The Meadow Vale and Saltney Paraffin Oil Refining Co. Ltd was established late in 1864 to take acquire a refinery beside the river Dee at Saltney and a small crude oil works at Meadow Vale near Leeswood. In this respect it mimicked the example of the much larger Flintshire Oil & Cannel Co. Ltd, which was launched earlier in that year, and also combined a refinery at Saltney and an oil works at Leeswood.
The rather clumsily worded prospectus promised dividends of up to 35%. For whatever reason, The British Oil & Cannel Company Ltd was launched early in 1865, with the same objectives as the Meadow Vale and Saltney, sharing many of its directors and seeking the same amount of share capital. It may be assumed that the Meadow Vale and Saltney was never an active company, although continued in a dormant state until 1888.
Prospectus
MEADOW VALE AND SALTNEY PARAFFIN OIL REFINING COMPANY LIMITED. Registered under the Joint Stock Companies Act, by which the liability of shareholders is limited the amount they subscribe for. Capital. £50,000, in 5,000 shares of £10 each. First issue, £25,000, of 2,500 shares at £10 each. Deposit on application, £1 per share, £2 on allotment, and £2 in three months.
DIRECTORS.
- Edward Anthony Ledgard, Esq., Ashton-under-Lyme.
- John Hitchen, . surveyor. &c, Chester.
- Mr. Councillor Charles Richard Earle, wine and spirit merchant, Pendleton,
- Mr. Councilor Joseph Ashworth, manufacturer, Pendleton.
- Edward Southam, Esq., Higher Broughton, Manchester.
- with powers to add to their number.
BANKERS
- The Union Bank of Manchester.
- Messrs. Williams Co., bankers. Chester.
SOLICITORS
- Messrs. T. A. and J. Grundy. King-street, Manchester.
BROKER
- James Duncuft, Esq , Hopwood Avenue.
Secretary (pro term) - Mr. Hilton Kay. Temporary Offices-35, Corporation-st, Manchester.
PROSPECTUS
This company is incorporated with the object of securing and leasing a tract of land, under most favourable circumstances, for the raising of a valuable bed of curley cannel coal and for the distillation and refining of oil there from.
The property consists of the the Saltney Oil Refinery Company's Works, situated on the banks of River Dee. Saltney. near Chester, with a siding from Great Western Railway Company, and also approached the London and North-Western Railway, which works are in full and complete order, with the necessary plant and machinery for refining 30 tons of crude oil per week. Also the Meadow Oil Works, situated near Leeswood which are at present producing six tons crude oil per week, by six retorts, with land of sufficient space to erect altogether 120 retorts, and which will produce 120 tons crude oil per week, at a cost one half that of the celebrated Pennsylvania oil. imported from America.
A valuable tract of land has been provisionally secured, which contains large quantity of the best cannel, and sufficient to supply the retorts twenty years, and a further tract of land adjoining can be secured on advantageous terms. The products of the distillation and refining this cannel, which is of superior class, which is found only In the neighbourhood of Leeswood and Mold, are as follows::—Mineral spirits turpentine substitute, burning or paraffin oil, colliery oils, greases of several kinds; also the solid paraffin, which, when refined, can made into transparent candles superior to, and exceeding in durability and brilliancy, any wax candle produced; all which products find a ready market when of good quality.
The expiration of Messrs. Young and Co.'s patent for the manufacture of paraffin oil, under which a princely fortune has been realised, enables this company now to carry on the business without let or hindrance.
It is proposed to make the capital of the company £50,000, in 5,000 shares £10 each, first issue 2,500 shares, on the principle of the Joint Stock Companies Act, by which the liability shareholders is limited the amount they each subscribe for; £1 per share to be paid on application, £2 on allotment, £2 in three months, and further call made unless three months' notice be given to each shareholder. The profits arising from the operations of this company may reasonably be put down at above 35 per cent per annum. The vendors have agreed to allow a large proportion of the purchase money to remain in paid-up shares. Further information (if required) may be obtained application to Mr. Hilton Kay, the temporary offices, 35, Corporation-street. Manchester
The Manchester Courier and Lancashire General Advertiser, 28th January 1865
