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JANUARY 9, 1891.]

ELECTRICAL REVIEW.

Electric Lighting of Cambridge. - Cambridge will apply to the Local Government Board for permission to borrow £35,000 for the purposes of the Cambridge Electric Lighting Order, 1890.

The Electric Light at Durham Cathedral.-A proposal has been made to light Durham Cathedral with electricity in future, instead of with gas, the power to be derived from the river Wear.

Electric Lighting of Hove.-The Electric Lighting Committee after considering the best means of carrying out the Order for supplying the electric light has recommended that the Commissioners should negotiate with a responsible company for the transfer to them of the undertaking, the chief reason for their decision being that in their strong opinion the initiation of the works would be most economically accomplished by a private company directly interested in the financial success of the undertaking. They recommend that Mr. R. E. Crompton, C.E., be appointed electrical engineer.

The City and South London Railway.-In commenting upon this railway, to which we also refer in another place, the Daily Chronicle says:-A difficulty has arisen in connection with the City and South London Electric Railway which, however temporarily gratifying to the company, was not contemplated when the Act of Parliament was passed, and may lead to serious action on the part of the local authorities. So many people desire to be passengers, that for hours every day there is a crowd waiting outside the station at Arthur Street. Small batches are taken in from time to time, but the accommodation is so utterly inadequate that one of the busiest roadways in the City is seriously impeded, and legitimate pedestrians are able to get by only with great difficulty. It is evident that the trains must be lengthened— which will involve a vast increase in electrical power-or the company must be compelled to acquire property adjoining their stations where intending passengers may wait. This is a provision which it will be necessary to have inserted in the Bill of the City and West End Railway, which is about to be brought before Parliament.

A Good Output.-Next week we hope to give some very interesting particulars of the daily work of one of our largest central stations. A number of curves are now before us, giving the output during each day of 24 hours, and the effect of fogs upon the formation of the curves is very clearly shown. The amount of electrical energy supplied on January 2nd was over 6,000 units, and on December 22nd it came to nearly the same figure, which, at 7d. per unit, makes a very respectable total. The company has nearly 14,000 lamps on its circuits.

Atlantic Cable Rumours.-We wonder whether there is even a modicum of truth in the published statements that a meeting has been held in London to arrange for the construction and laying of a new Atlantic cable, and that the necessary capital, £800,000, has been subscribed by 8 persons? The proposition, said to be made, for a reduction of the tariff from one shilling to threepence per word may be dismissed as being too absurd, the proposer being probably unacquainted with either the limit of speaking through cables, or the financial part of the business.

The Okonite Business.-The notice issued by the directors of the International Okonite Company will be hailed with satisfaction by the shareholders. A dividend of 10 per cent. on ordinary and 8 per cent. per annum on preference shares, declared out of profits made since last summer is a matter for congratulation, and we wish the company continued success.

Official Returns.-The official returns of the VaughanSherrin Electrical Engineering Company, which we publish on another page, will be found to contain some curious information. That the agreement of the 24th of October was not filed till after the 23rd of October, seems obvious on the face of it.

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Preparing Arms for Telegraph Posts.-A machine has been lately devised by Messrs. Pickles and Son, of Hebden Bridge, near Manchester, for the simultaneous shaping and boring of arms for telegraph posts. These arms, usually selected from the best English oak, vary from 2 feet to 4 feet in length. They are first planed on the four sides, and cut to the requisite lengths by machines specially made for the purpose, and are then passed along to the shaping and boring machine. At the official test of the machine, the wooden arms were finished at the rate of three a minute.

A Chance for Elmores.-The Shipping World says that the main steam pipes of ships' boilers are a frequent cause of disaster. It has long been known that in small boilers lap joints develop grooving along the line of the inner landing, and this, if undetected, leads sooner or later to an explosion. The same influence is at work in a lapped copper pipe. The Shipping World suggests, as a remedy, occasional annealing, and frequent tests by hydraulic pressure. Might we not suggest, in addition to these, that a more durable copper or copper alloy should be used."

