Union Minière du Haut-Katanga
Balance Sheet 1913
The African World (London), 25 July 1914
This document is published in English in a London trade press outlet, not a Belgian publication, indicating that the primary disclosure audience for UMHK accounts in 1913 was the City of London financial community. This is the earliest known published balance sheet for Union Minière in the ZBW archive for this folder.
Balance Sheet, 31st December 1913
Cr. — Assets
| I. — FUNDED | Fr. |
|---|---|
| First Establishment: | |
| (a) Mining Concessions | For record only |
| (b) Factories, buildings, plant, etc. | 11,324,817.49 |
| (c) Preliminary mining work | 3,033,108.22 |
| Total First Establishment | 14,357,925.71 |
| Premium on issue of Debentures | 480,000.00 |
| Amortisation | (40,000.00) |
| Net premium | 440,000.00 |
| II. — REALISABLE | |
| Material and Stores | 2,658,386.03 |
| Amortisation | (130,420.35) |
| Net Material and Stores | 2,527,965.68 |
| Investments | 10,005,000.00 |
| Amortisation | (5,000.00) |
| Net Investments | 10,000,000.00 |
| Output (ores and metals) | 4,061,225.61 |
| Sundry debtors | 770,026.52 |
| III. — AT DISPOSAL | |
| Cash in hand and at banks | 1,947,960.77 |
| IV. — ORDER ACCOUNT | |
| Guarantee deposits | 17,500.00 |
| TOTAL ASSETS | Fr. 34,137,604.29 |
Dr. — Liabilities & Capital
| I. — DEBT TO SHAREHOLDERS | Fr. |
|---|---|
| Capital: | |
| 125,000 shares of 100 francs each | 12,500,000.00 |
| 125,000 dividend-bearing shares without designation of value | For record only |
| II. — DEBTS TO THE PUBLIC | |
| Debentures: | |
| 15,000 4½ per cent. Debentures of 1,000 francs each | 15,000,000.00 |
| Sundry Creditors | 3,373,103.35 |
| Provision for Debenture interest | 311,422.50 |
| III. — ORDER ACCOUNT | |
| Guarantee Deposits | 17,500.00 |
| IV. — BALANCE | |
| Provident Fund (Fonds de prévision) | 2,400,000.00 |
| Carry Over | 535,578.44 |
| Total Balance | 2,935,578.44 |
| TOTAL LIABILITIES & CAPITAL | Fr. 34,137,604.29 |
Profit and Loss Account, Year ended 31st December 1913
| Dr. | Fr. | Cr. | Fr. |
|---|---|---|---|
| General Expenses in Europe | 425,628.60 | Balance brought forward from 1912 | 211,111.74 |
| Interest on Debentures | 675,000.00 | Trading profit in 1913 | 4,000,515.74 |
| Amortisation of Debentures | 40,000.00 | ||
| Premium on Debenture issue | 130,420.35 | ||
| Material and Stores | 5,000.00 | ||
| Investments | 5,000.00 | ||
| Balance (carried to Distribution) | 2,935,578.44 | ||
| TOTAL | Fr. 4,211,627.48 | TOTAL | Fr. 4,211,627.48 |
Distribution of Balance
| Item | Fr. |
|---|---|
| Provident Fund (Fonds de prévision) | 2,400,000.00 |
| Carry Over | 535,578.44 |
| TOTAL | Fr. 2,935,578.44 |
Note: No dividend declared on either class of shares for the year ended 31 December 1913. The entire distributable balance is allocated to the Provident Fund and carried forward.
Key Financial Ratios (Derived)
| Metric | Value |
|---|---|
| Ordinary share capital | Fr. 12,500,000 |
| Trading profit 1913 | Fr. 4,000,515.74 |
| Approximate ROCE (trading profit / ordinary share capital) | ~32.0% |
| Total debenture debt | Fr. 15,000,000 |
| Debt / equity ratio (debentures / ordinary shares) | 1.20x |
| Provident Fund as % of ordinary share capital | 19.2% |
| Net fixed assets (premier établissement) | Fr. 14,357,925.71 |
| Cash in hand and at banks | Fr. 1,947,960.77 |
| Output (ores and metals) in stock | Fr. 4,061,225.61 |
ROCE is approximate, calculated as trading profit divided by ordinary share capital. Dividend-bearing shares are excluded as they carry no par value. The 32% trading return in only the second or third full year of production foreshadows the extraordinary profitability documented in the 1930–1933 reports.
