directors (whose fees were ingeniously made cumulative after a certain dividend had been paid) a sum of £25,896, or an average of £3,240 each for their services. This was "in accordance with the articles of association." After paying the grand dividend, we find a few months later that further calls are being made on shareholders to carry on the company, and that at the end of 1882 they had on hand £93,000 of stock which was not readily saleable. The then chairman has seen fit to resign, and his place is now filled by another. Of the sub-companies the " HAMMOND" is the only one which we are in the habit of now seeing quoted in our daily papers. Some of the others are in Chancery, and one has applied to have its capital reduced, a process which no doubt is being gradually carried on by the remaining undertakings without any formal application.

CHAPTER XI.

ELECTRIC LIGHT UNDERTAKINGS (continued).

UT,

II. OTHER FAMILIES.

"The cry is, 'Still they come.'

although the Brush system was the great pioneer in the mania of 1881-1882, it did not entirely monopolise the field of investment. It may be accredited with £6,000,000 of the capital sought; the remaining £20,000,000 asked for was spread over a number of different systems, and it is our duty now to lay before our readers the salient points in the schemes of the principal of these ventures. THE ELECTRIC LIGHT AND POWER GENERATOR COMPANY, LIMITED, commenced in April, 1881, and attracted to itself a very strong board of directors,-men well known in scientific and engineering circles. They had acquired the Lontin and Rapieff and Maxim-Weston patents, "upon "which £30,000 had already been expended in experi66 Iments," and no doubt were anxious when a suitable opportunity arose to recoup that expense. To the public invited to subscribe they said, "it will be readily understood" (why, they do not explain) "that it is

"undesirable to publish the details of the working and probable profits of the company,”—an item some are anxious to know when going into ordinary investments, but its absence excusable, perhaps, when an electric light is in question, and public feeling in a state of high tension. They hazard the information, however, that "a sufficient "number of lamps and machines can be produced to pay a handsome profit to the shareholders," but omitted to add that producing is one thing and their profitable disposal when produced another. Meantime they are far-seeing enough to appropriate £50,000 in shares for the vendors and £7,500 for plant and machinery. This company was afterwards formed into THE MAXIMWESTON ELECTRIC LIGHT COMPANY, and acquired further patents at a cost of £54,500 in cash and shares. Their sales comprise the rights for Scotland to the RAILWAY AND ELECTRIC APPLIANCES COMPANY for £5,000 in shares of that company and a royalty on lamps to be used, having also endeavoured to float the BRITISH INDIAN ELECTRIC LIGHT COMPANY, the LANCASHIRE MAXIM AND WESTON COMPANY, and some syndicates for AUSTRALASIA.

THE RAILWAY AND ELECTRIC APPLIANCES COMPANY, besides securing the above lamps, also acquired Kennedy's patents for dynamo-machines and an arc lamp of great power and steadiness, the latter "constructed upon an entirely novel principle, combining cheapness in cost of "production with great simplicity of construction." "Compared with other arc lamps now in general use, the horse power required for producing an equal amount of light "is considerably less." Quail, O mighty Brush! The "Maxim-Weston " lamp is also "considered to be the best "incandescent lamp, having advantages of the greatest "commercial importance over any others." It quotes the Brush £10 shares at £53 to show what may be expected from its own superior facilities, and the whole of the concessions are "acquired by the company upon terms "which the directors consider most moderate, embracing "the payment of £60,000," besides certain royalties and part profits to be paid to the owners of the lamps, &c. With all their facilities for making profits, this company, unfortunately, was threatened to be wound up, on the ground that the terms are not now considered to have been so moderate after all.

THE LAING ELECTRIC LIGHT AND POWER COMPANY, after referring to the complication of other systems, states: Quite recently Mr. Laing has invented a complete system

of electric lighting, which claims to be superior to other "systems in the compactness of the dynamo-machine and "lamps, the smallness of their prime cost, and the efficient "and economical working of the apparatus." "This

'system has the great advantage of being a complete one, "and distinct from any system now before the public." Again, "it is only the vested interests in gaspipes and gas"works which can retard its (electricity's) general intro"duction in place of the poisonous agent already endured "so long." That is the way it chooses to ridicule our faithful old servant, gas, which still can hold its own in its own jog-trot way. "The granting of licences and sales of "concessions for the patents to corporations, companies, "and other public bodies will form an important feature in "the transactions of the company, and the directors hope "to realize from this source a much larger sum than is now "being paid for the patents," which was the somewhat modest amount of £120,000 in cash and shares.

