CO129-451 - Public Offices - 1918 — Page 105

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ALL COMMUNICATIONS

TO BE ADDRESSED TO THE

OROWN AGENTS FOR THE COLONIES,

THE ABOVE REFERENCE AND THE DATE OF THIS LETTER BEING QUOTED.

TELEGRAMS, "OROWN, LONDON" TELEPHONE 7750 VIOTORIA.

RESSING AND CONFIDENTIAL.

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WESTMINSTERJUL 18)

LONDON, SW:T?

19th July 1918.

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In reply to your letter No.31351/1918 of the 4th instant,

I have the honour to furnish the following information with regard to the National Electric Construction Co.,ltd.

2. The Company was registered on the 16th July 1897 as the National Electric Wiring Co.,Ltd., for the purpose, we understand, of carrying on the wiring and fitting of promises for electric lights i consideration of an annual payment, and he change of name was effected in 1903. The original authorised capital of the Company was 2230,000 in £1 shares, but in 1914 it as reduced to £125,000 and the issued capital (170,000 shares of £1 fully paid up) was reduced from £170,000 to £85,000 by writing 10/- off the nominal and

Debentures have also been issued to paid up amount of each share. the amount of £75,000. As regards there the following appears in the Stock Exchange Official Intelligence:-

Authorised and out- "Five per cent. debentures (registered).

Secured by trust deed, dated "standing, 275,000 in 2300 Bonds. "7th May, 1907 às a specific charge on certain shares and" de- "bentures and the turrpany's interest in certain wiring installa, "tion contracts and as a floating charge on the undertaking andj "all other assets: also by the assignment to the trustees of a Redeemable at par on the lat "sinking fund policy for £75,000. "Kay 1937, or at 105 per cent. (a) at any time earlier on six "onthe notice from the Company, or (b) in a voluntary liquida,

Interest payable "tion for reconstruction, or amalgamation. "1st lay and 1st November.

10

3. For 1905 a dividend of 7% was paid, and for 1906 10%.,

From the accompanying but there has been no dividend since then. copy of the last Report and Accounts of the Company it will be see that they had a debit bance of nearly £4,000 on the 31st Decembe 1917.

The prices of the shares marked in the Official List in

lowest 38. The level of these prices is 1917 were highest 74d very low, having regard to the esseta described in the Balance Sheet, and we can only presume that the valuation of the invest- Lenta did not represent their sale price at date.

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4. The Company appears to be intimately concerned in the management of the undertakings mentioned in their report, and the

The directorate is, we understand, regarded with confidence. Chairman, Hr.G.H.Kisbett, J.P., and Kr. Jumes Taylor, J.P., are both Members of the Institution of Electrical Engineers, and directors of other companies including the Midland Electric

Mr. Taylor is also a Corporation for Power Distribution, Lt. director of the British Aluminium Co.,Ltd., and Vice Chairman of

Mr. J. Carr the British Insulated and Helsby Cables, Ltd. Saunders, J.P., is a Cirector, arongst other Companies, of the Commercial Union Assurance Co.,Ltd., and the Hetropolitan Electri Supply Co.,Ltd. Kr. J. T. Jervis is described as a civil and

consulting

Ge Under Secretar of State,

colonial pfiice.