The Naval Exhibition.-This most interesting exhibition was opened by the Prince of Wales last Saturday. It is not our intention to refer to the exhibits which have been fully described in the daily press. The whole of the grounds and covered spaces are fitted with a complete system of electric light. It is also used on board the model of the Victory, the glow lamps being placed inside the old-fashioned horn lanterns. Messrs. Siemens, who are responsible for the lighting, have supplied us with the following information :-The generating plant comprises seven locomotive type multitubular boilers, working at a pressure of 130 lbs. per square inch, made and supplied by Messrs. Davey, Paxman & Co., of Colchester; six Willans patent engines, made and supplied by Messrs. Willans and Robinson, of Thames Ditton; five continuous current Siemens dynamos, and one alternator, made and supplied by Messrs. Siemens Bros. & Co. The lighting has been arranged on the plan of a compact central station. There are three Siemens dynamos, type H.B. 24 36 shunt-wound, each capable of giving 1,500 ampères at a pressure of 120 volts, whilst absorbing 260 horse-power. Each of these dynamos is coupled directly to a Willans compound engine, type III., running at a speed of 350 revolutions per minute. There are two smaller sets of the type largely used in the Navy, viz., a Siemens H.B. 15 19 dynamo, coupled to a Willans vertical open type engine, and capable of giving an output of 200 ampères at a pressure of 120 volts, when running at 320 revolutions per minute, and a Siemens H.B. 16/19 dynamo, coupled to a Willans patent engine, type G.G., as used in the Navy, capable of giving an output of 400 ampères at a pressure of 120 volts, when running at 475 revolutions per minute. There is also a Siemens alternator, type W209 with its exciter, for the light on the top of the model Eddystone tower. The output of this machine is 500 ampères at a pressure of 80 volts, and it is driven by a Willans G.G. engine, as above. The leads from the above machines all go to a switchboard provided with all necessary controlling devices and measuring instruments, and from the switchboard the feeding mains pass underground to the distributing network of conductors which covers the whole of the buildings and ground. These mains are of the Siemens lead-cased and iron-sheathed type. The general lighting is carried out by means of Siemens new pattern arc lamps, similar to those in use at the British Musuem. The lamps are arranged two in series and work with a current of 9 ampères each. In the galleries the lamps are hung from the ribs of the roof, and in the grounds they are carried on 55 feet lattice iron masts in groups of six. In addition to the above, there are a large number of glow lamps in the dining rooms, offices, &c., and during the daytime current will be kept on the distributing mains for the purpose of working numerous motors in various parts of the buildings. In total there are close on 200 arc lamps, and about 5,000 glow lamps. A model of the Eddystone lighthouse, 170 feet in height, has a lantern 14 feet in diameter and 16 feet 6 inches high, and within it is a "double group-flashing dioptric" electric light "of the fourth order," composed of Chance reflecting lenses only, and containing an arc lamp stated to be of 5,000,000 candle-power -the most powerful in the world. This is carried out by the engineers to Trinity House. The whole of the telephonic communications connecting the various executive offices and the fire and police stations have been erected by the Universal Telephone Company.

Liverpool Corporation Laboratory.-At the meeting of the Lighting Committee of the Liverpool Corporation on Monday, the 4th inst., the city engineer presented a report by the electric inspector to the effect that the alterations and enlargements to the testroom and office had been completed and that the apparatus formerly in the hands of the Liverpoool Electric Supply Company, Limited, had been taken over at a total cost of £392 10s. 6d. and Mr. Yeaman reported that specifications of the instruments required to complete the equipment of the laboratory, had been sent to eight first-class firms. After some discussion the tender of Messrs. Nalder Brothers and Co., for certain instruments amounting to £264 17s. was accepted and it was decided that special instruments be obtained from White of Glasgow and Siemens of London at a cost of £88 and £43 8s. respectively. The appointment of a junior assistant in the laboratory was postponed for a fortnight.

[MAY 8, 1891.

The Elmore Copper Tube Process.-The Engineering and Mining Journal of New York had the following paragraph in its issue of April 18th:-"The more we investigate this matter the more convinced do we become of the need of warning American investors to whom the Elmore schemes may be presented that there are very serious doubts about the validity of the patents on any essential features of the process, and still greater doubts as to the value of the pros itself. That the Elmore Copper Depositing Conpany is being used as a means of a gigantic stock-jobbig scheme there can be no possible doubt."

