JANUARY 16, 1891.]

Messrs. M. Theiler and Sons.-Many of our readers will, we feel sure, hear with much regret that, owing to the failing health of Mr. Richard Theiler, this gentleman has felt obliged to retire from active work in connection with the well-known firm of M. Theiler and Sons. The firm itself, as many of our telegraphic readers doubtless know, is almost of historic interest, the Theiler family having been connected with the progress of telegraphy from a very early period, and as manufacturing electricians and telegraph engineers they have acquired a world-wide reputation. Of Mr. R. Theiler himself we need say but little, as all who have had the pleasure of business and other dealings with him will greatly miss his genial presence. The business of the firm has, we understand, been acquired by Mr. Elphinstone, late assistant to Mr. Ferranti, who will carry on the work under (we are glad to hear) the old name, and who will, we do not doubt, prove a worthy successor to Mr. Theiler.

A Fishing Story.-The fishing story is a standing joke with American newspapers. The latest comes from San Francisco, where it appears that the ancient sport of attracting fish at night by a torch held over the water and spearing them has been revived in a somewhat different form. An electric light that stands by one of the wharves there attracts such numbers that people catch them in nets by the dozen. "One man," we read, caught 200 lbs. of fish, mostly rock cod and sardines, of unusual size."

More New Year's Gifts.-We return thanks for the blotting pad received from the Electric Construction Corporation and the date card from the Commercial Cable Company.

The Price of Copper.-The following is a diagram of three months' fluctuations in the price of copper. Each

83

The Electric Railway.-Says the Weekly Dispatch ;The electric railway is suffering from an excess of popularity. The eagerness of the people to travel by it has been amazing, and crowds block its stations at certain hours. They are so dense that the officials are not able to cope with them, and in places like Newington Butts they are becoming a severe hindrance to traffic. We predicted that this new line would be a tremendous success, and the promoters now regret that they had not more faith in their idea. It is the delightfully comfortable and roomy carriages, the absence of compartments, the absence of class distinctions, and the uniform fare that have captivated the public, and the directors will now be forced to extend their carriage and station accommodation, we fear at great expense. Surely the revolution in town travelling which this railway has introduced ought to convince the managers of the old companies that they must abandon their present policy if they want to make money.

A Trifling Mistake.-The Elektricitäts-Zeitung, which has now become a "daily," is going ahead with a vengeance. In its issue of January 4th, under the heading " Accident on the London Electric Railway," we read that a German lady, on the 29th December, met with a fatal mishap between Sloane Square and South Kensington Stations. It is not necessary to enquire how the electric line found its way into the tunnel of the Metropolitan Railway.

Telephonic.-Mr. A. Erskine Muirhead has established telephonic communication between Cathin Park and the Glasgow Evening News offices. The French telephone has been adopted with the greatest satisfaction, and it is expected that shortly the Evening News will be in telephonic communication with the more important football fields in the West of Scotland.

vertical line represents a market day, and each horizontal line £1.

Woodhouse and Rawson Staff Dinner.-The annual dinner of the head office staff of Woodhouse and Rawson United took place at the Guildhall Tavern on Tuesday last, under the presidency of Sir Rawson W. Rawson, K.C.M.G., C.B., chairman of the board of directors. The company numbered about a hundred and twenty, including representatives of some of the branch businesses. The proceedings of the evening were agreeably enlivened by music and song, Miss Rawson, Miss Fife, Mr. Stepney Rawson, and others contributing items that were much appreciated. In replying to one of the toasts, the managing director, Mr. F. L. Rawson, foreshadowed several schemes in contemplation for the comfort and emolument of the staff, including the establishment at the head office of a library and reading room, the annual award of £5 5s. for the best invention or suggestion emanating from the staff, and, later on, if at all practicable, some system of profit sharing. The general business manager, Mr. G. North, who gave some very good advice to the members of his staff, concluded by announcing that arrangements had been made for a series of lectures to be delivered to them on Friday evenings, commencing to-night with a lecture by Mr. Epstein, on "Secondary Batteries." It was stated during the evening that the total number of employés of the company now reaches a thousand.

Royal Society.-Last night, Prof. J. J. Thomson, F.R.S., was down for reading a paper "On the Rate of Propagation of the Luminous Discharge of Electricity through a Rarefied Gas."

