APRIL 24, 1891.]

The St. Cecilia Orchestral Society.-This society (Central Telegraph Office) has announced an orchestral and vocal smoking concert for Saturday, May 2nd prox., to be held at Anderton's Hotel, Fleet Street. This entertainment will practically wind up what has been a busy and successful

season.

Stolen Correspondence.-Messrs. O. Berend & Co., of 61, Fore Street, E.C., have had to charge two of their employés with stealing letters from their letter-box, and as they have reason to believe that some hundreds have been destroyed, they are issuing a circular requesting anyone who may have sent them a communication of any kind without receiving a reply to report the circumstance to them at

once.

The Electric Light in Birmingham.-The Mayor of Birmingham formally opened the works of the Birmingham Electric Supply Company on Wednesday. It is the first public installation in the town, and was erected under the concession obtained by Messrs. Chamberlain and Hookham. The installation has been designed and the erecting superintended by Mr. J. C. Vaudrey, upon similar lines to those which have proved satisfactory in Liverpool. The boiler house is 41 feet by 77 feet, in which three steel Lancashire double-flued boilers have been erected, each 28 feet long by 7 feet 6 inches diameter. Seatings and flues have been built for double the number. The generating room contains three steam dynamos, with complete foundations for four further plants. Each dynamo is capable of supplying 1,500 16-candle-power incandescent lamps. The dynamos are worked by " Willans engines, erected on the same bed as the dynamo, and which, with a steam pressure of 120 lbs., run at 350 revolutions per minute. The current is distributed through 12 pairs of feeding mains, which supply the various distributing lines in the district. There is also a battery room, in which a number of Crompton-Howell accumulators are in process of arrangement. The mains used are on the Crompton and Callender system. Between the servicebox and the consumers' premises there is a lead " cut-off," which fuses and disconnects the service in case of any accident leading to an excessive current. Inside the premises of consumers the services are laid under the insurance rules, and the current is measured by meter. The meters will be tested under the supervision of the City Council, who have appointed Mr. Henry Lea as their inspector under the electric lighting order. The charge for the light will be 8d. per

unit.

A Possible Coincidence.-There is one point to which we did not allude in our Editorial note last week when replying to Mr. Elmore's choice example of the "Polite Letter Writer," and to this we will now hark back. He made mention of the "Marchant" engine, but it will probably turn out that this was an ill-advised step, for it is curious to note how at times things which appear utterly dissimilar bear a strong family likeness in at least one respect. The wonderful economic results said to be obtained from that motor were arrived at by means of a brake which gave incorrect representations. Two of our friends who tested the engine for us with Marchant's own apparatus, as was stated at the time were, with a number of excellent mechanical engineers, deceived, and we fathered the mistake. No long time elapsed, however, as Mr. Elmore possibly remembers, before the error into which we were led was discovered, the engine placed unreservedly in our hands, proper tests made by ourselves, and the absurdity completely exposed in the REVIEW and in Engineering, whose well-known representative accompanied us to see the last act in that farce. That is how we "boomed " it. Now, although we do not say that the Elmore process per se is not genuine, i.e., that copper is not deposited by it, we do insist that, unlike the case of the Marchant engine, we have not in this instance made a mistake, and it would be well for Mr. Elmore to bear in mind the fate of that so-called revolution in steam motors which he has thought fit to unearth and the share the ELECTRICAL REVIEW took in bringing it about, fortunately before the investing portion of the British public was fleeced by taking shares in either English or foreign Marchant Companies. The Elmore process is dubbed revolutionary by its advocates; the time cannot be far distant when the phases through which it has yet to go will be completed.

533

Damaging Insulators.-Two boys were fined 15s. 6d. each at the Warrington Sessions for damaging telegraph in

sulators.

The Brush Electrical Engineering Company.His Grace the Duke of Marlborough has accepted the position of chairman of the Brush Electrical Engineering Company, Limited, in succession to Lord Thurlow, who has resigned his seat at the board of that company.

