valuable patents in connection with the appliances which are already bringing in a considerable annual income, and which extend over a tolerably long term of years. In respect of these patents, for holders and so forth, we have continued to manufacture them for ourselves, and charged ourselves the same royalty as we charge our licensees, and we have licensed a large number of leading firms in the gasfitting, lampfitting, and brassfounding business, who are competing with us in the sense that they are bound to sell at the same price as we do, and are paying us a royalty. Of course, this business is of the character of many others; the fixed charges are considerable, and are not influenced by the number of lamps sold. The price of the lamp is ear marked, and you can produce a large number at a rate per lamp considerably less than a smaller number, and we have attained that position in which we can produce lamps as cheaply, certainly, as anyone in this country, probably in Europe. The reputation of the lamp seems to be established. I daresay when the competition comes on us we shall have lamps from all parts-Germany and the Continent generally. We know pretty well what these lamps are, and have a knowledge which enables us to measure possibilities, and although, no doubt, the number of lamps sold may in the first moment of this competition be affected, more or less, we must look to the general development of the business, and to our being able to hold our own in the total output of lamps, which must, year by year, greatly increase, because only quite recently the electric light business seems to have improved. One has the opportunity of reading in the papers the speeches of gentlemen connected with electric lighting companies, and we have been interested to learn in that way how the Westminster, the St. James's, the Metropolitan, and other companies have all largely increased the number of their lights All this means the rapid multiplication of lamps. When the time comes we must endeavour to hold our own relatively to the general advance in this business, which I believe I can foresee will be considerable during the next few years. There is another thing to which I should like to call your attention. The gross income, including the stock, you will see is £240,271, as against £212,048 last year-an increase of £28,223. The gross expenses have been £153,629, compared with £137,236, or more by £16,393, leaving a net profit of £11,831 in addition to that of last year. That £16.000 is rather a large increase in the expenditure, but this year, for the first time, we have had to bear the burden of the establishment of a number of depôts. As our business extends, people who live in the great centres of industry will probably get tired of drawing their supplies from the factory at Ponder's End, therefore we were determined to try the experiment of a London depôt, and we opened one in Parliament-street, Westminster, where we have done an extremely good business. We have also opened another at 110, Cannon-street, with like satisfactory results. In addition to the two depots in London, we have opened one each at Birmingham, Cardiff, Liverpool, Leeds, Newcastle, Hull, Dundee, Glasgow, Belfast, and Dublin, and we are doing business in all those places. Now, I should like to say a few words with reference to our solid asset, and by that I mean our tangible property. The preferred or "A" capital of the company is £353,478, which has a cumulative claim of 7 per cent. before the "B" capital gets anything. It takes £24,743 to pay that 7 per cent. Our capital is £353,478 of subscribed money and £117,820 in deferred shares, in virtue of the benefits accruing from our patents. As, however, these patents are on the point of expiring, not much value can be attached to them for the future; but, as far as the holders of that £117,820 go, they are entitled to a quarter of anything over 7 per cent. on the "A" shares. I hope they will get their quarter, and I think there is a probability that they will get something. But we are more concerned for the people who found the £353,478. Now of that amount we have got a solid asset in the nature of freehold property, plant and stock, debtors, and consols to the extent of £200,000. Of course, that is the value as a going concern; but we have written off these items considerable sums from year to year. We have, then £200,000, and the question now is whether our experience, our capacity to supply the demand, and our trade-mark, is worth the balance. You are as capable of judging that as I am. sanguine enough to believe it is, and I think we need be under little apprehension that our venture will continue to be certainly a reasonably profitable one, and probably a very profitable one, because, with the extension in the number of lamps sold, we shall speedily retrieve the loss which may ensue upon the sale price of them, when we emerge from the protected period. I do not know whether anyone will be curious upon the subject of accounts; if so, I shall be happy to enlarge upon them. But I think they speak for themselves. I now move the adoption of the report. Major S. Flood Page (deputy-chairman) seconded the motion, which was adopted.

