times has been very unfortunate. Yesterday, a paper was read here on electric railroads, by Mr. Field, which was full of interest, and yet because of the lateness of the hour at which it was presented many of the members had gone off to take care of other engagements, or to get ready for the excursion on the river, or to get their lunch, and for that reason the thing was neglected. And yet we had a paper then from a man who was giving us just the character of information we wanted, and which was thoroughly practical in its statements. It concerned a matter which is quite as much of importance to us as the subject of any of our papers, and contained information which we all want to get at. We want the central station men to say something. We want to have papers emanating from them which are pertinent to their business. That thought has been suggested to me, and I presume is in the mind of everyone who comes here for information.

In referring to our station, and in giving you this paper, I have done so with the idea of bringing out, developing, and inviting other papers of this nature. I want to say with reference to this station of ours that the problem which I had there was different from that of almost any central station that I know of to-day. It was to start in and build a plant of large capacity-to spend money far in excess of the requirements of the station by the business in sight, and to build a station which still had a very large business to start with. We already had a contract with the city of St. Louis for 2,000 lights, and the prospect was when the station was first laid out that it would ultimately absorb other companies, take in a number of smaller stations, as was afterward done; and so my instructions were to build as large a station, on a given piece of ground, which they handed over to me, as I could and regardless of what it cost. I was confronted by a problem in that particular which will explain some of the peculiarities of construction which we adopted. I built a station with a working capacity of 6,000 lights, but when the station was put into operation it commenced with 2,000 lamps. All the stations throughout the country which are in the hands of our members have, as a rule, grown up from small affairs. They started up in some junkshop or other with a few dynamos, and grew as the necessities required, and the result is that there has been an enormous amount of patchwork all the way through. But in our station there is nothing of the kind. We had to start off and build something which would be complete in itself, and which was comprehensive enough to take all the work in the near future that was likely to be drawn into it. Since putting the station in operation we have absorbed the other companies, and brought up the output of the station to the number of lights mentioned in the paper. At the time of building this station there was nothing of its character, size, or magnitude in this country. The problem which confronted me, aside from the designing and construction of the station, was the system of management to be adopted, the methods to be applied, the details relative to the management of the men, and it all had to be worked out and put in motion with the wheels at the beginning. The plan that I outlined, the blanks that I made for the government of my men, are the ones that I am using to-day. I have made but few minor changes in the original blanks that were laid out before we had done any work at all in the way of operating. And while undoubtedly we And while undoubtedly we have followed in detail many of the practices that have obtained in other central stations in the management of our men and in the division of the work, I want to say that I was unable, on applying to a number of cities, to get anything to assist me in arranging our blanks or system. It was a thing that could not be found. I have since found, in conversation with central station men who have large plants, that we have thought out the same ways independently, of managing our stations independently-that we are working on similar lines. In some instances it is peculiar that it is so. One object of the paper in outlining the details of practice at our station is because of the fact that that has not been done very much, and because I realised what difficulty I had in endeavouring to obtain information. In fact, I did not obtain any that was of value to That is my excuse in a measure for going into details of our plan of working to such an extent in this paper.

me.

First, I will refer to our method of caring for the street lamps. We have got a number of street lamps distributed over a very large area. The city required that our lamps should be supported very high above the street. The minimum altitude of the lamps is 35ft. above the roadway. The city also required that we should suspend them between the poles. They were arbitrary in the matter. In order to get our lamps at that elevation the shortest pole that we could use was 50ft. in length. In suburban lighting they require the lamps to be 50ft. above the roadway, and they have to be suspended from 65ft. to 70ft. poles, according to the length of the span. The average distance apart is about 900ft. I think that we have about 1,500 lamps where the average distance apart is 825ft. The balance of them, 500 or more, have an average distance of 1,300ft. between the lamps. These are long distances. In lighting the suburbs and, in fact, the whole city, we have found the use of a cart and horse desirable. very (To be continued.)

ELECTRICAL POWER FOR THE GLASGOW CORPORATION TRAMWAYS.

REPORT BY DEPUTATION TO FRANKFORT.

For some time past the question of adopting mechanical haulage for the Glasgow Corporation tramways (which have hitherto been leased and worked by a public company) has engaged the anxious attention of the Town Council Committee on Tramways, and latterly there have been some negotiations, with that object in view, with the directors of the General Electrical Power and Traction Company, Limited.