Crystal Palace School of Engineering.-Sir Douglas Fox presented the certificates for the Easter term to the successful candidates last Saturday. The report of the examiners stated that the number of students which had attended the lectures was 48, of whom 43 were eligible for examination and 23 had passed. The work done in all branches of the school is said to be highly creditable. Since 1881 the number of students has nearly doubled.

Electric Lighting at Leamington.-The Board of Trade will not refuse the applications of the Corporation and the Midland Electric Light Company for provisional orders, as mentioned in our columns a few weeks ago. Major Marindin recently made an inquiry into the causes of dispute which had arisen at Leamington; it is supposed, therefore, that the result of the inquiry is shown in the decision of the board.

Electric Tell-tales.-Messrs. Cox-Walker are at present completing the erection of one of their special ink-recording electric tell-tales for 28 stations at the Sussex County Asylum, Hayward's Heath, and are extending the branches of a similar-sized tell-tale at the Worcester County Asylum, Powick. They are also engaged in the installation of the electric light at Craig Crook Castle, and in alterations and additions to the electric lighting of the North British Distillery, Edinburgh.

The Jablochkoff Transformer Patent. The Privy Council have fixed May 13th for the hearing of the petition for the confirmation and prolongation of the Jablochkoff patent. It is many years since the confirmation of any patent was granted; in fact, in the new Act, the clause was struck out. But the Privy Council have power to confirm a patent even if prior publication can be shown, provided they think the case sufficiently meritorious. In this case a description was published in several journals, taken from the accounts in France, only a few days prior to the filing of the English patent. By a curious accident, the cover of the patent is dated May 2nd, which was prior to publication, instead of May 22nd, the correct date.

Life of Incandescent Lamps.-In the manufacture of incandescent lamps, success may be said to depend on several small points. The exhaustion, we know, must be as complete as possible to insure long life and reasonable efficiency. During the exhausting process it is the usual practice to heat the carbon filament to incandescence, in order that all air contained in the substance may be expelled. It has been found that if the filament is heated at too early a point during the exhausting process it produces a more or less porous condition of the carbon, and that a lamp made in this manner has neither a very long life nor a high degree of efficiency after having been in use for a short time. As an improvement on this, the globes are exhausted to as great a degree as may be, and in as short a time as possible; then the current is passed through the carbon, and it is brought to incandescence for a few moments while the vacuum pump is still working. The vacuum pump used in this process is wholly mechanical and very quick acting, and is reported to be much quicker in its action than the mercury pumps commonly in use for this purpose. From two sets of lamps made from similar filaments, a writer in the Stationary Engineer has discovered that one set exhausted in the usual way by mercury pumps, while the filaments were heated by the current, the other set treated with the mechanical pump and the current sent through the filament just previous to sealing the lamps, showed in the latter case the highest efficiency and longest life. The reasons for this may be inferred to have been that in the former case the filaments were partially disintegrated in the rarefied atmosphere.-Scientific American.

The Fiske Range Finder.-We have received a copy of the report presented to the Ordnance Bureau of the United States Navy concerning the Fiske range finder. The tests were conducted on board the U.S. Baltimore by a committee consisting of Lieut. S. H. May, Lieut. H. O. Dunn, and Mr. J. B. Patton. After describing the range finder, full particulars of which appeared in the REVIEW for February 21st, 1890, the committee say that the experiments show that the instrument when in good order, and when pointed accurately, will give reliable results within 3 per cent. in ranges less than 5,000 yards, or at greater ranges when adjusted skilfully; that it can be easily kept in good order when properly installed, and the details corrected as suggested at the end of the report, and that with an officer to look out for setting up the instrument, it may be worked by any two sailors after a little instruction and practice. The following suggestions are offered :-That the instrument be fully installed and adjusted, and the lead wires cased in moulding below decks. That the telescopes be fitted with a screw arrangement for focussing, and the telescope supports be made stronger. That the range scale be larger if possible, and the voltmeters be made in a stronger case. That a reliable telephone or speaking tube connect the two instruments; unless the telephone is distinct a speaking tube will be better. The instruments should be provided with a suitable cover, so that the telescopes, bells, and telephones could be left connected up ready for immediate use, and the instruments entirely protected from weather and accidents. better resistance box with a greater range be placed on the voltmeter circuit, and a current reversing key be placed in a convenient place near the voltmeter. The bases of the pedestals should be larger, with more holding-down bolts, so as to make it less likely to be knocked out of position by accidents. One of the pin-holes in the head of the instrument should be made in an adjustable plate, so that it could be brought to exactly 180° from the other.

