John Nimmo & Son Ltd.

The Company has been formed to acquire and carry on the business of Coalmasters, and to acquire and carry on the following Collieries and Coalfields held in lease by Messrs John Nimmo & Son. Coalmasters in Edinburgh, together with the Railways. Railway Waggons, Locomotives, Workman's Houses, and Colliery Plant pertaining thereto.

1. The Balquhatstone group of Collieries, comprehending Balquatstone, Limerigg, and Drumclair Collieries in the Slamannan district.
2. The Broadrigg group of Collieries, comprehending: (1) Coals and ironstone, &c., in the lands of Todsbughts and others: (2) Coals in parts of the lands in Luckenburn, Blackhill, and Easter GIentore: (3) Drumriggend Collier &c.; (4) Coals in parts of Bogside. Langdale, and Luckenhill. These Collieries and Coalfields are also situate in the Slammanan district. The Coals in Todsbughts are held in fee-simple, the others are held in lleasehold.
3. The South Broadrigg Collieries, with the leaseholds of Coals, &c.. in parts of Barbauchlaw and in parts of Polkemmet. These are situate partly in the parish of Bathgate and partly in the parish of Whitburn.
4. The Braehead Collieries near Fauldhouse, comprehending the Coals, &c,, in parts of Braehead and Leadloch, situate in the parishes of Whitburn and Cambusnethan.
5. The Rosebank Collieries. with the leasehold of Coals and Ironstone in Parts of Drumtuthill. Luscar. Mounthooly. Wester Baldridge, and others, in the parishes of Dunfermline. Carnock. and County of Fife.
   

The Firm of John Nimmo & Son Was formed upwards of thirty years ago by the now deceased Mr John Nimmo and his Son. Mr James Nimmo, and has been successfully carried on. The other sons of Mr John Nimmo joined the firm at more recent dates. The success of the firm has shown that the business may be very considerably extended, and the mineral fields held by the firm admit of a very much increased output. For this reason, and to provide capital for increasing the output and business, this firm has been incorporated.

The Balquhatstone and Broadrigg Group of collieries are situate on the Monkland section of the North British Railway and contain the well-known coals of the Slamannan Coalfield, used for House coal, Ocean Navigation Coals, and other purposes. The Collieries of Fauldhouse, are on the Caledonian and North British Railways. and are conveniently situated for both the Edinburgh markets, and for shipment on the Forth. The Rosebank Collieries are situate about three miles from Dunfermline, in the county of Fife, and have a large market for coke and other steam purposes for bunker coal at ports on the Firth of Forth. The coalfields contain an area of about 3600 acres and are equipped by eighteen pits with the necessary machinery and sidings. There are 1210 Railway mineral waggons. It is intended to open up additional pits on the new Leaseholds. The Books of the Vendors have been examined by Mr Thomson M'Lintock, Chartered Accountant, Glasgow, who have made the following report:-

156 ST VINCENT STREET. GLASGOW, 30th April, 1897. I hereby certify that I have examined the Books and Balance Sheets of Messrs John Nimmo & Son. Coalmasters, Edinburgh and Glasgow, for the seven years ending 31st December. 1896, and have to report that the average profits amount to £10,846 14s 10d per annum, after providing for maintenance of works, but without allowing for interest on capital, depreciation, or salaries of the partners. I further certify that the profits of the last year have exceeded the average over above period. THOMSON M'LINTOCK C.A.

The sum required to meet the dividend on the Preference shares is £3750, being about one-third of the average reported by Mr McLintock. The Collieries; and Plant have been examined by Mr Robert T. Moore, Mining Engineer, Glasgow, and he has made the following report and valuation:

156 ST VINCENT STREET, Glasgow, 6th May, 1897. DEAR Sirs- As desired, I have made an inspection of the Collieries and other Properties belonging to Messrs John Nimmo & Son. These consists of:- Balquhatstone Group of Collieries. Rosebank Collieries. Broadrigg Group of Collieries Polkemmet Leaseholds. South Broadrigg Collieries. Luckenhill, Leaseholds. Braehead Collieries. Todsbaughts Minerals. With Railways. Locomotives, Railway Waggons. and Workmen's Houses. With the exception of Braehead Colliery, which is near Fauldhouse on the Caledonian and North British Railways, and Rosebank Colliery which is on the North British Railway near Dunfermline, all the Collieries and Leaseholds are in the district served by the Monkland Section of the North British Railway, and they are in favourable positions for the Principal Scottish markets. The total extent of the Fields is over 3600 Acres, and the total quantity of workable Coal in them is over 14,000,000 Tons. The output of the Collieries is 300,000 tons a-year, and this is maintained from eighteen Pits, all of which are of moderate depth. This output will be increased by the intended further developments of the Fields. I have had before me the Report of Mr Thomson Mc'Lintock, and after carefully considering it and all other circumstances, have come to the conclusion that the Collieries, with the large Supply of Railway, waggons, will yield an average net annual revenue available for dividend of £9654 for a period of twenty-eight years. Some of the Collieries, will become exhausted before that time, but new Pits can be sunk on the fields held on leases as to maintain this revenue. In my estimate of the above profits I have allowed depreciation to admit of this being down in addition to the depreciation, for the redemption of the capital within the currency of the leases. I make the value of the undertaking:- Collieries, Leaseholds. Freehold Plant, and Stores £ 61,793 Workmen's Houses 5,906 Railway waggons 36,000 =£103,696 and I make the total value of the whole, subject, including collieries. leasehold, freehold, houses, railway waggons, locomotives, and plant and stores of all kinds, as at 31st December, 1896, £163,695,-Yours faithfully ROBT. THOS.MOORE.