Another Post Office Scandal.-A well-known electrical firm in the country sent a brace of pheasants to one of the engineers of a London company by parcels post. Not being delivered, a claim of 10s. was made for them, and in response to this the following reply was received :

G.P.O., January 20th, 1891. Gentlemen,-Referring to your application of the 8th inst., I request you will be good enough to inform me whether the pheasants sent to Mr. were two male birds, or male and female. I am, Gentlemen, your obedient servant,

S. H. BLACKWOOD, Secretary.

If we had not seen the official reply, we should have had serious doubts as to whether the writer was of the masculine gender or simply an old lady, but the signature put our mind at ease on this score; but in strictly proper circles will it not be deemed simply scandalous that the employés of the Post Office have nothing better to do than to examine and decide upon the sexes of the birds entrusted to their care? But perhaps it is only a method of identification, after all.

Elieson's Electricity Meter.-From the illustration the construction and principle will be readily comprehended. A is a closed vessel containing acidulated water to be decomposed. B and C are electrodes placed in the vessel, and connected with the main conductors carrying the current to be measured. D is a tube open at both ends, and inserted through the cover of the vessel, A. The lower end of this tube extends near to the bottom of the vessel, A, while the upper end of the tube reaches, as shown, some distance above the top of the vessel. E is a siphon which serves to maintain the level of the liquid in the closed vessel at its normal

height. F is a supply tank kept filled by the action of a trap. H is a tube communicating with any suitable gas meter. As the current flows through the liquid in the vessel, A, a portion of the liquid, depending upon the quantity of the current, will be decomposed. The gas liberated collects in the upper part of the vessel until the bottom of the tube, H, becomes exposed. The collected gas now escapes into the meter under the pressure of the column of liquid in the tube, D, and the liquid in a resuming its normal level, again closes tube H. This action is repeated again and again, the quantity of gas generated indicating the quantity of current passed through vessel A.

The Royal Society.-Mr. H. Wilde, F.R.S., was to read last night a paper "On the Unsymmetrical Distribution of Terrestrial Magnetism.

Important Reductions in International Telegraph Rates.-M. Jules Roche has just signed a measure approving the telegraph rates drawn agreed to at the Paris International Telegraphic Congress on June 21st last, and private arrangements come to with Germany, Belgium, Luxembourg, Holland, Russia and Switzerland. These arrangements offer great advantages to the public, the telegraph rates being reduced as follows by this measure :-For Russia, from 50 c. to 40 c.; for Germany, from 20 c. to 15 c.; for Sweden, from 35 c. to 30 c.; for Belgium and Switzerland, from 15 c. to 12 c.; for Holland, from 20 c. to 16 c.; for Luxembourg, from 12 c. to 10 c.; for Austria-Hungary, from 25 c. to 20 c.; for Senegal, from 2 fr. 50 c. to 1 fr. 50 c. Compound words will count as one word, and in addition telegrams will be communicated by telephone. Urgent telegrams will have a right of priority. Repayment will be obligatory for words not employed, and, finally, the international vocabulary will be Composed of 200,000 words.

[JANUARY 23, 1891.

What is Wanted in Darkest Africa.-According to the familiar announcement of Messrs. Woodhouse and Rawson it is the electric light, but Mrs. Sheldon, the American lady who is about to visit Central Africa to study the domestic life of the savage tribes, appears to think differently. This lady, whose only companions are to be black women, Arabs, and a military escort, takes with her a phonograph, with which to obtain a permanent record of African voices.

66

Electric Lighting Contracts.-A well-known firm of electrical engineers write to us on the subject of the unfairness of inviting English firms to tender for foreign work when in no case is the contract ever given to one of them. This matter, it will be remembered, formed the theme of an article in our pages a few weeks since, and our correspondents remark: -- Does not this also apply to Ireland? The contract for Dublin, and also for Mullingar Asylum, has been, or is going to be, placed with the Electrical Engineering Company of Ireland, and considering that there are many firms, at any rate for Dublin, lower in price than this company, it seems as if it is quite useless for an English firm to send in a tender for Irish work." Well! perhaps after all, this is only a quid pro quo for the feeling which once held sway in this country when advertisements used to end "No Irish need apply.”

G. Bailey Toms and Co.-This firm has sent us a copy of its new illustrated list of portable railway, locomotives, rolling stock, cast iron pipes, columns, &c. Particulars are given in it of over two thousand sizes of iron and steel joists, channels, angles, tees, fancy sections, &c.

