Electrical Finance and Securities Company Limited

Last updated
Electrical Finance and Securities Company Limited
TypePublic company
IndustryElectricity supply
Founded8 June 1914
Defunct31 March 1948
FateNationalisation
SuccessorBritish Electricity Authority, Area Electricity Boards
Headquarters
London
,
United Kingdom
Area served
Parts of Middlesex, Kent, Lothians, Boston Lincolnshire
Key people
see text
ServicesElectricity supply
£47,107 (1930)
OwnerShareholder

The Electrical Finance and Securities Company Limited was a UK electricity holding company which provided financing to electricity undertakings to enable them to start supplies of electricity. Its subsidiary companies were in south east England, Lincolnshire and south Scotland. It was registered on 8 June 1914 and was abolished upon nationalisation of the electricity industry in 1948.

Contents

The Finance and Securities Company had the ‘purpose of financing electric supply undertakings and the securing of provisional orders for the supply of electricity’. It was established on 8 June 1914. [1]

Subsidiary companies

By the early 1930s the securities company owned and controlled five subsidiary companies, namely: [2] [1]

The growth of the companies is illustrated in the table.

Consumers and connected load 1921-47 [1] [2] [4] [5]
YearNo. of ConsumersConnected or maximum load kW
Colne Valley
1921629589
1922882893
192311781810
192416411840
192523262668
192630343728
192737775000
192845576231
192954858458
1930627011,031
19317778        14,022
193712,055+202719,385
194730,05523,884
Northwood
19215441154
19226871480
19238631980
192410572290
192512842805
192614723210
192717113871
192820234801
192922805625
193027717082
193133208460
193733,04213,012
194714,80019,186
Foots Cray
1921587588
1922577623
1923627697
1924558725
1925758877
1926812960
19278921130
19289751350
192910761607
193011702033
193112992455
193771492823
194719163403
Lothians
19244111040
19258893957
1926121,04668
192714885400
192819397605
1929286810,217
1930354112,101
1931413914,210
193726,29712,214
194715,17217,684
Boston & District
1924160285
1925274606
19263721082
19275191468
19286381780
192913782918
193016973602
193120794532
193712,3736340
194747309713

Financial

The company offered £320,000 of Shares on the Stock Market in May 1927. [1] A further issue of Shares was made in January 1932. [2]

The company's net profits were £5,253 (1921); £5,641 (1922); £6,253 (1923); £8,009 (1924); £16,586 (1925); £20,660 (1926); £32,928 (1928); £39,320 (1929); £47,107 (1930). [1] [2]

Directors

The directors of the company were: [1] [2]

The registered office was 62-63 Queen Street, Cannon Street, London, EC4 (1927), [1] and Salisbury Square House, Salisbury Square, London, EC4 (1932). [2]

Abolition

The Electrical Finance and Securities Company Limited and all its constituent companies were abolished on 31 March 1948 when the British Electricity Industry was nationalised. [6] The generating plant and transmission systems devolved to the British Electricity Authority and the distribution systems to the appropriate geographical  Electricity Board, for example the Eastern Electricity Board, the Southern Electricity Board, etc.

The company was one of five electricity undertakings that operated over large geographical areas. Its assets were divided between two or more Area Electricity Boards. [7] The five companies were:

See also

Related Research Articles

<span class="mw-page-title-main">Yorkshire Electric Power Company</span>

The Yorkshire Electric Power Company was founded in 1901 to provide a supply of electricity to commercial and industrial users throughout the West Riding of Yorkshire, England. It built and operated power stations and constructed overhead electric power lines across an area of 1,800 square miles. The company’s power stations were at Thornhill, Barugh, Ferrybridge and Mexborough. The company promoted and stimulated demand for electric power and it was financially profitable for its shareholders. The Yorkshire Electric Power Company was dissolved in 1948 when the British electricity supply industry was nationalised. Its power stations were vested in the British Electricity Authority and its electricity distribution and sales functions were taken over by the Yorkshire Electricity Board.

<span class="mw-page-title-main">County of London Electric Supply Company</span> Former British electricity company

The County of London Electric Supply Company Limited (C.L.E.S.Co) was a British electricity undertaking. It was incorporated as a public company in 1891 to generate and supply electricity to parts of south west London and two parishes adjacent to the City of London. It owned and operated power stations at Wandsworth and City Road. From 1925 it cooperated with three other London companies, with the intention of centralising electricity generation in the new, high thermal efficiency, power station at Barking. The company was abolished in March 1948 upon the nationalisation of the British electricity supply industry.

<span class="mw-page-title-main">Salisbury power station</span>

Salisbury power station supplied electricity to the English city of Salisbury and the surrounding area from 1898 to c. 1970. It was owned and operated by Salisbury Electric Light and Supply Company Limited prior to the nationalisation of the British electricity supply industry in 1948. The power station was redeveloped several times to incorporate new plant to replace retired equipment. The facilities included a water driven turbine.

