REVIEW

ELECTRIC MOTOR FOR ALTERNATING

CURRENTS.

PROF. GALILEO FERRARIS, of Turin, who has carefully studied alternating currents and secondary transformers, has constructed a little motor based upon an entirely new principle, which is as follows: If we take two inductive fields developed by two bobbins, the axes of which cut each other at right angles, and a pole placed at the vertex of the angle, this pole will be subjected to the simultaneous action of the two bobbins, and the resultant of the magnetic actions will be represented in magnitude and direction by the diagonal of the parallelogram, two consecutive sides of which have for their length the intensity of the two fields, and for thelr direction the axes of the two bobbins.

If into each of these bobbins we send alternating currents having between one bobbin and the other a difference of phase of 90°, the extremity of the resultant will describe a circle having for its centre the vertex of the right angle.

If, instead of a fixed pole, we use a metal cylinder movable on its axis, we shall obtain a continuous rotatory motion of this part, and the direction of the movement will change when we interchange the difference of phase in the exciting currents. This rotatory movement is not due to the Foucault currents, for the metal cylinder may consist of plates of iron insulated from each other.

In order to realise the production of these fields, several means can be employed: The current is sent from an alternating current machine into the primary circuit of a transformer and thence into one of the bobbins, the other being supplied by means of the secondary current of the transformer. A resistance introduced into the circuit will produce the required difference of phase, and the equality of the intensities of the fields will be obtained by multiplying the number of turns of the secondary wire on the bobbin. Moreover, the two bobbins may be supplied by the secondary current of a transformer by producing the difference of phase, as in the first case.

In the motor constructed by Prof. Ferraris the armature consisted of a copper cylinder measuring 7 centimetres in diameter and 15 centimetres in length, movable on its axis. The inductors were formed of two groups of two bobbins. The bobbins which branched off from the primary circuit of a Gaulard transformer, and were connected in series, comprised 196 spirals with a resistance of 13 ohms; the bobbins comprising the secondary circuit were coupled in parallel, and had 504 spirals with 3:43 ohms resistance. In order to produce the difference of phase, a resistance of 17 ohms was introduced into the second circuit, when the dynamo produced a current of 9 ampères with 80 inversions per second. Under these conditions the available work measured on the axis of the motor was found for different speeds: Revolutions per minute: 262-400-546-650-722-770. Watts measured at the brake: 1.32-2 12-255-277-2.55-2.40. The maximum rendering corresponds to a speed of rotation of 650 revolutions, and Prof. Ferraris attributes the loss of work for higher speeds to the vibrations to which the machine is exposed. At present the apparatus is but a laboratory one.-(Bulletin International de l'Electricité.

CITY NOTES, REPORTS, MEETINGS, &c.

The Eastern Telegraph Company.

In the report presented yesterday the revenue for the six months amounted to £435,932 3s. 10d., from which are deducted £92,448 14s. 6d. for the ordinary expenses and £48,665 14s. for expenditure relating to repairs, renewals and laying of cables, &c., during the half-year. After providing £3,710 5s. for income-tax there remains a balance of £291,107 10s. 4d., to which is added £36,616 1s. brought from the preceding half-year, making a total available balance of £327,723 11s. 4d.

From this amount there has been paid, in interest and dividends, £98,748 15s. 10d., leaving a balance of £228,974 153. 6d., from which £118,000 has been carried to general reserve.

The directors recommend the declaration of a final dividend for the year ended 31st March, 1889, of 2s. 6d. per share and a bonus of 38. per share, amounting together to £110,000, both payable on the 18th instant, free of income-tax, and making, with the three previous payments on account, a total distribution of 13s. per share, or 6 per cent. for the year on the ordinary shares. The balance of £974 15s. 6d. shown at the foot of the revenue account is proposed to be carried forward to the next half-year.

The revenue includes £81,441 128. dividend and bonus for the half-year upon the company's investments in the Eastern and South African, the Black Sea, and the Direct Spanish Telegraph Companies.

Since the last general meeting the Eastern and South African Telegraph Company has completed the extension of its cables along the West Coast of Africa, connecting Cape Town, Port Nolloth, Mossamedes and Benguella with Loanda, where the cables of the West African Telegraph Company terminate, thus establishing an alternative line of telegraphic communication between Europe and the Cape of Good Hope, and completing the telegraphic circuit of the African Continent.