Electric Light in Kensington Town Hall.-The introduction of the electric light in the Kensington Town Hall was inaugurated on Thursday evening, last week, by a conversazione, under the auspices of the Vestry of the parish, the hall being tastefully decorated for the occasion with a variety of palms. Sir A. Borthwick, in asking Lady Mary Glyn to inaugurate the electric light, remarked that the current had been supplied to the building by the Kensington Company who were the pioneers of electric lighting in London. The gas, by which, till then, the hall had been lighted, having been lowered, Lady Mary Glyn turned on the electric current amid the applause of the company. The Rev. the Hon. E. C. Glyn then thanked the Lord Mayor for his presence. The Lord Mayor, in responding, said that Kensington was before the City in the matter of electric light, but the City would very shortly have the new light in the streets. The installation, which comprises about 350 lamps, was entrusted to Messrs. Bailey and Grundy, and the plans and specifications were prepared by Mr. Philip Monson, A.I.E.E., the Vestry's lighting engineer, and the work was carried out under his directions.

Electrical versus Hydraulic Power. -Our contemporary, Engineering, calls attention to the fact that the new Chilian ironclad, Captain Pratt, just launched from the la Seyne works of the Forges et Chantiers de la Mediterranée Companies, has its turrets so constructed as to be worked by electricity instead of hydraulic power.

Change of Address.-The Empire Telephone Company has changed its offices from 60 to 171, Queen Victoria Street, E.C.

"Underground Cables."-The following communication, from Mr. Charles H. Yeaman, has come to hand too late for insertion in the columns set apart for correspondence :-"Owing to my having been away from Liverpool, I have only just had a chance of referring to the letters from the Fowler-Waring and Silvertown Companies, and from Mr. Ferranti, which firm replies to my letter to you on the 5th ultimo. The inaccuracy of the Silvertown Company is shown in the first paragraph of Mr. Tyler's letter, in which he remarks that the letter published was from his Liverpool agent. That was not so; it was included in my communication to you referring to "Notes on Central Station Lighting.' With regard to my statements, I had just visited the West Brompton Station of the House-toHouse Company before writing my paper, and had seen the Fowler-Waring cables in service, and had been told by the engineers of that company the facts which I put forth to the engineering fraternity in this city. I have had some practical experience of Fowler-Waring cables myself, and therefore do not wish to see a good article condemned without a hearing. I have been recently informed by good authority that the House-to-House Company find these cables very satisfactory, and propose to use them largely in future work, where space can be obtained for jointing. With regard, secondly, to the London-Deptford cables, I believe-and have good grounds for my statement that where two Fowler-Waring cables have been used for 10,000 volts, they have stood this tension well, so long as not more than 5,000 volts existed across the dielectric. Is it quite certain that the statements in the REVIEW quoted by Mr. Tyler referred in each case to Fowler-Waring cables? Have no other cables broken down on this service? Lastly, I gave a true copy of the letter to me from the local manager -not agent of the India-Rubber, Gutta-Percha and Telegraph Works Company, and if he omitted anything in his letter which ought to have been inserted to cause the true sense of Mr. Ferranti's opinion to be made known, he was furnishing false information to my corporation, as the communication was a perfectly official one on his part. Thus "was the sense of the paragraph entirely altered." With due consideration to the Silvertown Company, I think it is generally known that they make most excellent cables, and turn out first-class material for inside wiring, as well as the most expensive conductors which are on the market.

Bulling Brush Shares.-The Daily Oracle seems to take a very great interest in Brush shares. Every day something to the following effect occurs in its columns :-) -Rise.-Brush : We again repeat what we have before said as to the prospects of these shares, and we believe that at any moment we may see a very sharp rise, as the time cannot be very far distant when subsidiary companies will be announced." For our own part, we should have thought that the subsidiary company dodge, so far as the Brush Company is concerned, a thing of the past. It is, of course, well known that the City contracts will have to be financed by a separate company, but we believe the Brush Company will benefit chiefly, if not solely, by the work which those contracts will bring. The Oracle should be more guarded in its apparently interested forecasts."

The Mutual Telephone Company, Limited.-Early next month this company will open for traffic the first section of its Manchester Telephone Exchange, and hopes to get to work in Liverpool very soon afterwards. The object in view is not so much to reduce rentals as to provide a really good telephonic service, which shall be expeditious and free from all disturbing noises, and which shall enable two subscribers to converse with each other without risk of being overheard by others. This will be accomplished by the use of two wires instead of one. Special attention is also being devoted to the making of rapid connections, and such perfection is said to have been already attained, that if the subscriber who is called is within hearing of the bell, and answers promptly the caller will obtain connection practically instantaneously, and after the conversation is over, special appliances will be provided, by means of which a conversation with another subscriber can be immediately begun without the trouble of "ring" off."

