468

Watchman's Clock.-Messrs. Gent & Co., Faraday Works, Leicester, have just received an order for a large ink-marking watchman's clock, with their improved brass key-contact boxes, for the Eastern Counties Asylum for Idiots, Colchester.

The Use of the Gooch Crucible as a Silver Voltameter.-In order to avoid loss of silver by the washing of the deposit in a voltameter, M. Læb recommends the use of a modification of the well-known Gooch crucible :-A rather tall and narrow platinum crucible having a perforated bottom is fitted into a glass cup terminating in a syphon. The two are united by means of a piece of India-rubber tubing which should be freed from sulphur, although there is no real danger of contact with the silver solution. The apparatus is filled with silver nitrate solution, so that the top of the syphon is not quite reached and is then set upon the stand. The crucible rests in a well-fitting brass block to which the negative wire is attached. The anode consists of a silver cone suspended within the crucible by means of a silver wire attached to a horizontal bar insulated from the cast-iron base. When the electrolysis is complete, the residual nitrate of silver can be entirely removed without in any way disturbing the deposit by simply filling up the crucible with hot water several times. The crucible is then detached from the syphon, dried and weighed.

An Electrical Apparatus for Reactions at High Temperatures and Pressures.-In the current issue of the Berichte der Deutschen Chemischen Gesellschaft, W. Hempel describes a new apparatus for reactions at high temperature and pressures. This apparatus we have shown in section in the accompanying figure. The essential features are as follows: A is a steel cylinder containing a porcelain tube, G,

in which the substance under examination is placed. . Down the middle of the porcelain tube a thin rod of carbon, P, passes and fits into a carbon block, E. This rod may be heated by passing an electric current through the copper wires D and K. The head of the steel cylinder, B, screws on air-tight and provision is made for pumping in gas through the valve, c, until the desired pressure is obtained. For further details consult the Berichte, vol. xxiii., p. 3,388.

Electric Light at Exeter.-At a meeting of the Exeter Town Council last month, the Parliamentary Committee presented a report embodying the terms upon which they were prepared to recommend the Council to withdraw its own application for an order and consent to the company's obtaining one. They had previously proposed that the Council should have the option of purchase at the end of 25, 30 or 35 years; but the company having written that they would agree to the Council's proposals if the periods when the Council should have the option of purchase were fixed at 28 and 35 years, they now recommended that this proposal be accepted. The Council, however, insists that the first period of optional purchase shall be 25 years, and has informed the company that in the event of their not accepting its terms, it is ready to leave the question of 25 or 28 years to the decision of the Board of Trade.

[APRIL 10, 1891.

Electricity and Fire Protection.-The introduction of power into mansions and public buildings for driving electr light machinery affords an opportunity for providing a highpressure water supply for fire extinguishing purposes. Merry. weather and Sons, of London, have devoted considerable attention to this matter, and in some cases the boiler existing is utilised for driving a fixed steam fire engine, arranged to charge a system of hydrants, as at Colonel North's new mansion at Eltham, and, in others, one of the firm's fire pumps is provided, to be driven direct from the piston rod of a horizontal engine, a simple arrangement being fitted for putting the pump in or out of gear at will. This system has been adopted by Mr. Ed. de Segundo for Mr. Hanbury's mansion at Ware, a Merryweathers' patent quick steam raising boiler being also provided, which serves the double purpose of working the steam fire engine in seven minutes after an alarm of fire, should steam not be up in the ordinary boiler, or of driving the electric light machinery in case of accident to the ordinary boiler. Where the machinery is driven by water power at a distance, the current is utilised at the house for driving a fire pump connected to an electr motor, as at Thurland Castle.

Siemens's Dynamos.-The following will doubtless b news to Messrs. Siemens. A certain electrical engineer, in the course of his report on prominent electric lighting stations fitted with Siemens's continuous current dynamos says: "The shunt circuits of the field magnets of the dynamos obtain their current direct from the armatures This is being altered so that the field magnet circuit curren will be obtained from the mains. This will enable the fiel magnets of a dynamo to be excited immediately, and the machine started at once, instead of waiting, in some cases 15 or 20 minutes till the field magnets become excited. The above is possibly a lucid manner of stating that the dy namos were to be converted from short shunt into long shur machines. We fancy that if a dynamo did not become ex cited in 20 minutes, the engineer in charge would act lik the man who lived next door to an incipient but energeti trombone player, who on being asked what he did while th long drawn out and agonising strains were being perpetrated replied "I guess I am learning to swear." Only in th case of the dynamo tender there would, in a 20 minute wait, be time to not only learn to swear, but to become a pa master in the art of using unparliamentary expressions.