In the course of last month it was announced to the subcommittee on the future working of the tramways that the directors would be glad to receive and have a conference with a deputation of their number in London, and there was forthwith adopted a general memorandum of the points on which the sub-committee desired to obtain information from the company, which was duly forwarded to them. Subsequently it was resolved that the deputation should consist of Bailie Paton (convener of the Tramways Committee) and Councillors Colquhoun and Wallace, with Mr. David Rankine, C.E., the engineer who has laid out the whole of the Glasgow tramway system, which is now probably the most extensive in the kingdom owned by one public body.

At the last meeting of the Town Council the deputation submitted an interim report on the subject on which they were instructed to obtain information. Here follows the report, the interest of which is so great that other corporations may profitably give heed to the details and suggestions mentioned in it by the keen observers and hard-headed Scotsmen who formed the deputation :

"The deputation beg to report that, according to arrangement, they met in London on 22nd September with the directors of the Electric Power and Traction Company, Limited, with whom were representatives of the Electrical Power Storage Company. The immediate object of the meeting was the interchange of views relative to the introduction of cars worked by electric motors on the Glasgow tramways, and the obtaining of guarantees from the com pany as to the rate per car mile run at which they would maintain cars worked by storage batteries. The questions emerging therefrom could only have been elicited at such an interview, and they were discussed in considerable detail. The result was the formulating of conditions under which the company is to submit an offer for maintaining the accumulators on a number of cars on that system. It was anticipated that the information supplied relative to the lines of tramway would have enabled the company to frame their offer and have it lodged with the committee before this time; but within the last few days a letter bas been received stating that the engineer to the Electrical Power Storage Company cannot satisfactorily settle the accumulator system without having profiles of the proposed tramway routes. These are being prepared, and will be

duly forwarded. It may, however, be meanwhile stated that the figures indicated as those which would probably be contained in the offer to be submitted would show a material economy and saving when compared with animal traction.

"When in London the deputation embraced an opportunity of witnessing a further development of electric haulage on the accumulator system, as worked out by the Ward Electrical Car Company, Limited, and applied to the traction of street omnibuses. The deputation were conveyed in an omnibus so worked across Westminster Bridge and through several crowded streets. They were much pleased with the run, and gratified to witness the ease with which the omnibus could be turned and worked in with the general traffic. This company has not yet entered upon tramway working, but their system is equally capable of being applied to tramways, and their manager said they would be prepared to maintain accumulators under suitable guarantees; but it was thought unnecessary to trouble them in the meantime to make up estimates until the negotiations with the Electrical Power and Traction Company had been further advanced.

"The deputation also examined the developments now being proceeded with by the London Tramways Company, in the adaptation of the tramways at Brixton to cable haulage, and the maintenance of the tramway traffic on a single line by crossovers, while the tramways are being so adapted in a precisely similar way to what was done while the tramways in our own city were being renewed. The work was, however, especially interesting as showing the views of the tramway company in their being at consider able expense of altering an existing tramway worked by horses, on a roadway practically level, to a tramway to be worked by cable haulage.

"The deputation next proceeded to Frankfort-on-Main, where an electrical exhibition is being held. This exhibition contains a large variety of plant for the manufacture, distribution, and utilisation of electrical power as applied to lighting and to motor purposes, and these are exhibited in actual working.

"A tramway worked by electrical power on the overhead wire system is an adjunct of the exhibition, and there are practical examples of mining operations, underground haulage, and other appliances, thus illustrating the numerous uses to which electrical energy is now applied. "In the city of Frankfort-on-Main and its suburbs two tramways worked by electrical power are in operation on the streets for the ordinary purposes of street tramway traffic. Including the tramway within the exhibition, we thus witnessed three modes of electric traction, all on the overhead wire system. The power is conveyed from the overhead wire to the car motor by a different mode in each casethe first by the fishing-rod attachment, the second by the slider and wire, and the third by the sliding bar.

"There can be no doubt that the overhead wire is the simplest form for communicating tramway traction, and possibly it is also the cheapest in construction, working,

and maintenance.

"On the Frankfort and Offenbach tramway, which is a single line about four miles in length, with passing places, an efficient service of cars is maintained on a roadway in many places narrow, with quick turnings, at low fares (the through fare being rather less than 21d.), the distance, including stoppages, being run in half an hour. The slider and wire attachment is that which is in use here. permits of the overhead wires being carried and deviated to either side of the tramway, as circumstances may require; but it is rather more unsightly and objectionable to the amenity of a street than the sliding-bar arrangement.