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The Chairman next moved: "That a dividend be and is hereby declared on the A shares of the Company of 48. 04d. per share on the 89,261 ordinary, £3 paid; of 6s. 8d. per share on the 5,000 £5 fully paid shares allotted to the Edison Electric Light Company, Limited; of 5s. 04d. per share on the 12,139 £5 fully paid shares allotted to the Swan United Electric Light Company, Limited; and of 3s. 2d. per share on the B shares of the Company, being, with the interim dividend paid on March 14, 1893, a payment on the A shares of the Company of the balance of arrears of cumulative preferential dividend, and of 10 per cent. in respect of the year ending June 30, 1893; and on the B shares of the Company 3 per cent. in respect of the year ending June 30, 1893. All to be distributed in accordance with the provisions of clause 87 of the articles of association, income-tax free."

This was seconded by Major Flood Page, and was unanimously rrried,

Mr. Killingworth Hedges referred to negotiations proceeding for an amalgamation of the Swan United Company with this Company, and he should like to hear if there were any chance of the interest of the two companies being brought together. He should like to know whether such an amalgamation would lead to economies being effected.

The Chairman said the Board had felt the importance of that amalgamation from year to year, and it had become accentuated as the period of the expiration of the patents approached; therefore, they had given their attention to the subject during the year. A proposition had been formulated, and, substantially, he understood - for, being chairman of both companies, he had stood out of the negotiations-agreed upon, upon which the Edison and Swan would take over the remnant of the business of the Swan Company. There were one or two internal matters which would, however, have to be submitted to the shareholders of both companies before the amalgamation could be carried out. One of the objects of the fusion would certainly be to promote economy of administration.

On the motion of the Chairman, seconded by Mr. Hedges, Major Flood Page was unanimously re-elected to his seat on the Board, and Mr. Shelford Bidwell, F.R.S., was similarly reappointed, on the motion of the Chairman, seconded by Mr. Cuthbert Quilter, M.P.

Messrs. Welton, Jones, and Co. were reappointed the auditors, and the proceedings were then brought to a close.

CITY AND SOUTH LONDON RAILWAY COMPANY, LIMITED. The eighteenth ordinary general meeting was held on Tuesday at Winchester House, E.C., Mr. C. G. Mott (chairman) presiding. The Secretary (Mr. W. F. Knight) read the notice convening the meeting, and the report was taken as read.

The Chairman said it became his duty to move the adoption of the report and accounts. In doing so, he stated that they would be pleased to see that the steady increase in the Company's receipts had continued during the past half-year, in spite of the lengthy spell of hot weather which was generally detrimental to the traffic of the line. On the other hand, there had been no increase in the expenditure but, on the contrary, a small decrease, which was a very satisfactory condition for any company to be in. The Board had again to report that the line had been worked with the greatest regularity, and without any stoppage or detriment whatever. The line itself, he thought, was growing in popularity with the public, who found that it had an almost unexampled regularity of service, perfect punctuality, and a pure atmosphere, free from all noxious vapours, that there was an even temperature, which was pleasant both in summer and winter, and that altogether the line was such as was very much wanted in the metropolis, and was a very great improvement upon all other existing railway communication. Referring to the accounts, the Chairman said they had raised during the half-year £17,050 on capital account, this having been used in paying off liabilities amounting to £10,209, and in expenditure on the Stockwell sidings, and various other matters, to the extent of £6,181. They had paid off in the same period £3,800 of the terminal debentures, and had replaced them with 4 per cent. debenture stock, issued at a premium, so that a small saving had been effected in that respect. The amount of debentures falling due that half-year was exceptionally small, but in the future the amount would be larger, and they would thus derive an increased benefit and more saving each half year, until they got the whole of those debentures paid off and converted. The receipts from passengers had increased by £1,491, and those from season-tickets by £36-in fact, in every department of the receipts there had been an increase-making the total advance for the half-year £1,639. The expenses for maintenance had increased by £13, locomotive expenses had decreased by £159, carriage repairs (as might be expected) had increased by £57, and the traffic expenses showed a decrease of £124. The general charges had increased by £160, this being chiefly due to their having insured against accidents. Although their liability for accidents was exceedingly small, the Board thought it desirable that in the early stages of the railway they should run no risk which might interfere with the dividends. They insured for a considerable amount by paying £200 a year, and he hoped the accident company would reap the benefit, and that this Company might never have to make a claim upon them. He thought the shareholders would agree that this was a wise and prudent course to adopt. Then they had had to pay £24 for passenger duty, which had not appeared in previous half-years. The matter had been under discussion with the Inland Revenue authorities for several years, because owing to the fact that they did not issue tickets and that they gave their passengers the right to travel over the whole length of the line, the Company's contention was that they had no means of knowing how far the passengers travelled, and that, that being the case, they were not liable to duty, because the charge came to less than 1d. per mile. The authorities, on the other hand, contended that a certain number of passengers did not travel a sufficient distance to make the rate 1d. per mile. As it was impossible to obtain precise information on the point, a compromise was agreed upon, and the Company consented to pay passenger duty to the extent of £24 as what was due for the past year and one or two previous half-years. Law charges had decreased by £32 rates and taxes had increased by £44, and compensation had decreased by £117, the result being a decrease of £134 in the expenditure, making, with the larger receipts, a net increase in the revenue of £1,773. As to the rates and taxes the increase had been going on steadily, and he thought they must look forward to