The Channel Telephone and the Press.-London an Paris have now been put into telephonic communication, bu the question is whether the proposed tariff will not leave th line unemployed. Eight shillings for three minutes' conve sation is a high, and may prove quite a prohibitive, pric On this question, says the Pall Mall Gazette, a Belgian jou nalist writes:-The Indépendance Belge employs the Pari Brussels telephone for 60 minutes every day regularly, an on important occasions for double that duration. Mo leading continental journals do the same, so that if the ra of the London-Paris telephone were available by its moder tion, it would be a paying concern for the postal authoriti at once, whereas at the present price it will remain almo completely unused. Another interesting fact is that where Belgium is connected with the London-Paris telepho through the Brussels-Paris line, it is further connected wi Germany by a telephonic line running to the frontier Herbesthal. Germany, as well as France and Belgium, wou be a customer of the cable, therefore, were it not for tho forbidding prices, which become increased still further in t Belgian or German cases, seeing that if, for instance, a Ge man paper were to take 20 minutes' communication London for Paris, it would have to take and pay for anoth 20 minutes to transmit the news from Paris to Brussels, an then a further 20 minutes to transmit it from Brussels Herbesthal. I believe also that the French authorities quite ready to make the price as cheap as possible, not f the general public, at least for the Press, which is she be because the most regular and permanent customer, of t telephone. The obstacle therefore is one specially created the English authorities. In illustration of this, I may that in the case of the Brussels-Paris telephone the authoriti first satisfy the requirements of the Press, and only reser to the communications of private persons such time as is l free by newspaper conversations.

APRIL 10, 1891.]

The Electro-Harmonic Society.-We venture to remind our readers of the concert this evening, which is the last of the fifth season, 1890-91.

Electric Lighting in China. Electric lighting is steadily increasing in China. At the present time there are some 1,700 incandescent lamps being erected in cotton mills near Shanghai.

Electric Lighting at Falcon Cliff, Douglas.-Messrs. Cecil Wray & Co., electrical engineers, Bradford, have secured the contract for the electric lighting of Falcon Cliff Pleasure Grounds and Hotel, Douglas, Isle of Man, for the coming season.

Fire at Judson's.-We are informed by the Atlas Electrical Manufacturing and Supply Company that the fire which occurred at their works on Friday last will not prevent the immediate execution of any orders, as arrangements have been made in order to prevent any unnecessary delay.

Institution of Civil Engineers.-The annual dinner of the Institution took place on Wednesday evening, Sir J. Coode, the President, being in the chair. Speeches were delivered by Mr. Stanhope, M.P., Sir V. Hamilton, Lord Colville of Culross, Mr. Courtney, M.P., the Duke of Teck, and Sir Lyon Playfair.

The Electric Light at Hastings.-The operations of the Electric Light Company are said to be very satisfactory, and meet with approval from all sides. The Hastings Town Council have empowered the company to extend their main from Warrior Square to a point opposite St. Leonards' Pier.

A Telephone to Marseilles.-April 7.-The Paris Figaro says that experiments were made yesterday in communicating by telephone between Marseilles and London, the telephone wires between London and Paris and Paris and Marseilles being connected for the purpose. The trial was a perfect success.- -Reuter.

Telegraphic Communication in Morocco.-According to a Times special telegram from Gibraltar, the Spanish Government is to lay a cable this month to connect the port of Ceuta with Tangier, the Moorish political capital, in the interest of Spain. In Gibraltar this is regarded as a very important step, giving the Spaniards a great advantage in case of war.

Electric Light at Weybridge.-The Laing, Wharton and Down Syndicate have registered a separate company with a capital of £15,000 for the lighting of Weybridge, to whom their works and plant there will be shortly transferred. The Board of Trade has submitted a copy of the provisional order that has been applied for to the Chertsey Sanitary authority, who, however, offer no opposition, and propose no amendments thereto.