It

"The sliding-bar attachment is worked on a length of about three-fourths of a mile of street tramway. It enables turnings to be made on the line with a smaller number of supports than the fishing-rod system, as the bar operates equally successfully, although the overhead wire may diverge somewhat from the centre line of the tramway.

"The whole of these overhead modes are open to the objection that the cars are unadapted to the carrying of outside passengers. That, therefore, implies a greater dead weight per passenger, and would much detract from the popularity of a service in our city, where a considerable

percentage of the passengers prefer to ride on the top of a car when the weather permits.

"A vivid spark is emitted when the slide bar passes the connection of the overhead wires with their supports, and although that may possibly not be of much moment where the car service is comparatively infrequent and the ordinary vehicular traffic not large, it is open to objection in busy

streets.

"We would naturally look for the objections to an overhead wire being overcome by an electric cable in a conduit under the line of tramway. The deputation have not seen this system in operation. They understand it is in use at Blackpool. A writer states that in some cities in the United States where the conduit system had been tried it had been abandoned. The reason for this appears to have been the difficulty of obtaining perfect drainage, which is an essential requisite for that system. On the other hand underground conductors supplied from central stations have been in operation at Budapest since July, 1889, when a line 14 miles long was opened; a second line, 24 miles long, being opened in September of that year; and a third in March, 1890. Since then further lines have been constructed. Nearly 5,000,000 passengers were carried by the three lines up to the end of 1890.

"A sub-committee formerly reported on the working of cars on the accumulator or storage-battery system, which is in practical operation on a section of the Birmingham tramway, and at Barking, London. That system possesses the merit of being capable of being applied to existing tramways without alteration of the lines, provided they are substantial enough to carry the additional weight imposed by the accumulators and relative build of car. Each car is also an independent motor, and is thus free from the objection, which is urged as likely, occasionally, to be experienced of a stoppage over the whole system of tramway, arising from any accident or breakdown of machinery when the power is transmitted from a central station, whether in the form of electrical or cable power. objections to the accumulator system are the weight of the cars and the expense of maintaining the accumulators. This question will, however, be solved by the offer which is to be received from the Electrical Power and Traction Company.

The

"The cable form of traction was also reported upon. There can be no doubt that this is one of the best forms of traction by which steep grades can be successfully overcome; but the deputation further believe that on comparatively level roads where there is considerable traffic, it forms a less costly mode of traction than animal power, notwithstanding the greater cost of the road bed.

"The general conclusions the deputation have arrived at to the present time are

"First, that mechanical haulage, either in the form of electrical or cable power, offers advantages to the public which cannot be given by cars worked by animal power.

"Second, that the expiry of the current lease is a fitting time for the introduction of mechanical haulage on one or more sections of the tramways, with the object of its general and gradual adoption; and

"Third, that, with the view of further enquiry, the sub-committee should be further continued. "WALTER PATON, H. WALLACE, "JAS. COLQUHOUN, DAVID RANKINE, C.E. "Glasgow, 5th October, 1891."

LONDON COUNTY COUNCIL.

The following portions of the report of the Offices Committee, presented at the last meeting of the Council, relate to electrical work:

The Council has from time to time given authority for the installation of the electric light in some of the rooms of the main

building. We have now to report that we have had under consideration the desirability of extending the light throughout the whole of the offices. We have had a report from the Council's medical officer of health on the injurious effects of gas, and the advantage that would be derived by the adoption of the electric light. He states that the amount of air required to dilute the carbonic acid resulting from an ordinary gas burner is more than double the amount of air required to dilute the