THE "PILSEN-JOEL" AND GENERAL ELECTRIC LIGHT COMPANY, after notifying in red type that gold and silver medals had been awarded to their lamps, says that at the Paris exhibition "the 'Pilsen' light has shown itself to be ,"superior for steadiness and absolute simplicity to every other arc light," a tale we invariably hear from other companies with other systems, so this does not come as a surprise. Owing to the absence of mechanism, the "Pilsen' can be manufactured at considerably less cost "than any other arc lamp, it requires less attention and ❝can be erected without the aid of skilled labour." The "Joel" lamp is fitted for everything that the "Pilsen" cannot take up, and what the two cannot accomplish is performed by the GATEHOUSE Lamp; so that all tastes are considered. As to sub-sales to companies, it remarks: "Negotiations are now pending, and large results may "fairly be anticipated from this source." The SCOTTISH PILSEN-JOEL AND GENERAL ELECTRIC LIGHT COMPANY'S prospectus is almost a copy of that of its parent, which soon kept its promise to float subsidiary undertakings, as this offshoot came out during the same month, and the parent claimed £50,000 in cash and shares for the patents. But it appears that the cautious inhabitants of the northern portion of our island had had enough of that form of investment just then, and it is believed that the company did not go to allotment.

THE "GULCHER" ELECTRIC LIGHT AND POWER COMPANY also mentioned their receipt of a gold medal, and their prospectus contained a congratulatory puff upon the

"Brush" shares having been hoisted on such a lofty pinnacle of success. "It is proposed to sell the colonial "patents, as the directors expect the English business of "the company will be so large that it will occupy all their "attention." Its advantages over all other lights are on a par with the advantages all other lights have over it, -viz., "whiteness, steadiness, cheapness, and freedom " from danger." THE CONTINENTAL ELEctric Light AND POWER CORPORATION (Gulcher's patents) issued a prospectus for the purchase of the French, AustroHungarian, Belgian, and German patents, but this sale never seems to have been quite completed. It was asked £70,000 in cash and £60,000 in shares for the rights, and as one of the directors was also a director on the Yorkshire "Brush," this shows that these gentlemen are not wedded to any one system.

THE ELECTRICAL POWER STORAGE COMPANY started with a capital of £800,000, and acquired certain rights in the Faure and Sellon-Volckmar accumulators, at a cost of £530,000. Their principal sale was to THE INDIAN AND ORIENTAL ELECTRICAL STORAGE AND WORKS COMPANY whose business was rather the storage and supply of eiectricity than the electric right itself, and they bought the rights for India, Ceylon, the Straits Settlements, Egypt, and Malta, for (say £75,000) in cash and shares. It allows us to take its word that these forms of battery are a success, but does not afford details of how much horse power is absorbed and ultimately given out, neither does it say the cost of manufacture, nor what the profits are likely to be, which are points we imagine would be of interest to intending subscribers, no matter how eminent the directors. The only information indirectly, given on these heads is that "in estimating the profits to be made from a manu"facture, the monopoly of which is secured by a patent, it "is undesirable to enter into details of cost." Perhaps this is so from a director's point of view; but surely those who are publicly asked to subscribe should have some kind of estimate of the cost and probable returns before parting with their hard cash. This parent company was also interested in a sale to THE ELECTRIC CARBON STORAGE AND APPARATUS MANUFACTURING COMPANY of Scotland, and the price put upon its acquisition was £26,250.

THE LONDON AND PROVINCIAL ELECTRIC LIGHTING AND POWER GENERATING COMPANY pinned its faith on the Gramme dynamo-machine, the British Incandescent Lamp, and the Chertemps Patent Arc Lamp, which last, "as regards simplicity and economical working," it seemed

thoroughly convinced "it was impossible to surpass," and it says that exceptional terms, yielding a considerable profit to the shareholders, were arranged for their supply. Its electrical appliances are to supply power through the day and light at night, which is to "form a special feature in "the working of the company." All these rights were to be acquired for £70,000 in cash and shares, and it made a comparison of the cost of these dynamo-machines and that of the "Brush," showing a saving of £110 in first cost of each machine over their, at that time, successful competitors.

THE PHOENIX ELECTRIC LIGHT AND POWER COMPANY took its stand on Fitzgerald's patents, and "the directors "are justified in the belief that they have secured the best " incandescent lamps yet invented, as testified by Professor Varley, whose opinion on all matters connected with elec"tricity is indisputable; they are, therefore, sanguine that "this company will excel the most successful electric "companies of the day." But this assurance had already been indulged in so often by so many other companies, that some difficulty would be experienced in knowing whose statements were to be credited. One great inducement to subscribe is that "it is the company's intention "to sell the patent rights for districts on the same prin"ciple as that pursued by the Anglo-American Brush Company with such success. By this means alone a large "income must of necessity be realized." The company acquired its patents for the sum of £30,000 in cash and £40,000 in fully paid-up shares. "The vendors are the "promoters of the company," and they pay all expenses of the company up to allotment, which was almost a negative advantage, as they proceed to say: "Upon allotment $2 per cent. on the nominal capital (equal to £5,000 on £250,000) will be paid by the company to them towards "expenses," so that evidently they did not stand to be much out of pocket by the promotion. Some may not know that before the year had run its course the Phoenix Company was engaged in liquidating. When another

electric craze sets in it may yet "rise from its ashes."

THE DUPLEX ELECTRIC LIGHT POWER AND STORAGE COMPANY makes this preliminary remark at the head of its prospectus:-"This company is the 'parent' company "for domestic lighting in the same sense as the 'Brush' "Company is the 'parent' company for the lighting of large areas, and it is believed equally large premiums will "be received from concessions and licences. Already a "concession has been granted for a provincial district for