The Telephone in Western England and South Wales. A circular issued by the Western Counties and South Wales Telephone Company shows, in a striking manner, the rapid growth during the past few years of telephonic intercommunication between the towns of Western England and South Wales. During the last four months of 1887 there were 27,000 calls, and the receipts were £262; during 1888 there were 142,000 calls, and the receipts were £1,349; during 1889 there were 184,000 calls, and the receipts were £1,853, and during 1890 there were 248,000 calls, and the receipts were £2,774. Up to date every call has received a reply. Since December, 1887, the wire mileage has increased from 922 to 2,215.

New Electrical Companies in Vienna.-Three new electrical companies, with their headquarters in Vienna, have been successfully floated by the Anglo-Austrian Bank of that city, and Messrs. Siemens and Halske, of Berlin. The first is the Austrian General Electricity Company, formed for the purpose of constructing and working central electric light stations. The second is the Electric Tramway Company, formed to construct and work electric tramways. This company has already acquired the Budapest Electric Tramway. The third is called the International Compressed Air and Electricity Company, and is formed to work a concession obtained from the Vienna Municipality for lighting that city by electricity. The capital in each case is £312,000

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Bath Electric Light Works.-Mr. M. C. Olsson, who was associated with Mr. Massingham for three years in his electrical engineering works at Taunton, and for the past two years has been chief electrical engineer at some large works on the Continent, has been appointed electrician in charge at the Bath Electric Lighting Works from the 1st. inst.

The Royal Society.-Among the papers down for reading last night was one by A. B. Basset, F.R.S., "On the Reflection and Refraction of Light at the Surface of a Magnetised Medium."

Electrically-Welded Coins.-A novel idea comes from America. The silver dollar there is found too large and the gold one too small to be convenient, and it is proposed that a silver coin worth 25 cents should be made with a hole in the middle, into which hole a golden plug worth 75 cents should be pressed. The New York Electrical Review, commenting on the proposal, suggests that the two metals should be electrically welded, and that the obverse of the new coin should be adorned with an ideal representation of the Goddess of Electricity in place of Columbia, who figures on the dollars of to-day.

The Popp System Again.-The Popp system in Paris does not appear to have a happy time. The Popp Company has now started accumulator stations in Paris, from which current is distributed. There has already been a fire in a distributing station under a café, necessitating the services of the fire brigade; and now an explosion has taken place in the accumulator station in la Rue de la Verrerie, four employés being injured. No details are at present forthcoming as to the real cause of the explosion.

L'Elettricita.-With the commencement of this year, our Milan contemporary L'Elettricità has become the official organ for the publications of the proceedings of the Italian Electrical Society, in the same way as the Elektrotechnische Zeitschrift is the official journal of the Electrotechnical Society in Berlin. In addition to this, it is proposed to improve the literary contents of the Italian journal.

Telephony in Spain.-A committee composed of French capitalists has laid before the Minister for Home Affairs in Madrid a scheme for the construction of telephone lines, to put into communication with each other all the chief provincial towns in Spain. According to the project, the work of putting up the lines and establishing communication would be completed 20 months from the commencement of the work.

Opinions Differ.-Sir Robert Rawlinson has written a letter to the Contract Journal on "The Snow Question and Utilising Water Power." To the first we need not refer, but our readers will be interested in seeing how the chief engineering inspector of the Local Government Board delivers himself on the subject of electric lighting. "There are very few places in Great Britain where water power can be made available for any of the purposes you name with true economy. Public lighting by electricity is a fad of the present day. When the money laid out upon it has been lost it will take its place with patent manure making out of road sewerage. So long as Great Britain produces coal, steam and gas will not be superseded. P.S.-We are going through various trials with electricity. For domestic lighting it will be confined to the rich. The proportion of its chances against gas will be as the rich are in numbers and wealth, to tradesmen and the poor, so will electric lighting be to gas. For some workshops, as, for instance, newspaper printing, electricity may be preferred to gas, but for out-of-door work, such as towns, shops, streets, and even railway stations, gas will hold its own."

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[JANUARY 9, 1891.

