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CALENDAR
CALENDAR FOR THE SESSION.

The following is the Calendar for the Session necessary alterations :

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1902-1903. It is issued subject to any

FEBRUARY, 1903.

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JANUARY, 1903.

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98 o M

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9

M Cantor Lecture II.2

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Tu Colonial Section

II TH

Indian Section

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W Ordinary Meeting

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12 TH

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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.

Notices.

INDIAN SECTION COMMITTEE.

A meeting of the Committee of the Indian Section was held on Monday afternoon, 17th inst. Present-Sir Steuart Colvin Bayley, K.C.S.I., C.I.E., in the chair; L. Ashburner, C.S.I., Horace Bell, Sir George Birdwood, K.C.I.E., C.S.I., M.D., H. M. Birdwood, C.S.I., LL.D., Everard R. Calthrop, F. C. Danvers, T. W. Holderness, C.Ş.I., Col. Sir Thomas Holdich, K.C.I.E., C.B., J. D. Rees, C.I.E., H. Luttman-Johnson, Carmichael Thomas, Sir Raymond West, K.C.I.E., W. Martin Wood, with Sir Henry Trueman Wood, Secretary of the Society, and S. Digby, Secretary of the Section.

The arrangements for the Session were considered.

APPLIED ART SECTION
COMMITTEE.

A meeting of the Committee of the Applied Art Section was held on Tuesday afternoon, 18th inst. Present:-Sir George Birdwood, K.C.I.E., C.S.I., in the chair; Lewis F. Day, Lazenby Liberty, John Sparkes, H. H. Statham, F.R.I.B.A., Carmichael Thomas, Sir John I. Thornycroft, F.R.S., with Sir Henry Trueman Wood, Secretary of the Society, and Henry B. Wheatley, Secretary of the Section.

The arrangements for the Session were considered.

Proceedings of the Society.

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

Aronson, Adolph, 39, Foster-lane, E.C.

Bandinel, J. J. Frederick, B.A., Newchwang, North China.

Barr, Mark, 25, Kensington-court-gardens, W. Beauchamp, Earl, K.C.M.G., Madresfield-court, Malvern Link.

Beck, Isaac, M.I.Mech. E., Haymarket-chambers, 17, Haymarket, Sheffield.

Begbie, Ernest, De Beers Consolidated Mines, Ltd.,

P.O. Box 195, Salisbury, Rhodesia, South Africa. Behr, H. C., The Consolidated Gold Fields of South Africa, Limited, P.O. Box 1167, Johannesburg, Transvaal, South Africa.

Bensusan, S. L., M.Inst.M.M., Equitable-building, Sydney, Australia.

Bhatt, Parvatiprasad Vishvanath, 55, Blenheimcrescent, Notting hill, W.

Body, John Benjamin, M. Inst.C.E., Puente de Alvarado 15, Mexico City.

Bose, S., Deputy Superintendent, Central Jail, 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, Ganjam District, India.

Brebner, Captain Charles William, Villa des Roses, Rose-hill, Mauritius.

Brelich, Henry, A.R.S.M., care of Messrs. Arnhold, Karberg and Co., Hankow, China.

Browne, Hon. John E. D., The Neale House, The Neale, co. Mayo, Ireland.

Brownell, Clarence Ludlow, 21, Hermitage-road, Richmond, Surrey.

Budge, Edward Barnard, B.Sc., M.Am. Soc.C.E., Engineer in Chief, 1st Section, Chili State Railways (F. C. del E.), Estacion Bella Vista, Valparaiso, Chili, South America.

Bullen, William Henry Chambers, 15, St. John'sroad, Richmond, Surrey.

Burt, George Stephen, F.S.S., 4, Lothbury, E.C. Butcher, Charles Ernest, 273, Finchley-road, South Hampstead, N.W.

Buxton, John Henry, Senr., Clumber cottage, Montague road, Felixstowe, Suffolk.

Campbell, David B., 112, Clifton-park Avenue, Belfast.

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FIRST ORDINARY MEETING. Wednesday, November 19, 1902; WILLIAM HENRY PREECE, K.C.B., F.R.S., Chairman of the Council, in the chair.