carbonic acid given off by a human adult. The necessary cubic space required for purposes of health in any room is therefore vastly greater when gas is used. In the opinion of the medical officer, the use of the electric light is attended with no disadvantage connected with health. The medical officer of the Post Office, in writing to him on the results attending the use of the electric light in that department, gives a very favourable opinion. He states that "the fact that a much better light is given without the evils attendant on the use of coal-gasnamely, the abstraction of oxygen, the production of the results of its combustion, and also, no mean consideration, the generation of great heat-must commend its use to everyone." He further states" that the officials in the Post Office have expressed themselves to be feeling much better in health, and better able to perform their duties since the adoption of the electric light." The Council's medical officer also informs us that Mr. Brudenell Carter has had exceptional opportunity for studying the effect of electric lighting on the eyes, through having under his observation all cases of impairment or defect of sight among the persons employed in the offices of a large London industrial establishment. After several years' experience of the electric light in this establishment, Mr. Carter states that no prejudicial results have attended its use. The chief engineer estimates the cost of the work at £1,500, and in his report adds that, as there is nothing in the light to blacken ceilings and walls, the adoption of the electric light would lead to a saving in the present somewhat heavy expenditure for annual cleaning. There is also far less danger from fire if the work is well done and properly looked after. The offices, as the Council is aware, are crowded, and in view of the medical officer's report, we are of opinion that the evil effects likely to be caused to health by this crowding might in a measure be remedied by the adoption of the electric light. We accordingly recommend:

That, subject to an estimate being submitted to the Council by the Finance Committee as required by the statute, the electric light be extended throughout the main building of the offices of the Council; and that we be authorised to obtain tenders for the work.

The chief engineer has pointed out that it would be convenient if the premises, No. 31, Spring-gardens, where a portion of his staff is located, were placed in telephonic communication with the main building. The cost would be about £10 per annum. recommend:

We

That authority be given for the premises, No. 31, Spring gardens, to be placed in telephonic communication with the main building, at a rent not exceeding £10 a year, and that the solicitor be instructed to prepare a three years' agreement with the National Telephone Company for the purpose. The committee recommend that the following expenditure be authorised: For electric lamps, £15. 10s.

The Sanitary Committee reported that, acting on the authority of the Council of the 28th July, No. 19, they had accepted the tender of Messrs. Drake and Gorham for the provision of electric lighting at the Newington permanent weights and measures office. The tenders received for this work were as follows:

In the Westminster County Court on Wednesday, the case of Higgins v. The London Electric Supply Company came on for hearing before his Honour Judge Bayley, and was an action by the plaintiff to recover £6. 18s. 8d., wages alleged to be due under somewhat peculiar circumstances.

The learned counsel, in opening the plaintiff's case, said his client had for some time past been in the service of the defendant company, and had been engaged in the dangerous occupation of laying electric mains underneath the streets of London. On 9th May last he was engaged in laying some mains in Burlingtonstreet, Regent-street, when, owing to the fusing of the wires, he was very seriously burned about the shoulders. On the following day he went and told the firm what had happened, and they told him that they would pay him his wages as long as the doctor certified that he was unable to work, especially, so he alleged, if he was quiet and kept the matter a secret.

The Plaintiff was called and gave evidence as to the nature of the injuries and to the defendants' promises to pay his wages, which they did up to July 18th, on which day he called as usual for his money. He was then asked if he could come to work, and he told the engineer that he was able to He was then directed to write to Major Waller, which he did, but never received any reply from that gentleman. Cross-examined: He had only been in the employ of the company since March 3rd, and was engaged as a lineman" at Sd. per hour.

Dr. Kay was called and said he had attended the plaintiff for his injuries since the middle of May. He was suffering from very serious burns about the shoulder. He (witness) was told that the company would pay his bill, and upon that assurance he returned the plaintiff what he had already received of him. The plaintiff was still suffering from the injuries, but was able to do light work. For the defence, Mr. Gerald Wm. Partridge was called, and

said he was engineer to the company, and he it was who engaged the plaintiff at the rate of 8d. an hour. He was not present when the plaintiff met with the accident, but saw him from time to time. Various sums of money were paid to him from time to time, but merely as gratuity, and not as wages. Men in the plaintiff's position were not engaged as weekly servants, but by the hour, and they were liable to an hour's notice.

Mr. R. S. Payne, accountant to the company, was also called to give evidence as to the circumstances of the case. It was the custom of the company in cases of accident to always behave well to an injured man, and they had done so in this case as long as the necessities of the case demanded it.

Having heard all the evidence, the learned Judge said the plaintiff was nothing but an hourly servant, and the company had behaved very handsomely to him. Judgment would therefore be for the company, with costs.

COMPANIES' MEETINGS.