Physical Society of London.-Special meeting at Can bridge, Saturday, May 9th, 1891. Programme of proceed ings Leave Liverpool Street at 11 o'clock in train with special saloon carriages (first and third class). On arrival at Cambridge at 12.17 the members of the Physical Society wil become the guests of the Cambridge members. Lunch in the Hall of Emmanuel College, by permission of the Master and Fellows, at one o'clock. Meeting at the Cavendish laboratory 2.30. The following communications will be read-1. "Some Experiments on the Electric Discharge iu Vacuum Tubes," by Prof. J. J. Thomson; 2. "Some Expriments on Ionic Velocities," by Mr. W. C. D. Whetham: 3. "On the Resistance of some Mercury Standards," by Mr R. T. Glazebrook; 4. "On an Apparatus for Measuring the Compressibility of Liquids," by Mr. S. Skinner; 5. "Some Measurements with the Pneumatic Bridge," by Mr. W. X. Shaw." Members will afterwards have an opportunity of seeing the Cavendish Laboratory and other University lateratories. At six o'clock there will be tea in Trinity Colleg Combination Room, by permission of the Master and Fellow

Partnership. After five years successful trading as E. 1. Berry and Co., Mr. Berry has taken into partnership Mr. F. Harrison, engineer, of Liverpool, and in future the busines will be carried on under the name of E. L. Berry, Harrise and Co., at new premises, Lyric Chambers, Whitcomb Stree W., near Piccadilly Circus.

The St. James's and Pall Mall Electric Light Company. The electric current sold by the St. James's an Pall Mall Electric Light Company, Limited, for the quarts ending 31st March, 1891, amounted to £9,652. The who: of the current sold last year amounted to £12,282.

An Electric Tramway at Costa Rica.-An Electr tramway is to be constructed in Costa Rica, which w extend from the Custom House and station till it reache the "Savannah," from whence it will return to the city the Cemetery road. The tramway will fill a great want t Costa Rica.

The Barcelona-Marseilles Cable.-We extract the following from the Gaceta Industrial y Ciencia Electrica, of Apri 25th. "For the first time since its submersion seventeer years ago, the cable between Barcelona and Marseilles has been interrupted. The break occurred on the 3rd of April at a distance of a little over ten miles from Barcelona. Th telegraph steamer Amber, of the Eastern Telegraph Cor pany, was immediately notified, and on the 9th that vesse left Gibraltar. On the 13th the broken end nearest Barelona was grappled for, and was brought up and buoyed o the same day. The other end was then grappled for and w hooked on the evening of the same day, and on the 14th the cable was repaired and communication re-established betwe Barcelona and Marseilles."

Royal Society Soirée.-The Soirée of the Royal Societ took place last Wednesday under the presidency of S William Thomson. The exhibits were of unusual interes including Roman remains dug up at Silchester, Mr. Wir hurst's alternating influence machine, Trotter's ranger t setting out railway curves, Prof. Oliver Lodge's apparatus show an effect by light and induction similar to that pe duced by one vibrating string on another of like tone, and a series of photographs showing the disturbance of air wher gun is discharged. In our next issue we may be able to g a few more particulars of the various scientific instrumers &c., on view.

MAY 8, 1891.]

6

Origin of Electrical Terms.-The following delightful explanation of electrical units is from a paper misnamed Wit and Wisdom, for in this instance it is neither the one nor the other:-" Electricians use many odd terms in their technical conversation, which are but component parts of a dead language to most listeners. Thus we hear them speak of farad, ohms,' 'joules,' amperes,' watts,' &c. The 'ohms,''joules,' unity of capacity is one farad; the unit of resistance, one ohm; the unit of work, one joule; the unit of activity, one watt; the unit of quantity, one coulcomb; the unit of current, one ampere; the unit of magnetic field, one gauss; the unit of pressure, one volt; and the unit of force, one dyne. Odd as these names may sound to the ear, there is really nothing wonderful in connection with their origin, they all having been derived from the name of some man famous in his special field of electrical study. The Michael Faraday, George S. Ohm, and James P. Joule, famous English and German discoverers, gave their names to the first three units mentioned above; James Watt and André M. Ampère, English and French inventors, to the two units. following; Charles A. Coulcomb and Carl F. Gauss, the former a Frenchman and the latter a German, give their name to the units of quantity and magnetic field. The volt is named for the Italian discoverer, Volto; the dyne is derived from the root word of dynamo, itself meaning force."