The School of Electrical Engineering and Submarine Telegraphy. We are informed that Mr. Leon Drugman, M.Inst.E.E., manager of this school, has obtained the consent of Sir Samuel Canning, M.Inst.C.E., M.Inst.E.E.; Messrs. P. Herbert Carpenter, D.Sc., F.R.S.; Gisbert Kapp, M.Inst.C.E., M.Inst.E.E.; and Prof. Alex. B. W. Kennedy, F.R.S., M.Inst.C.E., M.Inst.E.E., Vice-President Inst.M.E., to form a permanent "Consulting Committee," who will have the control of the teaching of the school. After having had to record a month ago the untimely death of Mr. W. Lant Carpenter, we can now confidently congratulate the school upon having secured the valuable co-operation of professional men of such high standing.

Proposed New Electric Tram-Line.-On Monday, the 19th inst., the St. Luke's Vestry, accompanied by Mr. M. C. Meaby, the surveyor to the vestry, and Mr. J. W. Ransom, the engineer of the North Metropolitan Tramways Company, visited the General Electric Power and Traction Company's electric cars and installation on the Barking Road section of the North Metropolitan Tramways Company's system. Having made a minute inspection of the many points of interest in the working of the cars, the vestry expressed themselves as greatly pleased at all they had seen. The tramway company having signified their intention to run electric cars from Stamford Hill to Moorgate Street, and as this vestry controls that portion of the route which includes Moorgate Street, their inspection was on that account most exhaustive.

Fatal Accident at Southend.-A shocking accident occurred at Southend on Sunday night, by which Mrs. Ellen Titterton, a resident of Southend, met her death under very distressing circumstances. About half-past seven in the evening the woman was attempting to get on to the pier by way of the balcony which surrounds the toll-house, when she fell through a hole in the floor which is used by Messrs. Crompton for connection with the funnel in supply of the electric light. The unfortunate woman fell on the pavement below, a distance of some 20 feet, and was terribly injured, her spine being dislocated, and her head very badly fractured. She was at once conveyed on the police ambulance to the Southend Victoria Hospital, but although everything possible was done for her, she died during the early hours of the morning.

JANUARY 23, 1891.]

Electrical Accessories Company. This company has just issued some illustrated sheets, giving the latest forms of their specialities in fittings, shades, globe carriers, switches, cut outs, ceiling roses, and other requirements. The switch illustrated is an improvement on the well-known "ring contact" switch patented by Messrs. Drake and Gorham some years ago. The advantages of the design are: 1st, the lower cost; 2nd, the smaller space occupied; 3rd, the

NEW COMPANIES REGISTERED.

119

North Eastern Telephone Company, Limited.Capital £4,600 in £1 shares. Objects: To adopt an agreement of 23rd ult. between the Primary Syndicate, Limited, and A. H. Cowie. To carry on the business of a telephone, telegraph and electric light, heat and power supply company. Signatories (with one share each): W. M. Angus, George Angus, T. D. Challoner, E. Fawcus, all of Newcastle-onTyne; E. S. Hindmarsh, Gateshead; J. V. Walton, Wilton, Durham; Jas. Monks, Aden Cottage, Durham. The signatories are to appoint the first directors; qualification 100 shares; the company in general meeting will determine remuneration. The directors of the Primary Syndicate are appointed ex officio directors of this company. Registered 14th inst. by Waterlow Brothers and Layton, Limited, agents for H. W. Sample, solicitor, Newcastle-on-Tyne.

greater springiness afforded by the long arms as compared with the small split rings. It will be seen that the current is carried by the U-shape strip from one terminal piece to the other; this is a special feature of the design, as it avoids any possibility of heating. The tension at the contacts is regulated by the distance pin between the arms. A flat steel spring is fitted to the base to keep the bar in its extreme off" position when the circuit is open; the switch may accordingly be fixed horizontally or with the handle at top, if such positions are considered more convenient than that illustrated.

The New Peru and Chili Cables.-Advices have been received that the ss. Silvertown completed on January 15th the Chorillos-Iquique section of the Central and South American Company's new cable extension between Chorillos, Iquique, and Valparaiso.

Dynamo Brushes.-A friend writes: "How would it answer to use iron for commutator and brush as well? The friction would be less than with copper, while an even pressure free from jumping might be secured by magnetic attraction."