CITY OF LONDON ELECTRIC LIGHTING COMPANY. The first ordinary general (being the statutory) meeting of this Company was held at Winchester House yesterday (Thursday) afternoon, the chairman, Sir David Salomons, presiding. The Chairman said there was no business to be done at the meeting, but they might like to hear a little of what was going on. He then sketched the history of the Company, and its connection with the Pioneer Company, as well as that of the partitioning of the City between the Brush Company and Laing, Wharton, and Down up to the present time. Speaking of the applications for lights, he deprecated the idea that directly after the application was sent in the lights could be supplied. They only really began business on 21st of last August, and as it was their intention to do everything throughout in the best possible manner, so that it would not have to be done again, those who sent in applications must give them time to carry out the work properly. The total equipment provided for private lighting would be for 400,000 8.c.p. glow lamps, and was based on the supposition, a safe one, that 80 per cent. would be alight at one time. Laying underground mains in the City was very difficult, the whole of the space below ground being occupied by iron pipes of some form or another. The expense, therefore, would be heavier than in the West-end. The system to be employed was a very safe one, and there would be no transformers. There were to be sub-stations supplying eight to 10,000 lamps, and between these and the head station a highpressure current would be delivered at about 2,000 volts. This pres sure was dangerous to life, but had been tried on a large scale and over an extended period in London and other towns, and had always met with success. The voltage between the sub-stations and the houses would be a trifle over 100. No one therefore need expect on turning a switch to receive a shock, as with transformers might occur. This would give confidence to customers. The arc lighting would be on the continuous-current system. Part of the districts would be lighted by Brush and part by Thomson-Houston lamps. They had 26 Brush arcs at work in Queen Victoria street already, but the lampposts had not been passed by the city engineer, and until they were they could not proceed with that work. They had already had as many as 200 applications, or thereabouts, for light, and assuming 200 lamps to every building, about 40,000 lamps had already been applied for. The applicants had not stated the number required yet, but forms would shortly be got ready on which the requirements of applicants could be stated. Among those applying had been the Post Office, the Mansion House, Guildhall, banks, offices, and So on. From this it would be seen that the large public concerns put faith in them. It was expected that private lighting on a small scale would probably be started by the end of the year. About three-fourths of the capital they wanted was subscribed for, the remaining one-fourth would be issued, and the Board were considering whether they should not offer this to the shareholders at a small premium. In the prospectus a certain sum was reserved on the part of the Pioneer Company to pay the expenses of floating this Company. In consequence of the whole of the capital not having been allotted, and in consequence of other economies, there would extra sum of £6,000 placed to their credit. So that although they had not got the whole of their capital, they had saved this sum. At their Board meeting that day they had given the final order for the wiring of all the chief districts in the City, taking in the Bank of England and a good part of Queen Victoria-street, and other streets close by. They hoped by the end of the year these districts would be com pleted as well as the greater part of the public lighting, which would bring them in a very considerable revenue. He would answer a question very frequently asked, and that was, what did a glow lampcost per hour? At 8d. per unit, which was about the price charged by other lighting companies, and which would be about the price he expected they would charge, an 8-c. p. lamp cost as nearly as possible one farthing per hour, which compared with gas at about 5s, or 48. 6d. He then pointed out the many economies of electric lighting over gas which entered into calculations of cost per lamp. They had appointed Prof. Silvanus Thompson their consulting electrician Having invited and answered several questions of no great importance, the Chairman asked some shareholder to propose a resolution that had been drawn up, the object of which was to alter one of the articles of association so as to comply with the requirements of the Stock Exchange, and so enable them to obtain a quotation for their shares.

be an

This resolution was proposed by Mr. W. Bruce, seconded by Mr. John Morris, and carried unanimously. The proceedings then concluded.

ELECTRIC ARMS AND AMMUNITION SYNDICATE,

LIMITED.