Telegraphists' School of Science. An interesting gathering took place on Wednesday afternoon in the Postmaster-General's Deputation Room at the General Post Office, the occasion being the fourteenth annual distribution of the medals, prizes, and certificates gained by the students of the Telegraphists' School of Science, which was established at the Central Telegraph Office in 1876. The chair was taken by the controller, Mr. H. C. Fischer. The report showed that the school is satisfactorily fulfilling its intended purpose, viz., the provision of technical training for the staff of the Central Telegraph Office. At the examination in technical telegraphy held under the auspices of the City and Guilds of London Technical Institute, 67 certificates were granted to the numerous schools throughout the kingdom, and of this number 27 (or 40 per cent.) were awarded to the students of this school, who also obtained two of the three silver medals (with money prizes) offered for competition; 63 per cent. of the certificates were first class. The successes in the pure science subjects, which are supplementary to the technical section, were also very numerous, and of an equally high standard. Mr. Preece complimented Mr. Slingo (the principal of the school) and his staff on the continued success of the institution, and dwelt forcibly upon the value of sound technical education among the general body of the staff in assisting the British Telegraph Administration in maintaining its pre-eminent position. The chairman observed that the fact that a higher technical knowledge is now demanded of a telegraphist than in years gone by, to enable him to successfully control the present delicate and complicated apparatus, weighed heavily with the authorities in determining the recent improvements in the status and pay of the telegraph staff.

The Institution of Electrical Engineers.-On Thursday, January 22nd, at the ordinary general meeting, a paper on "The Distribution of Electricity, with especial reference to the Chelsea System," will be read by Major-General C. E. Webber, C.B. (Ret.), R.E., Past President.

Lecture. On Saturday, January 10th, a popular lecture was given the schoolroom of Essex Church, The Mall, Notting Hill Gate, by Mr. Reginald J. Jones, A.M.I.C.E., M.I.E.E. (engineer to Messrs. Woodhouse & Rawson United, Limited), on electricity, entitled, "How Electricity Works for Us." In concluding, the lecturer remarked that he had to thank Messrs. Woodhouse and Rawson United, Limited, the Electric Construction Corporation, and the General Electric Traction Company, Dr. Silvanus Thompson, Messrs. Appleton, Drugman, Room, and other friends, for their kindness in lending apparatus and slides; no less than 45 slides were shown by means of an oxy-hydrogen lantern, and the experiments throughout were most successful. The whole of the room was lit by means of E.P.S. cells and incandescent lamps.

What We are Coming To.-Says Ironmongery; "We firmly believe that, so many and so varied are the uses, great and small, to which electricity may be economically put, every manufacturing or business house, most private offices, and the majority of dwellings will in time employ it for some purpose or many purposes. We hope that long before that time comes the public users of electricity will send as naturally to the ironmonger to put up a fresh installation, repair an old one, or provide some new and ingenious time or laboursaving appliance, as they send now to the plumber to overhaul a leaking water pipe, or make a new connection." To this end our contemporary has just commenced a series of articles, Electrical Work for Ironmongers," which it hopes may be found of such value that there will be no difficulty in following their guidance successfully. But is it complimentary even to an ironmonger to compare him with the plumber, that bête noir of every householder's existence, and is he ever sent for with the faintest belief that he really knows anything about his trade? Furthermore, in discussing the expiry of the telephone patents, Ironmongery speaks jubilantly of the fine opportunity offered to the members of the trade who may make this field practically their own, because not much knowledge of electricity is required to compass it. The occupation of the electrical engineer is, like that of Othello, evidently gone.

JANUARY 16, 1891.]

The Electric Construction Corporation.-This body is offering for subscription £100,000 first mortgage debentures to bear 6 per cent. interest. This issue is made in consequence of the "growth of business," and for the purpose of extending its operations and repaying a banker's advance of £30,000 (secured by temporary debentures), &c. Messrs. Farebrother, Ellis, Clark and Co.'s valuation notwithstanding, we do not think the security any too good. The Corporation, it will be remembered, was established in May, 1889, with a capital of £500,000 (all of which has been issued), to purchase and amalgamate the following undertakings, viz:Elwell-Parker, Limited: The Electrical Power Storage Company, Limited; The Railway Electrical Contractors, Limited; The Julien patents, for the United Kingdom, for electric traction; the Sprague patents, for the United Kingdom, for electric traction and transmission of power.