The directors believe that this work will be satisfactory to the shareholders, which is largely interested in the Eastern and South African Company, and to the public.

An agreement has been entered into between this company and the other telegraph companies interested in the South African Telegraph business, by which the telegrams to and from South Africa will be transmitted either by the East Coast or the West Coast route on joint account, and the receipts divided between them in equitable proportions.

A convention has been entered into between the French Government and this company for laying a cable between the company's station on the island of Perim and the French settlement of Obock.

The several sections of this company's cables are in good working order.

At the meeting Sir John Pender occupied the chair. The minutes having been read, the Chairman, after going minutely into the accounts, drew attention to the fact that when he was last before them he had said they were engaged on the very important work of completing the system round the West Coast of Africa. That work, he was glad to say, was now completed. Taking now the two lines together, no less than 17,201 miles of submarine telegraphy had been laid, and that enormous work could not have been accomplished without organisation. He considered the money for which he had asked last time was very profitably invested. What they had always aimed at was an international system, and all the civilised world recognised the fact that it would be impossible to live without their telegraphic system. The Indian traffic had considerably decreased, and that was due largely to the merchants having got their code to such a state of perfection that very large messages could be sent by the aid of very few words. He could not blame the merchants, but they must take care not to put on the screw too hard. Notwithstanding the very encouraging prospect, they had a large amount of work before them, as cables were getting old, and it would be necessary to replace with new

ones.

Captain Goodsall, amid interruptions, questioned about the advertising, and considered the amount for the half year as too heavy.

Sir John Pender said the amount was £450, £130 of that is for the Electrician. As I told you before, this paper belongs to myself and a few other gentlemen interested in electricity. We did not start the paper for the purpose of making money out of it; we return all the paper earns to the men who write the scientific articles. We send copies of the paper to every station, to enable our young men to see what is going on; it is done for the benefit of our staff, and not so much to enlighten the public, and it is not to put money into our pocket.

The motion was then put to the meeting and adopted.

A vote of thanks to the chairman brought the meeting to a close.

London Electric Supply Corporation.

AN extraordinary general meeting of this company was held last Monday, at Cannon Street Hotel, for the purpose of approving the accounts for the past 15 months. Lord Crawford occupied the chair. After the notice had been read convening the meeting,

The Chairman said: Gentlemen, we have met to-day in order to carry out the promise which your board made at our last meeting, when they presented their annual report, and told you then that they were about to lay the accounts of the past year before you. The business that we have to-day is to lay those accounts before you, which I believe have been already circulated. Before going into any question of these accounts I wish to inform you that the board has been materially strengthened by the addition thereto of Mr. James Forbes, who has come upon the board as vice-chairman and chairman of the finance committee. Your directors, in requesting Mr. Forbes to take this position among them, thought they were doing the very best for the interests of the shareholders in carrying out this arrangement. Mr. Forbes has been good enough to go very carefully into all matters relating to finance, and he will explain to you the whole of the accounts which are now laid before you. I may say that the form in which the accounts have been printed and produced now are mainly on the lines laid down by the Board of Trade for the accounts which are to be presented by all electrical companies in the future; they are based somewhat on the lines of the accounts which are produced annually and laid before Parliament by the gas companies, and I think they will be found sufficiently wide. Without entering into the matter, I will move that the accounts now submitted be approved. I will ask Mr. Forbes to go into the question of the accounts and also answer any questions.

Mr. Forbes Gentlemen, in seconding the resolution that the accounts be approved, I think I had better avail myself of the opportunity of the accounts being first submitted to the shareholders to deal a little with them in the order in which they appear in the printed documents before you. It is very desirable at starting that the proprietors should be thoroughly versed in these accounts, and probably the wisest plan will be to deal with the position of the business at the most recent period, that is to say, the quarter of the year terminating on March 1st. These accounts, as you know, ought to have been submitted in the year ending December 31st, but there were reasons which prevented that being done, and the directors thought it would be desirable, as some considerable time has elapsed since then, that you should be, so to speak, posted

