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Metropolitan "Brush" affirmed that "the Metropolis, with "its population of upwards of four millions, has many thou"sands of miles of roads and streets, which it may safely "be assumed will before long be lighted with electricity." Why the monopoly of lighting them, which is the inference to be taken from this statement, should be an attribute solely attaching to the Metropolitan Brush Company, is not adequately explained. Like most of the others, the STAFFORDSHIRE AND WORCESTERSHIRE " BRUSH" COMPANY harped on" the exclusive rights to use or sell the LaneFox Incandescent Lamp" (which was not, in point of fact, correct), and names twenty-eight towns which are likely to be anxiously awaiting their operations, and "it is claimed "that the Brush system of generating electricity is acknow"ledged to be the best, not only from the brilliancy, "steadiness, and uniformity of the light, but from its great economy." Electricity, it informs us, "is healthy, cool, "does not vitiate the atmosphere, and produces a steady, "brilliant light," which, perhaps, was known before. Of course "the cost of lighting the City of London by the "Brush system had been less than gas, while the other systems of which trial had been made burned from twice "to five times the cost of gas.' A long article from the Money Market Review about electric lighting in general is appropriated to serve the purpose of this particular company, in which the following was calculated to "fetch" investors :-" It is evident we are on the eve of immense "developments in connection with electricity. All the "wonderful things which have lately been said of it, and all "the remarkable movements which have taken place in the "market, have reference to the assumed profits of electric "lighting. But lighting is only one, and will probably prove "one of the smallest of the uses to which electricity will be 4 put. Given only the power of storage, and its force may "be directed to almost anything." This is just one of those prophetic articles to which no legitimate objection can be taken at the time, but which can be utilised to mislead if not fully explained. The article refers to a distant future, and wants us to grant them the power of storage as something to start from; the prospectus wishes it to be understood that this storage is accomplished, the prophecy already fulfilled, and nothing to be done now but reap the attendant advantages. Hard-headed investors want immediate dividends, not to lock up their capital and wait for the happy era of universal electric application, especially if in waiting their money is liable to be eaten up by experiments and by boards of directors who do not sit for

nothing. The BIRMINGHAM AND WARWICKSHIRE "BRUSH came out in gaudy colours of red and black on a white ground, and on its front page casually alluded to the 12 per cent. dividend, and the enormous sum of £99,500 the Anglo-American Brush Corporation had carried to its reserve fund, also to the Hammond shares £2. 10s. paid being quoted at between £19 and £20, and the parent company's £10 shares not to be bought under £60. This and the YORKSHIRE "BRUSH" prospectus revelled in the identical statements used by the others which we have just detailed, and all of them took occasion to enclose a goodly list of companies and firms which were using the "Brush" light, and at that time it certainly was most in favour. But they made bold to presume that in this age of scientific progress it would continue to be so, although rival systems were already in the field, some possessing qualifications superior in many respects to the Brush," and, once the floating mania commenced, they also sought to impress their merits upon owners of capital.

"

Next we come to review a few of the other offshoots from the parent stock, and it will be seen that substantially they rest their appeals for subscriptions on somewhat similar grounds to those just commented upon. THE MIDLAND "BRUSH" took occasion to refer to the sums realised by Mr. Hammond from working the system for "a few months in 1881," and to the premiums at which the shares then stood. Their concession was erroneously (as it has since turned out) said to include the sole right to use all the Brush and Lane-Fox patented machines, lamps, &c., and they stated "profits would be derived from a special dis'count of 20 per cent. allowed by the Brush Company on "machines and lamps supplied to them, and from contracts "and granting of sub-licences to local lighting companies." Their ground was to cover Cheshire, Nottingham, Shropshire, Montgomery, Merioneth, Caernarvon, Denbigh, Flint, Lincoln, Oxford, Northampton, Berks, Leicester, and Anglesea, a very fair field, certainly, if business was to be the outcome of the grant.

The "Brush" Company of Scotland states:-"In ad"dition to the above (referring to the usual advantages) "the company will be prepared to grant licences to "separate companies to take up the work in such cities as Glasgow, Edinburgh, Dundee, &c." It also reminds us that The Brush Company's shares are now quoted at "nearly 200 per cent. premium, and the Hammond at "100 per cent. premium, and the present undertaking with "its important prospects will doubtless also quickly attain

"a similarly favourable position." It gives details of a number of contracts relating to its acquisitions, but omits to note the interests of each of the contracting parties, and how much adhered to the numerous hands it seemed to have passed through before being publicly issued. It was partly acquired from the Scottish "Brush," a syndicate previously formed for that country.

The SOUTH-EASTERN "BRUSH" was to take possession of the counties of Surrey, Kent and Essex (excluding the Metropolitan Postal Districts), and enumerated in its prospectus the chief towns in them, all of which were supposed (contrary to results so far) to have been eagerly waiting their advent amongst them. One exceptional feature they dilated upon; for, besides electric lighting "it "is intended to erect depôts in suitable centres for generat"ing electricity to supply all classes of customers, or as a "conductor of motive power for driving railway, tramway, "and other carriages and machines; recent experiments having proved that there is hardly any limitation of the "varied uses to which electricity can be applied." Their programme was an extensive one, and we hope their praiseworthy and ambitious schemes will yet be carried out.