NEW COMPANIES REGISTERED.

Ꭺ

The Collier Audible Telephone Syndicate, Limited.— Capital £9,000 in £100 shares. Objects: To carry on the business of a telephone, telegraph and electric light, heat and power manufacturing and supply company; to acquire the inventions of Mr. A. T. Collier in respect of improved telephonic receivers and transmitters; to establish, work, manage, control and regulate telephone exchanges and electric light works; to construct, maintain, lay down, carry out, work, sell, let on hire and deal in telephones, cables, wires, lines, stations, exchanges, accumulators, lamps, meters and engines; and to carry on the business of electricians, mechanical and general engineers. Signatories: F. F. Mathieson, Bartholomew House, E.C. (1 share); H. S. Staples, Spondon (5 shares); H. Bishop, 41, Coleman Street, E.C. (1 share); H. S. Fisher, Sutton Court, Sutton (1 share); H. C. Halse, 61, Cheapside, E.C. (1 share); A. J. Bowen, 28, Moorgate Street, E.C. (1 share); A. H. Collier, New Cross, S.E., (1 share). The company forthwith adopts an agreement, dated the 2nd ult., between A. T. Collier of the first part, the London and Colonial Finance Corporation, Limited, of the second part, and W. H. Johnson of the third part. The number of directors is not to be less than 2 nor more than 5. Qualification £200. Remuneration to be determined from time to time at general meeting. Mr. A. T. Collier is the first managing director with a remuneration of £400 per annum. Registered on the 16th inst. by Leslie, Antill and Arnold, solicitors to the company, 1, Gresham Buildings, Basinghall Street, London, E.C. Office, 5A, Coleman Street, E.C.

Carbon Electric, Limited.-Capital, £20,000 divided into 3,000 preference and 1,000 deferred shares of £5 each. Objects: To purchase Mr. H. J. Chappell's recipes for the manufacture of carbon; to purchase the plant and machinery on his works in Devonshire; to manufacture and sell carbon rods for electric arc lamps, carbon plates for use in electrical batteries and carbon generally for electrical, sanitary, and purposes. Signatories (with 1 share each): C. H. W. lobe Lodge, Champion Hill, S.E.; J. C. Cole, 31, ll, E.C.; G. J. Conlon, 60, Warwick Road, ton; F. Webster, 7, Stanhope Terrace, N.W.;

[APRIL 24, 1891.

A. W. Cole, Shanklin Villas, Walthamstow; H. C. Buckworth, 48, Lorne Road, Stroud Green, N.; A. Gowlland, 24, Moorgate Street, E.C. The number of directors is not to be less than three nor more than five, the first being H. J. Chappell, G. J. Conlon, J. C. Cole, and C. H. W. Biggs. Qualification, £125: remuneration, £100 per annum each, with £50 per annum in addition for the chairman. The first managing director is H. J. Chappell, whose remuneration is to be fixed at general meeting. Registered on the 15th inst. by Robinson and Stannard, 19, Eastcheap, E.C. Office, 24, Moorgate Street, E.C.