The Royal Society.-The following papers were down for last night's meeting :-Sir William Thomson, Pres. R.S. -(1) "On Electrostatic Screening by Gratings, Nets, or Perforated Sheets of Conducting Material;" (2) "On Variational Electric and Magnetic Screening." Prof. Ayrton, F.R.S., and W. E. Sumpner-"The Measurement of the Power given by any Electric Current to any Circuit." Prof. S. P. Thompson-"On Galvano-Hysteresis. Preliminary Notice."

Electric Light Companies and Pavements.-At the last meeting of the Vestry of St. George's, Hanover Square, a complaint was made of the action of the rival electric light companies who have been engaged in laying cables in the parish for some months past. One company, it was said, would take up the paving-stones, and directly they were relaid the other one would lift them again. Several streets and squares had been left in a very bad condition, one of the most disagreeable features being that after the making of the culverts, holes were left for protracted periods, so that the cables might be pulled through. A member asked what the vestry could do, and the chairman replied that it could do the work and charge the companies with the expenses, but no action was resolved upon.

469

Storage Battery Litigation.-The Foreign Electrical Power Storage Company has commenced a suit against a number of continental firms who, it is alleged, infringe their patents. Those firms, according to the Elektricitäts Zeitung, are the Maatschappy, Correns, Gottfried Hagen, and eventually the Oerlikon and Marly-Huber will be included. In all probability the firms named will form themselves into a ring in order to collectively defend their rights against the powerful attacking party, which is mainly backed by the Tudor Company as licensees of the Electrical Power Storage Company.

Poole and White, Limited.-Messrs. Poole and White, Limited, held their first annual general meeting at their offices, 58, Bread Street, Cheapside, on Tuesday last, Mr. Tryon, the chairman of the company, presiding. Mr. Tryon informed the shareholders present of the great success that had attended the company's operations during the past year, and stated that the time had arrived when the company must acquire much larger works than at present, and that for this purpose it was proposed to issue further capital. Though the proceedings were private, we can state on good authority that the shareholders present unanimously adopted the report, and before the close of the meeting it was announced that the greater part of the further capital required was already subscribed.

Electric Lighting at St. Brieuc.-The ThomsonHouston Company of Lynn, Massachusetts, which has hitherto had, in France, only installations for electric lighting by high tension, constant intensity, direct current dynamos, has just completed its first installation with alternating current and transformers, for the lighting of the town of St. Brieuc, making use of the power of a waterfall at Pont Neufs, more than 12 kilometres from the town. This installation, which we shall describe in detail later on, presents interesting peculiarities, for it combines, for the first time, we believe, the coupling in parallel of alternators by means of a choking coil, and the compounding of the alternators, in order to maintain constant difference of potential at the end of the feeders, notwithstanding a fall of potential of 20 per cent., when the alternators furnish the maximum current of 35 ampères each.

Italian Asbestos.-Under this heading, in our last issue, reference was made to the fact that at the Paris Exhibition Messrs. Davey, Paxman & Co.'s battery of nine boilers were covered with the United Asbestos Company's composition. The purport of Messrs. Davey, Paxman & Co.'s testimonial was, however (owing to a printer's error), not correctly stated, the fact being that the firm made the following comprehensive statement as to the thorough way in which the work had been done :-"We have much pleasure in stating that we are in every way satisfied with the covering of our boilers and pipes with your asbestos at the Paris Exhibition. Yours faithfully, DAVEY, PAXMAN & Co." The United Asbestos Company attach special value to this certificate, bearing as it does the signature of so high an authority on the best methods of steam economy as Mr. James Paxman.

Prizes. Amongst the numerous prizes which will be awarded in 1893 by "La Société d'encouragement pour l'industrie nationale " there are two which are of particular interest to electricians, and which it is as well to note. These are as follows:-Prize of 3,000 francs for the production of a material which can be used in the place of guttapercha in one or more of its principal uses, or for work which has contributed to develop the production or improvement of the cultivation of this gum. Prize of 2,000 francs for an apparatus or industrial process which allows of the measurement or evaluation of the insulation of the different parts of an installation when the latter is in full work. The models, memoirs, descriptions, information, specimens, and facts, for the purpose of preserving the rights of the candidates, should be addressed to the Secretary of the Société, 44, rue de Rennes; they should be sent in before the 1st December of the year preceding the distribution of the prizes; thus the 1st December, 1891, for the meeting of 1892. This rule is absolute. Programmes, giving full information on the subject, are delivered gratuitously at the house of the Society.

