COMPANIES' MEETINGS.

ELECTRIC CONSTRUCTION CORPORATION.

A general meeting of this Company was held at Cannon-street Hotel on Tuesday last, Mr. Spencer Balfour in the chair. After the Secretary had read the notice convening the meeting, The Chairman said the duty devolved upon him to propose the adoption of the report, owing to the regrettable absence of their esteemed friend Sir Henry Mance, who had within the last fortnight undergone a very painful operation. He was, however, near convalescence, and inasmuch as the illness was largely aggravated by devotion to the interests of the Corporation, he thought shareholders would agree in wishing him a speedy and complete recovery. He (the speaker) thought he must be grateful that the task had fallen to him, because in view of the satisfactory character of the report there would be no difficulty in obtaining the shareholders' approval to the resolution which he should move. He would go briefly through a few of the more striking features of the report, and when that was done he would conclude by making a few remarks on the general prospects of the undertaking. Dealing with the question of profits and the results achieved during the year, they would see by sales and work executed during the year ended September, 1891, a total of £160,036. This, of course, represented a large figure, and was proof that during the whole year their works had been fairly busy. It meant something like £3,000 a week on work alone of a manufacturing character. The next item in the account was cash and shares for licenses granted, patents sold, the profits upon formation of subsidiary companies. That item of £64,710 was important, and he wished to point out that it represented nearly all profit, and was therefore most gratifying. The patents which had been sold were not included in the original purchase from Elwell-Parker. There had been developments of patents which at that time were floating through the mind of their extremely able engineer and work director, Mr. Thomas Parker. These patents had been sold, or licenses had been granted to use them. In selling these patents they had not in any way diminished the securities which were acquired when the works were taken over. They were additional profits and securities acquired since that time, thanks to the genius of Mr. Parker. Out of the sum of £64,710 they had written off no less amount than £20,000, which was carried to diminution of capital account. He ventured to think that that was a precedent policy, and if they persevered for a few years to come, and if the sales and payments in respect to patents continued, which he had every reason to think would, the result would be that capital charges would be materially reduced, thus adding largely to the Company's capacity to pay a dividend. This year they proposed to write off £20,000, or one-third of the total amount received from the patents, as was mentioned before, to the diminution of capital, and they would see it so appear in the balance-sheet. After that there still remained a profit of £44,790. Referring to the profit and loss account on the other side, the shareholders would see that they had debited themselves with £3,099 for depreciation of machinery. They had endeavoured to keep machinery up to the highest point of efficiency possible in order to make two charges for repairs to the working expenditure during the year. In that way they had spent, as they would observe, over £3,000, although at the same time they had deducted £10,000 in profit and written it as depreciation of machinery, which they would observe. As prudent men, they had adopted a double course-£10,000 they set aside to meet depreciation of machinery, and they had spent £3,000 in preventing any depreciation of machinery arising. That was a good course, and was a singular course for Directors to take. He thought in this respect they might fairly claim to have set an example to every manufacturing company in the City of London. Head office expenses, including Directors' fees, salaries, accountancy fees, etc., stand at £11,423 7s. ld. At the last meeting the amount of office charges was challenged, and he (the speaker) said it would be part of his duty to keep them down as low as possible. Shareholders would observe that for the last year they had amounted to £11,000, as against £14,000 during the previous year. This was a proof, he thought, that he had kept his word to the shareholders, and that the Directors were really anxious to keep down the dead charges of the Company. Expenses of advertising, issuing debentures, law charges, etc., amounted to £13,110, which was a considerable increase upon the expenditure of the previous year. This was largely owing to the fact that during this year they had issued debentures, and a big debenture issue was not made without expense. The charges for this might have been spread out, if they had chosen, over two or three or even four years, but they preferred to bring it into the current year's account and get rid of it once and for all. In addition to that, there were heavy legal expenses which they incurred from time to time in asserting and maintaining the Company's position, and asserting and maintaining the position of the patents. He would promise to the shareholders vigilance on the part of the Board to keep this expenditure down, but he could not promise-while competition was keen, and while their opponents were so willing to take every advantage, fair and unfair, of the Company - any material reduction on legal expenses. A company of this sort lived by proving its capacity for fighting, and its capacity for maintaining the rights of the shareholders in the various properties in which they are interested. They had, he ventured to think, as good, if not better, legal advice than was to be found within the City of London. They got ample value for the money they spent in lawyers' bills, but it was generally the least satisfactory thing a man had to deal with. There had resulted a general profit