Motors for Driving Looms.-Herr Lembcke, manager of the Crefeld Weaving School, has experimented with electric motors in that establishment, and he finds that they are much more suitable for driving domestic weaving looms than gas motors.

Wire Samples.-Mr. W. T. Glover, who recently called on us, showed us some excellent specimens of his firm's vulcanised rubber leads, in the form of telephone cables and concentric and other electric light leads.

Electric Lighting Nuisances.-The residents around the Manchester Square station of the Metropolitan Electric Supply Company are complaining of the nuisance caused by the machinery, and, in the course of two or three weeks, we may expect to see this matter figuring in the Law Courts. In these days it is better to be a lawyer than an electrical engineer.

Lighting and Power Installation.-At Neuss, not far from Düsseldorf, an electric light and power installation has been put up in a saw mill belonging to Messrs. Wehrhahn. The dynamo not only lights the mill, but also supplies current to a 20-H.P. motor, which is used for lifting into the building, by means of chains, &c., the trunks of trees brought thither on the Erft canal. The motor performs its work very well, notwithstanding the frequent reversals of motion, and the irregular weight of the loads lifted. The lighting is said to be satisfactory, even when the motor is working with varying loads, and this is attributed to the "extraordinarily good compounding" of the dynamo.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

Tubular Frame Waggon Company, Limited (civil, mechanical, and electrical engineers).-The statutory return of this company, made up to the 20th October, was filed 31st ult. The nominal capital is £200,000, divided into 199,600 ordinary and 400 founders' shares of £1 each. The shares taken up are 109,100 ordinary and 400 founders' shares. Upon 85,000 shares the full amount is considered as paid up, and upon 24,500 the sum of 10s. per share has been called. The calls paid amount to £8,500, and unpaid to £3,750. Offices, 93 and 94, Gracechurch Street, E.C.

Bullers, Limited.-An agreement of 3rd ult. (filed 8th ult.), provides for the purchase by this company of the business of Buller, Jobson and Company, Limited, the new company to pay and discharge the debts, liabilities and obligations of the old company as existing on the 1st August, 1890, or subsequently incurred. The purchase consideration is the payment of £5,000 to H. Proctor Ryland, in consideration of 500 fully paid preference shares held by him in the old company, with interest at 6 per cent. from 1st August; further, the issue to the holders of "A" and "B" shares in the old company of fully paid preference and ordinary shares in this company, to the former, equal to the total amount paid up at par on the "A" shares, and to the latter, equal to the amount of the annual dividends actually paid, or to be paid, on the "B" shares for the three years ending 31st July last, and including the dividend earned as on, and up to, that date. One-half the shares so issued are to be preference shares, and the other half ordinary shares. An agreement of 4th ult. (filed 8th ult.) confirms the above.

Chatham, Rochester, and District Electric Lighting Company, Limited. The annual return of this company, made up to the 13th inst., was filed on the 16th inst. The nominal capital is £50,000, in £5 shares. 2,027 shares are taken up, upon 2,000 of which the full amount has been called, and upon the remaining 27 shares £1 per share has been called. The calls paid amount to £10,025, and unpaid to £2.

National Company for the Distribution of Electricity by Secondary Generators.-The annual return of this company, made up to the 31st ult., was filed on the 10th inst. The nominal capital is £500,000, divided into 3,000 preferred and 47,000 ordinary shares of £10 each; 2,669 of the former, and 20,000 of the latter, have been taken up. 1,000 preference and the whole of the ordinary shares are credited as fully paid up. Upon 1,669 preference shares the full amount has been called, the calls paid amounting to £17,690. The sum of £1,000 has been received upon 100 shares forfeited.

British Electric Light Company, Limited.—The annual return of this company, made up to the 14th inst., was filed on the 15th inst. The nominal capital is £100,000, in £10 shares. 8,410 shares are taken up, 914 of which are considered as fully paid. Upon 7,496 shares the full amount has been called and paid.

Automatic Electrical Corporation, Limited.-The annual return of this company, made up to the 6th inst., was

120

filed on the 10th inst. The nominal capital is £75,000, in 3,750 shares of £20 each, the whole of which are taken up and are credited as fully paid.

Planet Electrical Engineering Company, Limited.— The annual return of this company, made up to the 29th ult., was filed on the 10th inst. The nominal capital is £20,000, in £5 shares. 1,277 shares are taken up, 700 being considered as fully paid. Upon the remainder the full amount has been called and paid, the total of the calls paid being £2,885.