It

its continuance. Concerning the percentage of working expenses, in their first half-year their expenses were 79 per cent. of the receipts; in the second, 76 per cent.; in the third, 70 per cent; in the fourth, 679 per cent.; and last half-year, 646 per cent. would thus be seen that there had been a steady, regular decrease in the percentage, and he hoped that would continue until the expenses were cut down to a much lower rate than at the present time. This calculation included the item of lifts, which was an expense not connected with other railway companies. Deducting the cost of working those lifts, their percentage would be 561⁄2, which was very nearly the same as that of many of the larger railway companies. The changes which had taken place in the receipts per train mile were interesting. In the first year the figure was 2s. 1d.; in the second, 28. 14d.; in the third, 2s. 24d.; in the fourth they increased the mileage to a large extent, and the receipts consequently fell to 2s. 04d. per train-mile. Last half-year, as compared with the December half, they had only made a very small addition to the mileage, and the result had been that they were overtaking the large addition of train mileage, and that the receipts per train-mile had risen to 28. 1d. The expenses per train-mile had been, in the first half-year, 1s. 93d.; in the second, 1s. 74d.; third, 1s. 74d.; fourth, 1s. 54d.; last half-year, 1s. 42d. This was a very satisfactory feature. The locomotive expenses per train-mile had been: First half year, 9d.; second, 79d.; third, 7.7d.; fourth, 7.1d.; last half-year, 6·48d. If they compared those figures with the locomotive expenses of the large railways of England, they must deduct the carriage of the coal, which this Company paid, and which the others did not. Making that deduction, the locomotive expenses per train-mile would be reduced to 54d. for the past half-year, which was very little more than half the rate which it cost the large railway companies for steam purposes. The receipts per passenger had been: In the first half-year, 190d. ; second, 170d.; third, 1·73d.; fourth, 160d.; and last half-y f-year, 1-66d. Those variations were mostly in consequence of the increase or decrease of the local short passenger traffic. A year ago they tried in various ways to get for a mid-day traffic a number of short distance passengers at low fares, and they were successful in so doing, but the result was that although they had a generalfincrease in the receipts, it diminished the receipts per passenger from 1·70d. to 160d. Last half-year they had a general increase in the longer distance traffic, and the figure had risen to 166d., or very nearly the same as before they made the reduction. The new sidings at Stockwell were practically completed, and would be very shortly brought into use. The Directors were anxious to have them in use before the winter traffic commenced. He thought they would enable the company to improve the service during the winter. By putting in an additional signal station between Stockwell and the Oval they had been able to improve the service somewhat during the past half-year. The Company's Bill for the extension to Islington had passed the House of Lords. It had to go down to the Commons for consent to certain alterations, and would then only await the Royal assent. The Board were anxious to improve the King Williamstreet Station at the surface, which was dark and confined at present, and was rendered difficult to improve owing to the small space available. They had an opportunity of acquiring the lease of the adjoining property at a very moderate price, and they had obtained that lease, so that they were now considering what alterations they could make at a small expenditure in the way of improving the access at the top of that station. He then moved the adoption of the report and accounts.