of £46,000, but of this £10,000 had been carried to reserve, leaving a net balance of £36,166. He then referred to the transactions during the year (which were some of the most interesting transactions that a Board could undertake) in dealing with what he would call the electro-chemical patents, for which they were indebted to the marvellous ingenuity of Mr. Parker. He would here take the opportunity to remark that instead of purchasing, as was often the case, less than was bargained for, when they took over the Elwell-Parker, business, they had purchased a good deal more than they bargained for. They had derived these electro-chemical patents, which were then not valued at a farthing. So valuable and accruing a possession were these electrochemical patents that they thought it wise to place them in the hands of a separate company, and their friend and colleague Mr. Ebbsmith, who was managing director of the Electric Construction Company from the beginning and had practical experience of the negotiations attending these electro-chemical patents, elected to become the presiding genius of the Electro-Chemical Company. He would mention as one illustration of the success which had attended the floating of this Company in which they were the largest holders, that during the last few days they had sold one of these electro-chemical patents for a sum in hard cash representing close on £30,000, and was a contingent profit of many tens of thousands besides, and this was largely owing to the fact that Mr. Ebbsmith had had time to devote exclusively to working the patents. In a business of this sort he considered that they should not have too much subdivision, and the working of the chemical patents was quite a business by itself. The vast establishment which they now had at Wolverhampton was quite a business which claimed the energy and occupied the time of the very best men they could place there, and the same applied to electrical storage batteries. They found that they were not holding their own in the storage battery field in doing as much work as they had hitherto done. Mr. Courtney, whose life had been identified with storage batteries, agreed to take up the storage batteries in a separate company; and the result had been that the business has grown, and since it has been placed in separate hands it had yielded a very large profit. Therefore, while union of interests, union of aims, union of working were of the utmost importance, and a vital condition of this Company, independent management of independent branches was equally valuable and was equally important. He would here express his thanks to Mr. Courtney for the service which he had rendered to the Corporation. Considerable change in the staff had been involved by the retirement of Mr. Ebbsmith, and he was pleased to say that the work was carried out most successfully and economically under the direction of Mr. Samson, to the benefit of the shareholders. The speaker then referred to the services of Mr. Parker in supervising the establishment at Wolverhampton, and the active part he had taken in perfecting the patents. Mr. Parker was recognised more and more every day as the greatest living authority in manufacturing electricity. Perhaps the biggest electrical work carried out in this country was the Liverpool Overhead Railway, which was to be worked throughout by electricity. The Directors had no particular interest in that company, and in an entirely open field Mr. Parker's plans were accepted, and the Corporation was now carrying out the contract, from which he believed there would be a large profit. They were dealing with the question of the electric lighting of the city of Oxford, having accepted a contract from the city authorities, and were also supplying the plant to a company formed for supplying electric lighting in the Crystal Palace district. He thought he had now dealt with the salient points of the position; but, turning to the balance-sheet, he would just point out again that they set aside £15,000 last year for depreciation and had added £10,000 this year, which made £25,000 as a reserve for depreciation. They had written off their capital account £3,000 for depreciation of machinery, and transferred from profit and loss account £20,000 for the same purpose, while they had reduced their capital charges from £312,800 to £289,700. With regard to the subsidiary companies in which they had taken shares, he found that there was not one of them but which had either paid a dividend or was about to do so. The shares were, therefore, a good investment per se, in addition to the advantage to them that they were thus enabled to secure the business which the subsidiary companies were able to bring. Before sitting down he would like to mention that since the publication of the report the Company had had some very important negotiations with regard to electric traction, having been approached by one of the leading tramway companies, who considered that electricity was to be the motive power of the future, and had offered them a contract which they were now considering. If they should decide to accept the contractand he believed they would-they would come to the shareholders to secure a further issue of debentures. The Company were full of work, and the Directors were proud of the operations that had been carried on. They appealed to the shareholders to give them their continued confidence, and he firmly believed they would be able to make the undertaking even more successful than it had hitherto been.