Pacific Cable.-The Canadian Gazette of the 2nd inst., referring to the Pacific cable, says :-It is evident that the Australasian colonies are being brought one by one to realise the folly of complying with Sir John Pender's scheme for the continuance of the present Anglo-Australian cable monopoly. New Zealand and Queensland have declared themselves adverse to the proposed joint guarantee to the Eastern Telegraph Company to secure a reduction of rates, and we now learn from Victoria that the Postmaster-General of that colony has requested the Melbourne Chamber of Commerce to inform him whether, in its opinion the proposed method of cheapening cable rates over the existing system would militate against the construction of the proposed new cable by way of Canada and the Pacific. If it would, it might, he added, be a question whether it would not be better to abandon any reduction now, in preference to losing the chance of constructing the Pacific cable. This is exactly the view that must, the Canadian Gazette believes, prevail upon a full consideration of the facts. By subsidising the present cable system the Australasian Governments would be simply strengthening a monopoly against which they have struggled in vain for several years. If, on the other hand, they co-operate with Canada in the establishment of a new cable route, they not only destroy the monopoly, and free themselves from all the dangers of isolation which a single system involves in time of war, but they effect, by means of legitimate competition, a permanent reduction of rates, probably greater that which Sir John Pender's proposal would secure. In face of such facts as these, there can surely be no further hesitation in Australasia.

The Telephone in Berlin.-The Berlin telephone service has taken an almost incredible extension. The fifteen thousandth private apparatus has just been installed, and the establishment of an underground network is about to be proceeded with. The expenses of this important work are estimated at 2,000,000 marks, and 42,000 metres of piping will be laid to contain the conducting wires.

The Anglo-French Postal Convention.-This convention, which came to an end on January 1st, has been prolonged till March 31st next.

Gazette Notice. The Portsmouth and South Hants Electricity Supply Company has resolved to voluntarily wind

up.

Institution of Civil Engineers. We hear that the numbers of the various classes now on the books of the Institution comprise 1,700 members, 2,880 associate members, 427 associates, 19 honorary members, and 927 students-together, 5,953.

New Year's Gifts.-The New Year has brought the usual list of diaries, almanacs, &c., whereby enterprising firms keep themselves before the public eye. Among others, we have received from Messrs. W. H. Willcock & Co. a handsome and useful date remembrancer, from Messrs. Shand, Mason & Co., the well-known makers of steam and manual fire engines another, ornamented with a realistic picture of a fire engine hurrying to extinguish a fire; from Messrs. Crompton & Co. a useful combined blotting pad and diary; Messrs. Appleton, Burbey & Williamson have sent us a neat porcelain memoranda tablet, for all of which we return thanks.

New Cables.-In view of the reduced cable rates to Australia, the Eastern Telegraph Company has recently laid a new cable from Suez to Aden. A second new cable will be completed in a few weeks for the section between Aden and Bombay. An additional cable, to be laid between Madras and Penang, is already completed.

Not Caused by Crossing Wires.-A large portion of the extensive brewery of Messrs. Arnold Perrett & Co., at Wickwar, Gloucestershire, was destroyed by fire on Tuesday morning. There were no fire appliances near, and it was two hours before the engines arrived from other villages. The main block, which is 64 feet square, was gutted, except a small portion protected by a concrete partition. The wings containing the offices and electric lighting plant were saved.

JANUARY 9, 1891.]

ELECTRICAL REVIEW.

Davis and Timmins, Limited.-In our notice of "Progress of the Electrical Industries," on page 28 of last week's issue of this journal, through a misprint the address of Messrs. Davis and Timmins, Limited, new additional premises was given as 4A instead of 34A, York Road, King's Cross.

Incandescent Lamp Renewals.-We cannot expect an incandescent lamp to last for more than 1,000 hours; indeed after that period of running they are better thrown away, but the question of lamp renewal is really a very serious one. Let us take a house, say, fitted with 50 lamps of 16 candlepower, and supposing that on the average a lamp is in use for three hours a-day, we must renew them at the year's end at a cost of £15, that is, at the contractor's price of 6s. per lamp. The expenditure, indeed, for lamp renewals is, in some cases, said to be greater than that entailed for the supply of current, and it is certain that a considerable sum must be yearly set aside for this purpose.