It might have been Worse.-A contemporary states that during the recent fire in Queen Victoria Street an iron pole, carrying some 30 telephone wires, came down with a crash. "Had any of these," it remarks, "been electric-light wires, fearful damage might have ensued." No doubt; and if the telephone wires had been gas mains the conflagration might have been worse. Had they been water mains, the fire might have been more rapidly extinguished.

Inventors' Institute.-On Wednesday last Mr. C. Spagnoletti delivered a lecture on "The Electric Locking and Blocking of the City and South London Railway," Mr. J. W. Grover in the chair. The lecture was illustrated by models and drawings. It was listened to attentively by an audience, which included several gentlemen holding foremost positions in the railway world. A discussion followed.

French Exhibition at Moscow.-A French exhibition will presently be held at Moscow, which will be divided into nine groups. Machinery and electric lighting will form the seventh group.

A Handsome New Year's Gift.-Mrs. F. C. Guilleaume, of the firm Felten and Guilleaume, Mulheim-on-the-Rhine, has presented the staff of the company with 200,000 marks (£10,000) in cash as a New Year's gift. Two years ago the same lady gave them 100,000 marks.

Messrs. Cox and Company.-These manufacturing electricians have opened new premises at Fetter Lane, opposite the Record Office, where they intend keeping a stock of apparatus and materials for all scientific work. They have also issued illustrated lists of each department; the electrical, which gives details of telephone parts, should be specially useful.

Curious Phenomena.-The letter which Mr. Hewlett sends to us is interesting, and shows that he is on the alert to observe anything unusual in the behaviour of apparatus under his control. The peculiar effect of his experiment on the filament of the lamp is possibly due to a static cause, or to the action of currents upon themselves, the loop in the filament making it into a kind of helix. The vibration is, of course, attributable to the fact that the filament is a conductor carrying an intermittent current in the influence of a powerful magnetic field. Perhaps some of our readers can enlarge upon the phenomena observed by Mr. Hewlett, and possibly a reference to the address of Mr. Crookes may be found of service.

General Electric Company.-The company has just issued the eighth edition of its Electric Bell and Accessories Catalogue, the contents showing the adoption of several improvements, combined with some material reductions in prices, resulting from the long experience of the company in manufacturing. The recent expiration of the Bell telephone patent has created a new branch of the General Electric Company's business, and a special catalogue dealing with the latest developments in telephones is promised shortly.

More Scientific Killing. The New York Court of Appeals has affirmed the judgment given in the case of three murderers sentenced to be executed by electricity.

Failure of the Electric Light at Chelmsford.-A local paper says that on Monday evening for several hours the principal streets in Chelmsford, from the top of Moulsham to the Red Cow, were in darkness, owing to a breakdown in the circuit which includes the whole of the arc electric lights.

English as She is Spoke.-In Annales Télégraphiques for September-October, 1890, on page 435, we have an extract from a paper by Mr. Preece with reference to experiments on the heating of wires by the electric current; in this extract we have reference to La Compagnie de Lumière Electrique, "Eas Hourne," also we are informed that one of the specimens of wire experimented on was supplied by MM. John Fawles et Ce., and that able assistance was given by M. Lowice. Our readers will, perhaps, recognise the names "Eastbourne," "Fowler," and "Lowrie" in the extraordinary conglomeration of our contemporary. Sir William Thomson's name, of course, is spelt "Thompson." Our lively neighbours, whose knowledge of "Lord Smiff" and "Sir Bradlaugh" is so intimate, are once more putting us right.

Personal.-Mr. Egerton H. Clarke has joined the board of the St. James' and Pall Mall Electric Light Company, Limited.

Elmore's Copper.-We have received a lengthy letter on this subject from a former correspondent," An Original Shareholder," which will appear in our next.

Appleton, Burbey and Williamson.-We have received a copy of Messrs. Appleton, Burbey and Williamson's illustrated price list and catalogue, which has been thoroughly revised, and in which the prices are considerably reduced since its last issue. The list is issued in sheets, but the copy sent us is admirably adapted for reference, being arranged in a box file, with spring slip, allowing of the ready insertion of any additional sheets as published. The firm have now taken large works at Horsleydown, and fitted them with complete and expensive machinery, in the hope of being able in future. to successfully compete with the foreign manufacturer.

Prof. Ayrton's Lectures.-The course of lectures at the Central Institution for outside students, by Prof Ayrton, which have been announced in our business columns as commencing on Wednesday last, do not in reality start practically until Monday afternoon, the 19th inst. Prof. Ayrton devotes the first lecture of each term to going over the examinations set at the end of the preceding term, and this is what took place on Wednesday.

