AUGUST 2, 1889.]

Damage to Insulators.

In a recent action at Leeds by the postal authorities against some lads who were convicted of throwing stones at the porcelain insulators attached to the telegraph posts in Gelderd Road, it was stated that no fewer than 530 insulators had been maliciously broken on this line since June, 1887. It seems to point out an incidental advantage in length of life for insulators of a more unobtrusive colour than white porcelain.-Mechanical World.

Electricity in Brussels.-The tenders invited for the supply of the electric light to the town and to private consumers have been opened. Six offers were received. The firms tendering were l'Electrique, of Brussels; the Compagnie Internationale d'Electricité, of Liège; the Telephongesellschaft, of Zürich ; M. van Rysselberghe; the Thomson-Houston Company; and Messrs. Siemens and Halske, of Berlin. The tenders have been taken into consideration, and will be reported upon by the Municipal College.

The Government Telegraph Service.-A Manchester paper says:-"One of the most popular branches of employment afforded by the Government is that of the telegraph service. In recent years this department has increased in prosperity by "leaps and bounds," and its attractions are of such a nature as to lead to great competition. As an instance of the popularity of the service, I may mention that an examination held a few days ago in London led to a competition of the most severe character. For 15 male clerkships there were between 3,400 and 3,500 candidates.

Military Telegraphy Experiments in France.-At the next manoeuvres experiments in a new application of telegraphy are to be made. By the aid of a rather complicated apparatus, the manipulation of which, however, is not difficult, efforts will be made to reproduce at a great distance a drawing, a plan, or a map. If the system be sufficiently practical, endeavours will be made to adapt it easily to field telegraphs. According to French authorities, this innovation would be of great service in time of war.

Annual Excursions. The staff of the General Electric Company, Limited, together with a few invited guests, making a total of 40, had their third. annual outing on Saturday last. The party went by rail to Windsor, embarked on the steam launch Lottie, and landed again at Monkey Island, where an excellent dinner was served. During the afternoon sports of various kinds were indulged in on land and water. Queen's weather favoured the entire proceedings, which were of the happiest possible kind, good music forming part of the day's pleasure. Several appropriate speeches were delivered after dinner, in one of which it was announced by Mr. G. Binswanger that his firm had recently been converted into a limited company, himself and a few intimate friends being the principal shareholders; this was done in consequence of the rapid growth of their business. Mr. Hirst, the manager of the electric light department of this company, received the highest praise for the manner in which he arranged the excursion, and he fully deserved the eulogium.

The Edison & Swan Company's work people held their annual excursion on Saturday, 20th July, at Yarmouth, A very pleasant day was spent, the weather being exceptionally fine. Dinner was served to a large company in the Aquarium, after which several toasts were given and heartily drunk. The success of the company was given by Mr. D. Hutt, coupled with the name of the respected resident superintendent of the factory, Mr. Gimingham. Mr. Robson (works' foreman), in the regretted absence of Mr. Gimingham, briefly replied. Other toasts followed. Regarded from any standpoint the affair was eminently successful, and credit due to the manner in which the arrangements had been carried out by the workmen's committee.

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The Public Safety Signal.-The Times states that under this name a system of police signals and alarms has been introduced into this country from the United States, where it is in operation, and has been working for some six months past in Islington in connection with the Upper Street Police-station. The system consists of numbered signal boxes, which are affixed to a wall, and are placed at convenient distances from each other on every police beat. Each box contains telephones and automatic signalling instruments, and is electrically connected with the police-station. Each policeman is provided with a key which opens the box, and with two special signalling keys, with which he can automatically transmit messages by inserting them in apertures without opening the box. From any box a policeman can send a request to the station-house for aid, or for an ambulance in cases of accident. He can also converse with his officers at the station by means of the telephone. In emergencies, however, the chief dependence is placed on the automatic signals, which are quicker and surer than telephonic messages. Each police-station is provided with an ink-registering instrument, which automatically records the messages sent from the street boxes. Attention is called between the station and the boxes, or vice versa, by electric bells. Automatic signalling from the outside of the box can also be carried on by any householder who may be provided with a special key, and which bears a number referring to his name and address. This key, however, when inserted, is retained in the keyhole until released by a policeman, so that if unnecessarily or wantonly used the offender is detected.

On Tuesday, in the House of Commons, Sir Albert Rollit put the following question to the Home Secretary:" Whether, having regard to the satisfactory results of the electric police-signal system which has been in operation in Islington, the Government propose to take steps with a view to its general adoption." Mr. Matthews replied that the question of the adoption of the Islington system of electric police signals was under his consideration. He was making enquiries as to the probable cost of any practicable scheme, but he could not yet say definitely whether the system was one that could be used with advantage, either generally throughout the metropolis, or in particular districts, and elsewhere throughout the country.