Mr. C. Seymour Grenfell seconded the resolution, which, on being put, was carried without any discussion.

The Chairman then moved, and Mr. Sampson Hanbury seconded, that a dividend at the rate of 5 per cent. per annum on the preference shares be declared. This was adopted, and a dividend at the rate of per cent. per annum on the consolidated ordinary stock was also declared.

A hearty vote of thanks was passed to the Chairman and other Directors, and the former, in reply, expressed his complete confidence in the future of the undertaking.

The secretary, Mr. F. R. Reeves, read the notice convening the meeting, and the report was taken as read.

The Chairman before putting the first resolution, said that although the Directors met the shareholders with a diminished dividend, he was justified in congratulating them on the progress and position of the Company. The turnover of business showed a satisfactory increase over that of the previous year, and the gross receipts on trading exhibited an increase of nearly £3,800. That progress has been made in spite of the severe commercial depression which had, more or less, affected all classes of business, and consequently checked the receipt of orders for their goods. Australia had formerly been a large customer to them, but during the year very little had been done with that country. There were, however, signs that that trade was likely to improve. The orders booked in the last three months had very nearly equalled those in the whole of the previous year, and the outlook from South Africa was promising. The cost of manufacturing goods at the Chelmsford works had again been considerably reduced, and as far as economy was concerned, the Directors had every reason to be satisfied with the progress made in this direction. Unfortunately some exceptional and unforeseen expenses had had to be borne, the principal of which were those attending the temporary arrangements consequent upon the breakdown of the

boilers at the works. The water supply there was both expensive and unsatisfactory in quality, and the boilers, when the heavy pressure of the town lighting came on last winter, gave out, and before new ones could be obtained, temporary boilers had to be hired and put into position at great expense. Since then, however, new boilers and pumping plant had been provided, and substantial savings were now being made in that department. Another item of expense beyond the normal had been the cost of advertising. That was being closely watched, so as to effect considerable reductions during the current year. The extraordinary general meeting last October had sanctioned the nominal increase of the capital to £300,000. The cost of registering this capital, and the expense of issuing the prospectus and advertising, had been temporarily charged to a suspense account, and would be written off in equal instalments in about three years. Since the last meeting, 2,781 preference shares and 1,928 ordinary shares had been placed. The list of applications for debentures had also been closed, and the committee of the Stock Exchange had granted a quotation for these securities. The stock-in-trade showed a considerable increase over previous years. A satisfactory feature of the increase, consisting as it did mainly of finished parts of machines, was that it enabled the Company to make quick delivery, and that fact often secured them an order. The item "trade debtors" showed an apparent decrease, but that was due to the transfer of the Chelmsford lighting account to the heading of "investments." With regard to the profit and loss account, the net profits were some £3,000 less than last year, and the Directors did not therefore recommend a full dividend on the preference shares. They felt sure that the shareholders would agree with them that that was the proper course to adopt. The dividend on the preference shares was cumulative, so that the balance of 1 per cent. unpaid was carried forward to next year the future first charge after debenture interest on a profits of the Company. The works at Chelmsford and Lillie Bridge were in first rate order and well equipped; the Company had a good staff of engineers and officials, and was served by an excellent body of workmen. It would be gratifying to learn that the Crompton arc lamp had been so improved that it now held the position of being the best and cheapest in the market, and considerable orders had been received for it. He then moved the adoption of the report and accounts.

