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THE
HONGKONG TELEGRAPH. SATURDAY, JANUARY 80, 1937.
HISTORY OF AN IDEA
One Man Dreamed. Now
Shares Once Sold For
37s. 6d. Fetch Sixpence
N THE YEAR
ELDERLY 1921, AN
[RUSSIAN RESEARCH CHEMIST SET FOOT IN ENGLAND. DR. PAUL DVORKOVITZ WAS A MAN WITH AN ABSORBING IDEA.
The idea was with him in the later part of the nineteenth century. It was with him. in the Bolshevik jail into which he was flung as a political offender at the time of the re-. volution.
He took it with him to pany's report of that year as "late Dssistant enginer with Imperial England when he escaped Chemicals, Ltd."
"Mr. Stephenson," the report con- from Russia in 1921,
tinued, "has hud important prac tical experience of hydrogenation of That idea was the extrac-coal by low-temperature carbonisa- tion, and, in fact, la joint inventor will the before-mentioned company tion of oil from coal.
ot many
of their hydrogenation patents. His advice and assistance should be of the utmost value to your company."
It is with Dr. Paul Dovorkovitz that this story of a company that never paid a dividend really begins, though the company it self was formed way back in 1909.
Dr. Dvorkovitz was a man of great personal charm. He lectured on his great idea in West End hotels. He interested the Industrialists.
was
In 1926 the dream of his life come true. A small experimental plant As established at Slough by the company, then known as Motor Fuel Propriety, Ltd., to work his system of low temperature carbonisation of coal into oil.
FOUR-YEAR STOP
of London.
valuable products, which to our knowledge have pover befors been produced from coal, and for these products we are assured there is n world-wide market. Truly has coal
to a black
referred
At the same mecting Mr. Stephen- son told the shareholders: "We are the first investigators to realise the cnormous possibilitics of the pro- duction of fine... chemicals from coal Defore the close of the pre- sent financial year we shall have definitely established this process | the front rank of British Industry."
At about this time the industry established itself in Seaham Har- start was made with boar, and a the construction of a full scale plunt designed to treat 500 tons of coal, plus 250 tons of oil a day,
The directors estimated proilla this plant at #271,250 A year, equal to more than 150 per cent, on the issued capital. The plant waa completed in November 1935. It was stated that the cost of erecting the plant had exceeded the original estimate of
£150,000 by £55,000.
DRASTIC
Last Week Clearance COAT BARGAINS EXTRAORDINARY
25
CENTS
REDUCTION
ON EVERY
DOLLAR
Owing to the mildness of this winter we have a large range of smart coats
which have not moved as
we had confidently ex-
We are deter-
In November, 1934, the company In a statement to shareholders the changed its name to Coal and chairman said: "The bourd desirespected. Allied Industries Ltd., willz anto relterate its belief in the success authorised capital of £300,000 in of the company's process,"
1,200,000 shares of 55, cach,
The prospectus opened: "The company has developed an entirely new and unique process, evolved by Mr. H. P. Stephenson, for the treat- ment of raw coal, shale and peat in oll media: and the subsequent chemical treatment of the products by chlorination and other means."
15s. OFFER
Some of the 5s, shares were offer ed at 158. each. The directors ap- pearing on the prospectus were Mr. Frederick Charles Marten, the Earl of Eldon, Mr. Hughes Rice, the Hon. Michael Simon Scott, and Mr. J. A. Dodero.
that.
mined to clear these
before, stocktaking. This
While this plant was being built, the City Elior wrote:as
"Many of the money jugglers have been trying to make some money out of Coal and Allied season's fashionable models only recently arrived. industries, Ltd. On Monday, June 17, Its shares were changing
is a real bargain opportunity, Remember these coals are all this
hands at 243. 34. A week later the shares had risen to the giddy altitude of 378. 6d. The sky's the Limit, said. the "bulls," pleasantly Ignoring the fact that the £175,000 of issued capital of this commer- cially untried concern was already valued in the market at £1,300,- 000,"
In the year of 1929 the company ran short of money, It suspended operations for four years. In that year Dr. Dvorkovitz 'died at the age of seventy-two. Exit Dr. Dvorkovitz.
The prospectus announced While little was heard of the com- Professor Jumes Willium McBain, pany, it had its shareholders and its F.R.S., and Professor
In this year (1935) the Marquis of Christopher
Londonderry, a large conlowner in optimistic supporters.
Kelk
Ingold, F.R.S., had been invited These included Mrs. Kate Mey-to invetigate
the district, paid a visit to the new thoroughly the five-plant at Seaham Harbour, rick, the famous night club queen ton unit in operation at Slough in
May 1934, and it carried Professor Unfortunately, in December of "I can well remember," writes Ingold's report that the company's the same year, 1935, the plant was a City Office reporter of a London treatment of coal and oil mixtures put out of action by fire, one month newspaper, "going to see Mrs. Mey-
"constituted an important
process,"
after it had been completed. rick about her holdings in the cum that any in the early part of 1930. She can be obtained." that a yield of "valuable chemical process
Reconstruction was started, and in was then a principal shareholder 27.3 gallons of light oil per ton of June 1936 it was announced that the holding 17,320 shares in the com coal processed should be a minimum," first half of the carbonising plant any. She confessed her weak and that "considerably ness for Stock Exchange specula-yields of light oil per ton of coal
increased was working smoothly. tion. She had been buying more processed should be obtainable by Motor Fuel proprietaries."
large scale operations."
I would not advise any one to follow her. I saw the Motor Fuel plan some time ago at Slough, and I imagine that the developments have still a long way to go before they arrive at the commercial stage.
It had been noted that the shares had been up to 29s, 3d. in 1928, and had since been down to is. 7d.
Out of the doldrums the company emerged in the year 1933, coupled with the name of Mr. H, P. Stephen- son. He was discribed in the com-
Now, In August, 1934, the City Editor. writes:-
te
"Reports ATC circulating of favourable developments lieved to be taking place in this company's business. The would- be buyer should reflect before action, for on the balance-sheet foures the shares seem to be al better sale than a purchase."
At the meeting of shareholders the chairman said: "Mr. Stephen- son has produced products, and
Commencing
Monday,
About the same time, however, I was nanounced also that Mr. H. P. Stephenson, inventor of the process, was believed to be resign- ing from the management of the company.
In April 1936 the City Editor wrote:
The shares fell yesterday to 53. d. on vague reports reaching the market.
On December 7. (last month) a circular was issued to shareholders telling them that the company had
(Continued on Page 14.)
1st. February
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