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FINANCE - TGR

See also:
The GSSR
The Hornillo Company
The Bacares Iron Ore Mines
The related Bilbao companies
The Manila Railway Company
The Seville Tramway Company

When The GSSR realized that they couldn't finish the line between Baza and Granada, they had to look for another company who could raise new funds to take on the task. The Granada Railway was set up specifically for this purpose on 16th November 1894. In fact, it turned out that The Granada Railway couldn't achieve the task either and had to sell the concession (with the grants from the Spanish government) for the section between Moreda and Granada to The South of Spain Railway Company. The section that was left to TGR contained three very difficult crossings, Baúl, Gor and El Grao (Grado).

It is hard to see how this section of line could ever show a profit not having any major towns except for Guadix, officially a city but currently with less than 20,000 souls - half that of the London Borough of Sutton. In fact, in 1900 the census for Guadix showed 12,616 persons. Apart from through passenger traffic (kilometric tickets) and goods, the only business TGR could hope for would have been farm produce.

There seems to have been a lot of changes - five secretaries, 3 different offices and a regular change of directors. In 1904, they stated that the distance between Guadix and Baza was 36km but in 1905, 51km. 36km is the exact distance as the crow flies. 51km is the track length.

From 1901 the line from Moreda to Granada is discussed, but nothing about the line from Guadix to Moreda. That is because it was part of the Linares to Almería line, which had already been built. Presumably there were business dealings between these companies regarding the subsidies for each section.

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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.

DATESTOCK EXCHANGE REPORT

1900

Granada Railway Company, Limited.-Directors: T.Cresswell, F.F. Cuellar, Baron de Grandmaison, and R. Romeu (Managing Director). Secretary: H.F. George. Office: Portland House, Basinghall Street, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company also acquired besides the concession all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,000 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, funds being provided by private advances against future issues of shares. The accounts are made up annually at October 31, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d.

1901

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, F. Cuellar, and R. Romeu (Managing Director). Secretary: C. Klepal. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company also acquired besides the concession all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,000 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction. The company has entered into an agreement for the sale of the portion of the line from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction for the remainder of the line are being provided from the securities to be received in payment for the portion of the concession disposed of. The accounts are made up annually October 31, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d.

1902

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, F.F. Cuellar, and R. Romeu (Managing Director). Secretary: C. Klepal. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company also acquired besides the concession all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,000 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and part of the subsidy has been received from the government. The company has entered into an agreement for the sale of the portion of the line (when completed) from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction of the line sold are being provided from the securities to be received in payment for the line. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d.

1904

Granada Railway Company, Limited.-Directors: Y. Bosch, Y. Cervantes, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: J.C. Changeux. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and the subsidy has been received from the government for all the work done. The company has entered into an agreement for the sale of the portion of the line (when completed) from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction of the line sold are being provided from the securities to be received in payment for the line (the greater part of the line from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction of the line sold are being provided from the securities to be received in payment for the line (the greater part of the line from Moreda to Granada has been completed, and it is being worked in connection with the Linares-Almeria Railway). A further section between Guadix and Baza, 36 kilometres in length, is now in construction. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d.

1905

Granada Railway Company, Limited.-Directors: Y. Bosch, Y. Cervantes, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: C.Y. Gersbach. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and the subsidy has been received from the government for all the work done. The company has entered into an agreement for the sale of the portion of the line (when completed) from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction of the line sold are being provided from the securities to be received in payment for the line (the greater part of the line from Moreda to Granada, 46 miles, and the sale includes a proportionate amount of the subsidy from the Spanish government; funds for the construction of the line sold are being provided from the securities to be received in payment for the line (the greater part of the line from Moreda to Granada has been completed, and it is being worked in connection with the Linares-Almeria Railway). A further section between Guadix and Baza, 51 kilometres in length, is now in construction. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d.

1906

Granada Railway Company, Limited.-Directors: Y. Bosch, F. Cervantes, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: C.J. Gersbach. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and the subsidy has been received from the government for all the work done. The company has entered into an agreement for the sale of the portion of the line from Moreda to Granada, 46 miles, which has been completed and is being worked in connection with the Linares-Almeria Railway. A further section between Guadix and Baza, 51 kilometres in length, is now in construction. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1907

[Identical to 1906]
Granada Railway Company, Limited.-Directors: Y. Bosch, F. Cervantes, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: C.J. Gersbach. Office: Dashwood House, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and the subsidy has been received from the government for all the work done. The company has entered into an agreement for the sale of the portion of the line from Moreda to Granada, 46 miles, which has been completed and is being worked in connection with the Linares-Almeria Railway. A further section between Guadix and Baza, 51 kilometres in length, is now in construction. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1908

