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CALENDAR FOR THE SESSION. The following is the Calendar for the Session 1902-1903. It is issued subject to any necessary alterations :

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The chair will be taken at Eight o'clock at each of the Ordinary Meetings, and the Cantor Lectures.

The Meetings of the Indian Section and the Colonial Section will commence at Halfpast Four o'clock.

The Meetings of the Applied Art Section will be held at Half-past Four or Eight o'clock.
The Annual General Meeting will be held at Four o'clock.
The Juvenile Lectures will be given at Five o'clock.

Armstrong, M. F., 8, Upper Wimpole-street,

· W.
Notices.

Aronson, Adolph, 39, Foster-lane, E.C.
Bandinel, J. J. Frederick, B.A., Newchwang, North

China.
INDIAN SECTION COMMITTEE.

Barr, Mark, 25, Kensington-court-gardens, W. A meeting of the Committee of the Indian Beauchamp, Earl, K.C.M.G., Madresfield-court, Section was held on Monday afternoon, 17th · Malvern Link. inst. Present:-Sir Steuart Colvin Bayley,

Beck, Isaac, M.I.Mech.E., Haymarket-chambers, 17, K.C.S.I., C.I.E., in the chair ; L. Ashburner,

Haymarket, Sheffield.

Begbie, Ernest, De Beers Consolidated Mines, Ltd., C.S.I., Horace Bell, Sir George Birdwood,

P.O. Box 195, Salisbury, Rhodesia, South Africa. K.C.I.E.,C.S.I., M.D., H. M. Birdwood, C.S.I.,

Behr, H. C., The Consolidated Gold Fields of Soutb LL.D., Everard R. Calthrop, F. C. Danvers,

Africa, Limited, P.O. Box 1167, Johannesburg, T. W. Holderness, C.Ș.I., Col. Sir Thomas

Transvaal, South Africa. Holdich, K.C.I.E., C.B., J. D. Rees, C.I.E., | Bensusan, S. L., M.Inst.M.M., Equitable-building, H. Luttman-Johnson, Carmichael Thomas,

Sydney, Australia. Sir Raymond West, K.C.I.E., W. Martin Bhatt, Parvatiprasad Vishvanath, 55, BlenheimWood, with Sir Henry Trueman Wood, Secre crescent, Notting hill, W. tary of the Society, and S. Digby, Secretary Body, John Benjamin, M. Inst. C.E., Puente de of the Section.

Alvarado 15, Mexico City. The arrangements for the Session were Bose, S., Deputy Superintendent, Central Jail, considered.

Jubbulpcre, India.
Bostwick, H. R., Messrs. Collbran and Bostwick,

Seoul, Korea.
Bott, John, 37, Herne-hill, S.E.

Bower, Edw. H. M., Port Office, Calingapatam, APPLIED ART SECTION

Ganjam District, India.
COMMITTEE.

Brebner, Captain Charles William, Villa des Roses,
A meeting of the Committee of the Applied Rose-hill, Mauritius.
Art Section was held on Tuesday afternoon, Brelich, Henry, A.R.S.J., care of Messrs. Arnhold,
18th inst. Present:Sir George Birdwood,

Karberg and Co., Hankow, China. K.C.I.E., C.S.I., in the chair ; Lewis F. Day,

Browne, Hon. John E. D., The Neale House, The Lazenby Liberty, John Sparkes, H. H.

Neale, co. Mayo, Ireland.

Brownell, Clarence Ludlow, 21, Hermitage-road, Statham, F.R.I.B.A., Carmichael Thomas,

Richmond, Surrey. Sir John 1. Thornycroft, F.R.S., with Sir

Budge, Edward Barnard, B.Sc., M.Am. Soc.C.E., Henry Trueman Wood, Secretary of the

Engineer in Chief, ist Section, Chili State RailSociety, and Henry B. Wheatley, Secretary

ways (F. C. del E.), Estacion Bella Vista, Valof the Section.

paraiso, Chili, South America. The arrangements for the Session were Bullen, William Henry Chambers, 15, St. John'sconsidered.

road, Richmond, Surrey. Burt, George Stephen, F.S.S., 4, Lothbury, E.C. Butcher, Charles Ernest, 273, Finchley-road, South

Hampstead, N.W. Proceedings of the Society.