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Mr. R. E. Bell Crompton, in seconding the motion, said that they had not made as good a year as they ought to have done. General bad trade had had a great deal to do with it, and individual bad luck in the case of the exceptionally large sums spent on the power department for the boilers at Chelmsford had been the causes which had led to the diminished profits; but he could corroborate the Chairman that there was nothing to lead them to believe that this state of things should point towards diminished profits in future. He thought everybody would admit that the period now being passed through was a period of depression in all trades, and that it had reached a point at which they must at least hope for a turning, and he did not think they would be found unfitted to take advantage of a revival. It had been the aim of the managing Directors to look for every possible means of providing steady work for the Chelmsford shops that would be in the nature of a backbone to the business. The manufacture and sale of dynamos had always been part of such a backbone, and although Crompton and Co. for many years past had been well known as makers of arc lamps, yet for the past six or seven years it had been quite an insignificant item. They had now developed this arc lamp so as to cause it to be asked for on all sides, and that made him very hopeful that they would discover a second string to their bow in the shape of a steady manufacture which they could always go on making for stock at all times, knowing perfectly that there was certain to be a demand whenever the normal state of affairs came again. He thought during the ensuing year, from what he had seen of the demand for the new lamp, that it promised well to yield something substantial towards next year's profits. With regard to the heavy cost of the boilers he could not say very much. It was more in the nature of a pure accident that the boilers gave out as they did. They well knew that the demand, in consequence of the lighting of Chelmsford being added to the ordinary demands of their works, would be very considerable during last winter, but they did not reckon upon the extreme badness of the water supply damaging the boilers before the new boilers could be got into position. The hurried work and the hired work which had to fill up between the failure of the old boilers and the getting in of the new permanent boilers was a very costly operation. He thought, however, they had taken steps to prevent the possibility of anything of the kind recurring. Of course accidents might happen, but they had taken all possible and reasonable means to prevent them. They had adopted the type of boiler that was best suited for very bad water, and in addition to that they had put down water purifying plant, and had taken advantage of the change of boilers, which would enable them to burn very cheap coal. Thus the troubles in the past might be a source of profit to them in the future. He believed the cost of producing power at Chelmsford would be very much lower than it could have been with the old type of boiler. There had already been a steady decrease in the expenses under this head. He need hardly say that the hard state of affairs affected the managing Directors more than anyone else in the Company, and they had therefore a very strong incentive to see it put right as quickly as possible. No one could regret more than himself that they had not got their full dividend. He then seconded the

motion.

The Chairman, in reply to Colonel Wood as to the depreciation fund, said he believed that their plant was put down in the depre

ciation account to its full amount, and that it had this year been increased by £500. The amount was sufficient to cover all ordinary expenses and wear and tear, but he did not know that it could cover every accident. In answer to Mr. Kitchin, he remarked that the Chelmsford lighting was getting in a satisfactory state, and in a short time they hoped it would be paying its way on fairly commercial lines. With regard to the cost of the breaking down of the boilers, they had had to expend a considerable amount (£2,000) on temporary work alone to enable them to carry on the lighting. As to the increase of stock, that cut both ways. They had been trying some time to meet orders when wanted in a hurry, and very often an order could be secured and carried out with a given stock, whereas with a low stock they lost the business. Whether they had reached the happy medium of having too much or too little he could not say, but they had stock that would enable them to deal with orders which otherwise they might lose. With regard to investments in shares of other companies, their object was not to do anything of that kind, but they were sometimes obliged to have an interest in some companies in order to get orders.

The resolution was then put to the meeting, and was unanimously adopted.

On the motion of the Chairman, seconded by Mr. J. F. Albright, a dividend of 2s. 6d. per share, making with the interim dividend 6 per cent. per annum on the preference shares, was declared.

Mr. H. H. J. W. Drummond was re-elected a director, and Messrs. J. H. Duncan and Co. were reappointed auditors. A vote of thanks to the Board terminated the proceedings.

DIRECT UNITED STATES CABLE COMPANY. The thirty-second ordinary general meeting of the Direct United States Cable Company, Limited, was held on the 29th ult. at Winchester House, under the presidency of Sir John Pender. The Chairman, in moving the adoption of the report, said the revenue for the half-year ended June 30 last, after deducting outpayments, amounted to £40,836, and the working and other expenses to £18,898, leaving a balance of £21,938 as the net profit of the half-year. This with £3,129 brought forward from the previous half-year, made a total of £25,067. Three quarterly interim dividends of 3s. 6d. each per share amounting to £31,872. 158. had been declared and paid during the financia! year, and a final payment of 3s. 6d. per share was now proposed, making, with the three interim dividends, 3 per cent. for the year, being a total distribution of £42,497. After transferring £3,000 to the reserve fund account, which now stood at £267,415. 128. 7d., the balance of £819. 2s. 4d. on the revenue account was proposed to be carried forward. The revenue, as compared with that of the corresponding period of the previous year, showed an increase of £1,822. Considering the general depression which had prevailed, this result must be regarded as satisfactory.