The Institution of Electrical Engineers.-The first meeting will take place on Thursday, the 15th inst., when the President, Mr. W. Crookes, F.R.S., will deliver his Inaugural Address. On and after the 25th inst., the address of the Institution will be as follows: Victoria Mansions, 28, Victoria Street, Westminster, London, S.W.

Telegraph and Other Wires.-We have received a copy, under the Public Health Acts (Amendment) Act, 1890, of "Model Bye-laws with respect to Telegraph and other Wires." They are framed under Section 13 of the above Act, and may be made by any urban sanitary authority which has adopted Part II. (Telegraph, &c., Wires) of the Act. The pamphlet is published by Knight & Co., 90, Fleet Street.

A Year's Fires in London.-Many disastrous and fatal conflagrations occurred in London during the 12 months just ended. No fewer than 2,378 outbreaks had the Metropolitan Fire Brigade, under the guidance of Captain Shaw, to cope with, to say nothing of innumerable false alarms. Altogether the year 1890 has been memorable in the annals of London fires.

Fire at an Electrical Engineering Works.- On Tuesday last, at about 5 o'clock in the morning, a fire broke out at the West Drayton Works of the Electrical Engineering Corporation. It originated about the centre of the main fitting and machine shop. It was discovered immediately after the outbreak, and efforts were made to hold it in check with water from two hydrants on the premises, which had been erected to provide against such accidents. Despite all efforts, however, the fire spread so rapidly, that the water supply had to be utilised to prevent its seizing on adjoining buildings. The portion burned down includes a good deal of the new works erected during the last year, and containing some of the largest machine tools in use in the trade, several of which had never been put to work. The damage done is estimated at about £15,000.

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New Business House. The well-known firm of Richard Frères, of Paris, is about to open a branch office and showroom in London (at 43, London Wall, E.C.) for the extension of their business here in their specialities in selfrecording scientific instruments. Mons. J. A. Berly, who is also well known to electrical engineers here, has undertaken the management.

Execution by Electricity.-The date fixed for the exodus of a Japanese murderer in New York is the 12th inst., but possibly an appeal may be made to the Supreme Court for stay of execution.

Personal.-Mr. W. A. Perry, late manager of Messrs. W. H. Vivian & Co., of Birmingham, has been appointed manager of the Phosphor Bronze Compary's rolling and wire-drawing mills at Aston Road and Bagot Street, Birmingham.

Mr. William Mather, M.P., left Manchester on Saturday last for Russia. He is expected to return early in February to resume his parliamentary duties.

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Electrical Bleaching.-The Manchester Chemical Trade Journal says:-"It does not augur well, however, for electrical processes to find that during the year one large plant on the Hermite system, installed at a cost of many thousand pounds, has been stopped and dismantled, the dynamos now being for sale, and the engines and building used for other purposes. Electrical methods have evidently received their quietus at this mill.”

The Snowstorm in Pittsburg.-We learn that during the heavy snowstorm which visited Pittsburg last month, no less than 26 inches of snow fell within 24 hours. It is stated as being the heaviest storm ever experienced in that city. The damage to the telegraph, telephone, and electric light wires was enormous. The Western Union Telegraph and the District Telephone Companies estimate their damages at £10,000. The only serious accidents reported as being caused by the breaking of wires carrying heavy currents were the killing of two horses and knocking a street car driver off his seat.

NEW COMPANIES REGISTERED.

Ateliers Hoster de St. Nicolas, Limited. Capital £2,000, in £20 shares. Objects: To take over the business of mechanical and electrical engineers carried on by Albert Hoster, of 51, Cannon Street, at St. Nicolas d'Aliermont, Department of Seine Inférieure, France; to manufacture and deal in apparatus and materials required for the genera tion, distribution, supply, accumulation, and employment of electricity. Signatories (with 1 share each): Albert Hoster and Mrs. Hoster, Grove House, Sydenham; F. Hoster, 38, Palatine Road, N.; R. Redie, St. Nicolas d'Aliermont, France; E. C. Wanguelin, 2, The Square, Hampstead; G. S. Ridley, 6, Great Winchester Street. Registered 30th ult., without special articles, by A. Hoster.