Electrical Exhibition, Crystal Palace, 1891.-An electrical exhibition, on the same lines as the one which proved such a brilliant success in 1881, will be opened at the Crystal Palace in November, 1891, and be continued for some months. Applications for space must be made on printed forms, to be obtained from the Manager, Crystal Palace, which must be duly filled up and returned to him not ater than 5th September, 1891. Mr. R. Applegarth, of 11, Queen Victoria-street, E.C., has been appointed assistant engineer to the exhibition, and all information can be obained from him at that address. For this office we think hat a better choice than that of Mr. Applegarth might have cen made.

The Electrical Standards Committee.-A meeting was held on Monday at the Board of Trade. The following nembers were present :-Mr. Courtenay Boyle, Major Cardew, R.E.; Mr. Graves; Mr. Preece, F.R.S.; Sir Wm. Thomson, F.R.S.; Lord Rayleigh, F.R.S.; Prof. Carey Foster, F.R.S.; Prof. Glazebrook, F.R.S., and Dr. John Hopkinson, F.R.S. Prof. Silvanus Thompson attended and gave evidence on behalf of the London County Council.

NEW COMPANIES REGISTERED.

Whessoe Foundry Company, Limited. - Capital, £50,000 divided into 4,400 preference and 600 deferred shares of £10 each. Objects: To acquire the business of manufacturing engineers and contractors, carried on under the name of "The Owners of the Whessoe Foundry," at Darlington, and to carry on the business of mechanical, electrical and consulting engineers, tool makers, iron founders, metal workers, manufacturers, &c. Signatories (with one share each), H. J. Faiers, 11, Glencoe Terrace, Leytonstone; G. C. Saddington, 49, High Street, Notting Hill., W.; J. Stonier, 35, High Street, Islington, N.; D. Read, 3, Heyford Terrace, Lambeth, S. W.; A. White, 27, Clement's Lane, E.C.; F. H. Jones, 2, Lonsdale Villas, Barnes, S.W.; J. W. R. Watson, 144, Downham Road, Islington, N. The number of directors is not to be less than two nor more than five, the first to be nominated by the subscribers. Qualification, £500. Remuneration, £1,200 per annum divided between them. Registered on the 30th ult., by Andrew, Mellor and Smith, 27, Clements Lane, E.C.

Mills, Walker & Co., Limited.-Capital £15,000 in €10 shares. Objects: To adopt an agreement with J. H. Walker for the purchase of the business carried on by him. ander the name of "Mills, Walker & Co.," as a manufacturer of glass, lamps, chandeliers and fittings for electric

599

lighting, at Wordsley Glass Works, Staffordshire, and at 19, Charterhouse Street, London, E.C., and to carry on the business in all its branches. Signatories (with one share each): Mrs. Walker, Ashfield, Wordsley, Stafford; G. Harward, 118, High Street, Stourbridge; H. Mills, 118, High Street, Stourbridge; R. J. Heckford, 11, Hagley Street, Stourbridge; G. H. Goodyear, 118, High Street, Stourbridge; D. Hadley, 118, High Street, Stourbridge; G. Daynes, 118, High Street, Stourbridge. The number of directors is not to be less than three nor more than seven, the first being P. Pargeter, H. Mills, J. Bolton and B. Robinson. Qualification, 10 shares. Remuneration is to be fixed by the shareholders in general meeting. Registered on the 1st inst. by Waterlow Brothers and Layton, Limited, 24, Birchin Lane, E.C. Office, Glass Works, Wordsley, Stafford.

Armstrong's Glass Company, Limited. Capital, £10,000 in £10 shares, of which 500 are " A," and 500 are "B" shares. Objects: to enter into an agreement with John Armstrong, and to carry on at Albion, in Stafford, and elsewhere, the business of glass makers and stainers, glass workers, manufacturers of articles made of glass, electric engineers and fitters, and sanitary engineers and fitters. Signatories (with one share each): J. Grubb, Alvechurch, Worcester; W. Littleboy, 43, Beaufort Road, Birmingham; W. H. Sturge, 17, Frederick Road, Birmingham; G. S. Albright, The Elms, Edgbaston; J. Armstrong, Leamington Park, Acton, W; W. King, 19, Highfield Road, Edgbaston; H. Glaisyer, Birmingham. The number of directors is not to be less than three nor more than five, the first being C. Butler, J. Grubb, W. King, and J. Armstrong. Qualification, 10 shares. Registered on the 28th ult. by Waterlow Brothers and Layton, Limited, 24, Birchin Lane, E.C.