to date, therefore, on the first sheet of the account you will see set forth the statement of the capital at various periods, statement of the share capital on December 31st, 1888, and of the loan capital. Since then, as you were made aware at your last meeting, there has been an alteration in the method of raising the capital of the company. If you will follow me through the statement of accounts you will see exactly where we are, both in respect to the resources of the company which have been called up, and also of that latent power which is so desirable in the case of a company that is on the verge of great undertakings. The capital is £1,000,000 divided into 200,000 ordinary shares of £5 authorised by the articles of association, the number of shares issued 111,000, called up £5 on 92,300 giving £461,500, and £4 upon 18,700 giving £74,800, that brings up your amount of share capital paid up to £536,300. You will see that upon the 18,700 there is £1 still to call which is in the nature of resource for future requirements, then in accord. ance with the resolution of the general meeting held December 21st, 1888, £250,000 preference capital was authorised, and of that 50,000 shares have been issued, their record per share being £1, then there remains unissued £445,000 on the ordinary shares, it is very material to know that over and above the amount of capital already called up so much has been subscribed to meet the requiremonts of the company from time to time. Besides the £200,000 unpaid in capital on the preference stock, £18,700 upon the shares 24 paid, you will have the power of issuing the remaining capital of £145,000, that is material in this sense that the authorities dealing with the application of electric lighting companies for licences or whatever they are called, required a very strong assurance that they were not merely bogus companies endeavouring to get licences to hawk them about to someone else, they would only entrust them to companies having a substantial back up. If you will kindly go to the next statement you will find it in two forms, capital account to 31st December, 1888, and capital account to the 31st March, 1889, though the resolution of the 21st December, 1888, authorising the creation of preference shares and the rearrangement of your then method of raising capital has been put into operation, and the 1st March statement shows exactly how it stands; you will see a great alteration between the two statements. You then had at the end of December £384,000 raised in money you now find that you have raised £586,300; representing £461,500 ordinary shares at £5,74,800 £4 paid, and 50,000 preference shares £1 paid, so that, in fact, since December the total amount of money received or receivable has risen from £384,000 to £586,300. On the next page you will see that money has been applied, and if you will turn to the account of December you will see the £374,617 has been spent up to that time, and as the works are going on and money spent from time to time, so that the expenditure up to to-day has been £392,957 14s. 1d., and the balance is £193,342 5s. 11d. I shall now make a few remarks on the revenue account. It has been put out in great detail in order that the directors themselves and the shareholders may be able to understand what are the general heads of expenditure involved in an undertaking of this kind, and what are the details making up the several heads. You will see what the heads are: Generation of electricity, distribution of electricity, rent, rates, and taxes, management, and legal expenses. The generation of electricity is shown in a number of items: coals, oils, engineers' salaries, repairs, &c.; that means, in fact, cost of creating the electricity or power which has to be distributed afterwards. For the purpose of creating this electric light, you have the work at the Grosvenor, and the great work which has been carried out at Deptford, which will in course of time supersede the Grosvenor, these expenses representing the cost of production, so to speak, of your article, the power is made in one place, and it has to be distributed to a great number of other places. Distribution is a totally different process, and is conducted through different machinery; this requires expenditure in the way of salaries, repairs, maintenance, wayleaves, and so forth, which are fully set forth under the heading of distribution of electricity. Administrative charges are more or less fixed in their character, except in the relation and proportion to the charges, such as the charges of electricity and distribution, which depend upon the amount produced and consumed. On the opposite side of the account we come to what is the kernel of the whole nut; what is the result of this large expenditure of capital, and of these large sums spent for production and distribution? The result will be, you will have a great number of customers who will pay sooner or later such reasonable charges for the article they consume as experience dictated to be the rate of charges, and out of that you have to get a return for your expenditure and the interest on your capital. I suppose no shareholder in this company-I have only had the honour of joining it recently, and have a great deal to learn-will suppose in the inception of a business of this sort having to contend with such great difficulties would, in the first period of its existence, at once burst out into a position of great prosperity. What we have to consider is whether the initiatory period which must of necessity involve excessive expenditure on the one hand, and comparatively small revenue on the other, is of such a character as to induce in the minds of reasonable men the belief that the undertaking is sound. At the other side of this account you get the income which has been derived from this expenditure. Sale of current per meter at 74d. per B.T.U., and under contracts £21,141; and there are certain other small items such as rentals and meters, apparatus, sale of apparatus and other items, bringing in a revenue of £24,989, £25,000 in round numbers. The eye naturally wanders down to the other figures-expenses, £26,000, and if the eye were to wander there in future and found no more satisfactory result, I daresay you would not be very