Berkeley Gas Works, Limited.-Capital, £4,000 in £1 shares. Objects: to adopt an agreement dated the 23rd March, 1891; to manufacture, sell and supply gas and light in Berkeley and neighbourhood, and to carry on, at or in the said borough and tythings, the business of suppliers of electric light in all its branches. Signatories: J. Moffatt, Churchdown, Gloucester (750 shares); Mrs. Moffatt, Churchdown (25 shares); H. Moffatt, Kingsholm, Gloucester (398 shares); W. Moffatt, Woodville, Stroud (393 shares); Miss E. A. Moffatt, Berkeley (719 shares); Mrs. Stein, 45, Shirlock Road, Haverstock Hill, N.W. (393 shares); A. M. Moffatt, Berkeley (327 shares). The regulations of Table A mainly apply. Registered on the 17th inst. by Moulton and Sons, 37, Chancery Lane, W.C.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

The Liverpool Electric Supply Company, Limited.The annual return of this company, made up to the 9th ult., was filed on the 7th inst. The nominal capital is £200,000 in £5 shares. The whole of the shares have been taken up, upon 10,000 of which the full amount has been called, and upon the remainder £3 per share has been called. The calls paid amount to £139,400 10s., and unpaid to £599 10s. Offices, 15, Highfield Street, Liverpool.

The Crompton-Howell Electrical Storage Company, Limited.—The first annual return of this company, made up to the 4th of August, 1890, was filed on the 6th inst. The nominal capital is £19,600, divided into 19,000 ordinary shares of £1 each, and six founders' shares of £100 each. 12,007 ordinary and six founders' shares are taken up, and upon 4,007 ordinary shares 15s. per share has been called; £600 is considered as paid on the founders' shares, and £6,000 is considered as paid on 8,000 ordinary shares. The calls paid amount to £3,004 10s., and unpaid to 15s. Office, Mansion House Chambers, Queen Victoria Street, E.C.

The Westminster Electric Supply Corporation. Limited. The annual return of this company, made up to the 11th ult., was filed on the 6th inst. The nominal capital is £300,000 in £5 shares; 42,953 shares have been taken up, upon 100 of which the full amount has been called, and upon the remainder £4 per share has been called. The calls paid amount to £170,332 and unpaid to £1,835. Office, 2, Victoria Mansions, Victoria Street, Westminster, S.W.

The Vaughan-Sherrin Electrical Engineering Com pany, Limited.-The registered office of this company is now situate at 37, Tabernacle Street, London, E.C.

The Electricity Supply Corporation, Limited.-The first annual return of this company, made up to the 6th January, 1891, was filed on the 8th inst. The nominal capital is £100,000, divided into 9,900 ordinary and 100 founders' shares of £10 each. 259 ordinary shares have been taken up, upon 209 of which the full amount has been called, and upon the remainder £1 per share has been called. All the calls have been paid, amounting to £2,140. The registered office is now situate at 12, Maiden Lane, Covent Garden, W.C.

The Llanelly Electric Light and Power Company, Limited. The statutory return of this company, made of to the 11th March, 1890, was filed on the 7th inst. The nominal capital is £15,000, divided into 10 "A" and 14,990 "B" shares of £1 each. 7 "A" shares have been taken up but upon these no call has been made. Office, New Dock Llanelly, Carmarthen.

APRIL 24, 1891.]

The Lancashire and Cheshire House-to-House Electricity Company, Limited.-The annual return of this company, made up to the 13th January, 1891, was filed on the 9th inst. The nominal capital is £100,000, divided into 19,900 ordinary and 100 founders' shares of £5 each. 7 shares have been taken up, but upon these no call has been made. The registered office is now situate at 15, St. Helen's Place, E.C.

The Liverpool House-to-House Electricity Company, Limited. The annual return of this company, made up to the 13th January, 1891, was filed on the 9th inst. The nominal capital is £100,000, divided into 19,900 ordinary and 100 founders' shares of £5 each. 7 shares have been taken up, but upon these no call has been made. The registered office is now situate at 15, St. Helen's Place, E.C.

The Irish House-to-House Electricity Company, Limited. The annual return of this company, made up to the 1st December, 1890, was filed on the 9th inst. The nominal capital is £100,000 divided into 19,900 ordinary and 100 founders' shares of £5 each. Seven shares have been taken up, but upon these no call has been paid. Office, 15, St. Helen's Place, E.C.