A Provisional Order Abandoned.-The Metropolitan Electric Supply Company has definitely abandoned the provisional order granted by the Board of Trade for the electric lighting of South London, under which it was empowered to supply with electric light the parishes of Lambeth, Streatham, and Clapham.

Electrical Treatment of Sewage.-Mr. Wm. Webster has been in negotiations with the Maidstone authorities with a view to carrying out some extensive experiments with his electrical process for the treatment of the sewage at Maidstone. He proposes to carry out the experiments at a cost of £200, such sum to be paid by the town if the experiments are successful; but if not successful, he will bear the cost himself. If Mr. Webster's process proves satisfactory, he will then undertake to purify the sewage on an agreed sum per annum. The Local Board has agreed to fall in with Mr. Webster's proposals, and as the Local Government Board is applying pressure for some steps to be taken to prevent the river Medway from being polluted by the discharge from the town sewer, the work will be commenced without delay. The question of how to effectually deal with this sort of nuisance is arising throughout the country, and the experiments will be watched with intense interest by all public bodies.

Overhead Wires.-A letter has been addressed to Mr. Courtenay Boyle, of the Board of Trade, by the London Chamber of Commerce, asking for certain modifications in the regulations which have received the careful attention of a special committee. It is not considered necessary to trouble the President with a deputation,

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A General Re-christening.-We have received a copy of the following circular, signed "G. Binswanger. and Co.":"We have pleasure in informing you that we have registered as a limited liability company the business which we have carried on in London and Manchester under the styles of the General Electric Company (G. Binswanger & Co.), London, and The Manchester Electric Works Company, Manchester. The name of the new company is 'The General Electric Company, Limited,' of London and Manchester (G. Binswanger managing director). Head office, 71, Queen Victoria Street, London, E.C. Works: Chapel Street, Salford, Manchester. The company will continue to be a private concern, our object having been to enable us to cope with the increasing demand for our manufactures. The management remains unaltered, as Mr. G. Binswanger is managing director, supported by two co-directors, Mr. Max Binswanger and Mr. H. Hirst, both of whom have for many years been at the head of our electric bell and lighting departments." We understand that the change is made solely with the object of defining the capital of the present partners, and that there will be no public issue of shares. This business has made remarkable progress during the past few years, and we hope that in the future even the rapid development of the past may be exceeded.

The Bays Cell.-In our notice of Mr. Bays's cells we stated that they were sealed with the usual asphalt compound. This, we are informed, is not so; after many experiments, the inventor adopted a special method of preparing the porous pot and sealing, which effectually prevents creeping, while, if they are sealed. in the same way as the Leclanché, it causes great trouble. We omitted, also, to mention that the cell is patented.

Hotel Lighting.-The Savoy Hotel, on the Thames Embankment, which is to be opened on Tuesday next, is to be lighted throughout by electricity. It is scarcely likely that any first-class hotels to be erected in the future will dispense with the electric light.

Gas Companies Supplying Electricity. The secretary of the Falmouth Gas Company has written to the Penryn Town Council stating that it was the intention of his directors to make application under the Electric Lighting Acts for the supply of electricity within the area of the Borough of Penryn.

The Electric Light in Formosa.-A consular report says that the new city of T'ai-pei Fu, the present capital of the island, is now lighted electrically. The plant is under the charge of native workmen. China seems to be more progressive than London has been.

Telephone Tickets. The Southern New England. Telephone Company, of America, is about to issue tickets for the use of those who are not subscribers to the exchange of the company. The company has found that there are a good many people to whom the occasional use of the telephone is a great convenience, for which they are willing to pay a small fee. Now the only way that they can avail themselves of the convenience of the service is to ask the use of their neighbour's instruments, thus bothering the neighbour, and taking from the company that for which they do not pay. The tickets allow the holder one local communication from any subscriber's station where the subscriber is willing to let the instrument be used. The tickets will cost 10 c. each in strips of five, and where the holder of the ticket uses an instrument, he will leave a ticket with the subscriber whose instrument he uses. This ticket the company will redeem as 5 c. cash in the settlement of its bills with the subscriber. Thus the company receives a small fee for the service that it renders, and the subscriber receives a small compensation for the accommodation that his nment has been to the user of the ticket.

[AUGUST 2, 1889.

Telephone Extension at Southampton.-An exchange will be shortly opened by the Western Counties and South Wales Telephone Company on the Hants County Cricket Ground at Southampton, by means of which the score may be ascertained at any time by all subscribers to the system. In order to simplify the work of the operators it is intended to employ at the Southampton central office a new multiple switchboard, similar to that in use at Bournemonth and Portsmouth. It is expected that by the end of August the connection between Portsmouth and Bournemouth, through Southampton, will be complete. Mr. Robinson, the company's superintendent at Southampton, is making active preparations for the progress of the work.

NEW COMPANIES REGISTERED.

