Burntisland Oil Co. Ltd. (1893)

BURNTISLAND OIL COMPANY

The report of the directors of the Burntisland Oil Company for the past year states that since the last annual report the realisation of the machinery and plant had been continued, the sales during the year amounting to £7439 8s 4d. A small quantity of machinery still remains for disposal; the workmen's houses and the buildins of the candle works are still intact, and the rails of the branch railway have not been lifted. These, along with the estate of Whinnyhall, form now the unrealised assets of the company. The liabilities other than those to the shareholders are trifling. Advantage was taken of the breaks in the mineral leases which the company held, and the leases have been given up. There is thus no further liability for mineral rents. The directors had recently some negotiations with a gentleman in London for the sale of the estate, railway, and workmen's houses to a syndicate, who intended starting oil manufacturing, but after somewhat prolonged correspondence the negotiations fell through. The realisation of the works, &c., have been now nearly completed, and there bieng large balance cash in bank, the directors recomment that the company put into voluntary liquidation in order that a return of capital maybe made to the Preference shareholders. The cash hold by the company amounts £9641.

Evening News, 6th June 1896

Registration Records transcribed from dissolved company records held by the National Archives of Scotland.