The Western House-to-House Electricity Company, Limited. The statutory return of this company, made up to the 11th December, 1889, was filed on the 9th inst. The nominal capital is £100,000 divided into 19,900 ordinary and 100 founders' shares of £5 each. Seven shares have been taken up, but upon these no call has been made.

The first annual return, made up to the 13th January, 1891, was also filed on the 9th inst., but no change has been made, either in the shares taken up or in the holders of shares. Office, 13, John Street, Bristol.

The Yorkshire House-to-House Electricity Company, Linrited. The registered office of this company is now situate at 32, Park Row, Leeds.

The Northern House-to-House Electricity Company, Limited. The registered office of this company is now situate at 21, Grainger Street, Newcastle-upon-Tyne.

535

CITY NOTES.

The Metropolitan Electric Supply Company, Limited. THE report of the directors states that the directors have the pleasure to submit to the shareholders a statement of the company's accounts for the period commencing the 1st October, 1889, and ending the 31st December, 1890.

The form in which this statement is presented is that prescribed by the Board of Trade under the provisions of the Electric Lighting Acts of 1882 and 1888.

It should be remembered that the period under review commences one month after the date when Parliamentary powers were granted, and comprises the time during which the greater portion of the company's works of construction were being carried out. The growth of business may best be realised by comparing the gross revenue for the last three months of 1889, which was £2,866 15s. 7d., with the corresponding period of 1890, when it amounted to £10,726 19s. The number of lamp connections which, at the close of 1889, were 14,000, amounted at the close of 1890 to 48,000. This number has been since increased to 58,000, and the demand for the light in the company's districts is steadily on the increase.

Having regard to the fact that the period under review has been mainly one of construction, it is a matter for congratulation that the company's income, which was to a great extent the result of the last three months' working, has resulted in a profit, which, though a small one, gives the strongest grounds for confidence in the immediate future.

The earnings of the first three months of the present year are so encouraging that the directors have decided to make an interim distribution of two shillings per share, which will be paid on the 1st May next.

The company's stations at Whitehall, Sardinia Street, Rathbone Place, and Manchester Square, are now completed, and their working has so far given great satisfaction to the board. It is confidently anticipated that the new station for the Paddington district, the machinery for which is in a forward state, will be at work in time for next winter's lighting. These stations, with the mains and other necessary plant, will about absorb the company's present issue of capital, but, as the demand for electric lighting increases, the directors will be prepared to recommend steps being taken to meet it.

In accordance with the articles of association, the following directors, viz., Alderman Sir Robert N. Fowler, Bart., M.P., J. E. H. Gordon, and J. C. Parkinson, Esq., retire from the board. Sir Robert Fowler and Mr. Parkinson, being eligible, offer themselves for

536

Eastern Extension, Australasia and China Telegraph Company, Limited.

THE thirty-fifth ordinary general meeting of this company was held on Wednesday last at Winchester House, Sir John Pender (chairm an of the company) presiding.

The notice convening the meeting having been read and the minutes of the last two previous ones read and confirmed,