Sir Daniel Cooper, G. C.M.G., seconded the motion. Mr. Hancock complained of the want of detail in the accounts. Mr. Oelrich congratulated the Directors on the management of the Company and the very satisfactory report they had put before the shareholders. He thought that to declare a dividend of 6 per cent. in the first year and the same amount in the second was a very promising state of things in the early days of a Company like this.

Dr. Drysdale asked whether the tramway to which the Chairman had referred as being about to adopt electrical traction was in London.

The Chairman replied in the negative, but said it was one of the most important companies in the Midlands. Replying to Mr. Hancock, he said it would not be in the interest of the Company that everything should be given in detail, because it would be showing their hands too much to their competitors.

The motion was then put and unanimously carried, the dividend as recommended-viz., 6 per cent.-being afterwards declared. The retiring Directors (Sir Henry Mance and Messrs. Ebbsmith, Holt, and Moseley) were re-elected.

Messrs. Broads, Paterson, and Co. were reappointed the auditors.

Mr. Williams, in accordance with notice, brought forward two special resolutions, which were as follows: "That the Directors shall, in conformity with the power given them by clause 128 of the articles of association of the Corporation, pay half-yearly an instalment on account and in anticipation of dividend." "That the Directors be requested, with a view to keep the shareholders informed of the position and prospects of the Corporation, either to hold half-yearly meetings, or, this failing, to forward to each registered proprietor in April of each year a short résumé of the Corporation's operations for the previous six months."

The motions having been seconded,

The Chairman expressed the sympathy of the Directors with the spirit of the resolutions, and promised that, as far as they thought it advisable, they would act upon them without any resolutions being passed.

After some further discussion, the resolutions were withdrawn. Dr. Drysdale proposed a vote of thanks to the scientific officers of the Company for the way in which they had conducted the affairs of the Company, which was seconded by Mr. Williams, and carried unanimously.

Mr. Thomas Parker acknowledged the compliment, and said nothing would satisfy him but the complete success of the Company.

Dr. Drysdale proposed a vote of thanks to the Directors, which was also passed, and the proceedings then terminated with a vote of thanks to the Chairman, proposed by Mr. George Dibley.

GENERAL ELECTRIC POWER AND TRACTION COMPANY. The first ordinary general meeting of this Company was held at Winchester House, Old Broad-street, E. C., on Friday, 18th inst., the Chairman (the Earl of Albemarle) presiding.

The Secretary (Mr. Thos. Smith) having read the notice convening the meeting,

The Chairman said: Is it your pleasure that the report be taken as read? (There being no dissentient he continued): In the first instance, gentlemen, in moving the adoption of this report I have to regret the absence for unavoidable reasons of two or three of your Directors. I very much regret their absence, because directors always like on the first occasion of meeting their shareholders to have a full Board, and to give the full weight of the whole Board to any remarks that are made, and to hear the observations that are addressed to them by shareholders. Lord Egerton is unfortunately obliged to attend a very important meeting of the Manchester Ship Canal Company, of which he is chairman, at Manchester. I am sorry to say that Sir Henry Mance is suffering from illness; and Mr. Paxman is detained on private business of a very important character, and is unable to be here. I must say that we are very much indebted to Mr. Paxman for his constant attendance at our Board. This is our first meeting, and when one rises to address a first meeting it is natural that one should carry one's mind back to the time of the inception of the undertaking. We began, as you know, fromjvery smalljbeginnings. Our numbers were very few. We did not appeal to the public. Those who promoted this thing were not professional promoters in any sense, but believers in a form of applying electricity of which we are now gradually seeing the development and success. We began at Brighton with a small experimental installation, and I am bound to say that at our first inception we committed as many mistakes as was to be expected under the circumstances. Every mistake was an object-lesson, gentlemen. Every mistake suggested its remedy and its own cure, and gradually, by dint of not shirking a difficulty, and never trying to evade or get round it, but simply by meeting it, we found ourselves in a position, some three years ago, to go to one of the most prominent of the metropolitan tramway companies and to tell them that we believed that we were in a position to show them that electric traction could compete commercially with the horse traction which had hitherto been the rule upon their lines. We were fortunate enough-principally through the instrumentality of Mr. Macpherson, general manager, who was very intimate with many of the directors of the North Metropolitan Tramway Company-to inspire them with a little of our confidence; and the result was that they gave a small section of their line-which consists of 41 miles-about two miles long, over which we were to run a certain number of cars under their supervision. Now the arrangement we made with them was that they should pay us 44d. per mile. We were not quite sure at that time what it would cost us, but we were quite certain that the publicity which would be given to electric traction and the success we hoped would attend our efforts would be worth our while even if 44d. was in any degree exceeded. The arrangement was that we should bear all the heavy cost of the experiment, but that every shilling that was expended should be expended under the direct supervision of the North Metropolitan Tramways Company; that nothing should be done without their cognizance, but that we should not be impeded in our operations. We did that in order that we might be able to appeal to an actual accomplished fact in case of our success,