The first ordinary general meeting of this Syndicate was held at Winchester House on Friday, 9th inst. Major Waller presided, and, in moving the adoption of the report, observed that they met in rather exceptional circumstances, a petition having been presented by five of their shareholders to the Court for the compulsory winding up of the Syndicate. The Board had opposed the petition in the interests of the shareholders generally, feeling that there should be no liquidation until, at any rate, the general body of them had had an opportunity of expressing their views on such a course. With the exception of two or three shareholders outside of those who had presented the petition, the Directors were supported by the whole body. The first hearing of the petition was on the 30th ult., when the judge ordered it to stand over until after that meeting, so that he might hear at the adjournment what might be the feeling of the shareholders. The Chairman then referred to the trial at the annual meeting of the National Rifle Association at Bisley of the Syndicate's system of electrical discharge. He regretted that they had not been able, as they had intended, to use the service weapon, the Martini-Henry rifle, at the competition organised by them at Bisley, owing to the non-arrival from America of a machine which the American Company had undertaken to supply them with. Experiments had shown that there was a defect in the mechanical construction of the battery cases, but not in the principle of the battery. A new battery had been produced, which appeared likely to answer fully the requirements of the Syndicate's system. Dr. Fleming had examined this battery with scrupulous care, and had put it under the most severe tests. Last May their then manager, Mr. J. R. Watson, announced to the Board his desire to resign, and when asked for his reason expressed doubt about the Syndicate's system. That gentleman was one of the petitioners for winding up the Company. He then read a letter, dated the Sth inst., which he had received from Dr. Fleming, who stated that he was continuing to test samples of the battery, and that, although the inventor had yet to overcome some difficulties in the construction of the battery, he was on the way towards a satisfactory solution of them. The question really at issue was the permanence of the battery, and hence these tests must necessarily take some months. They proposed to call the shareholders together again in about three months' time, and not to make any other call without consulting the shareholders first.

Colonel Ernest Villiers seconded the motion, which, at the suggestion of Mr. E. M. Underdown, Q.C., was altered as follows: "That the report and accounts be received and adopted, and the business of the Syndicate be continued."

Mr. Watson, sen., expressed doubts as to the feasibility of the Syndicate's system of electrical discharge, having heard that at the meeting at Bisley there were very numerous miss-fires. Captain Pixley, on the other hand, stated that he had fired several shots at Bisley, and had not had a single miss-fire.

Mr. Pooley read a letter which he had received from a firm of gunmakers, who, he said, expressed their opinion that the invention could only be used for toy purposes. He moved an amendment, in effect rejecting the report and accounts, and confirming the course taken in presenting the petition. This was lost. The original motion was declared carried by six

votes to four.

Major Waller was subsequently re-elected to his seat at the Board.

INTERNATIONAL OKONITE COMPANY.

DIRECTORS.-Lord Greville, chairman; Samuel Pope, Esq. Q.C., vice-chairman; Sir Alexander Armstrong, K.C.B., F.R.S., Harry Hankey Dobree, Esq., Major Charles Jones, R.A., John Henry Tod, Esq. Directors acting as a local committee and managers in New York: John H. Cheever, Esq., W. L. Candee, Esq., H. Durant Cheever, Esq., E. Cazenove Jones, Esq., John L. Martin, Esq. Managing Director: Alfred Vaughan-Stevens. Managers at Manchester Works: John Shaw, Thomas Connolly. FIRST ANNUAL REPORT.

The Directors submit to the shareholders the accounts of the Company made up from the 1st January, 1890, to the 30th June, 1891, a period of 18 months; the American accounts are, however, made up to the 31st May, 1891, and therefore cover a period of 17 months only. After deducting ample depreciation and making provision for the interest on debentures, there is a credit balance of £39,465. 7s. 2d. This includes the profit earned from the 1st January, 1890, to the date of the registration of the Company-viz., £21,711. 18.--which sum, not being available for distribution, the Directors have written off patent and goodwill account. Up to the end of the year 1890 the business was progressive and satisfactory, and the interim dividend then declared was justified by the business done. Since that time the Company has suffered from the results of the severe crisis which took place in the United States in all electrical, engineering, and kindred industries, and which culminated in the failure of the Westinghouse Company. In addition, through the operations of speculators during the latter part of 1890, rubber, which is one of the principal raw products used by the Company, was maintained at an abnormally high price, whereby the profits have been seriously affected. Copper also stood at an advanced price. The interim dividend