The City Railway.-This railway was opened for Sunday traffic on the 5th inst. 17,000 passengers were carried.

Church Lighting.-It is proposed to light St. Nicholas Cole Abbey by electricity.

The St. Pancras Exhibition.-It is said that 14,000 people visited this exhibition.

Honours for the Cablecrat.-The Exchange Telegraph Company states that the French Government has made Sir John Pender, K.C.M.G., a Grand Officer of the Legion of Honour.

Electric Traction in Guernsey.-The Guernsey Railway Company, which is about to work its 23 miles long steam tramway by electricity, as stated in our columns some time ago, has accepted the tender of Messrs. Siemens Bros. for the carrying out of the work.

What's in a Name?-The title of Elmore's AustroHungarian Patent Copper Depositing Company, Limited, will in future be Elmore's German and Austro-Hungarian Metal Company, Limited, and the offices of the company have been removed to 64, Cannon Street, E.C.

Photometry. In view of the considerable interest shown in photometry and photometers by the frequent articles on this subject in current technical journals within the last few weeks, we are asked to mention that Messrs. O. Berend and Co. make a speciality of photometrical supplies, of Hartmann and Braun's Lummer-Brodhem's photometer, Weber's photometer, and down to the simplest types.

Electric Light in Calcutta.-The Howrah Bridge in Calcutta is, says the Indian Engineer, to be lighted by electricity. At present the bridge is very badly lighted, and has a movable section 200 feet long on which there are no lights at all. It is now proposed to have thirteen 2,000 C.P. arc lights on the roadway of the bridge and four similar lights. for the boat openings under it. Eighteen strong incandescent lights will illuminate the signal stations, watch house and engine house. The aggregate lighting will be equal to 34,384 candles, and to prevent the possibility of failure, the plant will include a spare engine, boiler and dynamo. Messrs. Laing, Wharton and Down are the contractors, and the cost of the plant is to be 42,050 rupees.

Underground Telephone Cables.-At the meeting of the City Commissioners of Sewers held at the Guildhall on Tuesday, Mr. G. Manners presiding, the Streets Committee reported in favour of an application made by the National Telephone Company for permission to place a portion of their telephone cables beneath the public ways. The committee recommended that the permission be coupled with the condition that the company should endeavour to arrange to do the work simultaneously with the electric lighting companies. A letter was received from the secretary to the Brush Electrical Engineering Company, stating that the question of laying telephone cables in the same conduits with electric wires was one which required the gravest consideration, and that, pending further investigation, the company hoped that the commissiouers would defer any final decision on the matter. After some discussion, the report was referred back to the committee, with the understanding that the question of subways should be considered on a future occasion.

[APRIL 10, 1891.

engineers, &c. Signatories (with 1 share each): Major J. A. Travers, Weybridge; G. J. Sealy, M.D., Oak Hill, Weybridge; T. Dix, Weybridge; C. J. Wharton, 82A, New Bond Street, W.; W. F. Ward, Weybridge; G. Mount, Wayside Lodge, Weybridge; L. G. Boor, Rosedale, Weybridge. Registered, without special articles, on the 26th ult., by H. F. Kile, Solicitor, 11, Queen Victoria Street, E.C.

Moss Bay Hematite Iron and Steel Company. Limited. Capital £308,196, divided into 17,122 6 per cent. preference shares of £8 each and 17,122 ordinary shares of £10 each. Objects: To adopt an agreement mentioned in clause 3 of the articles for the acquisition of the Moss Bay Hematite Iron and Steel Company, Limited, and to carry on the business of ironmasters, miners, mechanical engineers, metal workers, tool makers, electricians, suppliers of electricity, boiler makers, and manufacturing chemists, to buy and sell, manufacture and repair machinery, electrical implements, tools and utensils. Signatories (with 1 shar each) W. McCowan, Moresby, Whitehaven; J. S. Randles, 139, Cannon Street, E.C.; D. Mallalieu, Delph, near Oldham C. J. Valentine, Workington; W. Burnyeat, jun., Millgrove, Whitehaven; W. Hudspeth, Haltwhistle, North umberland; R. E. Highton, Workington. The number of directors is not to be less than five nor more than seven, the first being the first six subscribers. Qualification, £500. Remuneration to be determined at the general meeting. Registered on the 25th ult. by Speechly, Mumford, Landon and Rodgers, 1, New Inn, Strand, W.C.