General Electric Company, Limited. Capital £60,000, divided into 7,000 first preference shares, 1,000 second preference shares, and 4,000 ordinary shares of £5 each. Objects: To take over the business of the General Electric Company, of 71, Queen Victoria Street, and 22, 23, 24, Garlick Hill, E.C., and of 71 and 73, Bentham Road, South Hackney; also the business carried on in Clegg's Court, Chapel Street, Salford, Lancaster, under style of the Manchester Electric Works Company, with the goodwill, patents and other assets of such business. The signatories (who subscribe for first preference shares) are as follows: *Gustav Binswanger, 71, Queen Victoria Street, 2,000 shares; J. H. Ward, 22, Lower Phillimore Place, Kensington, 3,000 shares: "H. Hirst, 71, Queen Victoria Street,; S. Smith, 157, Milkwood Road, Herne Hill; G. S. Joseph, 165, Fenchurch Street; A. R. Bernhard, Hillbrow, East Finchley; Hy. Heritage, 7, Wendover Road, Harlesden, one share each. The signatories denoted by an asterisk and Mr. Max Binswanger are appointed directors. Two directors are also to be appointed by Mr. J. H. Ward, and these will be removable from office by vote of the holders of the first preference shares; their remuneration is to be £210 in each year in which 10 per cent. dividend is paid on the first and second preference shares. The services of Max Binswanger and Hugo Hirst are gratuitous. Mr. Gustav Binswanger is appointed managing director at a salary mentioned in an agreement with the company. Registered office, 71, Queen Victoria Street.

Thomas Lighting Company, Limited. Capital, £15,000 in £10 shares. Objects: To acquire several letters patent granted to Thomas Cooper John Thomas, of 5, Carlton Road, Finsbury Park, for improvements in gas lamps, and all patents to be hereafter granted to Mr. Thomas relative to lamps for oil, gas, or for electric lighting purposes. Signatories: A. Adams, 101, Adelaide Road, N.W.; J. Bell Sanderson, C.E., 30, Pandora Road, N.W., 50 shares each; F. Dagley, 101, Adelaide Road, N.W.; Mrs. A. Adams, 101, Adelaide Road; T. C. J. Thomas and Mrs. Thomas, 5, Carlton Road, N.W.; E. C. Steavenson, 93, Gracechurch Street, 1 share each. Registered 29th ult. without articles, by Steavenson and Cauld weli, 93, Gracechurch Street.

D. Hulett and Company, Limited -Capital, £35,000 in £5 shares. Objects: To carry on business as manufacturers of lamps, apparatus, machines, &c., for the utilisation, purification, consumption, supply, storage, generation and distribution of gas, mineral, or other oils, and electricity or other power or element. To carry on business as mechanical, electrical, and hydraulic engineers and manufacturing chemists. To take over as a going concern the business of D. Hulett and Co., of 55 and 56, High Holborn. Signatories (with 1 share each): W. H. Richardson, City Glass Works, Glasgow; H. C. Pond, Avenue Road, Stamford Hill; Robt. King, C. E., Eltham; A. Durdin, 35, Falkland Road, N.W.; J. Huskisson, 69, Westfield Road, Hornsey; G. W. Cooper, 58B, Farringdon Road

Buildings; H. W. Whitcomb, 46, Cranmer Road, Brixton. The signatories are to nominate the first directors; qualification, £500 in shares or stock. The company in general meeting will appoint remuneration. Registered 30th July by Wm. Foster, 7, Queen Street Place, E.C.

OFFICIAL RETURNS OF ELECTRICAL

COMPANIES.

Westinghouse Electric Company, Limited.-Upon terms of an agreement with the company of the same name, incorporated in accordance with the law of Pennsylvania, U.S.A., this company will purchase the business of the American Company other than that carried on in North and South America. The sale includes the contracts entered into with the Metropo. litan Electric Supply Company, Limited, for the erection of machinery at their station in Sardinia Street. The purchase consideration is £488,000, papable by the issue of 30,000 ordinary shares of £10 each, and 18,800 preference shares of £10 each, to be issued as fully paid np.

The registered office of the company is situate at 105, Gresham House, Old Broad Street.

United Telephone Company, Limited.-On July 26th this company filed with its registered documents of the company, the special resolutions passed on June 4th. and confirmed July 4th, authorising amalgamation with the National Telephone Company, Limited.

National Telephone Company, Limited.-On the 26th July this company filed the special resolutions passed on the 4th June, and confirmed 4th July, relating to the taking over of the business of the United Telephone Company, Limited, and the Lancashire and Cheshire Telephonic Exchange Company, Limited.