Merrall and Son, Limited.-Capital, £402,000 in £100 shares. Objects: To purchase the business of worsted spinners, heretofore carried on by Merrall and Son, at Lees and Ebor, near Haworth and Oxenhope, York; to adopt the agreement mentioned in clause 3 of the articles for the purpose; to carry on the business of worsted spinners, wool and yarn merchants, bleachers and dyers; to carry on the business of a water supply company and to construct and maintain all kinds of apparatus for the purpose; to carry on the business of a gas supply company and an electric power company; and to construct, manufacture, lay down, maintain and deal in buildings, pipes, cables, wires, lines, accumulators, lamps, fittings, machinery and apparatus. Signatories (with one share each), G. Merrall, Haworth; Mrs. Merrall, Law House, Haworth; E. R. Merrall, Haworth; Mrs. Merrall, Laylands, Haworth; A. Merrall, Haworth; Mrs. Merrall, Ebor House, Haworth; M. H. Merrall, Haworth. number of directors is not to be less than two nor more than five, the first being G. Merrall, E. R. Merrall and A. Merrall who are called the founders and also permanent directors. Qualification, one share. Remuneration to be fixed at the general meeting. Registered on the 5th inst, by Molson Brothers, 8, Brownlow Street, Holborn, W.C. Offices, Lees, Haworth, York.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

The

Electrical Engineering Corporation, Limited.-At an extraordinary general meeting of this company, held on the 23rd ult., the following resolution was passed, "That it has been proved to the satisfaction of this meeting that the company cannot, by reason of its liabilities, continue its business, and that it is advisable to wind up the same and accordingly that the company be wound up voluntarily," and at the same meeting Mr. F. W. Pixley, of 24, Moorgate Street, London, E.C., chartered accountant, was appointed its liquidator. Office, 24, Princes Mansions, Westminster, S.W.

Halifax Mutual Electric Light and Power Company, Limited. The first annual return of this company, made up to the 31st December, 1890, was filed on the 21st ult. The nominal capital is £20,000 in £5 shares. 1,026 shares have been taken up, upon 921 of which £1 10s. per share has been called and upon the remainder the full amount has been considered as paid. The calls paid amount to £1,127, considered as paid to £525 and unpaid to £254 10s.

600

The second annual return, made up to the 4th, ult., was also filed on the 21st ult. 1,126 shares have been taken up, upon 1,121 of which £3 10s. per share has been called. The calls paid amount to £3,888; considered as paid to £525 and unpaid to £35. Offices, Square Road, Halifax.

Newcastle-upon-Tyne Electric Supply. Company, Limited. The annual return of this company, made up to the 14th ult., was filed on the 22nd ult. The nominal capital is £50,000 in £5 shares. 4,084 shares have been taken up, upon 3,000 of which £4 per share has been called, upon 1,066 £3 per share has been called, and upon the remainder the full amount has been considered as paid. The calls paid amount to £16,144, considered as paid to £90, and unpaid to £40. Office, Pandon Dene, Newcastle-uponTyne.

Simplex Electrical Syndicate, Limited. The annual return of this company, made up to December 31st, 1890, was filed on the 20th ult. The nominal capital is £6,000 in £50 shares. 120 shares have been taken up, upon 60 of which the full amount has been called and paid, and upon the remainder the full amount has been considered as paid. Office, 109, Farringdon Road, London, E.C.

Regenerative Electric Supply Company, Limited.The following notice was filed on the 23rd ult,: A meeting of this company was held on the 16th ult. for the purpose of having an account laid before them showing the manner in which the winding up of the Company had been conducted and the property of the Company disposed of, and that the same was done accordingly. Offices: 7, Westminster Chambers, Victoria Street, Westminster, S.W.