hopeful about it. It seems by this account that during these 15 months of what may be called the initiation of this business the income was absorbed by the working expenses. Just consider for a moment what was going on-a broken kind of business, few customers compared with the expenses of generation, and a great deal of the current that was generated not utilised at all. I think I may put it in general terms-if all the current which was produced for £26,000 could have been distributed, sold, and paid for, the result, instead of being a very small balance against you, would have been a balance in your favour, but in the very nature of things I think you will have to submit to the account. There was more electricity generated than you could sell, that is the natural kind of things when you consider the circumstances. In order to test whether that is starting upon a sound foundation we have had the revenue account for the three months ending 31st March made up. During these months the concern was still in a state of transition, still wanting customers, and you must remember the public are slow to follow in this business, and only by degrees, as confidence is inspired, do they give orders, and when orders were given it was not wise or easy to immediately execute them. You know what has been going on in Parliament. The regulation of electric companies has been under the consideration of the Board of Trade, and they have had to consider who is to be deputed to undertake this business and upon what conditions. During the time these discussions have been going on it is easy to understand why not only the directors have held their hands, but why the public did not come in as rapidly as they would do and will do when these points are settled, and when they know they are dealing with a legally constituted company. Coming back to the revenue account of the three months, you will see a change for the better. The accounts are made up in exactly the same detail and order, and except there being a loss of £382 on the working expenses as there was in the account of the 15 months, there is a profit of £584 in three months. That is not a very large profit upon the capital spent ; it is useful as indicating we have turned the corner, and the same observation as I have made as to the generation and distribution of electricity holds good in that quarter as it did in the previous year. Well, what is going on is this, knowledge and experience, and scientific investigations and application are bringing things into harmony, and, doubtless, in another three months will bring the business into much more equilibrium than it is now; generation will bear a much nearer approximation to your distribution and sale power than it does at the present moment. What the board are waiting for is the completion of the great works at Deptford; these works are, of course, very bold, they are very costly, but they will, when finished, at a comparatively small relative charge, do what smaller works would not have done, they will put you in possession of the means of supplying an increased demand at a price which could not have been done by any multiplication of places on a much smaller scale; to create at one centre an enormous amount of electricity and by conducting to various parts of London, to reduce the cost of production and the fixed charges of production at the least possible figure. I think I have said enough upon the question of the revenue accounts; although the 15 months are not very profitable to look upon, three months under the influence of more experience, reduced cost and more customers, has presented rather a better aspect, and I need hardly tell you that if £548 for a quarter goes on rapidly being multiplied, as everybody this side of the table thinks it will, when the directors have the pleasure to meet you, the result will be a good deal more satisfactory; I have nothing further to add, and therefore second the resolution moved by the noble lord.

A few questions were asked by one or two shareholders, which were answered by Mr. Forbes.

The Chairman then put the motion that the accounts be adopted to the meeting, which was carried unanimously.

Lord Crawford then said: This closes the work which we have to do to-day, but probably it will be desirable that I may say a few words on the state of your property since I had the honour of addressing you. At that time I told you that we were doing all that we could with regard to obtaining Parliamentary consent for doing our work underground instead of overhead. Overhead wires were very useful, but entail considerable labour and considerable risk to ourselves. When I say risk, I do not mean risk of danger, but risk of interference, owing to the inefficient means of our obtaining any permanency for these cables, because they are always at the mercy of a single individual, who may say, "Take the pole off my house," and if you have to do that, and you cannot get a way, you practically break off the whole circuit. On the 21st December we had prepared, and I showed you at that time, proposals which we were then placing before the Board of Trade as to granting of statutory powers. I also showed you a map, which was coloured, with a great streak of red over it, showing that we were proposing to take over a very large portion of the metropolis. We had many interviews with the local authorities, and in many cases the desires which we had formed met their views. Having arranged as near as possible with various bodies, we went to the Board of Trade and presented our proposed order. We had many interviews with them, but we could not persuade the Board of Trade to take our views altogether, and they determined, at the instance of the local authorities and others, to hold what is called a legal enquiry, which was commenced on the 3rd April of this year, and extended continuously sitting for a period of 18 days. During that time Major Marindin, who was the inspector, heard before him all the objections that could have been raised to the orders he had before