The new

articles of association were filed on the same day authorising a capital of £4,000,000 divided into 15,000 first preference shares of £10 each, 15,000 second preference shares of £10 each, and 74,000 ordinary shares of £5 each. The directors are Charles S. Agnew, J. W. Batten, James Brand, J. Bruce, J. S. Forbes, Peter Garnett, Eli Heyworth, Col. R. Raynsford Jackson, F. R. Leyland, J. Bond Morgan, Dillwyn Parish, W. Cuthbert Quilter, M.P., G. H. Robertson, S. H. Sands, Alderman Joseph Thompson. Qualification, £3,000 in shares; remuneration, £5,000 per annum, to be divided as they may determine.

Lancashire and Cheshire Telephonic Exchange Company, Limited.—On the 26th July a notice was filed of the special resolutions passed on the 11th June, and confirmed on the 4th July, authorising the amalgamation of this company with the National Telephone Company, Limited.

Dutton & Company, Limited (Mechanical and Electrical Engineers).-An agreement of 30th June, filed on the 19th July, provides for the purchase by the company of the business of Dutton & Co., of Worcester, railway signal engineers and manufacturers. The purchase consideration is the allotment of 1,825 ordinary shares to Mr. S. T. Dutton and to Mr. S. G. Corkran, 575 ordinary shares, to be issued as fully paid up; a further part of the consideration is £1,000 in cash. The stock-in-trade and machinery will be purchased at the valuation price of £1,950, payable in cash.

THE BIRMINGHAM EXHIBITION.

THE Electrical Exhibition, opened yesterday at Birmingham, bids fair to prove one of considerable interest to manufacturers from the surrounding districts, and also to the general public of the locality. Messrs. Fowler, Lancaster & Co., the initiators, promoters and engineers of the undertaking, certainly engaged themselves in no slight task, seeing that Bingley Hall was handed over to them but three weeks ago. Since then much has been done, but a great deal remains to be done to achieve that

completeness which the above energetic firm has set itself to accomplish.

At the opening ceremony Mr. Joseph Ansell, the deputy Mayor of Sutton Coldfield, having sketched the history of Birmingham exhibitions, beginning with that held long before the Great Exhibition of 1851, in London, which he claimed was suggested by that of an earlier date in the Warwickshire town, Lady Randolph Churchill, who was accompanied by her husband, in a few and appropriate words, declared the Exhibition open to the public.

Up to the time of opening some goods were still unpacked, others were unplaced, and some, but fortunately few, exhibits had not yet arrived. Among the former may be mentioned with regret, the cars for the telpher line running round the gallery in the gardens.

The lighting of the Exhibition building has been entrusted to the Anglo-American Brush Company, Messrs. Ernest Scott & Co., Laing, Wharton & Down (Thomson-Houston system), ElwellParker, Limited, Planet Electrical Engineering Company, Mr. Goldston (Bernsteia system), and to Messrs. Shippey Brothers (Waterhouse system). The last mentioned firm has, we understand, been unable to carry out its portion of the work owing to patent complications with the Westinghouse Company.

The supply of electric motors for driving working exhibits is undertaken by Messrs. Crompton & Co., Immisch & Co., Laurence, Paris & Scott, and Elwell-Parker, Limited. Among the engines for supply of motive power will be found a high-speed Armington and Sims engine of 80 H.P., exhibited by Messrs. Greenwood and Batley; a compound engine of 80 H.P. by Messrs. Ruston and Proctor; a compound engine of 30 H.P. by Messrs. Robey & Co., who likewise exhibit two high-speed engines of their latest pattern, one of which is also compound; also a vertical Raworth engine is exhibited by the Anglo-American Brush Company. The boilers for supplying the steam to these engines are two by Messrs. Galloway, of Manchester, capable of working up to 300 H.P. at a pressure of 100 lbs.

The two large Robey and Ruston and Proctor engines drive the main countershafting, which is fitted with Wells's wrought iron split pulleys and flexible bearings.

Electrical conductors are well represented by Messrs. W. T. Glover & Co. (an extensive and well arranged assortment of specimens); W. T. Henley and Company, Limited; Callender Bitumen Company, Limited; and by Messrs. John Fowler and Company, Limited, who exhibit the well known Tatham leadcovered cables.

The Edison and Swan Company has a large case of incandescent lamps, &c., and the Electrical Power Storage Company likewise has a stand, on which various samples of its accumulators are displayed.

In the list of exhibitors may also be found the well known names of the following electrical firms:-The Acme Electric Works; Messrs. Appleton, Burbey and Williamson; Buller, Jobson and Company; J. Davis and Son; Fowler, Lancaster and Company; General Electric Company; Lacombe and Company; Mayfield and Company; Muller and Company (Schuckert instruments); Nalder Brothers; the National Telephone Company; Julius Sax; the Schanschieff Battery Company; J. G. Statter and Company, Limited; Stafford and Eaves.