Electric Tramcar Syndicate, Limited.-The annual return of this company, made up to the 12th inst., was filed on the same day. The nominal capital is £20,000, in £10 shares. 1,744 shares are taken up, 1,300 of which are considered fully paid. Upon 444 shares the full amount has been called, the total of the calls paid being £4,076 10s., and unpaid £363 10s.

Ecuador Telephone Company, Limited.-The annual return of this company, made up to the 13th inst., was filed on the 15th inst. The nominal capital is £100,000, in £5 shares. 5,000 shares are taken up, and the full amount has been called and paid thereon.

Fareham Electric Light Company, Limited.—An agreement of 15th inst. between this company and the Laing, Wharton and Down Construction Syndicate, Limited, provides for the allotment to the latter of 1,950 fully paid shares of £1 each, in consideration of plant, machinery and apparatus supplied as per agreement of 30th January, 1890.

CITY NOTES.

The National Telephone Company, Limited. THE following notice was issued some days ago:-"In consequence of the expiration of one of the company's master pantents on the 9th December, 1890, the directors are of opinion that the shareholders should be made fully acquainted with their views upon the present position and future prospects of the company. They therefore convene a meeting of shareholders, to be held at noon, on Thursday, the 22nd January, 1891, at the Cannon Street Hotel, Cannon Street, London, E.C."

In response to this notice a large number of shareholders assembled yesterday at the Cannon Street Hotel. The room was inconveniently crowded, many shareholders being unable to obtain admission.

The CHAIRMAN (Mr. Frederick Richards Leyland) apologised for the inconvenience shareholders were suffering, but it was impossible to get a larger room in the hotel, the Great Hall being engaged. The meeting was not one of their usual assemblies where they were to place before the shareholders certain resolutions to be passed; it was more in the nature of a conference, which the directors were desirous of having, in order to explain the present position of the company, now that the first of their master patents had expired. The directors thought at first it was their duty to communicate their views to the proprietors by means of a circular, but as this might have resulted in a division of the shareholders, it was better to meet face to face, so that each might have the advantage of interchanging suggestions. Going into the accounts for the past 6 months, made up to the 31st October, the speaker said they showed the company's earnings to be a net profit of £108,170 19s. 11d. This, together with £1,113 9s. 7d. brought forward, made an amount of £119,284 4s. 6d. standing to the profit and loss account to 31st October. Out of that they had paid an interim dividend amounting to £62,973; there remained £56,311 which, with the profits that would be made in the second half-year, the shareholders would dispose of at the next ordinary meeting. They would agree with him that those results were a very satisfactory advance on the profits of the previous year, in which period the revenue amounted to £185,754; dividing that into two, they would see the average half year's profits were about £92,700 as compared now with £108,000. Last year they called up a sum of £260,000 for an issue of 52,000 new ordinary shares, they had recommended that as being a wise plan, and their convictions that the new capital would earn as good a profit as the old turned out to be realised. (After interruptions caused by shareholders on the outside of the door clamouring for admission) the chairman, proceeding, said that the result of revenue enabled them to pay quite as good a dividend on the larger capital as they had previously. This was important in so much as the bigger capital rendered the position of the company still more impregnable. Since the new accounts-to October 31st-had been made, the ratio for the two months ending December showed a larger increase. On the 1st of January, the date on which the first Master patent expired-although the second did not run out until July-they thought it was the wisest plan to make a reduction of rates to subscribers. The result of that of course was that the revenue was immediately reduced, but the reduction would bring in a great number of additional subscribers. In that way they would recoup themselves for their loss, and he ventured to think more quickly than was imagined. Looking at the indications of an increase, he found that during the last 26

[JANUARY 23, 1891.