Robert Hindle and Company, Limited. Capital, £15,000 in £50 shares. Objects: To adopt an agreement already prepared to be made between R. Hindle and C. Laycock of the one part, and the company of the other part: to carry on the business of calico printers, bleachers, dyers, vitriol manufacturers, and to acquire, construct, and maintain tramways, railways, manufactories, electric works, stores and conveniences. Signatories (with one share each): R. Hindle, Sabden; Miss E. Hindle, Sabden; C. Laycock, Sabden; T. Anderton, Sabden; R. Kay, Oswestry; Mrs. Watson, 52, Bishop Road, Manchester; Mrs. Kay, Oswestry. The number of directors is not to be less than three nor more than seven, the first being R. Hindle, C. Laycock, and T. Anderton. Qualification: £300. Remuneration to be determined at the next general meeting. Registered on the 6th inst. by Jordan and Sons, 120, Chancery Lane, W.C. Office, Sabden, Lancashire.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

St. James and Pall Mall Electric Light Company, Limited. A statement of an increase in the nominal capital of this company was filed on the 21st ult. The capital, which was formerly £100,000 divided into 19,980 £5 shares and 100 £1 founders' shares has been increased to £200,000 by the addition of 20,000 shares to be called. Preference shares are entitled to a preference dividend of 7 per cent. per annum. The annual return, made up to the 16th ult., was filed on the 24th ult. 18,680 ordinary and 100 founders' shares are taken up, upon all of which the full amount has been called. The calls paid amount to £93,000, and considered as paid to £500. Office, Mason's Yard, Duke Street, St. James, S.W.

The Taunton Electric Light Company. Limited.— The annual return of this company, made up to the 11th ult., was filed on the 16th ult. The nominal capital is £20,000, in £5 shares. 2,556 shares are taken up, upon 1,769 of which the full amount has been called. The calls paid amount to £8,845, and considered as paid to £3,835. Office, St. James's Street, Taunton.

The Bristol Electricity Supply Company, Limited. The Weston-Super-Mare Electricity Supply Company, Limited.

The statutory returns of the above two companies, made up to the 7th November last, were filed on the 25th ult. Their nominal capitals are £100, in £1 shares. In each 7 shares are taken up, upon none of which has anything been called. Office, 112, Belvedere Road, S.W.

APRIL 10, 1891.]

Windsor and Eton Electric Light Company, Limited. The annual return of this company, made up to the 13th uit., was filed on the 17th ult. The nominal capital is £30,000, divided into 5,950 shares of £5 each, and 250 founders' shares of £1 each. 250 £5 shares are taken up, upon 7 of which the full amount has been called, and upon the remainder £4 per share has been called. The calls paid amount to £968, and unpaid to £39. Office, 54, High Street, Windsor, Berks.

The Canterbury Electricity Supply Company, Limited.

The Cardiff Electricity Supply Company. Limited. The Hanley (Staff.) Electricity Supply Company, Limited.

The Ipswich Electricity Supply Company, Limited. The Loughborough Electricity Supply Company, Limited.

The Manchester Electricity Supply Company, Limited.

The Penzance Electricity Supply Company, Limited. The statutory returns of the above seven companies, made up to the 7th of November last, were filed on the 25th ult. Their nominal capitals are £100 in £1 shares. In each seven shares have been taken up, upon none of which has anything been called. The offices of the whole of the above are situate at 112, Belvedere Road, S.E.

471

Tls. c.

98.17

Light account

23,209.26

Sale of material account

1,318.12

Recovered from the Brush Co. for late fulfilment of

contract...

