up. There are also 6 per cent. registered debentures of £100 each for £105,000 (outstanding balance £120,000) issued at 95; interest is due February 1 and August 1, and the debentures are repayable at par on August 1, 1915, but are to be redeemable by the operation of a cumulative sinking fund of about 7½ per cent. per annum, commencing from February 1, 1903, to be applied to purchases when the debentures are below par, and to drawings when above par. The accounts are made up annually to December 31, and submitted in April. For 1903 only the fixed sum of £16,800 was received from the Great Southern of Spain Company (sic), and this was applied to debenture interest and redemption. Voting power, one vote for every share. Director's qualification, 100 shares. Transfer form, common; fee, 2s. 6d. Telegraphic address, Overglide, London. |
1906 | [Exactly the same as 1905] |
1907 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1908 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1910 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1911 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1912 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1913 | Hornillo Company, Limited.-Directors: T. Harrison (chairman), F. Henderson and C.W. Parish. Secretary: A.F. Judd. Office: 2, Broad Street Place, E.C.-The company was registered July 21, 1899, to assist the Great Southern of Spain Railway Company, Limited, in entering into an agreement for carriage and shipment of a large guaranteed minimum quantity of iron ore from certain mines in the province of Almeria. The company having obtained a concession from the Spanish government has constructed a jetty or mole, which is to be used by the Great Southern Company (sic), and the Hornillo Company has supplied the railway company with a number of locomotives and waggons (sic), and has also extended the line to the mole, and made certain alterations to stations. From January 1, 1903, the Great Southern Company has undertaken to pay a fixed sum to the Hornillo Company of £16,800 per annum for ten years, with an additional sum of 3d. per ton of ore passing over the mole in excess of 200,000 tons, and at the expiration of ten years 6d. for each ton brought over the mole. The annual payment of £16,800 should be sufficient, after providing for expenses, to pay interest upon and redeem the debentures in about ten years. |
1914 | Hornillo Company, Limited.-Being wound up. Liquidators: T. Harrison, C.W. Parish and F. Henderson, all of 2, Broad Street Place, E.C. |