The Electric Light at Exeter.-The decision of the Council of the "ever faithful city" to apply for a provisional order for the manufacture and supply of electricity, has evoked considerable opposition among the ratepayers, chiefly on the ground that an electric lighting company being already in existence, it was unwise for the council to proceed in the matter, and unfair also to the pioneers in the movement. It was argued that if a provisional order were granted to a private company the council would not, as had been stated, lose all control over the streets. At a meeting of ratepayers held last week it was proposed and seconded "that in the opinion of this meeting of ratepayers it is undesirable for the council at present to undertake the production or supply of electricity for lighting purposes, or to promote a provisional order for that purpose. A member of the Council argued that the Electric Lighting Acts and rules showed that it was the intention of the Legislature to place in the hands of the local authority the power of lighting their districts with electricity. He also pointed out that after obtaining the order the Town Council might offer it to the electric lighting company on lease, on fair, just, and equitable terms. At the close of the discussion the resolution in opposition to the action of the Council was adopted by about three to one.

Colorado Electrical Street Railways.-The Scientific American says that electricity as a street car motor is rapidly superseding other mediums in Western cities. Denver has already 30 miles of electrical street road in operation, employing an aggregate of 1,150 horse-power of generators, 38 motor cars, each fitted with two 15 horse-power motors, and 60 trailers, traversing the city and reaching out in every direction to suburban points. The old cable and horse car companies are rapidly adopting what is apparently to be the motive power of the future for all city and suburban traffic. Several additional electric lines are in contemplation. Some are already in process of construction, notably the so-called Suburban line of 15 miles and the Golden line of 21 miles mentioned in a previous issue. The West End line uses double-truck cars 40 feet long and of 2,000 lbs. weight, fitted with two 15 horse-power Sprague motors, this motor and overhead wires being in general use on all the lines. The Colorado Springs electrical main line, with branches, is 22 miles long, and runs to Colorado City, the former capital of the State; to Manitou, connecting with the new steam railway to the summit of Pike's Peak, altitude 14,150 feet, and to numerous other points of interest. The aggregate power of the generators of this line is 280 horse, employing 18 motor cars and a like number of trailers. The various lines are all doing a large and an apparently increasing and profitable business.

Electric Transmission of Power in Wurtemberg.The Royal Foundry at Königsbronn in this province has substituted electric motors for steam power for the driving of 25 lathes and polishing machines. At the side of the source of the Brenztopf there has been erected a turbine, which actuates a dynamo running at 600 revolutions, and giving 40 H.P. The current is led by overhead conductors across the town to the foundry.

Electric Light in Panama.-A financial contemporary says:-" Panama, being disappointed in the matter of the canal, has turned to other ventures; it is about to light its streets by the aid of electricity, and it is once more exploiting its pearl fisheries. The first enterprise is really too ridiculous. What is there to illumine in Panama but dirt, disease, and desolation? The pearl fisheries may be more promising. They used to be the historic, and very profitable, industry of Panama. It was exhausted, and for a long time has been left to neglect; now it is once more booming, and Panama, after a long spell of distress and commercial stagnation, seems likely to experience a little prosperity."

OFFICIAL RETURNS OF ELECTRICAL COMPANIES.

Gülcher (New) Electric Light and Power Company, Limited. The annual return of this company, made up to the 31st ult., was filed on the 9th inst. The nominal capital is £70,000 divided into 20,000 ordinary and 50,000 preference shares of £1 each, the whole of which are taken up, the former being credited as fully paid. Upon 23,352 preference shares the full amount has been called, and half the amount upon the remaining 26,648 shares. The calls paid amount to £36,481 6s. 4d., and unpaid to £194 13s. 8d

Electric Construction Corporation, Limited.-The annual return of this company, made up to the 22nd ult., was filed on the 7th inst. The nominal capital is £500,000 divided into 100 founders' shares and 49,900 ordinary shares of £10 each, the whole of which are taken up, 4,900 being considered as fully paid. Upon the remaining shares the full amount has been called, the total of the calls paid being £438,640, and unpaid £12,360.

Portsmouth and South Hants Electricity Supply Company, Limited.-At an ordinary general meeting of the shareholders in this company, held at the George Hotel, High Street, Portsmouth, on the 12th ult., it was resolved to wind up voluntarily; and at a meeting held at 13, High Street, Portsmouth, on the 30th ult., the resolution was confirmed, and Mr. Wm. Edmonds, of 46, St. James's Street, Portsea, chartered accountant, was appointed liquidator. The special resolution was duly filed on the 8th inst.