Sir JOHN PENDER said: Before asking the shareholders to approve of the report he would put some figures before them, so that they might better understand what had been done during the past six months. The gross receipts for the past half year had been £279,095 against £264,103 for the corresponding period of 1889, showing an increase of £14,492, which was partly due to profit on exchange during the temporary rise in the value of silver, and partly to increased traffic with Australia. The working expenses had been £74,090 as against £73,498, an increase of £592, due to various small things at different stations. The net revenue for the past half year was £166,807 as against £146,144 in 1889, an increase of £20,663, which was explained by the additional revenue already referred to, and the disappearance from the past half year's accounts of the item £6,500 charged in former accounts for the interest on sinking funds in connection with the 5 per cent. debentures paid off last year. The nett saving on this account, as mentioned at the last meeting, was £5,000 a year. The usual interim dividend had been distributed during the past year making, with the dividend now proposed, a total of 5 per cent., which, with the bonus of 4s. per share, would make a dividend of 7 per cent. After taking from revenue £100,000 upon account of MadrasPenang duplicate cable and £1,120 for a new land line at Banjoewangie, and additions to staff quarters, there remained a balance of £25,007, which had been carrried to general reserve fund, which stood now at £495,239. This fund had during the year been credited with £65,130 and debited with £280,004. At the end of 1889 this fund had amounted to £710,113 interest on investments during the year had been £187,876, profit on sale and investments £21,337, and the balance from revenue £25,007, a total sum of £775,243. This, less the cost of the New Zealand duplicate cable of the Madras-Penang and the partial renewal of other cables, altogether £280,000, left the fund at £495,239. In addition to this, nearly a million sterling had been taken from revenue for cable renewals and duplications since the company was formed. The revenue for the past year had been the best the company had ever had, the gross revenue, £533,951, being £27,458 in excess of the best previous year-1885-when the tariffs were in force, which were subsequently reduced by the Berlin conference. Referring to the issue of 4 per cent. debentures to redeem their 6 per cent., he said he had told the shareholders the last time he met them that these debentures were coming on the market. They came at a time when the Bank rate was 6 per cent., and everybody buttoning up his pockets, and instead of making investments realising, the result being that a risky conversion was attended with considerable success, the whole stock being taken at par by shareholders. An official quotation had been taken, and they now stood at 5 to 7 prem. With the exception of a few hundreds of the 6 per cent. lodged at the company's bankers, they were all paid off. By this operation an annual saving of £6,400 had been effected, making, with the £5,000 already referred to, £11,400. A further drawing of 320 Australian Government subsidy 5 per cent. debentures had taken place on the 7th inst., and would be paid off on the 1st July. This left £354,000 outstanding, the original amount having been £640,000. The negotiations so long in progress for a reduction of rates to Australia had been brought to a successful termination, and the reduction would come into force from the 1st of May. The agreement was with Victoria, New South Wales, South Australia, Western Australia, and Tasmania. The contracting colonies guaranteed the company against one-half of a possible loss, and the company risked the other half. The arrangement was for one year only, but could, and would be, extended if found to work satisfactorily, so that the continuance of the reduced rates depended upon the telegraphic public giving the telegraph their hearty support, and making it a success. It had been hoped that Queensland and New Zealand would take part in the experiment, but they had declined, and the tariff to those colonies would therefore remained unchanged. Since the report had been issued, an agreement had been formally concluded between the company and the Indo-European Telegraph Department, by which the guarantee and risk were shared between the parties according to their respective interests in Australian traffic. The maximum liability of the company, if there were no increase of traffic, would be £131,810, of which the colonies' share would be one half, £65,905, the Extension company's proportion £42,500, and the balance, £23,405, would be divided between the Eastern Telegraph Company and the Indo-European Telegraph Department. Allowing for a 25 per cent. increase of traffic, the Extension Company's liability would be £34,000; a 50 per cent. increase would reduce it to £25,000; a 75 per cent to £17,000, and 100 per cent. to £8,000. Since the close of the year the Telegraph Construction and Maintenance Company had successfully completed their contract with the company for the Madras-Penang cable (which was 1,388 nautical miles in length), and the Eastern Company's newcable between Suez, Aden and Bombay was being laid, so that the service was now in a thoroughly efficient condition to meet all the requirements which might arise in connection with the reduced rates to Australia. £100,000 had been paid out of revenue towards the cost of the Madras-Penang cable, and it was proposed to pay the rest, £150,000, from the same fund, as opportunity offered. The present length of the company's system was 15,700 nautical miles of cable, and owing to the policy of renewing and duplicating lines out of revenue, instead of capital, these cables now stood in their books at a low figure. The keeping down of capital and paying as much as possible out of income was the real root and foundation of success in submarine telegraphy. An additional reason why the reduction of rates should

[APRIL 24, 1891.

be a success was that in Australia every man was inspired with the ideas of becoming a merchant, so that while men who now spent a thousand pounds a year on telegrams would continue to spend as much and send more telegrams, a class would also be brought in who hitherto could not afford to use the telegraph. Three years ago they had been called on to make a reduction in their tariff, involving a loss of £65,000, and had recouped themselves in two years. Their present reduction would recoup them in a short time, and if success ful would be the beginning of a new era in submarine telegraphy. He must express regret that Queensland and New Zealand had stood aloof. When, however, they saw it was to their own interests they would perhaps join the guarantee. They continued to be on very friendly relations with the Great Northern Company. Sir John concluded by moving the adoption of accounts and report. This was carried unanimously.