Electrical Supplies and Fittings Company, Limited. -The annual return of this company, made up to the 17th March, 1891, was filed on the 24th ult. The nominal capital is £20,000, divided into 3,800 ordinary and 200 founder's shares of £5 each. 126 ordinary and 76 founders' shares have been taken up, and upon all of the founders' the full amount has been called, and upon the remainder £1 10s. per share has been called. The calls paid amount to £560, and unpaid, to £10 10s. Office: 15, St. Helen's Place, E.C.

CITY NOTES.

Brazilian Submarine Telegraph Company.

SIR JAMES ANDERSON presided at the annual meeting held on Wednesday last. The report published in our last issue was taken as read.

The CHAIRMAN then said he would ask their leave to refer, first, to paragraphs 4 and 6 of the report, in which they would find that they had lost from among them their chairman and Sir Thomas Fairburn. Their obligations had become so onerous for them, on account of prolonged illhealth. Shareholders would join with him in hoping that the repose which they sought would bring health and comfort. They had filled the vacancies by two exceptional gentlemen, Lord Sackville Cecil aid Mr. John Denison Pender, who had acquired the knowledge of the ramifications and negotiations in cable business which were far more numerous than shareholders were aware of. It was a source of satisfaction to him that they could find young men who could take the place of those who were rapidly going behind the scenes. He proposed to give them one or two points which would show the necessity for a strong board. He did not want to alarm them, for he did not take a despairing view of the situation; but he thought it would be wrong on his part not to say that they were on the eve of an anxious time, if not a crisis. In spite of this, however, they would be able to give as good as they got, and those in opposition would find that they were opposing two companies well up to their work. The chairman then referred particularly to the line which would be likely to affect them. However, they had duplicated their lines all through the system, which consequently made them strong. It had also been the policy of the board, since the inception of the company 18 years ago, to lay by a large reserve, and it had reached such proportions that they were able to pay for the whole of the duplication without any addition to capital. Besides, they had in securities £400,000 as a substantial addition to the growing reserve. Shareholders, from this, would naturally expect larger dividends and larger bonuses; the bonuses they would consider at the next meeting, but as to dividends, he would urge them to be satisfied with what he called the present good dividend, and to encourage the directors to amass as much reserve as possible while times were good; because, when the opposition lines were laid, they would have no other alternative policy than reducing the tariffs. Of course, having, as he said, duplicated the lines, they would be in a position to meet all comers. Possibly they might have reduced the tariffs sooner but for the fact that new lines had been threatening for some time. Taking the worst view of

[MAY 8, 1891.

the case, he did not despair of a fair dividend and an addition to the reserve. They occupied a good position, and they must, he thought see that with a large reserve growing, and the power of extend.ry their system more than perhaps their opponents were aware of, that the company was practically invulnerable. They had no necessity t be afraid of their opponents. They could not, of course, hope to keep a monopoly for ever, but with their duplications, and credit the bankers, they had little to fear.

The CHAIRMAN, after referring to financial items, proposed t adoption of the report, which was carried.

The Great Northern Telegraph Company of

Copenhagen.

THE following abridged report of the general meeting held at Copezhagen on the 25th of April, 1891, has been supplied to us by the company.