which I am happy to say has ensued. We were then in a position, not to glorify ourselves and to say we could do this or that, but to appeal to accomplished facts and to an independent company to say whether or not the statements we submitted to the public were justified by facts. For three years we have carried on on the Canning Town line the work of the North Metropolitan Tramways. From the very first we found the very greatest kindness on the part of that company's authorities, and we found a growing disposition in them to encourage us and help us in every way in their power, and at the last to grant us their full confidence. I am happy to say we have succeeded very well on that line, so well that in 1889 the North Metropolitan Tramways Company found themselves in a position to apply to Parliament to extend over their whole system the principle of electric traction, and that would have done away with horses entirely. Parliament granted their request, and gave them seven years in which to form a reasonable basis to raise the necessary capital and pursue their operations. We thought that everything was going well. We had satisfied the company with whom we were contracting. We had inspired them with the same confidence as ourselves, and we had obtained from Parliament, as we thought, full authority to extend over a large section of the North Metropolitan Tramways the advantages of electric traction. Unfortunately, the West Ham Corporation were of opinion that they ought to have a veto upon the construction of electric tramways throughout their district, of a character which made it quite impossible to proceed with the work under those terms. They said Parliament has granted you seven years in order to obtain your capital and so on. We have no objection to this, and we are glad to be the first corporation to have electric tramways in our district. But, I hardly know how or why, they thought it necessary to insert in the Act of Parliament a provision that they should have a veto upon electric traction at 24 hours' notice. They put in it that, though Parliament had granted seven years, they felt it necessary for their municipal purposes that if at any time during those seven years they should consider electric traction in any way objectionable, they should be at liberty to give notice to the North Metropolitan Tramways Company to remove their plant within 24 hours. I need not tell you that when a large expenditure was in question, it was quite impossible that any reasonable person would undertake an onerous responsibility like that with the fact hanging over them that they should be called upon to remove their works in 24 hours. They (the Tramways Company) consequently said that, satisfied as they were that electric traction was a proved success, and had been so for two years, though they had been granted permission to use it from Parliament, yet, under the circumstances, they must again appeal to Parliament for some modification of the terms under which they would have to act. We are in that position now. This Company (The General Traction) has renewed the contract with the North Metropolitan Tramways Company, in a slightly modified form, to work a piece of the Canning Town line. But until Parliament intervenes-which it is going to be appealed to to do in the next session-it is impossible for us to proceed further with that part of our system. We are working without accident, without hitch. We are working at a less expense than horses. We have proved our case up to the hilt, but from the above unfortunate circumstance we are unable at the present moment to proceed with that part of our business in London. That, of course, has affected the immediate returns which we might have expected had a more favourable result ensued. But I want to point out to you that that is no discouragement to your Directors, and ought to be no discouragement to you. It is to a certain degree deferring your just expectations, but I think you will see that it is a matter entirely beyond us and that very kind and accommodating company, the North Metropolitan Tramways Company. Well, I hope next year we shall be able to give you a better account on that point. Naturally, when a leading company such as the North Metropolitan had taken the matter of electric traction in hand as a test, and had to declare to the tramway world whether or no it was a success, any delay on their part influences the general body of tramway proprietors, and we found we had to wait for them as well as the North Metropolitan. We think, from the enormous numbers of applications that are constantly being made to us to introduce electric traction into various towns in the country, that there is a very strong feeling arising among users of tramways that electricity is the proper mode to adopt. Many proposals have been made to us to equip tramways in various parts of the kingdom. But you will observe that here comes in a perfectly general rule, and that is, that tramway companies have usually locked up almost the whole amount of their available capital in horse traction, in cars, in purchase of horses, in maintenance of horses, and making of stables, etc. Naturally, then, they have not a very great command of money, and if they desire to go into electric traction it could only be done by borrowing money on their own account, or by making arrangements with the contracting electrical company to supply the money. Now, we have thought all along that, so sure is the future of electric traction, that we ought not to run any risk, and that we ought not to embark your money in anything that would be of a speculative nature such as equipping tramway lines. We have, therefore, turned a deaf ear so far to this, and I hope you will approve of our prudence. Just as in the case of the North Metropolitan Tramway Company, this has somewhat postponed our ultimate success, but it will make it all the more sure, when, as I think now is almost demonstrated, that success shall arrive. I turn now from traction to another department of our business which has been very largely developed, and which has been successful to a degree which has given great satisfaction to