Buxton, John Henry, Senr., Clumber - cottage,

Montague-road, Felixstowe, Suffolk.

Campbell, David B., 112, Clifton-park Avenue, FIRST ORDIVARY MEETING.

Bellast.

Carolis, W. D., 18, Kayman's-gate, Colombo, Wednesday, November 19, 1902 ; SIR

Ceylon. WILLIAM HENRY PREECE, K.C.B., F.R.S., | Chapman, Walter William, F.S.S., 5, ClaremontChairman of the Council, in the chair.

road, Tunbridge Wells. The following candidates were proposed for

Chetty, Rao Saheb T. Namberumal, B.A., 144-5,

China Bazaar.street, Sowcarpett, Madras, India. election as members of the Society :-

Close, Henry Gaskell, 101, Eaton-square, S.W. Aldrich, Orlando Wesley, M.A., D.C.L., LL.D., Dana, Prof. Charles Edmund, 2013, De Lancey-place,

Ph.D., Room 11, Wesley Block, Columbus, Ohio, Philadelphia, U.S.A.
U.S.A.

Danvers, Ernesto, F.S.S., M. Inst. E.E., 475, Piedad,
Allen, F. Bowen, M.A., B.Sc., Director, School of Buenos Aires, South America.
Mines, Coolgardie, Western Australia.

Das, Hari Das, Raghunathganj, Murshedabad, India. Davy, Joseph Burtt, Cosmos Club, Washington, Hilton, Ernest Frederick, 23, The Bolions, South

D.C., U.S.A., and College of Commerce, Univer Kensington, S.W., and Constitutional Club, W.C. sity of California, U.S.A.

Hipwell-Howitt, Arthur George, 2, Studdridge. Daw, Frederick R. Williams, The New Zealand street, Hurlingham, S.W.

Crown Mines Company, Limited, Karangahake, Hke, Saw, Hsipaw Sawbwa Gyi, Hsipaw, Northern near Auckland, New Zealand.

Shan States, Burma. Deerhurst, Viscount, Dynes Hall, Halstead, Essex. Hoffmann, John J., M.Inst.M.M., Rand Club. De Marillac, Count Ernst, Wynberg, Cape Colony, Johannesburg, Transvaal, South Africa. South Africa.

Horne, James Edward, M.A., 8, Earlsfield-road, Desborough, Captain Arthur P. H., R.A., Home Wandsworth.common, S.W.. Office, Whitehall, S.W.

How, Thomas William, 1, Delabay-street, S.W. De Teive e Argollo, Miguel, M.Inst.C.E., San Fran Ive, Arthur Fenwick, 85, Montague street, Worthing,

cisco Railway, Alagoinhas, Bahia, Brazil, South Sussex. America.

Jennings, Sydney J., Messrs. H. Eckstein and Co., Donnelly, Francis, M.S.Chem. Industry, 335, Hyde P.O. Box 149, Johannesburg, Transvaal, South road, Ardwick, Manchester.

Africa, Donovan, Fergus, Royal Colonial Institute, North Kelynack, T. N., M.D., M.R.C.P., 53, Harleyumberland-avenue, W.C.

street, W. Douslin, H. B., Public Works Department, Mata Kevorkian, Hagop, 3 Victoria-avenue, Bishopsgatebeleland District, Rhodesia, South Africa.

street, E.C. Dunham, Henry V., Casein Company of America, Kilmer, Frederick B., Messrs. Johnson and Johnson,

37, Scheepmakershaven, Rotterdam, Holland. New Brunswick, New Jersey, U.S.A.
Edwards, Arthur M., Barncote, Reigate, Surrey. Kimber, Harry Watkins, Messrs. Dick, Kerr and
Ellis, Frederic Richard, F.C.S., 15, Shadwell-road, Co., Limited, 110, Cannon-street, E.C.
Bishopston, Bristol.

Knowles, Hugh Charles, Glebe house, Sherborne. Etherington, John Francis, Hersham, Surrey.

lane, E.C. Fowler, George William, Mossel Bay, Cape Colony, Latif, Khan Bahadur Abdul, Bopatla, Kishna District, South Africa.