The report and accounts were adopted.

ANGLO-AMERICAN TELEGRAPH COMPANY. The half-yearly general meeting of the Anglo-American Telegraph Company, Limited, took place on the 29th ult., at Winchester House.

The Marquis of Tweeddale, in moving the adoption of the report, said that the receipts had amounted to £146,885, an increase of £367, and the best the Company had experienced for some time. The beginning of this month was unsatisfactory, but the latter part of it had placed the receipts a little above what they were last year. The working expenses showed an increase of £818, mainly due to the loss caused by fire at St. Johns, and to the increase in salaries. The net result had been an interim dividend of 128. 6d. on the ordinary stock-not a very large return, but it was paid on a stock which had been heavily watered to the extent of about 50 per cent. The proprietors had no doubt noticed with a certain amount of satisfaction that the reserve fund now stood at £1,007,261, or £7,000 above the million of which they had often talked. Whether this sum could be made available for dividend purposes must depend on the freedom from further interruption, and on the speed and economy with which the present interrup tions were being repaired.

The report was adopted.

ELECTRICAL POWER STORAGE COMPANY.

The fourth ordinary meeting of this Company was held at the offices of the Company, 4, Great Winchester-street, E.C., on July 27, Mr. J. Irving Courtenay, the chairman of the Company, presiding.

We have been favoured with the following report of this meeting by the secretary of the Company The Secretary (Mr. J. W. Barnard) having read the notice convening the meeting, the Chairman said: In making some observations upon the accounts, I desire to point out that the difference in the balance carried forward from the trading account this year and last year is mainly owing to proper deductions having been made in balancing the trading account, the discounts and other charges having been deducted before bringing forward the balance. The gross amount of orders is larger than last year, but owing to the reduction in price, and increased discounts to the trade, the net cash received is rather less. But you will also notice that in onsequence of economies having been introduced into the manage. nt and into the manufacture, the net profits are practically the

same, because from the amount of the profits we have written off this year £1,500 towards depreciation of patents. The Company is selling more of its manufactures than it did, and thus it is increasing its goodwill and obtaining a larger business with the public, because the objections taken in past years to the high price of accumulators, have been to a considerable extent a removed by the reductions in question. Now you are all aware of the depressed condition of trade, and that the electrical industry, like all other businesses, is suffering from the depressed times, but I am glad to say that the E. P. S. Company has done well in spite of this almost unprecedented depression. We do business with all the leading firms, and the result is that whatever business is going we get a share of. We have competition to contend against, and no doubt shall always have, but I think by the improvements that have actually been made, and those we have in contemplation, and by the economies these will effect in the manufacture of the batteries, we shall be able to hold our own. We are, as you are aware, also acquiring patents for details in manufacture, and so in reality, though the basic patents are growing older, we are strengthening the position by these newer patents. One of the most vital questions for the E. P. S. Company is traction. You know that this Company associates itself almost entirely with what is called self-contained traction, and has endeavoured to develop it, though up to the present not with the results we aim at; but we do not for one moment despair of ultimate success. A portion of the expenditure in legal charges was incurred in what at one time looked a hopeful business, in endeavouring to obtain an Act of Parliament in an important provincial town for an electrical tramway. We failed because we could not get the necessary agreements confirmed in time for Parliament, and so the Bill was dropped. But we are persevering (not in that particular locality) with self-contained traction, and you have heard of a small company that has been formed-I refer to the Pioneer Electric Carriage Company-to develop a form of traction with novel features, among which is the pneumatic wheel. Some few of our friends have put their money in to test it, and, if successful, it will be a great benefit to the E.P.S. Company, and bring a wide demand for its batteries-such is the interest the E. P.S. has in the welfare of that concern. I do not think I need trouble you with any further remarks, and conclude by saying, so far as is possible to see ahead in these days, I entertain no doubt that the E.P.S. Company will continue to prosper. I now move: "That the Directors' report and statement of accounts to May 31, 1893, be and are hereby approved and adopted, and that a dividend of 5 per cent. on the paid-up capital be declared, payable on August 24, 1893."