your Directors-I mean pumping in mines and coalwinning, which is even more recent than the pumping. The latter (pumping) has been developed to a very considerable extent, and has employed our works in a very satisfactory manner, and with very fair returns. That, like the whole of the electrical industry, is still in its infancy, and we hope to see it very largely adopted. We have every confidence in it. We have, I believe, a very considerable percentage of all the electric hauling work and so on that is done in mines in our hands. I have been told 75 per cent., but I won't pledge myself to that. However, I think we have a very fair proportion of such work as is done by electricity in mines. And from communications which are constantly coming before us, we say that those interested in mining are getting more and more to believe in the feasibility and the economical qualities of electricity, and that we shall have an extension in that respect. There is another point to which we have turned our attention, and that is boats. In this direction I must say that we stand alone. We have got a considerable pleasure fleet already on the Thames, which was started by my friend Mr. Immisch, and has been continued by us. It is daily increasing. We find that foreign Governments are coming to us to apply electric propulsion to ships. We have hopes of the English Government, but it is not so quick in its movements as some of the other Governments are. At any rate, we are acquiring a very considerable amount of confidence in the powers of electric launches. We have gone into the question of the electro-deposition of copper, and we find in that respect a very large possibility. I must say that, from all that I and my colleagues have been able to learn on this point, that in entering into that industry, we are embarking in something that ought to have very good results. I don't like to prophesy, but I must confess to entertaining considerable confidence as to the probable success of this departure. Then there is the general question of electric supply. We are purveyors of electrical plant. Though it is generally said that a prophet has no honour in his own country, the St. Pancras people round cur own works have got an electric light installation, and I am happy to say that very great confidence has been shown in us by people in this district, and we have been called in for the electrical fittings by a very large proportion of those who have adopted electric lighting. That is very encouraging, because it shows the sort of feeling that exists towards us My friend the general manager puts into my hands a statement showing that we have sent out tramway estimates amounting to £400,000. Some of that is in abeyance, but we have orders for £150,000 worth expected for next year. That is very satisfactory. Some of these orders are from places where the corporations themselves have taken into consideration the advisability of adopting electric traction for municipal tramways. In these cases the difficulties of West Ham, or of the tramway companies generally, would not occur. I am happy to say that we are in close negotiation with some very large corporations who are proposing to alter their mode of traction to electrical. It would not become me to speak with any positiveness about anything not actually completed, and shareholders will at once see that that is necessary prudence on my part. I hope next year that I may be able to give you a very good account of that part of our business. Subject to any questions that may be asked, I think I have generally run over the features of our business, and will conclude by moving that the report be adopted, and that out of the earnings of the year the preference shares, which have been paid upon, shall receive their 7 per cent. dividend.

Mr. Thomas Fuller seconded, and the motion was carried unanimously.

Messrs. Ward and Wilding, the retiring auditors, having been re-elected, a hearty vote of thanks was unanimously accorded to the Chairman and the Board, on the motion of Mr. F. Smith. This concluded the proceedings.

FOWLER-WARING CABLES COMPANY.

The third ordinary general meeting of this Company was held at Winchester House, Old Broad-street, E. C., on Friday, 18th inst., the chairman (Mr. W. Fowler) presiding.