Sir David Salomons also has an exhibit of a complete set of apparatus for rendering an installation, containing an accumulator, completely automatic, also self-governing in respect to keeping the charging current constant and the pressure on the lamps constant by counter E.M.F." The arrangement is Sir David Salomons's own, and is that which he has worked satisfactorily for many years at his home at Broomhill. Gas engines are exhibited by Messrs. Dick Kerr & Co., by S. B. Barker & Co., and by Messrs. Crossley Brothers.

From the foregoing it will be seen that although there may be to the initiated but little of exceptional novelty, there must be in this very considerable collection of apparatus and machiney much of an interesting nature, and much also to demonstrate the progress made since the last successful exhibition of a similar kind held in Birmingham about three years ago. The representative character of the exhibition, coupled with the central position of the town, should induce all interested in the progress of the electrical industry to pay the Midland town an early visit.

CITY NOTES, REPORTS, MEETINGS, &c.

Edison and Swan United Electric Light Company. THE sixth annual general meeting of the shareholders was held last Tuesday at Cannon Street Hotel, Mr. Staates Forbes occupied the chair.

After the Secretary had read the notice,

The Chairman said: I should feel much more at home if we had a larger audience. The report has been printed and circulated, and, in accordance with practice, I shall proceed to make a few remarks, and to give such elucidation to the figures as you may desire, and then propose certain resolutions. Perhaps I had better go at once into the figures; having dealt with them I shall have to say a few words on the general subject of the position of the company. The

130

balance sheet I think we had better deal with first, and I shall very shortly deal with it. On the debtor side, which statement of capital remains unaltered during the year, there has been no addition to capital. It is set forth in the simplest possible form, and you will see how it is made up. Putting the different sums together of fully paid shares and partially paid shares the A capital comes to £353,478. That is the particular capital which, being encumbered with no prior shares, comes in for the first fruits of the undertaking; after that there are so many shares amounting to £117,820, the shares which are in fact held by Mr. Edison and his friends, and which stand in the position of the deferred after the cumulative dividend on the A shares. Sundry credited balances, £4,711, being in fact money to which we are indebted to outsiders, and about that I have to say it is more favourable than it was last year, when it stood at £10,214. Well, then, the last item is not the least satisfactory one, profit and loss, as per appropriation, £14,000 against £25,000 in round numbers last year. On the other side of the account you will see the cost of patents, goodwill, preliminary outlay, and loss on working, as per last balance sheet, £274,991. During the year we have spent upon it £13,999. In addition we have realised by sale of plant, and other sums which we are to receive, £12,560; then we have to deduct shares to the amount of £12,000 held in the Manchester Company. The further deduction losses on realisation of sundry installations taken over at the date of amalgamation and heretofore reckoned among the capital outlay. The directors have from time to time explained the nature of this business taken, and our business has been to eliminate the bad from the good and to charge to the working of the undertaking, as opportunity offered, losses which were involved in getting rid of these bad bargains. I am glad to say we have now written down this last. I should like you just to realise this asset cost of patents, preliminary outlay, &c., is rather in the nature of something in the air, in the sense of not being a tangible thing which you could sell, such as tables, chairs, or anything of that sort, and it is very different from the items that you find set out below, which are concrete things, such as the Manchester, Edison and Swan Company investment. It strikes me as being a satisfactory thing that the result of the work of the year has enabled us to reduce what I may call the dead asset, and very considerably adding to the living asset. If you call a living asset the £12,000 in the Manchester, Edison and Swan Company it is not a particularly productive asset at the present moment, because it stands in the same category as the shares to Mr. Edison, £117,000. It is addition to the capital provided by the Manchester Company. Electric lighting businesses is showing signs of improveinent, and that which was not a very promising asset may in the future be a very valuable one. I think our own shareholders will see that in two or three years the position will be greatly changed. Investments, £27,500; this is well invested capital. Freehold property, £27,991; that covers possession of the land and factory where we now manufacture the bulk of our lamps at Ponder's End, the site in London called the Green Street site, which is put down within its original value, also a remnant of property at Newcastle. Plant and stock, £10,406. Of course, our factories are fitted up with plant and stock, and we have from year to year a great deal of tangible concrete value in that form. Of course, the value of such things depends upon their being part of the going concern. If one had to anticipate the possibility of the business stopping and those appliances being thrown out of gear they might not be worth 20s. in the £.; but as parts of a going concern producing profit they are certainly not over-estimated at that price. The item of office furniture was very small, and was being written down year by year, and I daresay the time is not very distant when we shall have redeemed all our furniture. The debtor's amount is £29,221, and we believe all good debts; then there is cash at the banker's, £29,206. Compared with the corresponding valuations and money in hand last year, that item is increased. It stood last year at £125,800; it is now £166,610, and is therefore about £41,000 to the good. I think we may congratulate ourselves on the result of the balance sheet. We now come to the profit and loss account-that, in fact, is the trade account; there, again, we can congratulate you upon the realisation of what has been predicted from time to time-that the business only wanted time to develop, and to develop rapidly, which it has done during the past year. In the preceding year we showed a not inconsiderable advantage, having realised about £25,000. For reasons which were explained at the time, and which the judgment of the proprietors commend, it was not distributed. As compared with that figure, this year the profit is much larger. The stock on hand, which means lamps and the materials connected with the manufacture of lamps as distinguished from the value of plant in the factory, is £19,590. The wages, purchase cost of installations, stands at £62,529; salaries, directors' fees, office expenses, at £8,562. Then there is the small item of a special character which will disappear from the accounts in the future, Mr. Swan's particular bargain with the company having terminated. The next item is depreciation of plant, £1,394, which we have written down in order to keep well within the value. The reserve for Manchester Edison and Swan is the next. This is a small amount for damages which we have received. Then there