The Chairman (C. F. TIETGEN, Esq.), in rendering an account of the working of the company during the year 1890, referred to the company's cables, which, he said, had been subject to about the sar number of interruptions as during the previous year, viz., 27 in al 14 on the European, and 13 on the Far East cables. The company cable steamers had, in consequence, been fully employed. Having regard to the numerous interruptions, the company had every reas to congratulate itself upon the decision arrived at in 1890, to lay new direct cable between England and Sweden, and also a secre cable between France and Denmark. Although there were oth business matters which had required urgent attention, nothing been left undone to accelerate the realisation of these projects A under the existing agreements with the British and Swedish Gover ments only a few minor points had to be settled, the laying of the new English-Swedish cable had already been accomplished 2 November last. The cable, which was 509 nautical miles long, 1 connected Newbiggin-on-the-Sea with Gothenburg in Sweden, me been manufactured and laid by the Telegraph Construction a Maintenance Company, Limited, of London, who had carried out to work very successfully, and to the entire satisfaction of the compers The new line was opened for traffic on the 23rd November last, had been working very satisfactorily up to the present. The De tiations with the Danish, and especially with the French Gorus! ments, relating to the laying of the new cable between Calais Fanoe in Denmark, had been of a somewhat more protracted natr owing to the necessity of applying for a prolongation, and to some exte modification, of the existing conventions. Although the delay w to be regretted, still it had this advantage, that the cost of the t cables could be spread over two financial years, and the investmer already made on account of the reserve fund left intact. Some tim ago, an agreement had been concluded with the Japanese Governme by which the length of the company's cables in the Far East wo be slightly reduced. By this agreement, two short lengths of es (57 nautical miles in all), laid by the company in 1884 betwe the Japanese Islands of Kiusiu, Iki, and Tsushima, had b transferred to the Japanese Government, who were anxious add them to their internal telegraph system. Although company would have preferred to retain the ownership of the cables, which formed an integral portion of the line between Jaand Korea, they had ultimately yielded to the wishes of the Japa Government, who had always given the company very marked prot of sympathy and goodwill. The building of the company's a offices in Copenhagen had made so much progress that they ** expected to be ready for occupation before the end of the year T traffic receipts had amounted to about £280,000, which was a hig figure than had been reached in any previous year. It was tor hoped that the saving thus effected in the yearly expenses of the pany would amply counterbalance the before-mentioned t reductions during the period which would elapse before the uator development of the traffic could gradually effect the same object might also be considered an advantage that the new tariffs wo not come into force until the 1st July next, the loss incurred dur the first twelve months being thus spread over two financial years Owing to this favourable position, the board of directors have be enabled to recommend that the extra dividend, which, after the Berlin Conference, had been reduced to 58., be increased by 2 making the total dividend for the year 17s. 2d. per £10 share, ora » 8.60 per cent. They also recommended to add a somewhat larg amount than usual to the reserve fund, in order to meet the bes? expenses in connection with the laying of the new cables. In e clusion, the Chairman referred to the deaths of Mr. L. P. Hontin and Mr. H. G. Erichsen, who had taken a most active part in the motion of the company. The report was then adopted, and ta retiring directors and auditors re-elected.

The West India and Panama Telegraph Company Limited.

THE report of the directors and the accounts for the half-year (100 December 31st, 1890, states that the amount to credit of revenu à £43,978 19s. 8d. (against £42,768 0s. 1d. for the corresponding year of 1889), and the expenses have been £21,898 3s. 11d. · £27,071 7s. for the same period in 1889), leaving a balaz £22,080 15s. 9d., which, with £322 68. 8d., brought from last 800make a total of £22,403 28. 5d., with which it is proposed to dos. • follows:

MAY 8, 1891.]

The traffic receipts for the six months show an increase of £1,608 10s. 2d. as compared with the corresponding period.

The expenses of repairs to cables amount to £9,155, being £4,966 less than those for the corresponding six months.

Referring to the directors' report of the 23rd April, 1890, the result of the negotiations with the Colony of Martinique has been the acceptance by the company of £500 in settlement of its claims.

The shareholders have already been informed that negotiations were pending for laying a new cable between Demerara and Trinidad. These negotiations have resulted in an ordinance of the present year enacted by the Governor of British Guiana and the Court of Policy, by which an annual subsidy of £4,500 is payable to the company during a period of ten years, subject to the laying of a new cable between that colony and Trinidad, and the maintenance of telegraphic communication in terms of the said ordinance. The directors recommend that this cable should be laid in the course of this year, for which purpose, as also for the Barbados-St. Vincent cable laid in July last, a sum not exceeding £50,000 will be required, and as the existing £50,000 5 per cent. debentures fall due on the 31st December next, the shareholders will be asked to empower the board to borrow a sum of £100,000 and to issue debentures or other securities at such times, with such security, and upon such terms as the directors may think proper. The borrowing powers of the board will thus be limited to the £100,000, which will be applied for the new cables and the payment at maturity of the £50,000 existing debentures. Considering the loss sustained by the company in the past from the suspension of subsidies, loss of traffic, the heavy expenses of forwarding messages during interruptions in the above sections, and the serious cost involved in urgent repairs, the directors are of opinion that the telegraphing public, as well as all classes of the company's shareholders, will be benefited by the proposed outlay.