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him. In course of time he made a report to the Board of Trade, which has since been presented to Parliament. With regard to the report I have no objection whatever; on the contrary, I am perfectly well satisfied with what we did, and I think the shareholders will have every reason, also, to feel satisfied with it. We have been given powers over 13 local authorities in London. Beginning at Deptford we have the Greenwich parish, Rotherhithe, Bermondsey, St. Saviour's, St. Olave's, a portion of Lambeth, Chelsea, St. Margaret's and St. John's, Westminster; St. George's, Hanover Square; St. James's, Westminster, and a portion of St. Martin's-in-the-Fields; in addition, Clerkenwell has been added to the order. Since that recommendation was made the parish of Newington, in South London, applied to the Board of Trade, saying that they would be deprived of the light unless we were allowed to go, and therefore Newington was added to the list; we have therefore a very large area over which we have jurisdiction. The main principle in Major Marindin's report was that, where it is possible, two companies should be put in the same area; that, you recollect, was entirely our view; we were opposed to monopoly, and perfectly willing that wherever we had powers that other companies should have powers also, relying upon our being able to do work in a business like manner. The areas in which we have competition at the present moment are as follows: In St. George's, Hanover Square, we have against us, or alongside of us, the Westminster Company; that company has powers over St. Margaret's; in Chelsea we have the Chelsea Company alongside of us, in our portion of St. Margaret's we have alongside the Metropolitan Company, and, again, also the Metropolitan Company extends its power over a similar portion of Marylebone parish, over which we have taken jurisdiction, the parishes lying to the east of Lambeth on the south of the river are served by us alone, no other companies have been promoted for the working of that district, though I have no doubt that others will come and seek to have powers alongside us, all we have to say is, we do not object to their coming. There is one important recommendation in Major Marindin's report which ran to this effect, in our generating station down at Deptford, Major Marindin thought it would be desirable to split up the building into two portions longitudinally, or that we should have another generating station. I showed that the dividing of the engine room in the manner in which he suggested was not possible, and also that the dividing it up would not really carry out his desires, that is, that every large engine should be insulated, practically have a wall or something of that description between it and its neighbour. I also showed that the advantage to the public was one with advantage to the shareholders, that if anything is to be done the money had far better be spent upon another plant and generating station in an advantageous part of London. The Board of Trade are willing that that should be done, and we shall commence the erection of another station in another place. As to what has occurred since I last had the honour of speaking to you on 21st December, you will remember early in April last year we commenced work upon our Deptford land; very little had been done then except the pulling down of some brick sheds that were lying there; since that time we have put up suitable buildings, and are in a very fair way of commencing to take active proceedings. We have made a building, consisting of boiler-houses and enginehouses, which cover an area of 40,000 square feet; the cubic capacity of those buildings runs up, if I remember rightly, to some 3,000,000 cubic feet; the boiler-houses are to the exient of 12,000 H.P., and have been tested up to 300 lbs., and are again being tested to a higher rate. We have erected and run two engines of 1,500 H.P., which can be started and worked in a very short time now. Possibly many of you may remember that a short time ago we had an unfortunate accidenta steam pipe breaking-which was practically the fault of no one; it was owing to the inherent qualities of copper under pressure, apparently some chemical action is set up which renders the copper unsafe; this accident, I am grieved to say, resulted in the death of an unfortunate labourer. It caused us to take down the steam connections from these engines and test them up to a much higher pressure than they had been put to previously, and these connections are now being made, and I trust in a very few days the engines will again be able to be actually worked. The dynamos which are to be worked by these 1,500 H.P. engines are in a very definite stage of completion, and in a short time these machines will be working, each machine being able to do more than the Grosvenor Station is able to do at the present moment. When we start at Deptford we shall be able to relieve the working of the Grosvenor to the extent of some 15,000 lights. The Grosvenor Station, as, I think, was noted just now, would be done away with in course of time; but we do not wish to stop the working at the Grosvenor until we are absolutely going so far that we can wipe out the Grosvenor station; consequently the Grosvenor will go on for four or five months. However, we shall be able to work the Deptford plant before the powers that we seek to obtain are granted to us. When Parliament is good enough to confirm the Orders which have been made, we have certain formalities in the Order which are laid upon us before we are allowed to do anything to the streets. We are not allowed in future to lay overhead wires, our work has to be done underground. We have to give notice to the local and other authorities before we are allowed to break the ground. If ret our Orders this month it may be supposed that we should to begin in September, but that is not so, for all the local put in the Orders that no portion of the month of all count as a month; therefore, if we get the uly 31st the whole month of August will be wasted,