India. Gheury, Maurice Edmund Joseph, F.P.S., 12, Leeds, Edward Lambert, The Brown Hoisting Cressy-road, Hampstead, N.W.

Machinery Co., 39, Victoria.street, S.W. Gilfillan, W. H., Surveyor-General's Department, Legg, Hugh G., P.O. Box 358, Cape Town, South Pretoria, Transvaal, South Africa.

Africa.
Gilkison, T. T., Mombasa, East Coast of Africa. Le Roux,'S. D., P.O. Box 100, Salisbusy, Rhodesia,
Girouard, Lieut.-Colonel Sir Edouard Percy, South Africa.

K.C.M.G., D.S.O., Johannesburg, Transvaal, Letcher, John Teague, Truro, Cornwall.
South Africa.

Letcher, Thomas Henry, St. Day, Scorrier, Corn. Gleed, Richard C., Flodden-house, 21, Flodden wall, road, S.E.

Lithgow, William T., Kingston Shipbuilding Yard Goldblatt, D., Cape Town, South Africa.

Port Glasgow Goold, William Tom, M.I.Mech.E., Tuthill-house, Littlewood, E. T., M.A., B.Sc., Wynberg High Lydney, Gloucestershire.

School for Boys, Wynberg, Cape Colony, South Gray, Robert Whytlaw, 7, Orme-court, W.

Africa.
Halcrow, James Benjamin, 56, West-side, Wands- | Lonsdale, Earl of, Lowther Castle, Penrith.

worth-common, S.W., and 5, Moorgate-street Luke, James, 6, Pollock-street, Calcutta.
buildings, E.C.

Lynch, Harry Finnis Bloss, 33, Pont-street, S.W. Hamilton, John James, 1, Barkston-gardens, S.W. Macbean, Edward, Rannochlea, St. Andrew's-drive, Hardy, James Henry, The Municipal Technical Pollokshields, Glasgow. School, Halifax.

Mace, Prof. William Harrison, A.M., Ph.D., 127, Harper, Edgar Josiah, County-ball, Spring-gardens, College-place, Syracuse, New York. U.S.A. S.W.

McConnell, John, Lanzi, Campiglia Marittima, Harris, Morrie J., Municipal Surveyor, Mafeking, Toscana, Italy. Cape Colony, South Africa.

McGregor, John, Maitland, near Cape Town, South Hawkesle;, Charles, M. Inst.C.E., 30, Great George Africa. street, S.W.

Marsden, Alfred, A.M.I. Mech.E., Oakley Works, Hawkins, Edward, Manor Estate, Sidcup, Kent.

Windsor. Henriques, Cecil Quixam, M.I. Mech.E., 59, Sussex Mokhber-ed-Dowleh, His Excellency (Hossien Goli

gardens, Hyde-park, W., and 15, Victoria-street, Khan), K.C.I.E., Teheran, Persia. Westminster, S.W.

Morris, Philip A., Rose Bank, Harrow.view, Harrow. Heyer, A. E., Rosebank, Cape Town, South Africa, Murphy, Sir James, Altadore, Blackrock, Dublin Hill, Walter Wellesley, Admiralty Harbour of Murray, James P., The Toronto Carpet ManufacturRefuge Works, Peterbead, N.B.

ing Co., Limited, Toronto, Canada.

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Murray-Morgan, Everard Home, A.I.Mech.E., Briar | Stead, Alfred, F.R.C.I., Clement's inn, W.C.
Lea, Prestatyn, N. Wales.

Steuart, T. B., Castlegilmour, Sanquhar, N.B. Naylor, John Alfred, A.M.I.Mech.E., 15, Cromford - Sutton, J. R., M.A., Kenilworth, Kimberley, road, West-bill, S.W.

South Africa. Neville, Harry, J.P., Indwe, Cape Colony, South Tays, Eugene Augustus Hoffman, M.Am.S.C.E., Africa.

