Electrical Finance and Securities Company Limited
| Company type | Private company |
|---|---|
| Industry | Electricity supply |
| Founded | June 8, 1914 |
| Defunct | March 31, 1948 |
| Fate | Nationalisation of the electricity sector |
| Headquarters | London , United Kingdom |
Key people | James Taylor, G. H. Nesbett (chairman 1931–1940), W. B. Cownie, H. T. Barnett, H. C. Drayton (chairman 1941–1942), Sir James Devonshire |
| Products | Financial support and management for electricity supply companies |
The Electrical Finance and Securities Company Limited was a British electricity holding company that provided financial support to electricity enterprises to commence supply activities. Its affiliated companies operated across southeastern England, Lincolnshire, and southern Scotland. Established on 8 June 1914, the company was dissolved following the nationalisation of the electricity sector in 1948.
The company's main objective was to fund electric supply businesses and obtain provisional orders for electricity distribution.
Subsidiary companies
By the early 1930s, the group had ownership of five subsidiaries:
- Colne Valley Electric Supply Company Limited, incorporated on 28 June 1912, delivering services to Pinner with substations located at Rickmansworth and Chorley Wood by 1922.
- Northwood Electric Light & Power Company Limited, incorporated on 23 June 1900, providing electricity to Northwood, Ruislip, and Eastcote in Middlesex.
- Foots Cray Electricity Supply Company Limited, registered on 15 December 1905, serving Foots Cray in Kent with bulk electricity supplied from Bexley.
- Lothians Electric Power Company, formed under the Lothians Electric Power Act 1904 (4 Edw. 7. c. ccvii), supplying areas within Midlothian, East Lothian, Peebles, and Lanark, with planned power stations at Kingsknowe, West Linton, and Auchengray.
- Boston & District Electric Supply Company Limited
Over time, these companies demonstrated expansion in both consumer numbers and connected electrical load:
| Year | Number of Consumers | Connected or Maximum Load (kW) |
|---|---|---|
| Colne Valley | ||
| 1921 | 629 | 589 |
| 1922 | 882 | 893 |
| 1923 | 1,178 | 1,810 |
| 1924 | 1,641 | 1,840 |
| 1925 | 2,326 | 2,668 |
| 1926 | 3,034 | 3,728 |
| 1927 | 3,777 | 5,000 |
| 1928 | 4,557 | 6,231 |
| 1929 | 5,485 | 8,458 |
| 1930 | 6,270 | 11,031 |
| 1931 | 7,778 | 14,022 |
| 1937 | 12,055+2,027 | 19,385 |
| 1947 | 30,055 | 23,884 |
| Northwood | ||
| 1921 | 544 | 1,154 |
| 1922 | 687 | 1,480 |
| 1923 | 863 | 1,980 |
| 1924 | 1,057 | 2,290 |
| 1925 | 1,284 | 2,805 |
| 1926 | 1,472 | 3,210 |
| 1927 | 1,711 | 3,871 |
| 1928 | 2,023 | 4,801 |
| 1929 | 2,280 | 5,625 |
| 1930 | 2,771 | "7,082" |
| "1931" | "3,320" | "8,460" |
| "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" | "1,130" |
| "1928" | "975" | "1,350" |
| "1929" | "1,076" | "1,607" |
| "1930" | "1,170" | "2,033" |
| "1931" | "1,299" | "2,455" |
| "1937" | "7,149" | "2,823" |
| "1947" | "1,916" | "3,403" |
| Lothians | ||
| "1924" | "411" | "1,040" |
| "1925" | "889" | "3,957" |
| "1926" | "1,210" | "4,668" |
| "1927" | "1,488" | "5,400" |
| "1928" | "1,939" | "7,605" |
| "1929" | "2,868" | "10.217" |
| "1930" | "3.541" | "12.101" |
| '1931' | '4.139' | '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 Overview
In May 1927, the company initiated a share offering valued at £320,000 on the stock exchange, followed by an additional issuance of shares in January 1932.
The net earnings displayed consistent growth over the years: £5,253 in 1921; £5,641 in 1922; £6,253 in 1923; £8,009 in 1924; £16,586 in 1925; £20,660 in 1926; £32,928 in 1928; £39,320 in 1929; and reaching £47,107 by 1930.
Board of Directors
Among the directors were James Taylor (appointed 1927), G. H. Nesbett (director from 1927 and chairman from 1931 to 1940), W. B. Cownie (serving in 1927 and again in 1932), H. T. Barnett (appointed 1932), H. C. Drayton (director from 1932 and chairman between 1941 and 1942), and Sir James Devonshire (appointed 1942).
The company's registered offices were located at 62-63 Queen Street, Cannon Street, London EC4 in 1927, later moving to Salisbury Square House, Salisbury Square, London EC4 by 1932.
Dissolution
Following the nationalisation of the British electricity sector, The Electrical Finance and Securities Company Limited along with its subsidiaries ceased operations on 31 March 1948. Ownership of power generation facilities and transmission networks was transferred to the British Electricity Authority, while distribution networks were allocated to regional electricity boards such as the Eastern Electricity Board and Southern Electricity Board.
As one of five principal electricity enterprises operating across extensive regions, its assets were apportioned among several area electricity boards. The other key companies included:
- British Power and Light Corporation
- Christy Brothers and Company Limited
- Edmundsons Electricity Corporation
- Midland Counties Electric Supply Company Limited