The PROVINCIAL "BRUSH" secured the rights for Hertford, Bedford, Cambridge, Bucks, Hants, Norfolk, Suffolk and Rutland, but it would be needless repetition to detail all the blessings their working was to bring to shareholders, they are so much on a par with those of the other companies.

The AUSTRALASIAN ELECTRIC LIGHT, POWER, AND STORAGE COMPANY was formed from a Syndicate Company which had previously been initiated, and two directors of that company are to be found on the new board. This company did not seem to have quite settled on the matter of storage, which circumstance certainly showed traits of wisdom. But, "it will endeavour to secure the best 'system of storage," and "the vendors also make over "certain optional rights they possess to a new accumulator "which HAS NOT YET BEEN PRACTICALLY TRIED, but "which is BELIEVED to be of considerable value." The Colonies, which have never been accredited with any diffidence in "blowing their own trumpets," it is in confidence stated "do not progress by slow steps like older countries, but by leaps and bounds.' The colonists are active, enterprising, and wealthy, and they deny them"selves nothing that is likely to benefit their country. "When the value of a new invention is proved, its use is "demanded from all quarters." It is certain that this

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disposition on the part of the colonists has been ably taken advantage of by the promoters of at least three other systems; so that, considering the population of all the Australian and New Zealand provinces is not over three millions of souls, and that many of the towns are very small, their opportunities for spending money will be ample. They have not yet, however, shown a greedy disposition to take up these various systems of electricity "by leaps and bounds."

"

But our Australian colonies are not alone in having their wishes for electric lights anticipated for them; for we have to record a good-natured rivalry on the part of South Africa. THE SOUTH AFRICAN "BRUSH particularises the imports and exports, revenue, &c., of Cape Colony for the decade 1871-1881, and argues from this that a wide field exists for the company's operations. It goes on to say that "the concession from the 'Brush' was "granted on favourable terms" to a firm of South African merchants in 1881, and "that they are willing to part with it for £25,000 in cash." What wonderful selfdenial this must have been to let it go! "Three of the "directors being interested with the vendors, will not take "their seats on the board until after completion of the purchase." This, of course, was a pleasant little formality to show that the vendors, not being yet on the board, could not have the fixing of the purchase price all their own way. South Africa also has been besieged by the vendors of other systems.

The ANGLO-SPANISH "BRUSH" was to cater for "the Kingdom of Spain," and, "as its important colonies of Cuba, Porto Rico and the Philippines, with a popu"lation of 20,000,000, offer for many important reasons a special and extensive field for the use of electricity," it was considered that Spain should not be behindhand in getting a company provided for its wants. One of the

special reasons is that "some of the towns are entirely "without gas supply, owing to the scarcity and dearness "of coal," and we trust, for the success of the company, that other fuel is correspondingly cheap and plentiful. It affirms that "the public appreciation of the 'Brush' "system is evidenced by the price of the shares of the "Brush' and Hammond companies." But perhaps these prices were not so much owing to public appreciation as to stock exchagne and jobbing interests.

The ground covered by the ANGLO-AUSTRIAN "BRUSH" COMPANY is Austria, Hungary and Roumania; and the directors plainly announce their intention of taking imme

diate steps to form and promote local companies; let us hope with local capital.

Although there were others brought to public notice, as a reference to the table will show, some of which did not meet with that approbation to which they, without doubt, considered themselves entitled, the last of the Brush enfants to be noticed here is THE "BRUSH" COMPANY OF IRELAND, which was acquired partly from the "Dublin Brush" previously in existence, and partly from the original company. "As the coalfields of the country are few "and the output small," little could be relied upon from these to supply electro-motive force, but "it is well known "that the horse power of water in Ireland, running to "waste day and night, is very great, while distance is of "little hindrance in the use of electricity." But distance, however safe and pleasant in viewing certain phenomena relating to that country, does not "lend enchantment" to the conveyance of the electric current, as the loss of the fluid by leakage, when carried over lengthy wires, and the great cost of the wires themselves, suitable to convey it in sufficient quantities, are hindrances which have not yet been overcomè. It may be that the assertion to the contrary is only a taste of Irish pleasantry, and to be taken cum grano salis. Perhaps the waste of man power which takes place in the sister isle is also an element that requires to be considered when investing in undertakings pertaining to that country, unless the company relies on Government eventually subsidising its efforts to introduce light on Irish proceedings. It may be that the smack of American blood in the Brush company would counteract any tendency in Irishmen to view this as another infliction from England.

It would be hazardous to attempt, in the absence of balance-sheets, an estimate of the present financial position of those companies. Of the total capital issued, about half was expended in cash and shares to satisfy the demands of the vendors, so that, if all the shares already issued were fully paid up, 20 per cent. would require to be earned to allow of dividends equal to those earned by our leading gas companies, which they are to compete with. The balance-sheet of the "BRUSH" parent, issued at the end of 1882, showed that the floating mania had brought into their coffers the enormous sum of £335,000 in cash, besides £144,000 in shares of sub-companies, and on their paid-up capital of £245,000 they had declared a dividend of 100 per cent., which, at the time, gave them a decided prestige. The declaration of this dividend assured the