Albert Hoster, Limited.-Capital £2,000, in £20 shares. Objects: To acquire and develop the business of mechanical and electrical manufacturing engineer carried on by Albert Hoster at 51, Cannon Street. To manufacture and sell electric, telegraphic, surgical, and scientific instruments, and to carry on the business of electrical, mechanical, metallurgical, and chemical engineers and manufacturers. The signatories are the same as in the preceding company. Registered 30th ult. by A. Hoster.

Birmingham Telegraph Factory, Limited.-Capital £50,000, in £10 shares. Objects: To carry on business as telegraph and telephone engineers and contractors, and to manufacture all appliances and apparatus in connection with electric telegraph, telephone, cable, wire, or other similar work. Signatories (with 1 share each): *E. W. Lancaster (electrical engineer), Birmingham; J. Slater Lewis (telegraph engineer), Yardley, near Birmingham; *G. V. Fowler (electrical engineer), Longbridge, Warwick; Harold Mason, M.R.C.S., and Arthur Mason, Leamington; P. C. Bytheway, Wednesbury; Wm. Fowler, 69, Temple Row, Birmingham. The first three signatories are appointed directors; qualification, 50 shares; remuneration, £250 per annum, divisible. Registered 31st ult. by A. Mackenzie, Temple Chambers, Temple Avenue.

Hill's Plymouth Company, Limited. Capital £250,000 in £10 shares. Objects: To acquire the Plymouth works and collieries at Merthyr Tydvil, county of Glamorgan. To generate, accumulate, distribute, and supply electricity for light, heat, motive power, or otherwise, and to manufacture and deal in apparatus and things required for the employment of electricity. Signatories (with 1 share each): N. F. Hankey, Chertsey; B. F. Hawkesley, Mincing Lane J. Collins, 43, Bushey Hill Road, Camberwell; F. McNair, Tentern, Epsom; H. Palmer, 87, Harcourt Terrace, S.W.; Hy. Muller, 20, Rye Hill Park, Peckham Rye. Mr. F. A. Hankey, M.P., is appointed first director; qualification, £500 in shares or stock; the company in general meeting will determine remuneration. Registered 1st inst. by Hollams, Sons, Coward, and Hawksley, Mincing Lane.

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ELECTRICAL REVIEW.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

Barnet and District Electric Supply Company, Limited. The annual return of this company, made up to the 1st inst., was filed 2nd inst. The nominal capital is £5,000, divided into 490 ordinary shares of £10 each, and 100 founders' shares of £1 each. 80 of the former, and the whole number of the latter are taken up, the founders' shares being credited as fully paid up. Upon 60 ordinary shares the full amount has been called, and paid, and upon 20 shares £5 has been called and paid, the actual paid up capital thus being £700.

New Zealand Electrical Syndicate, Limited.—The registered office of this company is at the Battersea Foundry, Battersea.

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Fowler-Waring Cables Company, Limited. The annual return of this company, made up to the 19th ult., was filed 29th ult. The nominal capital is £200,000, divided into 39,700 ordinary and 300 founders' shares of £5 each 20,000 of the former, and the whole of the latter (considered fully paid) are taken. Upon the ordinary shares the full amount has been called and paid, the paid up capital thus being £80,000.

Vaughan-Sherrin Electrical Engineering Company, Limited.-At a meeting of the board of this company, held at 116, Queen Victoria Street, on the 15th ult., it was resolved: "That the resolution of the board passed at a meeting held on the 23rd October, 1890, when the secretary was ordered to issue the following paid up shares to Mr. Thomas Richardson, 368; Mr. John Sherrin, 246; Mr. John Vaughan-Sherrin, 246; Mr. H. F. Woodgate, 54, be, and the same is hereby cancelled." That except as aforesaid all shares allotted, and all resolutions heretofore passed by the board or by persons purporting to act as directors, and all acts done under such resolutions be, and the same are hereby ratified and confirmed, and declared to be binding on the company. "That two directors shall form a quorum." The resolutions were duly filed on the 31st ult.