Sir Daniel Cooper: I beg to second.

Mr. J. W. Barclay: I do not intend to offer any criticism of the accounts, but to refer to a point which invites attention-viz., the use of accumulators for propelling carriages. Shareholders of the Pioneer Electric Carriage Company are endeavouring, at their own expense, to develop a system of self-contained traction for ordinary carriages. If the attempt prove successful, a very wide field for the use of accumulators will be opened up. Meanwhile the problem we have before us is to prove that this new method of locomotion is useful, commodious, and economical. The operations of the Pioneer Company should certainly encourage shareholders to be hopeful for the future of the electric storage battery industry.

The resolution was then carried unanimously, and the retiring director, Sir Daniel Cooper, Bart., G.C.M.G., having been reelected, other formal business was concluded. In responding to a vote of thanks, the Chairman observed: I should like to say I have waited for this opportunity of expressing our indebtedness to Mr. Frank King and staff for the keen and intelligent energy with which they have pushed the business of this Company. The Directors will bear me out when I say that Mr. King and his staff spare no effort to promote in all directions the interests of the E.P.S. Company.

Mr. Frank King: On behalf of the staff and myself, I beg to thank the meeting and the chairman. It is our duty to convince engineers and others that the secondary battery, as manufactured by the Company, is the very best battery, for all purposes, they could possibly desire. We have been successful in this, and it is a great satisfaction to us to know that our efforts are appreciated. The proceedings then terminated.

The following is the report of the Directors and accounts of the Company for the year ended May 31, 1893:

The profit, after payment of general expenses, management, etc., is £5,245. 2s. 2d, from which the Directors have, in deference to the wishes of the auditors, deducted a sum of £1,500, writing that amount off the patent account, leaving, with a balance of £626. 78. 7d. from last year, an amount of £4,371. 98. 9d. available for distribution, out of which the Directors recommend the payment of a dividend of 5 per cent., leaving £158, 19s. 5d. to be

carried forward. Provision has also been made for maintenance of buildings, plant, tools, etc., by writing off the sum of £2,083 18s. 9d. The Directors are pleased to be able to report the continued success of the Company's operations; a considerable reduction in the selling price of its manufactures has been made, for the purpose of bringing storage batteries into more general use. Particular attention has been devoted to securing such inventions as would tend to cheapen production while combining maximum efficiency and durability; and with this object several new patents have been acquired, and sole licenses for others have been obtained. Constant attention has been also given to the development of electric traction, for which the Directors expect a considerable demand will shortly arise. The Company and its licensees have been successful in patent litigation abroad. The retiring Director is Sir Daniel Cooper, Bart., G.C.M.G., who, being eligible, offers

were

received somewhat reduced dividends from four or five of the companies in which they held investments. On the other hand, there two or three of the com. panies which had given them a better return this year than they did in the previous year. This enabled the Directors to recommend the payment of a dividend on the ordinary shares of 4 per cent. for the year under review. Last year they were able to pay 4 per cent., or 6d. more than they proposed to pay this year. The average dividend which the Company had paid since its formation in 1873 was 43 per cent., so that the present dividend was above the average, and therefore it was not disappointing. The Marquis of Tweeddale seconded the resolution, which was carried.

CHILI TELEPHONE COMPANY, LIMITED. The ordinary general meeting was held on Wednesday at Winchester House, Colonel R. Raynsford Jackson (chairman) presiding.