The Secretary (Mr. D. Stephen) having read the notice convening the meeting,

The Chairman said: I wish, in the first place, to say that I am very sorry that Mr. Chamberlain, one of our most active and useful directors, is ill, or he would have been present. He writes to say that he wishes me to express his great regret that he cannot be present, and his entire confidence in the future of the Company. I have also received a letter of the same tenor from Mr. Hardy, who is detained in the country. Our report, combined with that of the Manager, is so full as regards the actual condition of the Company that it is not necessary for me to detain you at any length. We have expressed, and I feel very much regret, that we have not been able to declare a dividend this year; but I can hardly say that I am greatly surprised, because this is just one of those businesses which takes some time to develop, and therefore we cannot expect to obtain a dividend exactly as we should in many other kinds of businesses. I wish also to say that all businesses of this kind-every business, in fact, but this kind especially-depends upon management. Now when I was here almost exactly a year ago, I expressed my confidence in the management as then just settled. I think our present manager, Mr. Mavor, had been five months in office when we met last year, and I wish now to express my still more entire confidence in him, and my sense of the energy and ability which he has displayed in the management of the affairs of the Company.

I think those who know him outside the Company will De surprised at my making that statement. Now, what you à say is, That is all very well, but we want to know what youhink about the prospects of the Company?" Well, gentleme; I expressed myself with satisfaction last year, hoping that the prospects were good. What I then said has been fully borne out. We have had a great increase in the business of the Company, and we see before us-immediately I think - -a still further increase. I have great hope and expectation that by this time next year we shall have something very satisfactory to report, and not merely something to report, but something to divide, which is more satisfactory. We have large additional orders coming in at the present time, and the enquiries are numerous and very important. I am very careful, in this position, not to overstate things, but I do feel very confident that this Company-notwithstanding all the peculiar difficulties it has to meet in the great competition and the continual changes that take place owing to electrical inventions-I believe, with the kind of management we now have, we shall experience a prosperous year, and not only a prosperous year, but I hope many such. I need not detain you by any more details, the accounts speak for themselves, and any shareholder will understand them at once. If anyone has any question to ask, I shall be only too happy to answer it. I repeat my great regret that we have not something to give you at this time, but I again say that I feel great confidence in the future of this Company. I beg to move that the report and accounts (vide last week's Electrical Engineer) be received and adopted.

This was seconded by Mr. George Fleming and carried unanimously.

The Chairman: Mr. Walter Chamberlain and Mr. Eddison (directors) retire by rotation, and I beg to move that they be re-elected. This was seconded by Mr. Waring and carried.

Mr. Macintosh proposed, and Mr. George Smart seconded a resolution re-electing Messrs. Cooper Bros. as auditors. This was carried nem. dis.

The Chairman: I should like to say that Mr. Eddison has lately been in America, and spent a great deal of time in the interests of the Company in finding out what is going on, and obtaining information which will be of great value to us.

This was all the business before the meeting, which was very poorly attended.

CITY NOTES.

West African Telegraph Company.-A half-yearly interim dividend of 38. per share has been declared by the Directors.

West India and Panama Telegraph Company. The receipts for the half-month ended December 15 were £2,514, against £2,559. The July receipts, estimated at £4,039, realised £4,053.

City and South London Railway. The receipts for the week ending December 20 were £788, as against £810 for the week ending December 13. The aggregate receipts for half year to date were £18,356.

Copper Wire. -Messrs. Ralph Heaton and Sons (the Mint, Birmingham,) state that they have appointed Messrs. Edward Le Bass and Co., of 49, Lime-street, E.C., as agents for their London, home, and export trades. They call special attention to their seamless copper tubes, manufactured under a new process, and a special high conductivity copper wire for electric light and telephone work.

Central London Railway. -The Exploration Company, Limited, contemplate the extension of the authorised line from the Royal Exchange via Broad-street to Liverpool-street where subways will connect with the stations of the Great Eastern and North London Railways. The railway will run from the City to Shepherd's Bush, under Cheapside, Newgate-street, Helboru, Oxford-street, Bayswater-road, etc. The capital authorised by Parliament is £2,700,000 in shares of £10. When 60 per cent. has been paid up the shares can be divided into preferred and deferred shares. The Company has also power to borrow £900,000 on mortgage debentures. No formal issue is yet announced, and the circular issued by the Exploration Company may be looked on as a preliminary prospectus.