Scarborough power station supplied electricity to the town of Scarborough and the surrounding area from 1893 to 1958. It was owned and operated by the Scarborough Electric Supply Company Limited from 1893 to 1925, then by Scarborough Corporation until the nationalisation of the British electricity supply industry in 1948. The coal-fired power station had an ultimate electricity generating capacity of 7 MW prior to its closure in October 1958.

Lymington power station supplied electricity to the town of Lymington, Hampshire and the surrounding area from 1899 to 1959. The electricity generating station was owned and operated by a succession of electricity companies prior to nationalisation of the British electricity supply industry in 1948. The station was initially coal-fired but later oil engines were installed. Lymington power station was closed on 31 March 1959.

The Wessex Electricity Company was an electricity generating and supply organisation that operated in south and south-west England from its establishment in 1927 until it was dissolved as a consequence of the nationalisation of the British electricity supply industry in 1948.

The Edmundsons Electricity Corporation Limited was an electricity holding company that controlled and owned over 60 electricity undertakings throughout England and Wales. It was established in 1897 and was dissolved, despite its objections, as a consequence of the nationalisation of the British electricity supply industry in 1948.

The Shropshire, Worcestershire and Staffordshire Electric Power Company was an electricity generating and supply organisation that operated in the West Midlands and South Wales. It was established in 1903 and was dissolved as a consequence of the nationalisation of the British electricity supply industry in 1948.

The Scottish Power Company Limited was an electricity industry holding company that operated from 1909 until 1948. Its subsidiary companies generated and supplied electricity to up to 136,800 consumers in an area of 13,000 square miles over large parts of Scotland.

The Electric Supply Corporation Limited was an electricity industry holding company that operated from 1897 until 1948. The corporation and its subsidiary companies generated and supplied electricity to towns and districts in Scotland and England.

The Midland Electric Corporation for Power Distribution Limited was registered in 1897 to carry out the business of an electricity supply company. It supplied electricity to an area of 75 square miles in the West Midlands, and operated a power station at Ocker Hill, Tipton. The corporation was abolished in 1948 when the UK electricity supply industry was nationalised.

The Midland Electric Light and Power Company Limited was established in 1881 to build and operate an electric lighting installation in Leamington Spa and Birmingham, England. It was abolished upon nationalization of the electricity supply industry in 1948.

The Leicestershire and Warwickshire Electric Power Company Limited provided electricity to consumers in parts of the English midland counties of Leicestershire and Warwickshire. Electricity was supplied by the company from 1913 until the nationalization of the electricity supply industry in 1948.

The Derbyshire and Nottinghamshire Electric Power Company Limited provided electricity to consumers in the English midland counties of Derbyshire and Nottinghamshire. Electricity was supplied by the company from 1904 until its abolition upon the nationalization of the electricity supply industry in 1948.

The North Metropolitan Electric Power Supply Company provided electricity to the northern suburbs of London and to parts of Hertfordshire and Essex. Supplies of electricity commenced in 1907 and continued until the company was abolished in 1948 when the British electricity supply industry was nationalized.

The Cleveland and Durham County Electric Power Company supplied electricity to the Tees district and to south and west County Durham, England. It generated and supplied electricity from 1904, merged with Newcastle-upon-Tyne Electric Supply Company in 1917 and was dissolved in 1933.

The County of Durham Electrical Power Distribution Company Limited supplied electricity to users in the County of Durham in northeast England. Supplies were provided from 1901 until the company was absorbed into the Newcastle-upon-Tyne Electrical Supply Company in 1932.

The British Power and Light Corporation Limited, also known as the British Power & Light Corporation (1929) Limited was registered in 1929 to acquire a controlling interest in electricity undertakings in North Wales; East Suffolk; South Somerset; Trent Valley and High Peak; West Hampshire; and Ringwood, Hampshire. The corporation operated for 19 years and was abolished upon the nationalisation of the British electricity supply industry in 1948.

Christy Brothers and Company Limited was a UK electricity engineering company which provided equipment, staffing and management to a number of electricity undertakings, worked as subsidiary companies, in Cornwall, Devon, Somerset and Suffolk.

References

  1. 1 2 3 4 5 6 7 "Electrical Finance and Securities Company Limited". The Times. 9 May 1927. p. 23.
  2. 1 2 3 4 5 6 "Electrical Finance and Securities Company Limited". The Times. 11 January 1932. p. 18.
  3. 1 2 3 4 Garcke, Emile (1915). Manual of Electrical Undertakings 1914-1915 (vol. 18 ed.). London: Electrical Press Limited. pp. 331, 759, 443, 644.
  4. Electricity Commission (1939). Electricity Supply 1937-38. London: HMSO.
  5. Ministry of Fuel and Power (1949). Electricity Supply 1946-47. London: HMSO.
  6. Electricity Council (1987). Electricity Supply in the United Kingdom. Lonndon: Electricity Council. ISBN   085188105X.
  7. "Electricity Act 1947". The Times. 10 March 1948. p. 23.