In moving the adoption of the report, which was given in our last issue, the Chairman said that the net profits in London for the past year amounted to only £5,395, although the income in dollars from subscribers showed an increase of 69,831dol. The fact was that the fall in exchange was directly responsible for a diminution in their revenue of £7,642. As the tariff rates were paid in the paper dollar, which was now so greatly depreciated, the Board felt that they ought to increase these rates. Already that course had been pursued in some important centres, and they were about to do the same in all of them. Another thing on which they relied was the decision arrived at by the Chilian Government to gradually withdraw the paper money and establish a sound currency. The profit earned during the past year was used for capital purposes, but they had now practically closed that account, at least for the present, as they were only spending the money necessary to couple up new subscribers. He hoped, therefore, that during the current year they might be able to set aside, out of revenue, a sufficient amount with which to pay a dividend. Mr. T. Greenwood seconded the motion, and the report was adopted.

MANCHESTER EDISON-SWAN COMPANY, LIMITED. The eleventh ordinary general meeting of this Company was held last week, Mr. V. K. Armitage, chairman of the Company, presiding.

In the annual report, which was taken as read, it was stated that the net profit, including last year's balance, amounted to £2,047. 148. 9d. Of this it was proposed to devote £1,000 to the payment of a dividend at the rate of 5 per cent. per annum, and £873. 15s. towards the loss incurred in connection with the Williamson Electrical and Engineering Company, Limited, of Australia, carrying forward a balance of £173. 19s. 9d.

The Chairman, in moving the adoption of the report, referred to the depressed state of electrical business and business in general during the past year, and said the Manchester Edison-Swan Company had suffered a good deal through the delay of the Manchester Corporation in carrying out their installation, as people did not care to go forward with installations on their own account till they saw what the Corporation were going to do in the matter. The Corporation seemed now to be within measurable distance of the completion of their works. The net profits of the Company had been about £800 less than in the preceding year. Although the result was to that extent unfavourable, he was not without hope as to the future of the Company. There could be no doubt that there would be a very great spread of electric lighting in the immediate future, and they hoped and believed they would get their share of the work that had to be done. Nearly all the business they had done had been remunerative work, and with increased business they would have an increase in the amount of their profits.

The motion was seconded by Mr. W. P. James Fawcus, and after some criticisms on the accounts had been passed, it was put to the meeting and adopted with only one dissentient.

It was agreed that the profits should be disposed of in the manner suggested in the report, except that out of the balance to be carried forward £150 was voted as remuneration to the Directors.

Balance, being net profit carried to balance-sheet...

Cr.

Balance from trading account..

Rents receivable, etc.........

1,860 6 6

108 13 2 120 0 0 3,745 2 2

£25,453 9 5 £ s. d. 25,215 9 3 238 0 2 £25,453 9 5

GLOBE TELEGRAPH AND TRUST COMPANY. The twentieth ordinary general meeting was held on the 27th ult. at Winchester House, under the presidency of Sir John Pender, M.P.

The Chairman, in moving the adoption of the report, said the net revenue for the year ended July 18, after the payment of expenses, amounted to £188,931, as against £192,243 last year, or a decrease of £3,312. This decrease, which was but a small one considering the general depression which had existed during the past year, was accounted for by the fact that they had

BUSINESS NOTES.

Cuba Submarine Telegraph Company.-The Directors propose a half-yearly dividend at the rate of 8 per cent. per annum. South London Railway.-The City and South London Railway Bill was read on Monday in the House of Lords for the third time. Burnley. It was mentioned on Wednesday at a meeting of the Town Council, that the electric light station had now been com. pleted, and that the current would be switched on next week.

Lyons. The central telephone offices at Lyons took fire on Saturday, and it was found necessary to cut the whole of the 1,250 connecting wires. The damage sustained is estimated at £1,000.

Mill Lighting.-A new spinning mill, recently erected at Eagley for Messrs. J. Chadwick and Brother, Limited, is being lighted electrically by Messrs. Ernest Scott and Mountain, Limited, of

Newcastle.

Agents Wanted. -As will be seen from our advertisement columns, Mr. Ronald A. Scott, of Acton Hill, London, W., is desirous of appointing a good agent for Newcastle, Liverpool, and Cardiff, and the adjoining districts.