and we shall only be able to give our month's notice on September 1st and begin to break the ground on October 1st. Before that time we shall have everything ready at Deptford for supplying current and relieving the Grosvenor station by means of our existing overhead works, because we have been fortunate enough to make arrangements with the local authorities and with the railway company which will enable us to do without incurring any further expenditure. In addition to the large engines that I have mentioned all the smaller engines are practically complete and in working order. The first two large machines which I alluded to are well advanced, the most difficult portion of this operation was to get what is known as the crank shaft of the dynamos, these have been cast in Scotland, and are made of steel, the casting itself was over 75 tons weight, and when finished will weigh over 60 tons, and I think the magnitude of the undertaking will be understood when it is said this is the largest casting that has been made in Scotland. As a wise precaution we ordered three of these shafts, consequently one will be ready in case anything should happen to either of the two, or ready for use in the third machine when it is ordered. The engines for driving these two large dynamos are ready for delivery as soon as we are prepared to receive them. The wharf which runs along the river frontage, 195 feet or thereabouts, is entirely finished, we have a large steam crane on it capable of making a lift of 50 tons in working order; a railway has been made running from the river to the south side of the property, that is the street frontage, we have two cranes running along it each capable of lifting 10 tons, and in the engine rooms we have a travelling crane lifting 25 tons and one of 50 tons. The other important part of the work which has been finished, I think satisfactorily, since we last met, is the main work machinery, that has come to a position and state of perfection which leaves little to be desired, the output of this machine is about half a mile of main per day. I do not know that there is anything more to be said, I think you have reason to be satisfied with your property, and I am sure that anything that can be done by the directors to enhance the value of your property will be done and always has been done.

A vote of thanks to the chairman brought the meeting to a close.

The Anglo-American Brush Electric Light

Corporation, Limited.

THE directors have issued a report to the shareholders, in which they say they have pleasure in advising the shareholders that the mortgage debentures which were offered for subscription in April last have all been allotted, the applications for the same having been in excess of the amount to be allotted.

As a result of obtaining this additional capital, the directors have been enabled to give effect to the policy indicated in former reports, of extending the capacity of the corporation for carrying on its manufacturing operations; and a provisional contract has been made to acquire the business and properties of the engineering establishment known as the Falcon Works, at Loughborough, in Leicestershire, upon the terms mentioned below.

The directors have also entered into a provisional agreement with the Australasian Electric Light Power and Storage Company for the transfer to the corporation of its business as a going concern. The Australasian Company, which is one of the companies formed in 1881-1882 to work the Brush and Lane-Fox patents, has also acquired by its amalgamation with the Edison Indian and Colonial Company the patent rights of Edison in India, Australasia, and South Africa. The policy of re-acquiring the rights held by the subsidiary companies has already met with the full approval of the shareholders, and the terms of the proposed arrangement, which in the opinion of the directors are fair and equitable to both companies, are mentioned below.

The memorandum of association of the corporation, which was drawn up many years ago, before the present requirements of an electrical manufacturing and contracting company were realised, has been found to be inadequate. It is therefore necessary for this, as well as for a variety of minor reasons, to extend and amend the memorandum of association, and as this can be legally accomplished only by means of a re-constitution of the corporation, the directors have given the whole position their very careful consideration, and now submit for the approval of the shareholders the scheme of reconstruction mentioned below.

The directors take this opportunity of announcing the settlement of the litigation with the Edison-Swan United Electric Light Company in regard to incandescence lamp patents. Under the arrangement come to, the Edison-Swan Company accept a licence to use the Lane-Fox and other incandescence lamp patents held by the corporation, and they pay the corporation a royalty upon the basis of the number of lamps made, but subject to a maximum payment per annum. The corporation, on the other hand, give up the manufacture of incandescence lamps, and agree to buy from the Edison-Swan Company on the most favoured terms to dealers, until the expiry of the Edison patent. The Edison-Swan Company waive all claim to damages, and it will be remembered that in regard to the Cheesbrough patent Mr. Justice Kay was against the corporation, and no appeal was entered, but the corporation agree to pay the Edison-Swan Company's taxed costs. The arrangement, which applies only to the United Kingdom, fully protects the corporation's customers, who will not be subjected to any inconvenience or expense.