Board of Directors and Commissioners (as at 9 June 1914)
ANALYTICAL NOTE: The board composition is striking for the prominence of British representation. The Vice-President (Robert Williams, founder of Tanganyika Concessions) is London-based; three of the eight administrators have English addresses; one commissaire is London-based. The publication of accounts in English in The African World — a London trade paper — further confirms that the primary investor audience was the City of London, not Brussels.
| Role | Name | Address |
|---|---|---|
| President | Jean Jadot | 71, Rue de la Loi, Bruxelles |
| Vice-President | Rob. Williams | Friars House, 40, New Broad Street, Londres |
| Administrator Delegate | Baron de Moor | 310, Avenue Louise, Bruxelles |
| Administrator | Emile Francqui | 60, Avenue Louise, Bruxelles |
| Administrator | Sheffield Neave | Mill Green Park, Ingatestone, Essex, England |
| Administrator | Lord Arthur Butler | of Gennings, Maidstone, Kent, England |
| Administrator | Tyndale White | Standon Place, near Brentwood, Essex, England |
| Administrator | Jules Cornet | 86, Boulevard Dolez, Mons |
| Administrator | Henri Buttgenbach | 233, Avenue Bruggman, Uccle |
| Administrator | Charles F. Rowsell | Threadneedle House, Bishopsgate Street, Londres |
| Commissaire | Maurice Despret | 41, Rue Jean Stas, Bruxelles |
| Commissaire | C. H. Weatherley | 14, Georges Street, Mansion House, Londres, E.C. |
Board Composition Analysis
| Category | Count / Detail |
|---|---|
| Total board members (directors + commissaires) | 12 |
| Members with London / English addresses | 5 (Williams, Neave, Butler, White, Rowsell, Weatherley) |
| Members with Brussels addresses | 4 (Jadot, de Moor, Francqui, Despret) |
| Members with other Belgian addresses | 2 (Cornet — Mons; Buttgenbach — Uccle) |
| President | Jean Jadot (Brussels) |
| Vice-President | Robert Williams (London) — founder of Tanganyika Concessions Ltd |
| Tanganyika Concessions connection | Robert Williams (Vice-President and Tanks founder) |
| Cornet expedition connection | Jules Cornet (1891 expedition that identified copper deposits) |
| Rowsell continuity | Charles F. Rowsell — also administrator in 1930–1932 reports; dies Dixmude air disaster 1933 |
| Weatherley continuity | C. H. Weatherley — commissaire 1913; Louis-H. Weatherley still commissaire in 1932–1933 reports |
| Neave continuity | Sheffield Neave — administrator 1913; still administrator in 1930–1931 reports, resigns 1932 |
| Buttgenbach continuity | Henri Buttgenbach — administrator 1913; still administrator in all 1930–1933 reports |
| Francqui continuity | Emile Francqui — administrator 1913; administrateur-délégué until resignation reported in 1931 report |
The personnel continuity across two decades is remarkable: Rowsell, Neave, Buttgenbach, Francqui, and the Weatherley family all appear in both the 1913 board and the 1930s reports. Williams served as Vice-President from at least 1913 until his death (referenced as still vice-president in 1932 report). This continuity reinforces the argument that the corporate network was not merely a structural arrangement but a personal one — maintained by a small interlocking directorate across the full period of Copperbelt development.
Source: 'Union Minière du Haut Katanga — Balance Sheet, 31st December 1913', The African World (London), Nr. 611, 25 July 1914. Hamburgisches Kolonialinstitut press clipping, signatur YW 4300. Transcribed and annotated by A. Primmer.