317.51 24,943.06

The amount proposed to be written off for depreciation equals about 10 per cent. on the arc plant for the period, and 5 per cent. on the incandescent plant, thus estimating the total value at only Ms. 42,500. This sum is considerably below what the plant could be replaced at, the arc plant having been acquired at a low cost, and the incandescent plant being nearly new. The engineer reports that the machinery and stores are in good order and condition. Reserve power in both departments in case of break down has been added by the company.

It will be observed that the working account for the arc lighting department covers a period of 14 months. There has been a small increase in the number of lamps supplied to the municipality, making a total of 75 now in use. Although at a considerable reduction in the charge per lamp, the revenue from this source represents an increase of Tls. 1,146 for 12 months' working; but, on the other hand, the receipts for private lighting have decreased about Tls. 215 for the same period.

The company have contracted to light the China Merchants' Kinlee-yuen Wharves, with six lamps, for three years from 1st April next, at the same rate per lamp now charged to the municipality. Owing to the delay caused by strikes, &c., in England, the incanlescent lighting plant was not ready until 1st May, 1890, and its actual working, therefore, only covers eight months, and not at full power during that time. With this short period of probation, the directors are not yet prepared to give any definite opinion as to the future prospects of this branch; but they are investigating every feature, and hope to report their conclusions to a future special meetng. The possibility of improvements, in the near future, especially the practicability of working alternators in "parallel," may economise the present cost of plant and working. Any further extension of magnitude will necessarily entail more funds being raised, in some form or other,

The increase in the price of coal during 1890 has further added to the expenditure, as was the case in 1889.

Mr. R. M. Campbell having resigned on leaving Shanghai, Dr. Neil Macleod was invited to join the board. Mr. F. E. Haskell, on his return to Shanghai, was also asked to rejoin. These appointments require confirmation by the shareholders. In accordance with the deed of settlement, Mr. J. Beattie retires from the board, but offers aimself for re-election.

The directors have again decided to forego the question of fees, being desirous of putting the company on as sound a basis as possible by the reduction of plant account, before making any charge for their ervices.

The auditor, Mr. C. J. Dudgeon, resigned on leaving Shanghai, and Mr. R. F. Eastlack was temporarily appointed in his place. The atter now retires, but offers himself for re-election.

...

Balance Working Account, as above Bills outstanding

ASSETS.

...

Tls.

C.

780.77

983.11

2,100.00

186.98

4,050.86

Tls. c. 47,700.00

186.98

7,705.22

468.35

56,060.55

Tls. c. 1,741.78 383.21

27,000.00

3,361.88

15,828.20

35.00 7,068.65

641.83

56,060.55

Elmore's Foreign and Colonial Copper Depositing

Company, Limited.

AN extraordinary general meeting of the shareholders of the above company was held on Monday last at Cannon Street Hotel to consider resolutions altering the articles of association so as to empower the directors-with the consent of shareholders assembled in general meeting-to pay dividends "either in cash, or by the distribution of specific assets taken at their par value, and in particular of shares, debentures or other securities of any other company, or partly in one way and partly in the other."

The SECRETARY having read the notice convening the meeting, The CHAIRMAN (Sir John H. Morris) said that before moving the resolutions of which they had received notice, he wished to say that the meeting had been called for the purpose of carrying out the wishes of shareholders as unanimously expressed at the last general meeting of the company held in January. It was then stated to be the unanimous wish of the shareholders that the board should take measures for the distribution of the securities held by the company as if they were cash, and the board were urged to carry this wish into effect. When it was pointed out that this could not be done under existing articles of association, the shareholders present unanimously resolved that the board should have them so altered as to make the distribution of the securities to the various classes of shareholders possible. He dwelt on this point because objection had been taken

472

to the action of the board. Whatever action had been taken had emanated from the shareholders themselves, and the board's only object was to carry out the wishes of the shareholders. The board had taken counsel's opinion, which was that the distribution of securities could be made if certain specific alterations were made in the articles of association. These alterations were embodied in the resolutions which the secretary had read out, and it only remained for him to put them to the meeting. The chairman then proposed the first resolution, "That Article 109 shall be cancelled." This was seconded.