The only other litigation in which the corporation is engaged is that relating to compound-winding of dynamos. It will be re

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to offer seats at the board to one director of the Falcon Company, and one director of the Australasian Company, and they are in consultation with some of the leading shareholders as to the advisability of appointing one or more additional directors.

Also, the directors refer to the notice convening a special meeting of the shareholders and the resolutions set out, and they strongly recommend these resolutions for adoption, in the full conviction that the course suggested will be found to be in every respect beneficial to the shareholders.

Australasian Electric Light, Power, and Storage Company, Limited.

In a circular to the shareholders the directors state that they have entered into negotiations with the Anglo-American Brush Electric Light Corporation, with a view to amalgamation with that company. This company, now so well known in the market, has recently decided upon a considerable extension and development of its business, as will be seen by the enclosed circular to its shareholders, announcing the formation of a larger company intended to embrace not only the original company and the Australasian, but also an important engineering works in the Midland Counties well calculated to assist the scheme of development.

The work just carried through, in conjunction with the AngloAmerican Company, in connection with the Melbourne Exhibition, and the very marked revival of business, both here and in the colonies, in electrical work have led the directors of the Australasian Company to feel the necessity of obtaining much greater financial strength and manufacturing facilities.

Your directors have, therefore, felt justified, in the interests of all classes of the shareholders, in abandoning the scheme for reduction of capital and the issue of preference shares proposed in the circular of 23rd January last, and have entered into an agreement, subject, of course, to the approval of the shareholders, by which the new Brush Company will take over the entire business of the Australasian Company, including all liabilities and assets, as hereinafter explained.

The consideration to be paid by the new company is a sum of £45,000 in preference and ordinary shares, which will be available for distribution among the shareholders, inasmuch as the Brush Company, in addition thereto, pays expenses of liquidation. As it is not possible to speak with absolute accuracy of the position and liabilities at the present moment in Australia, it has been necessary to provide for the possibility of a reduction of this amount in the event of unforeseen liabilities appearing, or in the event of any of the patents having lapsed; but the directors have taken all practical precautions on these points, and do not anticipate any material inodification under this head.

The shares of the Anglo-American Company at present are of the denomination of £5 each, some fully paid and others £1 paid, but the unpaid portion on these latter will now be called up for the purpose of equalisation. These £5 shares are quoted 4} 3, and it is now proposed, in the amalgamation, to make two classes of shares, the present £5 share being represented by one preference share of £2 entitled to 6 per cent., and one ordinary share of £3 entitled to the residue of all the profits.

As in the case of the Anglo-American Company, it will be necessary that the 103. per share now remaining due upon a certain number of the shares of the Australasian Company should be called up for the purpose of equalisation.

According to the articles of association of the Australasian Company the above sum of £45,000 would be divisible in the following proportions between the original ordinary and the ordinary (Edison) shares, viz. :-The original ordinary £5 shares will be entitled, when fully paid up, to £39,815, equal to about £1 10s. 3d. per share; and the ordinary (Edison) £1 shares (already fully paid), being only entitled to rank for 50 per cent. of their face value in any distribution of assets, will be entitled to £5,185, equal to about 3s. 1d. per £1 share.

The directors anticipate that the shareholders will reap considerable advantage from the much better quotation and freer market which it may be expected the shares of the Brush Electrical Engineering Company will enjoy than is possible, in the circumstances, with the shares of the Australasian Company.

As will be seen by the circular of the Anglo-American Company, the prospects of the trade generally are now brighter than they have ever been, while the addition of the Falcon Engine and Car Works should enable the new company to take quite an exceptional position in regard to the important work now coming to the front in connection with tramways and light railways. The prospects in Australia, according to the advices of the general manager there, are also of the most promising character to any company with resources such as the amalgamated undertaking will possess. The directors, therefore, feel no hesitation in recommending the adoption of the agreement which will be submitted for consideration at a special meeting of the shareholders convened by notice herewith for 23rd inst., at 3.30 o'clock, at the offices of the company. It is hoped that a good number of shareholders will be present at this meeting, but a form of proxy is sent which can be returned to the secretary with any instructions shareholders would like to give with regard to the same, to be filled up and returned before the 20th inst.

