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Hermand Oil Co. Ltd (1885)

Constitution Limited Company
Company Number. Registered in Scotland, No. 1485
Share Capital £140,000
Date of Incorporation 22nd September 1885
Date of Dissolution 27th February 1890
Registered Office 11 West Regent Street, Glasgow and 20 George Street, Edinburgh (from 29th September 1885); The Albert Buildings, Shandwick Place, Edinburgh (from 10th November 1885)
Oil Works Breich Oil Works

The Hermand Oil Company Ltd was formed on 22nd September 1885 to take forward the oil interests of James and the late Thomas Thornton, including mineral leases at Hermand, Birniehill, Wester Breich, Mid Breich and Easter Breich in the Parishes of West Calder and Livingstone. The new company was also to construct a new crude oil works at Breich, near West Calder.

The Company was dissolved voluntarily on 27th February 1890 together with the Walkinshaw Oil Company Ltd. From both these concerns, a new Company, also named the Hermand Oil Company Ltd, was incorporated on 11th March 1890. This new Company acquired the undertakings, property and assets of the dissolved Walkinshaw and Hermand Companies.

 

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I perceive that an attempt is again being made to float the Hermand Oil Company. On the 13th November. 1883, their interim secretary, in returning the deposits to those parties who had applied for shares, intimated that the reason for doing so was that during the short time which had elapsed from the issuing of their prospectus, a fall had taken place in the prices of some of the shale products. Some people thought that the reason assigned for the withdrawal was a correct one, and others suggested that the company might have failed to receive adequate support, but all were agreed that the wisdom of the step was unimpeachable. Why, therefore, is an attempt now being made to resuscitate, the company? It cannot be in consequence of the prices of shale products having advanced in the interim, because the very contrary is the fact......... "Pro Bono Publico"

Letter to the Editor, published in the Glasgow Herald, 29th July 1885

 

THE HERMAND OIL COMPANY - The second annual meeting of this company was held in Lyon & Turnbull's rooms, Edinburgh - Mr J. Armour presiding. The report stated that there was a sum of £1106 at the credit of the profit and loss account, which it was proposed to apply in wiping off the whole of the preliminary expenses, while the remainder - £452 13s 7d - would be placed to the credit of the depreciation of works account. The chairman said the money earned was the result of three months' working. It was evident that the mines could be worked with profit.

Edinburgh Evening News, 30th December 1886

 

The directors of the WALKINSHAW OIL COMPANY (LIMITED) have issued the following report to their shareholders:-

The directors of this company, and the directors of the Hermand Oil Company (Limited), have had under consideration a suggestion of joining the undertaking of this company with the undertaking of the Hermand Company. The Hermand Company have shalefields at Breich, and other extensive shalefields at Hermand and on properties adjoining. These are held on leases, with the exception of the Mid-Breich property, which belongs to them as proprietors. They have 120 retorts erected and at work at Breich, and 160 retorts erected and now at work at Hermand. They recently created an additional share capital to erect a refinery, but while the shares were all taken up at a premium of £5, only £1 per share has been called up on these additional shares. This company have their refinery but no shalefield. The directors of the two companies have, after some negotiations, agreed to terms to be recommended to their respective shareholders. To carry these out, it is proposed to incorporate a new company, to be called "The Hermand Oil Company (Limited)," with a nominal capital of £350,000, consisting of 350,000 shares of £1 each. The Hermand Company will receive in respect of its undertaking 75,000 of the shares of the new company, issued as fully paid up, and 200,000 shares issued a with 15s per share paid up. This company will receive 40,000 shares of the new company, to all be issued as fully paid up. The capital of this company in issue consists of 12,000 ordinary shares of £10 each, all paid up, and 2800 preference share of £10 each, all paid up (except a small arrear of call, payment of which is expected at once), and the shares of the new company falling to this company will be divided by giving the holders of the preference shares ten shares of the new company for each preference share, and the holders of the ordinary shares one share of the new company for each ordinary share of this company. The uncalled capital on the 200,000 shares of the new company will amount to £50,000, and the two companies have on hand balances forming working capital of about £15,000. If the unappropriated 35,000 shares of the new company were put in issue, a further sum of £35,000 would be provided. The directors consider the position of the new company will be very strong, and that the undertaking may be expected to earn satisfactory dividends on the capital of the new company. The formal procedure will be under section 161 of the Companies Act, 1862.

Glasgow Herald, 4th February 1890

 

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