Sir T. H. FARRAR said that not having been at the former meeting he had had some difficulty in understanding the object of these alterations, and what had occurred to him when he saw the proposal was, that it was in the first instance an extremely questionable thing for a body of shareholders consisting of two different sets with somewhat differing interests, and at this early period in the history of the company to alter what was a fundamental relation between the two sets of shareholders when the company was started. He was himself a holder of both priority and founders' shares in such proportions that it made no difference to him whether an advantage was given to one or the other, and he was consequently, able to approach the matter from an impartial standpoint. The distribution, if carried into effect, would alter the relation existing between priority and founders' shares, which alteration he considered to be in itself an evil. As he understood it, the priority shareholders were to at once receive something in the form of shares and debentures which might or might not prove to be more than they would have received if the present state of things had continued. At the present moment it was undoubtedly less, because the shares which were to be distributed among them were at a discount. Moreover, they would not be able to turn these shares into money, since some of them were founders' shares, and could not be sold in the market for a considerable period after the arrangement was made. They would also be giving to the founders something to which they had no right until another £5 in cash had been given to priority shareholders. The company was certain to realise this other five pounds in cash on priority shares, and he would advise priority shareholders not to insist on an immediate distribution, but to wait in the full hope that present difficulties would be got over, and that before long the directors would be able to make another sale of patents, and to distribute in cash the £5 per share to which they were entitled. It was not desirable, in the present state of the company, that these shares should be hawked about the market, and nothing but harm would be done by putting into the hands of shareholders who knew little about business a number of shares, many of which could not be sold at present, and which if sold must be sold at a very great disadvantage. He opposed an immediate distribution, but he saw no reason why in future, after the priority shareholders had received the additional £5 to which they were entitled when the shares were at a premium, and their value in the market well known, why the directors should not distribute shares in lieu of cash. He was therefore prepared to vote for the abolition of Article 109, but if this was carried he should propose an amendment in Article 110 which would preserve to the priority shareholders their right to £5 in cash. Whilst on future occasions there should be power to divide in shares, on this occasion the directors would be bound to give them the cash to which they were entitled.

Prof. LAMBERT said that when he had received the first circular it had seemed to him the most preposterous proposal ever made, but the amendment proposed would meet the desires of the board and do justice as well, and if it was proposed he would be glad to support it to the best of his power. He did not think it would be either legal or equitable for priority shareholders to have the resolution forced upon them by those who would benefit. They were shortly expecting the sale of their American patents, and although the whole of the money thereby realised should belong to the priority shareholders, yet four-fifths would go to the founders if the resolutions were passed as they stood. He was strongly of opinion, in spite of counsel's opinion, that it would be impossible to force any dissentient shareholder to accept shares who said he would have cash. He would not go into the question of whether these shares were really so much more valuable than the Stock Exchange said they were. He himself thought the Elmore process an excellent one, and if the business had been kept a purely manufacturing one, and had not been allowed to get into the promoters' hands, the position of the Elmore Company would have been far higher than it was. If the resolutions were to be passed en bloc, he should advise the shareholders to reject them; but if they were asked to give the directors power to distribute the assets as soon as they had been just and carried out their promises, by all means give them the power.

The CHAIRMAN said he would not go out of his way to answer the two gentlemen who had spoken. The board unanimously accepted the amendment; indeed he had himself suggested it to Sir Thomas Farrar that morning. The resolutions if carried would not give the board power to distribute the securities. They could only propose to do so. It would rest with the shareholders whether they should be so distributed or not.

The resolutions were then put. The first, abolishing Clause 109, was carried by about 30 votes to 2. The second was carried unanimously. Upon the third being proposed,

Sir THOMAS FARRAR moved his amendment, Mr. LAMBERT seconded, and the resolution as amended was carried unanimously also.

Mr. F. L. RAWSON made a few observations, and stated that his own idea was that it was the duty of the directors to make the distribution both to the holders of priority and founders' shares as rapidly as possible, as the company was not formed to hold assets, but to distribute them. No doubt the reason why the shareholders were so anxious at the last meeting that the distribution should be made was that at that time the shares were standing at a different ice to what they were now. He called attention to the fact that roposed alteration in Clause 110, when legally interpreted, would

[APRIL 10, 1891.