An extraordinary general meeting of the members of the company was held at 116, Queen Victoria Street, on the 16th ult., when it was resolved that: "The terms made with the vendors for the purchase of the Vaughan-Sherrin patents and the interest of Mr. Herbert Woodgate" in the patents having been explained to the meeting by the chairman that the terms of purchase be confirmed, and that the draft agreement produced at the meeting be approved, and that the directors be authorised to execute the same under the seal of the company, and to carry the same into offect. This resolution was filed on the 31st ult.

An agreement of 29th ult., filed 31st ult., between John Sherrin and J. Vaughan-Sherrin, cites that by an agreement of 11th August it was stipulated that £3,000 cash should be paid to the said John Vaughan-Sherrin, and also that there should be allotted to him nine founders' shares in the company, and a number of ordinary shares equal to the number then allotted to any other persons, so that he or his nominees should hold one half of the shares, such shares to be credited as fully paid up, in consideration of the purchase of patent rights. On the 23rd October the directors passed a resolution, in accordance with which the secretary was ordered to issue 914 fully paid shares, and the sum of £3,000 was paid by the company to the vendors. By an agreement of 24th October, the company agreed to be bound by the said agreement of 11th August, and by an indenture of 30th October, it was witnessed that in consideration of the said cash shares, the vendors assigned to the company the letters patent. Nothing has, in fact, been done under the resolutions of the 23rd October, and the agreement of 24th October was not filed until after the 23rd October, and doubts have accordingly been raised whether there has been an issue of the said 914 shares, and whether if there has been such issued, the same are fully-paid, having regard to section 25 of the Companies' Act, 1867. In lieu of the resolution of 23rd October, the following will apply. The purchase consideration to be £15,480, of which £3,000 has already been paid in cash, and £12,435 shall be satisfied by the allotment to the vendors, or their nominees, of 2,487 fully-paid up ordinary shares of £5 each, and £45 by the allotment of 9 fully-paid founders' shares.

[JANUARY 9, 1891.

The statutory return of the company, made up the 30th ult., was filed on the 2nd inst. The nominal capital is 4,975 ordinary and 25 founders' shares, of £5 each. Two founders' shares and 1,524 ordinary are taken up, upon each of which £3 has been called. The calls paid amount to £4,578.

Bernstein Electric Lamp Company, Limited.-The annual return of this company, made up to the 31st ult., was filed on the 2nd inst. The nominal capital is £100,000, in £10 shares. 2,814 shares are taken up, and the full amount has been called and paid thereon, the calls paid amounting to £28,140.

General Electric Power and Traction Company. Limited. The statutory return of this company, made up to the 7th October, was filed 15th October. The nominal capital is £350,000 divided into 10,000 preference and 25,000 ordinary shares of £10 each, the whole of the former and 15,918 of the latter being taken up; 14,067 ordinary shares are credited as fully paid. Upon the remaining shares £4 per share has been called, the calls paid amounting to £16,339 10s. and unpaid to £31,064 10s.

CITY NOTES.

The International Okonite Company, Limited. THE following notice has been issued:

"The directors have decided to declare, payable on and after Thursday, 15th January, an interim dividend on the capital of the company. This dividend will be declared out of the profits of the company earned since the date of its registration, viz., 24th June, 1890. The profits, which were purchased by the company as from the 1st January until the date of registration (viz., £20,113), have been certified by Messrs. Price, Waterhouse & Co. to be in excess of the sum estimated in the prospectus as likely to accrue, but, according to the best advice which the directors could obtain, this sum is not available for the purpose of the payment of dividend, which must be paid out of the actual earnings of a company.

"The profits which have accrued since June enable the directors to declare, after payment of interest upon debentures, an interim dividend for the six months ending 31st December instant, on the paid up capital of the company, at the rate of 8 per cent. per annum upon the preference shares and 10 per cent. per annum upon the ordinary shares of the company.