The retiring directors and the auditors were then re-elected, and a vote of thanks to chairman and directors concluded the meeting.

South of England Telephone Company.

A MEETING of the preference shareholders of the South of England Telephone Company was held at Winchester House on Monday last, to hear a statement from Mr. T. A. Welton, the official liquidator of the company. There was a very small attendance.

Mr. T. A. WELTON said that meeting had been called in a great measure that preference shareholders might attend and ask questions regarding the debenture stock they had the option of receiving in exchange for their shares. Of the whole amount-£70,000-to be issued, preference shareholders had intimated to him that they wished to receive stock for £46,096, or nearly two-thirds. The balance he very probably could dispose of above par. He had brought with him the prospectus of a recent issue of £340,000, which showed an important margin of £350,000, to which the present £70,000 would be an addition and which might be increased by further additions till it was equal to not exceeding one-half of the share capital of the National Telephone Company. This £350,000 required an income of £15,750, and with the £70,000 added, it would require an income somewhat larger. The net revenue for 1890 was £185,000, out of which large sum the interest-a little over £20,000-would be paid. The most powerful argument he could adduce was, that various able financiers were preferring the debentures to cash. Mr. Morrison, for instance, who was known not only to be very wealthy, but an exceedingly shrewd man, had taken his issue of over 7,000 debenture shares. In issuing the debentures in this manner his object had been to prevent the necessity being thrown upon him of realising them all at once in the market, which might have depressed their value. The debenture stock was not quoted on the Stock Exchange, but would be shortly.

In reply to a question, Mr. T. A. Welton said the stock which was at present quoted stood at 103. He quoted a few more cases of shareholders who were exchanging for debentures and added that those who did not apply within a very few days would be paid in cash.

This concluded the meeting.

Reuter's Telegram Company, Limited.-The report of the directors states that the net profits for the year ending December 31st last, after payment of directors' remuneration, current expenses. and deducting rebate on unexpired subscriptions, amount to £4,594 7s., including £113 4s. 6d. brought forward from the last account. An interim dividend of 4s. per share was paid in October last, and the directors now recommend a further dividend of 48. per share, making a total distribution for the year of 5 per cent. This will absorb £3,691 2s. 6d., and leave a balance of £903 4s. 6d. to be carried forward.

The West India and Panama Telegraph Company, Limited. For the half-year ended December 31st last, the directors recommend dividends of 68. per share on the first and second preference shares, and 9d. per share on the ordinary shares. A further payment of 28s. 6d. per share on the second preference shares is also to be made, being the balance of arrears of dividend.

The London Platino Brazilian Telegraph Company, Limited. The board have decided that, after placing £6,000 to the reserve fund, the directors will recommend at the forthcoming meeting a dividend of 5s. per share, free of income tax, making with the interim dividend paid in November, a distribution of £4 per cent. per annum for the year 1890.

The West Coast of America Telegraph Company, Limited. The offices of the above company have been removed to 120, Cannon Street, London, E.C.

TRAFFIC RECEIPTS.

The Brazilian Submarine Telegraph Company, Limited. The receipts for the past week amounted to £5,750.

The City and South London Railway Company. Gross receipts for the wes ended April 19th, £816; aggregate receipts for half year £11,729.

The Western and Brazilian Telegraph Company, Limited. The receipts for the week ending April 17th, 1891, after deducting 17 per cent, of the gro receipts payable to the London Platino-Brazilian Company, were £4,6 The West India and Panama Telegraph Company. The receipts for the he month ended April 15th, 1891, show an increase of £21 as compared the corresponding period of 1890.