It will be remembered that the original subsidy of £800 per annum granted by the colony of St. Vincent was, in consequence of the severe commercial depression, reduced in 1887 to £400 per annum. An improvement in the colony's finances having taken place, the subsidy has now been increased to £600 per annum-a considerate recognition of the company's need for support which the directors have much satisfaction in acknowledging.

The ss. Duchess of Marlborough has been brought home for repairs. She arrived on the 4th inst., and on the completion of her repairs she will take out 70 knots of cable, which is now being manufactured by Siemens Brothers & Co., Limited.

In accordance with the articles of association, Charles William Earle, Esq., and William Ford, Esq., retire at this meeting, and offer themselves for re-election.

SS. Duchess of Marlborough, cable machinery and stores

12,875 17 0

John George Griffiths, Esq., the auditor, also retires, and offers himself for re-election.

REVENUE ACCOUNT from July 1st, 1890, to December 31st, 1890.

Cables, stations, land lines, instruments, concessions, and other assets...

Insurances on ships paid in advance

Cable tanks, cable covering machine and stores,

022

21 0 0 1,250 0 0

93 16 0

£21,898 3 11 22,080 15 9

£43,978 19 8

3,312 0 9 £21,734 19 3 668 3 2

£22,403 25

Cash balances at bankers and in the hands of liquidators and agents and on deposit investments in respect of reserve funds costing...

Submarine Cables Trust.

8

12,164 14 7 3,403 0 0

3 15,693 5 139,421 0 11 £1,513,624 18 4

THE report of the trustees to the twentieth ordinary annual meeting of the certificate holders, held at the offices of the Trust, No. 50, Old Broad Street, London, on the 5th day of May, 1891, states that the accounts for the financial year to 15th April, 1891, are submitted herewith.

The revenue for this period, including the balance of £431 8s. 11d. brought from the previous accounts, amounted to £24,098 3s. 3d. The coupons due on 15th April, 1890, were paid on 15th October, 1890, and the coupons due on 15th October, 1890, were paid on 15th April, 1891.

The expenses of the Trust amounted to £1,175 7s. 6d., and the payments on account of the coupons to £20,286, together £21,461 7s. 6d., leaving a balance of £2,636 15s. 9d. to be carried forward. This balance, which is equivalent to 15s. 7d. per cent. on the value of the outstanding certificates, the trustees propose to distribute to the certificate holders on the 15th proximo, together with a small amount to be taken from the current year's revenue, so as to admit of the payment of £1 on account of the coupon due on 15th inst.

Ordinary shares

9d. per share (free of income tax)

[MAY 8, 1891.

The Marquis of TWEEDDALE seconded the adoption of the report, which was carried, and, the retiring auditors having been re-elected, the proceedings closed with a vote of thanks the chairman.

The Western and Brazilian Telegraph Company, Limited.

THE report of the directors to be presented at the twenty-first ordinary general meeting of the company, to be held to-day, states that the total earnings amount to 108,817 10s. 5d. as against £86,403 0s. 7d., showing an increase of £22,414 9s. 10d. compared with the halfyear to 31st December, 1889. The working expenses amount to £37,200 28. 4d., as against £40,391 11s. 9d., a decrease of 3,191 98. 5d. Including the amount brought forward from 30th June, 1890 (£5,751 78.) and the dividend received upon the shares held in the "Platino" Company, the balance to the credit of the revenue account is £86,602 58. 1d., from which has been deducted £13,164 for debenture interest, and £5,936 for the debenture redemption fund, leaving £67,502 5s. 1d., of which £20,000 has been placed to the reserve fund The directors now recommend the payment of a dividend of 98, per share, free of income tax, on the ordinary shares for the half-year, making with the dividend paid in November last, £5 per cent. for the year, leaving a balance of £6,070 6s. 1d. to be carried forward In the case of shares which have been divided into "preferred" and "deferred," 18. 6d. per share of the dividend now recommended will be payable to the "preferred" shareholders, and 78. 6d. per share to the "deferred" shareholders. The second annual drawing of the "A" and "B" debentures took place at the Company's offices on the 16th January last in the presence of Mr. W. W. Venn, Jun., notary, when debentures amounting to £11,900 were drawn, and have SIL been paid off at par. A contract for the duplication of the Company's lines between Pernambuco and Santos has been entered into with the India Rubber, Gutta Percha and Telegraph Works Company Limited. The ship carrying this cable will leave in a few days. Since the last report 10 "Platino" shares have been exchanged for 6 shares of this Company. The dividend warrants will be posted the 15th May, 1891. The retiring directors are Mr. W. S. Andrew and Lord Richard H. Browne, who offer themselves for re-electir. The auditors, Mr. John Weise and Mr. John G. Griffiths, retire, ar are eligible for re-election.