weeks of 1890, they obtained 914 new subscribers; in the first three weeks of this year, owing to the reduction, they obtained 651; if that continued it would be a comparatively short time before the whole loss caused would be recouped. As he had said over and over again, the possession of monopoly which they had had for many years had not been altogether an unmixed blessing. Having explained the revenue side of the account, he would turn his attention to the capital expenditure, for the shareholders must remember that they could not link up a fresh town, nor put on an additional subscriber, without incurring expense. It was unavoidable, so long as they continued the policy of developing business and covering the ground, a policy which was shown by the figures to be a good one. Now what had they expended on those first six months of capital expenditure? They had expended on exchanges, trunk lines, &c., the large sum of £96,970, £45,000 of which had been expended in linking up different towns in the provinces. He would not inflict upon the shareholders the reading of the list, but they numbered altogether about 244. These towns were now all linked up, and in communication with one another. This he thought would be the salvation of the company, for a competitor could only give a local service, unless he was prepared to spend enormous amounts of money as they had done, in linking all the different towns in the kingdom together. The greater portion of the work on which that £96,000 had been expended was completed, and was yielding a very satisfactory and growing revenue, and although when they linked two towns together they could not expect next day to find the whole thing full of work, they were so satisfied of the ultimate result, that they were actively pursuing their policy and bringing into communication all the main centres in the provinces and connecting towns wherever there was a fair chance of getting a suitable revenue. This, of course, involved them in a big and increasing expenditure, which could not be met out of revenue. At their last meeting a shareholder had suggested that they should confine their extensions to the amount they put to the credit of the reserve fund. What would such a policy mean? Not the covering of the ground and the development of business, but the restricting it to very narrow limits, and other people would take up the business they had not the courage to venture on. The directors had considered very carefully the question whether the additional capital would be best raised by preference shares or debentures, and they had decided on debentures. This would be the cheapest way, and would avoid many complications which must arise if they issued new preference shares, in consequence of their having two classes of preference shares already. Having decided on debentures, the directors decided to issue from time to time so much as should be necessary for the purposes of the company, but they would take care that the debentures issued should be part of a very large sum, so that any subsequent debentures they might issue would all rank alike; indeed, he would suggest that the directors should consider the advisability of issuing as large an amount of debenture stock as they were authorised to by the articles of association, which limited them to a snm not exceeding onehalf of the capital. These debentures when issued would rank as first debentures. The holders of their present £80,000 debentures would have the option of exchanging them either for cash or new debentures. It would be much better for them to be holders of debentures in a large stoek which would certainly be quoted on the Stock Exchange, and greatly dealt in, than to be holders in a small stock for which there was neither sale nor power of purchase. The next thing to consider was the repaying to capital account of the £97,000 spent up to the 31st October last out of revenue. That must be replaced, and they ought to hold in hand a sufficient amount to carry them on to the end of this year, so that they would not be continuously coming to the shareholders suggesting fresh capital, though fresh capital would have to be raised if the business was to go on. They had been considering the matter, and thought the first issue ought to be about £300,000 or £350,000. The chairmain concluded his speech by inviting suggestions and remarks from the shareholders.

After remarks from shareholders,

Mr. WATSON asked what injury was likely to ensue from the expiry of the patents, and if the directors were aware of the extent of the competition that was likely to arise.

The CHAIRMAN, replying, said that the first result of the expiry of the patents would be that whereas the National Telephone Company had previously had what was practically a monopoly, everybody could now interfere. Their policy, however, had always been to cover the ground-to be the man in possession-and though no one could foresee the result of their policy, yet the indications were strong that the loss in the first instance by reduction of rate would be recouped by additional business. As to competitors at present there were none that they new of, excepting one starting in Manchester, then they had difficulty enough to get money, though their capital was only £43,000.

Replying to a question as to whether the new trunk line between London and Manchester would turn out profitable, and what the reductions in the provincial towns were,

The CHAIRMAN considered that although the trunk line at present was not much used there had been many inquiries, and he anticipated a good profit on this line. The reductions in the principal towns was from £15 to £10. They had not made any reduction in London, and for a very good reason, for while country subscribers only spoke within a mile, London subscribers spoke over a very large area. Expenses in London, too, were much higher. Although many complaints had been made as to the system in London it was chiefly on the ground of inefficiency of service, and not on account of the high rates.

Mr. BIDEN pointed out that a company whose working expenses were only 40 per cent., of its income invited opposition, and, indeed, opposition had already commenced at Manchester. He also wished the directors to publish weekly the receipts of the company, as was done by railway companies, together with a monthly return of ex

REVIEW

penses as compared with receipts. He thought the shareholders as much entitled to the information as the directors.

Replying, the CHAIRMAN pointed out that the proportion of working expenses would be much higher with a lower tariff, aud he could not see any connection between them and the railway companies. Some other Shareholders spoke, and the Chairman replied to them. The meeting was then concluded by the usual vote of thanks.

Maxim-Weston Electric Company.