Fuerte, Sinaloa, Mexico.
Northcroft, G, A., Director of Public Works, i Thomas, Arthur, M.Inst.M.M., Zalamea la Real,

Government Offices, Bloemfontein, Orange River 1 Huelva, Spain.
Colony, South Africa.

Thomson, A. S., Lodna, Jherria P.O., Bengal, India. Offen, Charles Rose Witcher, F.S.S., Home for Tompson, Captain George Morris, M.Am.S.C.E., Boys, Cumberland-road, Bristol.

Parker-road, Wakefield, Massachusetts, U.S.A. Owtram, B., Chinese Eastern Railway Company, Turnbull, Alexander, M.D., 7, Lansdowne.crescent,

Mining Department, Yen-tai District, New chwang, 1 Notting hill, W.
China.

Walter-Gallagher, J., Bangkok, Siam.
Paddock, George Harrie, Mill Bank, Wellington. | Wig, X. D., Messrs. Shivdev Singh Uberoi and Co.,
Salop.

Punjab Iron Works, Sialkot City, India. Pape, Eric, Farragut-building, Massachusetts-avenue, Wilkinson, William Thompson, 49, Casella-road, Boston, Massachussetts, U.S.A.

New Cross Gate, S.E. Parker, Sir Gilbert, D.C.L., M.P., 20, Carlton Wilson, James H. Charnock, F.R.C.I., King's House-terrace, S.W.

Leigh, Wembley, N.W.
Parkes, George W., The Frictionless Engine Packing i Wood, Frank, Messrs. Foucar and Co., Limited,

Company Limited, Hendham Vale Works, Rangoon, Burma.
Harpurhey, Manchester.

Woodward, Harry Page, J.P., F.G.S., M.Inst.C.E., Parnacott, Alfred Edmund, 12, Queen Adelaide Moira Colliery, Collis Coal-field, Western Ausroad, Penge, S.E.

tralia, and 129, Beaufort-street, Chelsea, S.W. Pearse, Cecil, Ipoh, Perak, Federated Malay States. Wright, Richard Ernest, Assoc. M.Inst.C.E., DepartPearson, Charles Fellows, Redington-lodge, Reding ment of Public Works, Port Elizabeth, South ton-road, Hampstead, N.W.

Africa. Peel, Hon. William Robert Wellesley, M.P., 52, | Yeoman, John Pattison, The Close, Brompton, near Grosvenor-street, W.

Northallerton, Yorkshire.
Peregrino, F. 2. S., The South African Spectator,

Cape Town, South Africa.
Pincus, Fritz, P.O. Box 3, Lourenço Marques,

The CHAIRMAN delivered the following
Portuguese South East Africa.
Pordage, Frederick, Entebbe, Uganda, viâ Mombasa,
East Africa.

ADDRESS.
Ouin, Stewart Blacker, 1, Lombard-street, Belfast.
Rana, Brigadier-Col. Kumar Nur Singh, Bahadur,

In the address I had the honour of delivering Assoc. Inst.C.E., Superintending Engineer,

to you on the 20th of November, 1901, I dealt

with that division of our Society's functions Rao, P. V. Ranganatha, B.A., B.L., Pudukotah, which embraces Arts and Science. I purpose Native State, South India.

now to take up Manufactures and Commerce. Reeve, Wybert, F.R.C.S., 1, Bishops - mansions, I then referred to the fact that Huxley reFulham Palace-road, S.W.

garded the emergence of the philosophy of Rogers, George HenryB.Sc., Regent - house, evolution under the guidance of Darwin as Canterbury-street, New Brompton, Kent.

the most portentous event of the 19th century. Sadgrove, Edwin J., 22, Surrey.street, Strand, W.C. ' I pointed out that man has hastened the Sano, Tojiro, Assoc.M.Inst.C.E., The City Water: 1 operations of nature in effecting improvement. works, Kobe, Japan.

for he works directly not only by the selection Savage, Edward Alex., A.Inst.E.E., 56, Drayton

of the fittest but by the removal of the gardens, South Kensington, S.W.. Seward, Frederick John, East London, South Africa.

weakest. This immediate selective and direc

tive modification by human intelligence is Sheridan, René, Bangkok, Siam. Shipway, Lieut.-Col nel R. W., V.D., Grove-house,

strikingly shown by the rapid development of Chiswick, W.

the modern practical applications of science Shockley, William Hillman, care of Hongkong and

to the wants of man. I ventured also to suggest Shanghai Banking Co., Limited. 31. Lombard- i that by carefully observing the direction of street, E.C.

improvement and by determining the motive Smith, Charles Horace, 25, Howard-street, Brsdford. I causes it was even possible to forecast the Smythe, Francis, A. J. Inst.C.E., The Municipal' probable developments of existing applicaOffices, Finchley, N.

| tions in the coming century.