[JANUARY 16, 1891.

MacIvor's Patents, Limited. The statutory return of this company made up to the 2nd ult., was filed 8th ult. The nominal capital is £250,000 in £2 shares. 37,500 shares are taken up and the full amount has been called thereon. The calls paid amount to £46,696 5s., and unpaid to £28,303 158. Registered office, 11, Queen Victoria Street.

Electricity Supply Corporation, Limited. - The annual return of this company made up to the 6th inst., 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, and upon 209 the full amount has been called, and upon 50 shares £1 has been called. The calls paid amount to £2,140.

Devon and Cornwall Electricity Supply Company, Limited. The annual return of this company made up to the 3rd inst., was filed on the 8th inst. The nominal capital is £100,000 in £5 shares. 42 shares are taken up, and the full amount has been called and paid thereon, the calls paid amount to £210. Five shares have been forfeited, but no payment has been made thereupon.

Freedman Battery Company, Limited. The statutory return of this company made up to the 2nd inst., was filed on the 6th inst. The nominal capital is £2,000 in £1 shares. 1,865 are taken up, and 58. per share has been called and paid thereupon, the paid up capital thus being £466 58. Registered Office, 276, Strand.

CITY NOTES.

Eastern Telegraph Company, Limited.

SIR JOHN PENDER presided at the 37th half-yearly meeting at Winchester House yesterday. The following report had been in circulation among the shareholders some days :

The revenue for the period amounted to £352,873 11s. 1d., from which are deducted £91,723 11s. 7d. for the ordinary expenses and £31,477 17s. 9d. for expenditure relating to repairs and renewals of cables, &c., during the half-year. After providing £5,212 8s. 2d. for income tax, there remains a balance of £224,459 13s. 7d., to which is added £2,484 9s. 7d. brought from the preceding half-year, making a total available balance of £226,944 3s. 2d. From this balance there have been paid

Interest on debentures and debenture stock
Dividend on preference shares
Two interim dividends of 2s. 6d. per share
each on ordinary shares

300

£ 8. d. 28,274 13 0 20,474 3 9

100,000 0 0

£148,748 16 9

Leaving a balance of £78,195 6s. 5d., which is carried forward to the next account.

The revenue includes £33,455 17s. 8d. dividends for the half-year upon the company's shares in the Eastern and South African, the Black Sea, the Direct Spanish and the African Direct Telegraph Companies.

The directors learn that the negotiations referred to at the last general meeting with certain of the Australasian Colonies for effecting a reduction in the tariff will be speedily concluded, Jand tho new rates will be brought into operation at an early date.

The directors have decided, in view of a largely increased traffic with Australasia, to lay a triplicate line from Aden to Bombay, and have entered into a contract with the Telegraph Construction and Maintenance Company for the manufacture and laying of the cable early in the present year.

The new Red Sea cable connecting Suez, Perim and Aden, referred to in the last repart, was successfully laid by the contractors in November last. Arrangements have been made to take the direct Suez-Aden 1876 cable into Suakim, thus duplicating the SuakimSuez section, and adding to the security of submarine telegraph communication with that port.

In accordance with the articles of association, two of the directors, Sir John Pender, K.C.M.G., and the Marquis of Tweeddale, retire by rotation at this meeting, and, being eligible, offer themselves for re-election.

The auditors, Mr. Henry Dever and Messrs. Welton, Jones & Co., retire, and offer themselves for re-election.

The CHAIRMAN, after referring to the figures in the report, considered it was a most satisfactory statement. Telegraphy was a never sleeping, ever-moving system; and often they had not been at business an hour when the news of a cable breaking would arrive. Nowadays, however, they looked upon such a thing as a matter of course, the anxiety which was once felt was now absent. Hitherto they had always paid a satisfactory dividend, and he trusted it would always be the case. The capital of the company had not been increased to any great extent; but still cables had been laid down of a value approaching a million pounds sterling. This had been derived from the reserve. It was these facts which accounted for the high

JANUARY 16, 1891.]