is the income tax. On the other side of the account sale of lamps, fittings, and charges for work done, £111,715, interest, £1,000; Messrs. Davidson and others £2,140. This is rather an accidental item of damages or results of litigation paid by gentlemen who, having infringed our lamps and being found guilty, had to pay the penalty in royalties on the lamps they had sold. Then the stock on June 30th, 1889, was £25,985, and that you will see is somewhat

[August 2, 1889.

increased. We began the year with £19,500, and have now £6,000 more. The stock of lamps must, of course, increase from year to year, because it has to bear a proportionate relation to the volume of our business. The value of the business this year is £112,763; last year it was £88,404, therefore the results have increased by £24,000. That is a very gratifying feature. Our business is of a character which involves, compared with other businesses, very large sums for fixed charges; whether you produce a large stock or a small stock of lamps, you have the same amount to pay for rents, salaries, and such like. I will take you now to the paragraphs of the report; it shows how we have dealt with the balance of £72,000. We were face to face for the first time with the distribution of a dividend, and a distribution of a dividend in joint stock companies is not without its thorny places, as far as the responsibility of the directors goes. We were like other trustees, obliged to consider what the ultimate consequence of our action would be in dealing with the trusts, and there has been so much litigation and so much partially made law as to what is capital and what is profit, that we have been obliged to be very particular in the consideration of this matter. Of course it is more or less abstract, for there is really no settled law upon which directors could act, and we were in the unfortunate position of having to determine what ought to be done in justice to the shareholders and for our own protection as trustees. Well, we have thought it judicious to write down everything in the nature of a loss which has accrued since this business was initiated. We went into it with our eyes open, and we knew there were bad bargains, and the sooner we got out of them the better. Considerable sums have been written down in virtue of these losses in the earlier years of 1885 and 1886. We had indeed certain of these losses, and in the balance sheets they were dealt with by remaining as part of the goodwill, cost of patents, preliminary outlay, &c. We have now eliminated everyone of these things by appropriating £28,815 143. 2d., which, as far as we can estimate at present, is the last item which is likely to trouble you under the head of loss. To meet this loss in conformity with the discretion invested in the board, we have done what is exceedingly prudent as men of business, and which will meet with the approbation of the shareholders. We have done it this year because we can afford it. We have also created a reserve of £4,595, and recommend the appropriation for dividend of 7 per cent. upon the amount paid up on the A shares in respect of the year ending June 30th, 1889, and of 3 per cent. further on account of the arrears of preferential dividend on the A shares in respect of the year ending June 30th, 1884. That dividend was not, therefore, resting on the profits of that particular year, but was an accumulated dividend. Therefore, where in any year the profits were not sufficient to pay 7 per cent., the balance became a charge on the extra profits of future years, and if you are familiar with the old report you will remember it was continually brought to your knowledge that the B shares were entitled to a quarter of the profits after 7 per cent. was paid on the A shares of the accumulated preferential dividend. After having paid the 7 per cent. there is still enough left to wipe out some of the arrears of accumulation, and upon that we propose to add a further 3 per cent. on account of the accumulated preferential dividend in respect of the A shares for the year ending June 30th, 1884, so that the dividend is 10 per cent. But what we want to impress upon you is, that you are not entitled to receive more than 7 per cent. in any particular year, but that 3 per cent. is coming back into your pockets to pay up old scores. I must qualify what I say, for if the arrears are wiped out and the business progresses in anything like its present ratio, next year the 3 per cent. will be larger. The A shares took the first fruits, and over 7 per cent. they participated with the B shares. Everyone knows that during the past few years we have gone through a great deal of trouble. We have had to guard our inventions, and have fought out the Woodhouse and Rawson Company and the Brush Company with the results already known. In concluding, he referred to the directors fees, which had appeared for the first time. When the company was poor they had accepted half fees, but now they were becoming rich he thought they were entitled to them.

The motion for the adoption of the report was then proposed, aud seconded by Mr. F. R. Leylands.

A vote of thanks to the Chairman concluded the meeting.