paid in January on the preference and ordinary shares has absorbed £10,694. 198., leaving a balance of £7,059. 7s. 2d. to be now dealt with. The Directors recommend the payment of a further dividend of 4 per cent on the paid-up preference share capital for the halfyear ending June 30, 1891, making 8 per cent. for the year. This will amount to £6,800, leaving a sum of £259. 7s. 2d., which it is proposed to apply to reduction of preliminary expenses. The Directors are pleased to state that there has been a marked revival in the electrical trades since the period covered by the accounts, from which revival the business has already benefited. The sales have been larger in the months of July and August than in any of the preceding months of the present year, and it is confidently anticipated that the Company will benefit from the general improvement of American industries. Moreover, since the failure of the speculation before referred to, indiarubber has fallen to its ordinary price, while copper also is lower. The Directors, therefore, have every confidence in the immediate prospects of the Company. They are thoroughly satisfied with the progress made in England, and now that the new works are complete they anticipate a considerable increase of business in the immediate future. It has been considered desirable that the Company should be in a position to carry out in its own works every process connected with the manufacture of all kinds of insulated wire. The Directors have therefore erected additional buildings and machinery at the Passaic works, which are now complete in every particular. This has necessitated a larger capital expenditure than was originally contemplated, but results have shown that the Company will in the future derive great benefit from these extensions. In England the growth of the business has justified the Directors in acquiring the freehold of the factory in Manchester, originally held on short lease. The new buildings are now finished, and the factory is one machinery and plant of the most approved pattern for the manuof the largest and most complete of its kind, and is fitted with including okonite, vulcanised rubber, guttapercha, and compound facture of every class of insulated wire or cable at present in use, covered. A well-fitted machine shop has also been provided for the manufacture of the special machinery required for making okonite wire. A sketch of this new factory is enclosed herewith. Okonite insulation has been proved to stand extremes of heat and cold in a very remarkable manner, and to be less liable to perish, either from natural causes or rough usage, than the ordinary forms of rubber-covered conductors. The Directors look forward to its extensive use where high electrical resistance is required, and they consider the present time most favourable for its introduction into this country. It is expected that the manufacture of this speciality of the Company's products will commence at Manchester before the date of the general meeting. The works and plant conveyed to the Company have been maintained in an efficient state. It is the custom in most American works to charge repairs to machinery (including all replacements) to revenue account, and this has been done at the Passaic factory. In Manchester, owing to the entire rearrangement of the processes, nearly the whole of the machinery has been moved, and before re-erection, been thoroughly overhauled and put in high-class condition. To secure uniformity of practice, the cost has also been charged to revenue account. This, although reducing the immediate profits, places the Company in a more stable position, as proper and customary depreciations have, in addition, been allowed for in the accounts. In view of the disappointing results of the trading of the Company, the Directors and Managers in England have decided not to take the percentages of net profit to which they are entitled under the articles of association and their agreements, amounting to £392. 15s. 9d., and they propose that this amount shall be postponed until such times as the net earnings of the Company show substantial improvement. General Sir William G. Davies K.C S.I., having resigned, the Directors (in accordance with Clause 95 of the articles of association) elected Mr. John Henry Tod (Tod, Durant, and Co.), 3, Crosby-square, London, E.C., in his place, and they hope this appointment will meet with the approval of the shareholders. The auditors, Messrs. Price, Waterhouse, and Co., retire, and being eligible, offer themselves for re-election, which the Directors recommend.

a

The ordinary general meeting of this Company was held at Cannon-street Hotel on Wednesday, Mr. Samuel Pope, Q.C., vicechairman, presiding.

Before proceeding to the business of the meeting Mr. Pope explained that the chairman of the Company, Lord Greville, who was then in Ireland, was unable to be present owing to illness. The Secretary, Mr. R. Cooper, having read the notice convening the meeting,

The Chairman asked if the shareholders would take the report and accounts (given above) as read, and there being no dissentient, continued, in moving the adoption of the report,-As deputychairman it is my duty to say a few words-I don't think that they need be many, because there is not much to say that has not been already embodied in the report. But I should just like to point out, by way of additional emphasis, one or two of the considerations which have weighed with the Directors in the preparation and presentation of that report. Of course the fact that we are unable to recommend the declaration of a further dividend upon the ordinary shares of the Company is not so satisfactory as one would desire. But you must bear in mind that even with that disadvantage, and in a year of very extraordinary pressure as regards industrial enterprise, the holders of the ordinary stock of the Company will have received 5 per cent. for the years' investment. But let me say that what has weighed with the Directors in the recommendation which is included in the report is, that they regard it as desirable that the management of an industrial enterprise such as this is should be maintained with a view to its permanent stability, rather than with a view to a temporary fall in the value of shares. Of course they are entirely