value of the shares of the company on the market. They had always striven to keep ahead of the wants of the public, and when it was found that there was an agitation on foot in Australia to reduce the rates, the company ably backed it up. They had duplicated, triplicated, and quadrupled many of the cables upon their systems in pursuance of their policy of being ahead of requirements. He had told them on previous occasions that that was their strength. When the Australian colonies had made a new departure and endeavoured to get the rate reduced from 8s. to 4s., the directors had felt that if the effort was to be successful they must practically double the amount of traffic over the system, for the Australian traffic had been so largely carried over it that it would never do to be left behind. They were about to lay a new cable in the Red Sea which, with one already laid this year, would give them three cables to Bombay, which would enable them to carry successfully the large increase from Australia which they looked forward to. They had duplicated twelve cables, triplicated one, and quadrupled two, for, as he had always said, a single line could not be relied on. The line ought to be duplicated or triplicated, and if it were quadrupled it would be so much the stronger. He had referred to the African traffic, which had not been very great. Those who had been watching the Dark Continent, and noting the speculation carried on there, had never supposed it could live for ever; but it was not likely to die out altogether, and there was already evidence of another movement, and no doubt as the system moved so would the traffic move onwards. Extensions were going on, and practically without issuing new capital. In this expenditure they were adding very, very materially to the value of their property, and he hoped they would be able to continue the present dividends and increase their bonus. The Chairman concluded by moving a resolution that the report and accounts be received and passed, which the Marquis of Tweeddale seconded, and which was unanimously carried. These two gentlemen, who were retiring by rotation, were then re-elected, and the auditors were re-appointed.

A vote of thanks to the chairman was moved by Mr. HURST, and seconded by Dr. WALLER, who referred in his speech to the eloquent speech of the chairman, and the still more eloquent silence of his audience. This was carried by acclamation, and Sir JOHN PENDER having returned thanks, the meeting came to a close.

Elmore's French Copper Company.

M. Secretan on the Position and Prospects of the Company.

THE statutory meeting of this company was held at Cannon Street Hotel, last Friday, under the presidency of Lieut.-General MEADE.

The CHAIRMAN said: Gentlemen, all present are doubtless aware that this is only a statutory meeting of the company, held to fulfil the requirements of the Companies Acts, and not for the transaction of business. We propose, however, to ask the meeting to sanction certain alterations in the articles of association, of which due intimation is given in the notice convening the meeting, which are required by the Committee of the Stock Exchange. I have stated that we are not here to-day for the transaction of business, but we are glad to have the opportunity of meeting our fellow-shareholders, and of informing them of what has been done since its formation to carry out the objects of the company. I have first to state that the 66,750 shares offered to the public were applied for about four times over, and that a full allotment was made among some 2,000 applicants. The sums due on allotment have, with a small exception, been all paid up, and those still outstanding on the first and final calls are in course of adjustment. The Stock Exchange Committee has granted a settlement for our shares, and, provided this meeting passes the alterations in the articles of association of which notice has been given, there will be an official quotation of our shares on the London Stock Exchange at a very early date. Steps are also being taken to introduce our shares upon the Paris Bourse, which will, no doubt, be successful, and thus lead to an important extension in the dealings in our shares. The first question your directors had to deal with was that of the general management of the company's manufactories and business in France, and they congratulate the shareholders on their having been able to secure the very valuable services of Monsieur Eugene Secretan as the company's general manager there. Secretan was formerly manager of the largest copper manufacturing industry in the world, and your directors are confident, from all they have learned and know of him, that in placing him at the head of the company's affairs in France they have taken the most important step that was possible towards, securing the complete and early success of the business of the company in that country. M. Secretan was, it was understood, convinced of the merits of the Elmore process when it was exhibited in Paris in 1889, and before entering the service of the company he visited the works of the English company at Leeds, accompanied by several colleagues, and his assurances to the board, after making that visit, of his entire confidence in the future success of our company, were most emphatic and satisfactory. As stated in the prospectus, your directors had secured for the company land at Bellegarde, near the Swiss frontier, suitable for a site for the works, with water available as a motive power, but M. Secretan was so satisfied of the vast importance of establishing a manufactory, and commencing business at first in the north of France, that, after much anxious consideration, we accepted his recommendation on this point, and decided to concentrate our attention and efforts on the establishment of works there, in the first instance, on a sufficiently large scale to admit of a more considerable outturn of manufactured goods than was originally contemplated M. Secretan gave us the strongest assurances that he would be able to dispose of all the goods that would be thus turned out, and he was