not carry out the intention of the shareholders, but that it was impossible to give an opinion off-hand. It was clear what the wishes of the shareholders were, and therefore it might be necessary to call further meetings to alter the articles so as to carry out the intention of the meeting. One of the chief objections of the shareholders to distribution generally was the fear of still further lowering the price of the shares. A way of getting out of this difficulty would be by the formation of a trust company (now being a good time whilst the shares were low), the precedents being the Globe Trust Company, originally formed to deal in a similar manner with telegraph. companies' shares, and the Nobel Dynamite Trust Company. The shares possessed by this company, instead of them being thrown upon the market, would be held by the trust company, and the certificates issued, whilst any shares taken by the company would give cash to be distributed to the priority shareholders, and holders of shares in the different Elmore Companies would have the oppor tunity of exchanging for trust company's shares, thus averaging the dividends paid by the various companies, an opportunity which would be largely availed of. One of the largest shareholders in the company, and one of the best financial authorities, had stated that be was prepared to exchange. In addition, outside investors would have the benefit of investment in the trust company, whilst at present they did not know in which company to invest.

The priority shareholders having withdrawn to one side of the room, a meeting of founders was held, at which the three resolutions as amended were passed.

Another meeting of all the shareholders was then held, at which the business done at the two former ones was confirmed, and a vote of thanks to the chairman and directors concluded the business of the day.

Foreign Electric Date and Time Stamp Company.

THE statutory meeting of the Foreign Electric Date and Time Stamp Company, Limited, was held on Tuesday at the offices, 90 and 91, Queen Street, E.C. Mr. A. Torkington, chairman of the company, presided.

The CHAIRMAN stated that the board had received notice from their solicitor that the transfer of the French and Italian patents had been duly concluded and registered, both in Paris and Rome. He regretted to report that Mr. Grumwade had retired from the board of directors. He next read a report which the board had received from their general manager to the effect that great progress had bee made in the preliminary formation of the company's business in France. Further improvements had been made in the stamp, and it was now adaptable to other purposes beyond what it was originally intended for, and illustrating the extreme usefulness of the patent After some further allusions to the patents the report stated that the prospects of the company, from a financial standpoint, were of the most satisfactory character.

The proceedings then terminated with a vote of thanks to the chairman.

The Oriental Telephone Company, Limited. THE directors submit to the shareholders the following report and balance sheet for the year ending 31st December, 1890:

The revenue account shows a balance to credit of £8,835 8s. 11d which, together with £1,237 28. 8d. brought forward from 1889, shows an amount of £10,072 11s. 7d. available for disposal, which the direc tors recommend should be dealt with as follows:-To add £2,500 to the reserve fund; to write off £832 19s. 7d., in reduction of capital expenditure, and to pay a dividend of 2 per cent. free of income tax on the total paid up capital of the company, which will absorb £4,488 12s. 3d., leaving £2,250 19s. 9d. to be carried forward.

The shareholders will notice that an alteration has been made in the mode of appropriating the profits. They will have gathered from former reports that the directors have been endeavouring to come to some arrangement with the holders of vendors' shares for a re-adjustment of capital account. A conference was held last autumn with one of the largest holders, and at his suggestion the services of an actuary were called in, in order that a disinterested opinion might be obtained of the relative values of the two classes of shares. The actuary having raised a question as to the correct interpretation of the agreements with the vendors relating to the payment of dividends, the point was submitted to counsel, and in pursuance of the advice received, it has been deemed necessary to declare the dividend rateably on the paid up capital of the company, vendors' shares included, and to carry the dividends declared upon the vendors' shares to separate account, from which it will be distributed to the holders of the ordinary shares until their claims, according to the agreements with the vendors, have been discharged.

By this arrangement the deficiency to which those agreements relate has to be made up exclusively out of the dividends upon the vendors' shares, without any obligation on the part of the holders of ordinary shares to bring the dividends on those shares into account for the purpose of making up such deficiency.

The distribution now recommended on the total paid up capital f the company is equal to £3 12s. 2d. per cent. on each ordinary share issued prior to February 4th, 1886, as compared with £3 per cent last year.

The Indian companies during the past year show an improvemen the Bengal Telephone Company having paid 5 per cent. against 41 per cent. the previous year, and the Bombay Company 4 per cent against 3 per cent. The increase would have been larger but for action of the Indian Government, to which the directors have cal attention in previous reports. The Telephone Company of E