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c. The railway is under construction, and the subsidy has been received from the government for all the work done. The company has entered into an agreement for the sale of the portion of the line from Moreda to Granada, 46 miles, which has been completed and is being worked in connection with the Linares-Almeria Railway. A further section between Guadix and Baza, 51 kilometres in length, has now been constructed and opened to public traffic. The accounts are made up annually to September 30, and submitted in December. No report has recently been received, but this notice has been revised officially. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1909

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £10,676, and loans for £115,042. and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles), so that the company now owns 40 miles of road, which are being worked by a neighbouring company for an inclusive sum per mile. The accounts are made up annually to September 30, and submitted in December. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1910

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £10,675, and at September 30, 1908, there were sundry creditors for about £110,000. The railway is constructed, and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles), so that the company now owns 40 miles of road, which are being worked by a neighbouring company for an inclusive sum per mile. The accounts are made up annually to September 30, and submitted in July. No report has recently been received, but this notice has been revised officially. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s. Telegraphic address. Cradle, London.

1914

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £11,251. The railway was completed early in 1909, and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles, and in which the Granada Company has a share interest) to another concern, so that the company now owns 40 miles of road (from Guadix to Baza) which are being worked by a neighbouring company for an inclusive sum per mile.
The accounts are made up annually to September 30, and submitted in April. There has so far been no dividend, but debenture interest has been paid to date. For 1911-12 the gross receipts of the line were 282,594 pesetas, against 228,918 pesetas for 1910-11, and at September 30, 1912, there was a debit to profit and loss of £22,109, against £26,819 brought forward. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s. Telegraphic address. Cradle, London.

1915

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, L. Dubost, B. Bosch-y-Puig, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £11,251. The railway was completed early in 1909, and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles, and in which the Granada Company has a share interest) to another concern, so that the company now owns 40 miles of road (from Guadix to Baza) which are being worked by a neighbouring company for an inclusive sum per mile.
The accounts are made up annually to September 30, and submitted in April. There has so far been no dividend, but debenture interest has been paid to date. For 1910-11 the gross receipts were 228,918 pesetas; for 1911-12, 282,594 pesetas, and for 1912-13, 330,850 pesetas, and at September 30, 1913, there was a debit to profit and loss of £17,823, against £22,109 brought forward. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1917

Granada Railway Company, Limited.-Directors: Y. Bosch, T.Cresswell, V. Martorell, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £11,251. The railway was completed early in 1909, and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles, and in which the Granada Company has a share interest) to another concern, so that the company now owns 40 miles of road (from Guadix to Baza) which are being worked by a neighbouring company for an inclusive sum per mile.
The accounts are made up annually to September 30, and submitted in June. There has so far been no dividend, but debenture interest has been paid to date. For 1910-11 the gross receipts were 228,918 pesetas; for 1911-12, 282,594 pesetas, and for 1912-13, 330,850 pesetas, for 1913-14, 320,804 pesetas; and for 1914-15, 271,278 pesetas, and at September 30, 1915, there was a debit to profit and loss of £6,840, against £11,413 brought forward. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1918

Granada Railway Company, Limited.-Directors: B. Bosch-y-Puig (Chairman), M. Bosch-y-Barret, T.Cresswell, J.M. Semprun, V. Martorell, and R. Romeu (Managing Director). Secretary: A.G. Hammond. Office: 7 Union Court, E.C.2.-The company was registered November, 16, 1894, to acquire from the Great Southern of Spain Railway Company, Limited, the concession granted by the Spanish government for 99 years from March 12, 1895, to construct a railway, about 86 miles in length, from Baza to Granada (Spain), with a subvention of 7,224,429 pesetas. The company acquired, besides the concession, all the material on the line, land, earthworks, bridge materials, &c. At the end of the concession the line reverts to the state. The authorised capital is £300,000 in shares of £20, of which £160,500 has been subscribed and paid up, £160,360 having been issued in payment for the concession &c, and there are also 3 per cent. first mortgage debentures for £12,000. The railway was completed early in 1909, and the subsidy has been received from the government for all the work done, but the company has sold the portion of the line from Moreda to Granada (46 miles, and in which the Granada Company has a share interest) to another concern, so that the company now owns 40 miles of road (from Guadix to Baza) which are being worked by a neighbouring company for an inclusive sum per mile.
The accounts are made up annually to September 30, and submitted in July. There has so far been no dividend, but debenture interest has been paid to date. For 1910-11 the gross receipts were 228,918 pesetas; for 1911-12, 282,594 pesetas; for 1912-13, 330,850 pesetas; for 1913-14, 320,804 pesetas; for 1914-15, 271,278 pesetas; and for 1915-16 to 291,588 pesetas; and at September 30, 1916, there was a debit to profit and loss of £9,504, including £6,849 brought forward. Voting power, one vote for every share. Director's qualification, 25 shares. Transfer form, common: fee, 2s 6d. Telegraphic address. Cradle, London.

1919

Granada Railway Company, Limited.-The undertaking has been sold to a Spanish company, and the Granada Railway Company is being wound up. Liquidator: A.G. Hammond, 7 Union Court, E.C.2.





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