It is understood that Lord Thu low and his colleagues upon the board of the Brush Corporation will continue directors of the new company, and that at least one member of the Australasian board will be invited to join the board of the new company.

The Edison and Swan United Electric Light Company, Limited.

THE directors in presenting their sixth annual report for the year ending June 30th, 1889, state that the sale of lamps and fittings has progressed in a satisfactory manner during the year, and has resulted in a credit balance of £47,729 5s. 9d.; to this must be added the sum of £25,123 93. 7d., the balance of account for the year ending June 30th, 1888, making a total of £72,852 158. 4d., out of which the directors have appropriated the sum of £28,815 14s. 2d. to meet losses realised on finally disposing of sundry installations taken over at the date of the amalgamation, and have, under clause 89 of the articles of association, created a reserve of £4,595 10s. 10d., and they recommend the appropriation for dividend, in accordance with clause 87 of the articles of association, of 7 per cent. upon the amount paid up on the "A" shares, in respect of the year ending June 30th, 1889, and of 2 per cent. further on account of the arrears of preferential dividend on the "A" shares, in respect of the year ending June 30th, 1884. The supply companies are establishing central stations in London and the provinces, which must lead to a considerable extension of the business of the company.

The appeal of the company from the decision of Mr. Justice Kay was heard before Lords Justices Cotton, Lindley, and Bowen, who reversed Mr. Justice Kay's judgment, and decided that Mr. Edison's patent, November 10th, 1879, was valid.

The Brush Company gave notice of their intention of appealing to the House of Lords, but a settlement has been arrived at by which the case will not be carried to the House of Lords. The Brush Company give up manufacturing incandescent lamps, and they pay the taxed costs of the action.

Viscount Anson, and Mr. Ernest Villiers retire from the board and offer themselves for re-election as directors. Messrs. Welton, Jones & Co. (late Messrs. Quilter, Welton & Co.), the auditors, also retire, and offer themselves for re-election.

The Exeter Electric Light Company.

IN the first annual report, just issued, it is stated that innediately on the formation of the company numerous obstacles were raised which had greatly retarded the introduction of electric light into the city, but the directors have overcome the difficulties. The directors have since secured (at a very low price) the freehold property in the New North Road, known as the Rockfield Factory, and plant of the highest possible efficiency (acquired on advantageous terms) is now being laid down, which will enable the company to supply the electric light at an unusually low price. The directors are pleased to say that the demand for electric lighting in Exeter has more than realised their expectations. Already a large number of arc lamps and about 1,000 incandescent lamps have been applied for. Contracts have been entered into for lighting several public buildings and places of worship, and some of the most enterprising citizens, including the proprietor of two of the principal hotels (the Half Moon and Clarence) have decided to light their premises with the electrie light. To provide the plant required to meet the present demand and the further applications which it is anticipated will be received as soon as the light is being actually supplied, further capital is required. The share capital already subscribed, including shares agreed to be taken, amounts to £7,000.

The Direct United States Cable Company, Limited.— At a meeting of the board held on Friday, it was resolved to recommend a final dividend of 3s. 6d. per share, free of income tax, payable on and after the 27th July instant, making, with the interim dividends already paid, 3 per cent. for the year ending 30th June last, carrying forward a balance of £2,719 23. 11d. Register of transfers will be closed from the 12th to the 26th July, both days inclusive.

Anglo-American Telegraph Company, Limited.—At a meeting of the board of directors on Monday, it was resolved to declare an interim dividend for the quarter ending 30th June, 1889, of 15s. per cent. on the ordinary stock, and £1 10s. per cent. on the preferred stock, less income tax, payable on the 1st August to the stockholders registered on the books of the company on the 10th July, 1889.

TRAFFIC RECEIPTS.

The Brazilian Submarine Telegraph Company, Limited. The traffic receipts for the week ended 5th July, 1889, amounted to £4068; and for the week ended 12th July, 1889, amounted to £4,150.

The Western and Brazilian Telegraph Company, Limited. The traffic receipts for the week ending 12th July, 1889, after deducting the fifth of the gress receipts payable to the London Platino-Brazilian Telegraph Company. Limited, were £2,793.

The West India and Panama Telegraph Company, Limited. The estimated receipts for the half-month ended the 13th July are £2,519. as compared with £2.544 in the corresponding period of 1888. The March receipts, estimated at £7,394, realised £7,570.