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.

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]

  • Colne Valley Electric Supply Company Limited, registered 28 June 1912, Electric Lighting Order 1913 for Pinner, by 1922 there is also a sub-station at Rickmansworth and Chorley Wood.[3]
  • Northwood Electric Light & Power Company Limited, registered 23 June 1900, to supply Northwood, Ruislip and Eastcote Middlesex.[3]
  • Foots Cray Electricity Supply Company Limited, registered 15 December 1905, to supply Foots Cray Kent, power in bulk taken from Bexley..[3]
  • Lothians Electric Power Company, incorporated by Lothians Electric Power Act 1904 (4 Edw. 7 c. ccvii) to supply parts of Midlothian, East Lothian, Peebles and Lanark, power stations at Kingsknowe, West Linton and Auchengray planned.[3]
  • Boston & District Electric Supply Company Limited

The growth of the companies is illustrated in the table.

Consumers and connected load 1921-47[1][2][4][5]
Year No. of Consumers Connected or maximum load kW
Colne Valley
1921 629 589
1922 882 893
1923 1178 1810
1924 1641 1840
1925 2326 2668
1926 3034 3728
1927 3777 5000
1928 4557 6231
1929 5485 8458
1930 6270 11,031
1931 7778         14,022
1937 12,055+2027 19,385
1947 30,055 23,884
Northwood
1921 544 1154
1922 687 1480
1923 863 1980
1924 1057 2290
1925 1284 2805
1926 1472 3210
1927 1711 3871
1928 2023 4801
1929 2280 5625
1930 2771 7082
1931 3320 8460
1937 33,042 13,012
1947 14,800 19,186
Foots Cray
1921 587 588
1922 577 623
1923 627 697
1924 558 725
1925 758 877
1926 812 960
1927 892 1130
1928 975 1350
1929 1076 1607
1930 1170 2033
1931 1299 2455
1937 7149 2823
1947 1916 3403
Lothians
1924 411 1040
1925 889 3957
1926 121,0 4668
1927 1488 5400
1928 1939 7605
1929 2868 10,217
1930 3541 12,101
1931 4139 14,210
1937 26,297 12,214
1947 15,172 17,684
Boston & District
1924 160 285
1925 274 606
1926 372 1082
1927 519 1468
1928 638 1780
1929 1378 2918
1930 1697 3602
1931 2079 4532
1937 12,373 6340
1947 4730 9713

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]

  • James Taylor (1927)
  • G.H. Nesbett (1927, chairman 1931 to 1940)
  • W.B. Cownie (1927, 1932)
  • H.T. Barnett (1932)
  • H.C. Drayton (1932, chairman 1941 & 1942)
  • Sir James Devonshire (1942)

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

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.
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