"For the purpose of preparing dividend warrants, the transfer books will be closed from the 10th to 13th January inst. inclusive.

"The new factory at Newton Heath, Manchester, is rapidly progressing, and the costly machinery is nearly all ready for delivery. When this addition to the existing works comes to be fully developed, the directors confidently anticipate a satisfactory increase in the English business.

"P. J. BORDESSA, Secretary."

The Direct United States Cable Company, Limited.The Board has resolved upon the payment of an interim dividend of three shillings and sixpence per share free of income tax, being at the rate of 3 per cent. per annum, for the quarter ending 31st December, 1890; such dividend to be payable on and after the 24th instant. The ordinary general meeting of the Company will be held at Winchester House on the 16th of January.

Elmore's French Patent Copper Depositing Company, Limited. The share certificates are ready to be exchanged for allotment letters and all bankers' receipts. The offices of the Company are at 64, Cannon Street, London, E.C.

The Western Counties & South Wales Telephone Company, Limited. The interest warrants on this Company's 5 per cent. debentures, for the half year ending Decemcer 31st, 1890, were posted on Tuesday last.

TRAFFIC RECEIPTS.

The Cuba Submarine Telegraph Company, Limited. The estimated traffe receipts of the Cuba Submarine Telegraph Company, Limited, for the month of December, were £3,000, as compared with £2,995 in the corre sponding month of last year.

Direct Spanish Telegraph Company, Limited. The estimated traffic receipts for the month of December, 1890, are £2,130 as against £2,187 in the corresponding period of last year.

The Great Northern Telegraph Company. Receipts in December, 1890, £23,600 1st January 31st December, 1890, £280,000; corresponding months 1889, £274,800; corresponding months 1888, £272,200.

The Western and Brazilian Telegraph Company, Limited. The receipts for the week ending January 2nd, 1891, after deducting 17 per cent. of the gross receipts payable to the London Platino-Brazilian Company, were £3,747. The West Coast of America Telegraph Company, Limited. Traffic receipts for the month ending 31st December, 1890, £5,375.

REVIEW

SHARE LIST OF ELECTRICAL COMPANIES.

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5 p. c. (Aus. Gov. Sub.), Deb., 1900, red. ann. drgs. reg. 1 to 1,049, 3,976 to 4,326 Do. Bearer Nos. 1050-3,975 and 4,327-6,400 Eastern and South African Telegraph, Ltd., 5 p. c. Mort. Deb. 1900 redeem. ann. drawings, Registered Nos. 1 to 2,343 do. to bearer, Nos. 2,344 to 5,500 4 p. c. Mort. Debs. Nos. 1 to 2016, red. 1909 45,000 Electric Construction, Limited, Nos. 101 to 45,100 ... 19,900 Electricity Supply Co. of Spain, Nos. 101 to 20,000. 70,000 Elmore's Patent Copper Depositing, Limited., Nos. 1 to 70,000 67,385 Elmore's Wire Mfg., Ltd., Nos. 1 to 67,385, issued at 1 p.m., all pd. 20,000 Fowler-Waring Cables, Nos. 301 to 20,300 (£4 only paid) 180,227 Globe Telegraph and Trust, Limited

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LATEST PROCURABLE QUOTATIONS OF SECURITIES NOT OFFICIALLY QUOTED.

Blackpool Electric Tramway Company, Limited, £10 (£61 paid), 71-73.-Elmore Copper Depositing Priorities, 7-7.-Elmore's French Patent Copper Depositing shares of £2 (issued at 10s. premium, £1 10s. paid, including premium), 23-28.-House to House Company (£5 paid), 4-5.-London Electric Supply Corporation, Ordinary (£5 paid), 18—13.-Manchester Edison and Swan Company, £9 (£1 paid) 118.-136.-Woodhouse & Rawson Ordinary of £5 (£2 10s. paid), 17-24.-Preference, 48-48.

BANK RATE OF DISCOUNT.-4 per cent. (8th January, 1890).

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