£402,209 8 3

£402,209 8 3

The twentieth ordinary annual meeting of the shareholders of the Trust was held on Tuesday at the offices, Winchester House, Old Broad Street, Sir John Pender, K.C.M.G., in the chair.

The CHAIRMAN, in moving the adoption of the report, said the revenue for the year was £23,666, as against £23,094, showing an increase of £572. Of this increase £264 arose from a small profit made by the trustees on a temporary investment, and the remainder from the improvement in the dividend received on their investments in the Anglo-American scheme. Their expenses for the year amounted to £1,175, as compared with £1,274, showing a saving of £99. Their expenses for 1888 and 1889 were over £1,380, so that they were working at the rate of £205 per annum less than formerly, the economy shown being mainly due to their not having filled up the vacancy on the board caused by the death of Sir Daniel Gooch. The small increase in revenue, coupled with the decrease in the expenses, might be considered as satisfactory, as the accounts showed that they were now earning 6 per cent. on the amount of their outstanding certificates. Their coupons were six months in arrear, and while they were in that position the certificate holders would receive, in addition to the usual 6 per cent., as much as possible in reduction of the overdue coupon. They proposed paying £1 on the 15th inst., and the balance of £2 as soon as they had sufficient money in hand for the purpose. In conclusion, he remarked that as all the submarine companies in which they had invested were doing well, and their dividends were increasing, the Trust should correspondingly prosper.

Kensington and Knightsbridge Electric Light

Company.

THE annual meeting was held on Monday last at 1, Great Geurg Street, Westminster, Mr. G. R. Ryder presiding.

The CHAIRMAN, in proposing the adoption of the report, said that during the year they had added four miles of mains to their stresa leaving practically only three to be done, the area over which they had power being about 13 miles, and already 10 were completed. T number of houses and shops connected with their system, to whi they were serving light, had increased during the year from 147 291, and the number of lamps-taking them at 8 candle-powerfrom 11,794 to 25,535. That rate of increase had been fully mar tained in the few months that had expired of the present year, the number of their customers on April 30th last had increased to 341 and the lamps to 30,455, which, he thought, was a very satisfactor increase. As to the future prospects of the company he thought th were excellent. The staff had for some time been making a very care ful calculation as to the average gross income received from each lamṛ per annum, and they found that 10s. was a fair amount to put dow for that item. If they had 40,000 lamps, that, at 10s. a lamp, wond produce a gross income of £20,000 a year, and they calculated that their present plant would carry 40,000 lamps. Out of the net £20,000 they calculated that they would obtain a net profit of from 35 to 40 per cent. which would give from £7,000 to £8,000 a year to be dividet among the shareholders. After paying all the preference shareholders that amount would leave sufficient to pay a very good dividend on the ordinary stock.

Mr. HOPKINSON seconded the motion, and the report was unst mously adopted.

TRAFFIC RECEIPTS.

The Brazilian Submarine Telegraph Company, Limited. The traffic receipts the Brazilian Submarine Telegraph Company, Limited, for the wees ended April 24th, 1891, amounted to £5,998; and for the week ente May 1st, £5,444.

The City and South London Railway Company. Traffic receipts for the pa week, were £733.

The Cuba Submarine Telegraph Company, Limited. The estimated un receipts of the Cuba Submarine Telegraph Company, Limited, fer 2 month of April, were £3,700, as compared with £3,694 in the comm sponding month of last year.

Direct Spanish Telegraph Company, Limited. The estimated traffic receip the month of April, 1891, are £1,825, as against £2,089 in the cer sponding period of last year.

The Great Northern Telegraph Company. Receipts in April, 1891, #2, ** 1st January to 30th April, 1891, £88,000; corresponding mouthe £81,800; corresponding months 1889, £84,000.

The Western and Brazilian Telegraph Company, Limited. The receipts for 2 week ending May 1st, 1891, after deducting 17 per cent of the ga receipts payable to the London Platino-Brazilian Company, wers duš