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aware that to those who desire to realise their shares, the declaration of a dividend is a very convenient matter; but for those who are investors in the undertaking it appears to the Board to be far better not to declare a dividend in anticipation of future profits, but simply to take the strict and legal course of confining the amount distributed to the amount actually earned, although it may not have the effect of increasing the value of the share to which it is allotted. In other words, I believe the Board are unanimous in the opinion that this undertaking ought to be managed without any dodging of accounts for the purpose of announcing dividends, but that the result of the year's trading should be placed fairly and honestly before the shareholders. Now, if that is in your judgment the true principle upon which an industrial undertaking of this kind should be managed, there is in the accounts and in the report abundant indication of the stability and value of the property of which we are proprietors. Of course, you will bear in mind the special conditions which attach to this first statement of accounts presented to shareholders. It includes, in the first place, as you will remember, the profits purchased by the Company which accrued from January 1 to June, 1890, amounting to £21,711. This amount, not being profit earned by the Company since its registration, cannot legally be distributed among the shareholders as dividend. The Directors therefore recommend that as we cannot divide it it should be used, so to speak, in reduction of purchase-money, so to reduce the ultimate capital responsibilities of the Company. In the accounts which have been presented, the American accounts are only made up to May 31, 1891. The English ones cover the period to June, 1891. The reason for this is as follows: For the convenience of an early presentment of accounts to shareholders in the future, it has been thought desirable that the American stocktaking, which has hitherto been a somewhat tedious and lengthy operation, should take place a month before the English stocktaking, which is not so difficult to deal with. This year that offers the disadvantage that we have, as regards the American concern, a month's less profit in the year. The advantage which that arrangement will give us, under ordinary circumstances, has not been felt by the Board in the present year, because we have been unable to present our accounts as early as we should desire, and as it is our purpose to do in all subsequent years. The delay has been caused by the difficulty of taking the stock in America, from questions arising between the vendor and the Company during the year, and from a change in the method of keeping accounts in the English undertaking, which was suggested by the Auditors. All these practical reforms have now been accomplished, and in future we hope to hold our general meeting at an earlier period than in the present year. Now, if we had included the month of June in the accounts of the American business, the profits would have been increased to the extent of several thousand pounds; and, of course, if that had been done, it might have enabled us to cover a dividend upon the present ordinary shares. I only hope that the ordinary shareholders will receive next year the benefit of the abstinence from a dividend which the month of June might have enabled them to obtain. In common with all industrial undertakings, especially in America, the last nine months, or, I should say, perhaps, the nine months between September and June of 1890-91, was a time of extraordinary pressure and very great difficulty. Lots of you know that the finances of America, so far as industrial undertakings were concerned, were entirely disorganised, and, as the report points out, in an enter prise of this kind the pressure was so great that a highly flourishing business had to be reorganised. And permit me to correct a too strong expression as used in the report. It speaks of the failure of the Westinghouse Company. That is too strong a term to be applied to that concern, which, though it was suspended, has been reorganised. I am anxious not to speak of this matter as a failure, but prefer to call it the reorganisation of the company. Bear in mind that while that was the condition of things during those nine months in industrial operations in the States, a period of revival has set in, and we are already receiving the benefit of it. Not merely in England; not merely from the fact that our English works are now engaged in the production of our specialities in okonite wire-and therefore we are anticipating a very considerable increase in our English connection and business-but an absolute revival has taken place in our American business also. The panic is at an end, and the business since we made up our accounts is several thousand dollars in excess of the business from January to May. There is, therefore, abundant evidence that the business is a healthy and profitable one, and that when we meet the shareholders again next year, unless some unforeseen misfortune over takes us, from which no industrial enterprise is absolutely free or safe, our meeting will be much more satisfactory than that which we are now holding. Our Manchester business has been very much hampered and curtailed by the fact that we have been compelled to move our machinery. Now that is all completed, and the business is in first-rate working order. We have no doubt whatever I am quite sure that Mr. Shaw, who represents us there, will confirm me-that there is every prospect of a thoroughly healthy English business, to which I attach much importance, as being more easy of superintendence and not so subject to fluctua tions and depreciation. Everything that I have said is simply an enlargement of what is given in the report. The policy of the Board is unanimously to have no secrets from the shareholders; to have no dodging in the management of the business; but to tell shareholders fully, fairly, and honestly what the condition and character of the trade done is, and to divide profits fairly, totally irrespective of any other consideration but the permanent welfare of the Company and the interests of those who have invested in it. As Chairman let me say that the most cordial co-operation prevails