MESSRS. JOHN MARKS AND JAMES HODGSON, the liquidators of the above limited company, issued a notice to the shareholders, convening a meeting for the 22nd inst., to consider an offer for the purchase of the plant, machinery, and stock now at the works, Kingsland Green. In the notice the liquidators report as follows:

"At the meeting held on the 7th of August last the resolution embodied in the company's notice of July 29th was duly carried, and our appointment as liquidators took place.

"After an investigation of the company's affairs sixty of the largest shareholders were invited to a conference at the offices, which was held on the 26th of August last. A few shareholders only attended, when it was pointed out to them that owing to the unfavourable state of the machinery market an effort should be made to prevent a forced sale, with its proverbial low prices and unsatisfactory results.

"At this conference, however, no definite result was arrived at, but a suggestion was made that the company should endeavour to affiliate with some already existing electric company, or as an alternative, that the liquidators should avail themselves of the earliest opportunity of selling the property to the best advantage.

Upon inquiry the scheme of affiliation was found to be impracticable owing to the company's goods having been out of the market for so long a period, and for various other reasons, amongst which may be mentioned the rapid growth of the central station system. There was therefore no alternative but to await an improvement in prices and to open up communications with the leading firms and companies in the trade with a view of realising. Tenders were also invited by public advertisement for the purchase of the stock, machinery and plant.

"Owing to the continued depression in the market most of the offers received were of a very disappointing character, but from general appearances and taking into consideration the fact that heavy items are being daily incurred in respect of rent, taxes, salaries, and depreciation of plant standing idle, we are of opinion that the shareholders would best consult their interests by accepting the highest offer without further delay.

"We beg to point out that the meeting convened for January 22nd is not the meeting specified under section 142, part 4 of the Companies Act, 1862, at which a final statement of accounts shall be presented; but before exercising our powers as liquidators we thought it more satisfactory to lay the position of affairs before the shareholders.

"The shareholders will have heard with satisfaction the result of the actions 'Watt v. The Maxim-Weston Electric Company, Limited,' and 'The Maxim-Weston Electric Company, Limited, v. Watt,' upon which the liquidators of the old company will doubtless report to their shareholders."

The meeting to consider the proposal contained in the liquidators' circular, was held yesterday (Thursday) at Winchester House, Old Broad Street, under the presidency of Mr. Marks.

The Chairman explained the object of the meeting, and stated that a number of offers had been made to purchase the plant and stock of the Company at the Kingsland works. One of those offers was from Mr. Pryke for £2,000.

On the motion of Mr. Gooding this offer was unanimously accepted by the meeting.

Direct United States Cable Company, Limited. LAST Friday, this company held its twenty-seventh ordinary general meeting to receive the directors' report and accounts for the halfyear ending the 31st December, 1890, and published in our last issue. Sir JOHN PENDER was in the chair.

The SECRETARY having read the notice convening this meeting and the minutes of the last previous one,

The CHAIRMAN said: Gentlemen, you have had the report in your bands for some days, and I presume you will take it as read, as you have usually done hitherto; while I, following up what I have done on the many previous occasions that I have had the pleasure of meeting you, will go over the figures of our report. This, gentlemen, will be almost all that I shall have to say to you to-day. The year has been commercially rather an eventful one, both in this country and in America. At the same time England has come out of it in a remarkably satisfactory way, and I hope that at the beginning of the new year we are making a new departure in commerce which will largely benefit our telegraph systems. There is a saying, often a true one, that No news is good news," and as I have nothing very striking to say about what has been done during the year past, you may take it as a fairly satisfactory one, though it has not been so satisfactory as I could wish. I should like, gentlemen, to get back to 5 per cent. dividends, and the only way that I see to do this is to do our work better, and thereby encourage the further development of telegraphy between the old world and the new. The money earned to-day by Atlantic traffic is about the same in amount as it was when the tariff was very much higher than now, but other companies have come in to compete and to share that traffic with us, and the cleverest fellow is most likely to get the largest share of it. The company I have the honour