The Globe Telegraph and Trust Company, Limited. In the report presented at the sixteenth ordinary general meeting, July, 1889, the directors state that the net revenue of the counpany for the year, after deduction of expenses, amounts to £188,624 1s. 2d., which, with the balance of £2,107 Is. 3d. brought forward, make a total of £190,731 23. 5d. From this amount there has been distributed the sum of £126,300 153. 2d. in interim dividends, leaving an available balance of £64,430 78. 3d.

The directors recommend the payment of a final dividend for the year of 3s. per share on the preference shares, and of 43. per share on the ordinary shares, making, with the former distributions, a total dividend for the year of 6 per cent., less income tax, upon the preference, and 4 per cent. net upon the ordinary shares (against 3 per cent. for the preceding year), and carrying forward a balance of £2,053 16s. 5d.

As indicated in the last report, the Imperial German Government have acquired the lines of the German Union Telegraph Company of Berlin, and that company, and also the German Union Telegraph and Trust Company, Limited, have been liqui

AUGUST 2, 1889.]

dated. This company has received its proportion of the return of capital.

In addition:-400 shares of French Telegraph Company Paris to New York have been sold, and 66 shares of the German Norwegian Cable Company have been drawn for amortization, and paid off at par, less exchange.

The following re-investments have been made, viz. :-7,444 Eastern Telegraph Company's new shares. £62,000 Direct Telegraph 6 per cent. debentures. 2,700 West Coast of America telegraph shares (fully paid). 2,750 American Telegraph Cable Company's ($100 fully paid) shares. Five per cent. guarantee of the Western Union Company of New York. 3,145 West African Telegraph Company's shares, £10 fully paid.

The income from the re-investments will, it is anticipated, show an improvement on the securities paid off.

In conformity with the articles of association, Sir John Pender, K.C.M.G., and Sir James Anderson, two of the directors, retire, but, being eligible, offer themselves for re-election.

The auditors, Mr. John George Griffiths, F.C.A. (Messrs. Deloitte, Dever, Griffiths & Co.), and Mr. William Griffith, B.A., barrister-at-law, also retire at the meeting, and offer themselves for re-election.

The meeting was held on Tuesday last at Winchester House, Sir John Pender in the chair.

The Secretary read the notice and the minutes of the last meeting.

The Chairman said: Gentlemen, before I begin to make any remarks I must refer to the absence of one of our directors, Sir Daniel Gooch, who has always taken great interest in the working of the company. He has been ill for some time past, but his son, who is also on the board, informs me that he is getting well again, and I hope we shall soon see him amongst us. When I addressed you last, 12 months ago, I spoke with considerable hope; I referred to the previous year, when I spoke with doubt. Our surroundings were then dark, and the different telegraph companies were passing through a considerable state of excitement. The Anglo, which is one of our largest constituents, was fighting the question of the Gd. tariffs. Of course, the 6d. tariffs meant very inuch lower returns for the Globe Company. I am happy to say that, as I prophecied, I am able to give a better report on the affairs. As you know, we depend entirely for our dividends on these large companies, and I think they are doing very satisfactorily indeed. There is another important point that we are bringing before you to-day-that is, we have changed a considerable investment which we had in the German Submarine Telegraph Company, it having been bought by the Government of Germany, and have invested elsewhere, and, on the whole, we shall get a larger return for the re-investment than we had upon the German investment. These are all favourable points, but the most important of all is that the Anglo-American is now earning a fair dividend. The 1s. tariff has so far satisfied the requirements of the public, and we are getting now just double the amount of money we got previously. The Eastern Extension have also increased bonuses, and that has added very considerably to our income. We are paying a dividend of 1 per cent. higher than we paid last year, and we are also carrying forward a fair sum; we never intend to carry a large sum forward, only a moderate sum. Looking all round at our investments, I doubt if they have ever been in a more satisfactory state than at the present time. The ls. tariff of the Anglo has been in existence 10 months, so that when we meet you again it will have had a good trial. I have given you a general detail of what has been done, and our company is to be the pioneer of those companies that have been formed of late years to break up and divide dividends. Our company was established years ago on the principle of preferred and deferred shares. Looking at the rise that has taken place, we may have considerable hope that that prosperity will continue, and that the deferred shares of this company will take up the position which I think they are entitled to take, and that will be a good position compared with the companies who are now paying 5 and 6 per cent. There is one point that I want to draw your attention to. We have put some £50,000 into the Western Union Company, and it is a very singular and very satisfactory thing for us that these 5 per cent. debentures are guaranteed by the Western Union Company. Still I am anxious that an international character should be given as much as possible to submarine telegraphy. We follow the flag, and the result of it is that wherever there is civilisation, we are participating in the growth of the place. The Western Union Company is a very powerful company in America, so powerful indeed, that I doubt if there is any company that possesses a greater area than the Western Company, and their guarantee is consequently a very good one. In the face of all this there are always some people who think there are not sufficient cables in that climate at present, and I see in the papers that another cable is contemplated. I would say that a fifth wheel to a carriage would be very useless, and not at all ornamental, and that would be the case if another cable were added. If instead of having 10 cables in the Atlantic there had been 8, everything would have been satisfactory, but those make the difference. Whatever position the various companies occupy, we must watch them closely; what we desire to see is that they will prosper, because we know we have a corresponding prosperity. With these remarks I will move that the report and accounts for the year ended 1889, submitted to this meeting, be, and hereby are, adopted, and a dividend paid of 33. per share on the preference, and 4s. on the ordinary, income tax having already been deducted, making, with previous payments, a total