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accordingly authorised to take the necessary steps for securing a convenient and suitable site, for the preparation of plans and estimates of the buildings that would be required, and for ordering the engines, machinery, and plant needed to stock the works. These arrangements he has carried out with characteristic energy, and we are able to inform this meeting that an excellent and convenient site, of ample extent, has been obtained by him on very advantageous terms at Dives, near Havre; that the plans and estimates for the buildings to be erected thereon have been approved and sanctioned by the board, and that the engines, machinery, and plant have been ordered from the best manufacturers of such articles in France. The winter season will, of course, delay the progress of the buildings, but M. Secretan states that the works will be in operation by 1st July next. M. Secretan, who is present here to-day, will address the meeting. I may mention that he has secured the assistance of a committee of experts in Paris, whose aid will be most valuable in the work that lies before him. I will now refer to the financial aspect of the more extended operations your directors have authorised. The prospectus provided for a working capital of £50,000, which, it was thought, would be quite sufficient for starting the works successfully on a moderate scale. But it was at once apparent that the adoption of M. Secretan's proposals would necessitate a large increase to this amount, and, after much consideration, we decided to avail ourselves of an offer from the parent company (the Elmore Foreign and Colonial Company, Limited), to lend to us for this purpose £50,000, at 6 per cent. per annum, for three years. The shareholders were informed of the circumstances of this arrangement by a circular issued to them on 29th October last. I have only to add that we are satisfied that the course we have thus taken was the best that it was in our power to adopt in the interests of the company. The measures now laid before the meeting will enable the company to retain in its own handsinstead of disposing of the same to a sub-company, as was intendedthe exclusive license to make copper wire in France by the Elmore process. The value of our shares should be largely increased by such retention, as the profits from the manufacture of wire will by and bye be very considerable. The patents which we have purchased have been duly transferred to us, and we have every assurance that the same are perfectly good and valid. The company obtains, free of charge, all improvements worked out from time to time by the Elmore English Company in this country, and I may mention, in this connection, that one additional patent on this account has already been taken out by us in France. It only remains for me to say that the board has the fullest confidence in the future success and prosperity of the company. I or my colleagues will be happy to answer any questions that may be put to us before I propose the resolution for the altera tions in our articles of association. I have the pleasure, before sitting down, to introduce M. Secretan to the meeting.

M. SECRETAN, who spoke in French, said: I am very sorry I cannot express myself in English, and I trust some member of the board will kindly translate the few words I ask permission to address to you. Gentlemen, the board of your company has expressed a wish that I should be present at this meeting. It is with great satisfaction that I have complied with that request, because, on the one hand, it permits me to thank your directors publicly for the honour they have conferred upon me by appointing me general manager of your company in France; and, on the other hand, I thought you would be glad to hear a few words from me on the present and future position of your company. The extended and careful investigations and trials that have been made up to the present time have convinced me and my most trustworthy and competent advisers that the Elmore process has definitely reached a practical manufacturing stage. You have the exclusive right to manufacture under this process in France, and the articles produced are of extraordinarily good quality, and the cost of production is extremely low, more so, indeed, than is stated in the prospectus. These facts being now incontestable, the time for hesitation has passed, and that for work has arrived. I have submitted to your board plans for the erection of the first factory, and I had the good fortune to see them fully approved. Immediately after this approval, I entered into arrangements with excellent contractors for the erection of the buildings, and with the most competent manufacturers for the machinery and plant. There will be no hitch in the completion of your factory, as too often happens. To avoid this, I have only dealt with firms of the highest standing and the greatest experience, who are renowned for the scrupulous carrying out of their engagements. With these I have entered into definite contracts at prices which are absolutely binding, and cannot be exceeded. Under these contracts the buildings will be handed over complete at the end of next April. Engines, boilers, dynamos and plant generally will be erected, in working order, by the end of June, and on the 1st July next your first works in France, constructed to produce 370 tons of copper articles per month, will commence work, and will, at the end of another three months, have reached their full production. I need not tell you that the sale of these articles is absolutely assured. Supported by the confidence of your board, seconded by my French Committee of Direction, and aided by a staff, of whose industry and goodwill I cannot speak too highly, I undertake, as far as I am personally concerned, to work with untiring energy and with entire devotion to your interests. In conclusion, I can assure you, gentlemen, that you can regard the future with absolute confidence and faith in the prosperity of your company.

Dr. HETLEY asked whether the increased capital of £50,000 was in debentures or preference shares, and whether they might not have been offered to the shareholders of the French Company instead of being otherwise distributed.

Mr. LAWES said he had not the pleasure of M. Secrétan's acquaintance, but knew that he had been on the management of a metal company in France, and he should like to know what the profits of that company had been for a certain amount of time previously. (Laughter.) His address seemed to him to be no practical demonstration of the way in which the business was going to be carried out.