to represent has done its work wonderfully well, and obtained its fair share of the Atlantic traffic, and so long as the gentlemen at present on this side of the table remain here, this will be the case. At the same time the public is apt to think that ". 'new brooms sweep clean," and we have to contend against the new brooms and to show the value of that experience whereby the old broom is able to beat the new ones. I will now, gentlemen, consider the accounts. The revenue for the half-year ending 31st September, after deducting out payments, amounted to £43,347: the working and other expenses, including income tax, but excluding cost of repairs, amounted to £17,556, which left us a balance of £25,791 as the net profit of the half-year. This, with £968 brought forward from the last half-year, gives us a total of £26,759. This sum hus been appropriated as follows: the interim dividend of 3s. 6d. per share for the quarter ending the 30th September last was £10,624; that for the quarter ending 31st December was the same, and a balance has been brought forward of £5,511. The revenue for the half-year shows an increase of £990, equal to 2 per cent. as compared with that of the corresponding period for 1889. The working expenses in London have been so very nearly the same as in the corresponding period of last year, that no comparison need be made. The total shown by abstract A is £45 less than in 1889. Expenses of stations, as shown by abstract B, exhibit an increase of £1,866, due to two causes, first to our having now to bear the whole expense of the New York office instead of one-fourth only as in 1889. This, as I explained at our last meeting, accounts for the increase in the item, printing, stationery, and advertising account for the rest. The reserve fund, after deductions for cost of repairs and interest on investments, now stands at £252,678. The investments, as heretofore, continue to be worth much more than the figure at which they stand in the balance sheet. In July last, and on this day twelvemonths, I went very fully into the position of this company, so exhaustively, indeed, that on reading the two speeches this morning, I was rather astonished to find that I had taken up every point in the position of this company, and I satisfied myself that the best thing I could do to-day would be, after reading these figures to you, to tell you that I must wait for six months to get further information. In the meantime, you get the same dividends as last year, and for the last two or three years. I hope they will continue; I should be very much disappointed if they went backwards, but you may rest assured that it will require all our exertions to keep things going, for competition is very keen indeed. However, everyone is doing his best to secure for his company a share in the traffic. I am a strong believer in the increased telegraphy generally, and as to this company in particular, if we cannot get more than our neighbours, we shall, at any rate, try to get it. The chairman then moved the resolution.

Mr. MARMORE asked about the probable results, favourable or otherwise, of the litigation referred to in paragraph 6, and

Captain JACKSON, speaking on the same subject, thought the capture of the French cable one of the most disgraceful incidents in the history of Atlantic telegraphy, and that the pool directors had shown a great deal of supineness and want of diligence in not bringing this long-standing litigation to a speedier issue. It was this that nentralised all the efforts of the pool directors to share in the normal increase. There were three cables, one of which had been obtained he would not say fraudulently, for that would be actionable - but by an intrigue with which the would French themselves have no sympathy if it pressed, and he hoped the chairman would be able to satisfy the shareholders that there was no unnecessary delay. The shareholders were all eager to hear if there was any evidence that some result of the litigation was probable, because that was the chief cause of there being no improvement in the affairs of the company.

were

The CHAIRMAN, replying, said that he felt as strongly as the last speaker on this sublect, but he did not agree that this was the cause of their paying only 34 instead of 5 per cent. It had, however, given an opposing company an additional cable.

The resolution approving the report and accounts was then put to the meeting and carried unanimously.

The usual vote of thanks concluded the meeting.

Anglo American Telegraph Company, Limited.— At a recent meeting of the Board of Directors, it was resolved to recommend to the proprietors at the next half-yearly general meeting of the Company, to be held on the 30th January next, the declaration of the following dividends:-1. A balance dividend of 15s. per cent. upon the ordinary consolidated stock, for the year ending 31st December, 1890. 2. A balance dividend of £1 10s. per cent. upon the preferred stock, for the year ending 31st December, 1890; both payable on the 31st January next, less income tax, to the shareholders registered on the books of the Company on the 13th instant. After paying the foregoing dividends, there will be an estimated balance of £844 to be carried forward to the next account. The above dividends, together with those already paid will amount to £2 17s. 6d. per cent. on the ordinary consolidated stock, and £5 15s. per cent. on the preferred stock, for the year 1890.

TRAFFIC RECEIPTS.

The Brazilian Submarine Telegraph Company, Limited. The traffic receipts of the Brazilian Submarine Telegraph Company, Limited, for the week ended January 16th, 1891, amounted to £6,099.

The Western and Brazilian Telegraph Company, Limited. The receipts for the week ending January 16th, 1891, after deducting 17 per cent. of the gross receipts payable to the London Platino-Brazilian Company, were £4,935. The West India and Panama Telegraph Company. The receipts for the halfmonth ended January 15th, 1891, show a decrease of £405 as compared with the corresponding eriod.