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dividend of 6 per cent. on the preference shares, and 4 per cent. on the ordinary shares.

The Marquis of Tweeddale seconded the motion, which was carried unanimously.

Sir John Pender and Sir James Anderson were then re-elected directors.

The retiring auditors having been re-elected, the usual vote of thanks brought the meeting to a close.

The Anglo-American Telegraph Company.

THE ordinary general half-yearly meeting of this company (the report of which was published in the REVIEW last week) was held last Tuesday at Winchester House. The Marquis of Tweeddale officiated as chairman.

The Secretary, having read the notice convening the meeting and the minutes of the last meeting,

The Chairman said: In moving the adoption of the report, which I presume you will take as read, I have in the first instance to apologise for the absence of our esteemed chairman, Lord Monck, who has been advised by his medical attendant to take a few weeks of complete rest, and I have no doubt we all hope this will restore him to his usual health. In submitting the report I shall have a more than usually agreeable duty to perform, because, although the dividend which we propose to pay is not a large one, and is certainly not sufficient to remunerate those who place their capital in such insecure property as cable property in the Atlantic, it is still by far the best dividend we have been able to pay for several years past; indeed, since 1884. Of course you know the increased receipts are due to the increase which took place in the rate, the rate has been doubled, and the number of messages has practically remained the same. This is a very satisfactory feature, and is more s because the six months under review are the least productive six months of the year. Already there is an increase in the receipts since the close of the year, and there is every reason to believe that by the time we meet you again a still more favourable result will be submitted. It must be satisfactory to you to know that while the receipts have doubled the expenses have remained practically stationary. It is true that if you examine closely the figures under B and C you will note that under one or two heads there is an increase, but these increases are exceptional; for instance, under the head of assurance there is an increase of a little over £500, this is due to payment to one of the superintendents, who was unable when the assurance fund was started, on account of illhealth, to take up his share in that fund; that will not occur again. In the same way, under the head of maintenance of landlines, you will observe an increase of £300; that is due to the removal of a land line from the roadside to the railway, a very great improvement, both in economy and in efficiency. Our repairing ss. Minia has been occupied in making certain repairs on the south side of the Atlantic, and has also been profitable to us in making repairs for one of our partners, and, above all, in a very satisfactory manner removing the St. Pierre Duxbury section, a cable which we have alluded to before, and which has given us constant trouble and expenditure; the removal to its present position will be of great benefit to us, and will lead to considerable economy. The announcement of a cable breaking, which would have created consternation at one time, is now received with comparative equanimity; this is due to the skill and experience of those who conduct the expeditions for repairing such. After referring to the recently broken line, the noble Chairman said: I do not think there is anything else for me to refer to. The lawsuit is still going on in France; the appeal may be expected to be heard in course of time. With these observations, I beg to move the adoption of the reports and accounts.

Sir James Anderson seconded, and Mr. Smith supported. Mr. Jackson thought more ought to be made out of the concern than was being done.

After a few remarks had been replied to by the Chairman, the report was accepted.

The usual vote of thanks terminated the proceedings.

Direct United States Cable Company, Limited.

THE twenty-fourth ordinary general meeting was held on Friday last at Winchester House, Sir John Pender in the chair, the directors report of which was published in our last issue.

The Secretary having read the notice convening the meeting, and the minutes of the last meeting,

The Chairman said: Before moving the adoption of the report, I will make a few remarks. The revenue for the half-year to 30th June, including income tax refunded, £299, and after deducting outpayments was £39,626, and the working and other expenses, exclusive of costs of repairs, £16,676, leaving a balance of £22,950 as the net profit of the half year, making, with the £11,641 brought from the previous half-year, a total of £35,592, interim dividend of 33. 6d. per share for December last, £10,624, similar dividend to the 31st March last, £10,624, the proposed final dividend of 33. 6d. for the quarter to 30th June last, £10,624; total, £31,872; leaving a balance of £2,712, which we propose to carry forward. The revenue for the half-year shows an increase of £22,118, as compared with the corresponding period of last year; but the tariff was then only 6d. per word. The expenses in London under Abstract A are so very nearly the same as in the corresponding period of last year, that a comparison of details is