I now purpose to apply a somewhat similar ! 3. Allocation of the difference intoprocess to determine the causes which result

(a) Renewals. in successíul or disastrous financial under

(6) Depreciation. takings, and to show that the commercial

(c) Reserve. conduct of industrial processes arising from the

(d) Redemption of Capital. practical applications of discoveries follow

(e) Dividends and Bonuses. distinct laws which may be said to constitute No business can continue to be developed a “Science of Business.".

without the creation of fresh capital. This In the establishment of any business, or the

can be : development of any invention, the first requisite

1. Taken from Revenue. is capital, and this capital should be just that

2. Taken from Reserve. amount of money which is necessary for the pur

3. Borrowed from the Bank. pose. It is only fair that an inventor should be

4. Subscribed by the Public. recouped for the time, labour, and expense he

The order is that of desirablity. has incurred in maturing and patenting his in

A careful consideration of what has been vention, but this does not satisfy the average | done in this direction in various fields will inventor. He wants his reward at once. He

nce. He enable us to generalise some useful conclusions. wishes to anticipate the future, and his own esti

I purpose surveying from a broad and general mate of the value of his invention is not usually

point of view the progress of certain inmodest. He may not have sufficient credit

dustries with which I have had, more or less, to secure money from a bank. He must re

personal experience, and, although I am sorely sort to a financier who knows how to float a

tempted to unfold several tales that would company and how to secure a handsome profit

harrow up your commercial souls, I will refrain on the transaction for himself. Thus, the con

from dealing with anything in particular, and cern is launched on its practical career weighted confine myself with that which is more instrucwith a large unproductive capital and hampered

tive, though less exciting. at once with a financial incubus. In well

The industries I select aremanaged companies preliminary expenses are usually the first item wiped off by profits,

1. Water. so that capital may be entirely productive.

2. Gas, The Limited Liability Act of 1862 has much to

3. Railways. answer for in the incubation of bogus com

4. Telegraphs. panies, but the Companies' Act of 1900, which

(a) Submarine cables. has just come into force, will tend very greatly

(6) Telephones. to minimise the operations of the profes I take the best available statistics on each sional company promoter, to secure interested subject, tabulate them and graphically record managers, and to establish working concerns the results. We are all getting used to curves. on a better financial position.

The weather reports in the daily papers make The greatest business in the world is, per us familiar with diagrams. Indeed diagrams haps, that of the British Empire. It has no are becoming so general that our illustrated capital in the proper sense of the word. It has papers teem with them, and they have "belarge loans, principally bequeathed to it by come so understanded of the people that our forefathers-the result of wars. Every even he that runs may read. In fact, the expenditure--new ships, new guns, new build- | existence of any general law is always evident ings, new works, &c.- is usually charged to when, if we mark well-ascertained facts at revenue. Thus, the annual Budget contains | regular uniform intervals, these points, when much that in ordinary private enterprises connected together by a continuous line, form a would be charged to capital. If the property curve. The shape of this curve gives the law. of the British Empire, thus established out of | The engineer of to-day thinks not so much in revenue, were valued on commercial lines its the mathematical language of the Cambridge amount would astonish its owners-the British | Tripos as in the graphical or diagramatic public.

language of the line, area or solid. The laws of business are the results of The curve, which proves such a valuable observation, and are developed by experience. help in estimating the progress and deterIn considering them we have to regard

mining the success or failure of business is 1. Revenue and its ratio to Capital.

the logarithmic curve. It is in fact the 2. Expenditure and its ratio to Revenue. compound interest curve. Whenever a given

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