The following candidates were proposed for election as members of the Society :Aldrich, Orlando Wesley, M.A., D.C.L., LL.D., Ph.D., Room 11, Wesley Block, Columbus, Ohio, U.S.A.

Allen, F. Bowen, M. A., B. Sc., Director, School of Mines, Coolgardie, Western Australia.

Chapman, Walter William, F.S.S., 5, Claremont

road, Tunbridge Wells.

Chetty, Rao Saheb T. Namberumal, B.A., 144-5, China Bazaar-street, Sowcarpett, Madras, India. Close, Henry Gaskell, 101, Eaton-square, S. W. Dana, Prof. Charles Edmund, 2013, De Lancey-place, Philadelphia, U.S.A.

Danvers, Ernesto, F.S. S., M. Inst. E.E., 475, Piedad, Buenos Aires, South America.

Das, Hari Das, Raghunathganj, Murshedabad, India.

Davy, Joseph Burtt, Cosmos Club, Washington, D.C., U.S.A., and College of Commerce, University of California, U.S.A.

Daw, Frederick R. Williams, The New Zealand Crown Mines Company, Limited, Karangahake, near Auckland, New Zealand.

Deerhurst, Viscount, Dynes Hall, Halstead, Essex. De Marillac, Count Ernst, Wynberg, Cape Colony, South Africa.

Desborough, Captain Arthur P. H., R.A., Home Office, Whitehall, S.W.

De Teive e Argollo, Miguel, M. Inst.C.E., San Francisco Railway, Alagoinhas, Bahia, Brazil, South America.

Donnelly, Francis, M.S. Chem. Industry, 335, Hyderoad, Ardwick, Manchester.

Donovan, Fergus, Royal Colonial Institute, Northumberland-avenue, W.C.

Douslin, H. B., Public Works Department, Matabeleland District, Rhodesia, South Africa. Dunham, Henry V., Casein Company of America, 37, Scheepmakershaven, Rotterdam, Holland. Edwards, Arthur M., Barncote, Reigate, Surrey. Ellis, Frederic Richard, F.C.S., 15, Shadwell-road, Bishopston, Bristol.

Etherington, John Francis, Hersham, Surrey.

Fowler, George William, Mossel Bay, Cape Colony, South Africa.

Gheury, Maurice Edmund Joseph, F.P.S., 12, Cressy-road, Hampstead, N.W.

Gilfillan, W. H., Surveyor-General's Department, Pretoria, Transvaal, South Africa.

Gilkison, T. T., Mombasa, East Coast of Africa. Girouard, Lieut.-Colonel Sir Edouard Percy, K.C.M.G., D.S.O., Johannesburg, Transvaal, South Africa.

Gleed, Richard C., Flodden-house, 21, Floddenroad, S.E.

Goldblatt, D., Cape Town, South Africa.

Goold, William Tom, M.I.Mech. E., Tuthill-house, Lydney, Gloucestershire.

Gray, Robert Whytlaw, 7, Orme-court, W. Halcrow, James Benjamin, 56, West-side, Wandsworth-common, S.W., and 5, Moorgate-streetbuildings, E.C.

Hamilton, John James, 1, Barkston-gardens, S. W. Hardy, James Henry, The Municipal Technical School, Halifax.

Harper, Edgar Josiah, County-hall, Spring-gardens, S.W.

Harris, Morrie J., Municipal Surveyor, Maseking, Cape Colony, South Africa.

Hawkesley, Charles, M.Inst.C.E., 30, Great Georgestreet, S.W.

Hawkins, Edward, Manor Estate, Sidcup, Kent. Henriques, Cecil Quixam, M.I.Mech.E., 59, Sussexgardens, Hyde-park, W., and 15, Victoria-street, Westminster, S.W.

Heyer, A. E., Rosebank, Cape Town, South Africa, Hill, Walter Wellesley, Admiralty Harbour of Refuge Works, Peterhead, N.B.

Hilton, Ernest Frederick, 23, The Boltons, South Kensington, S.W., and Constitutional Club, W.C. Hipwell-Howitt, Arthur George, 2, Studdridge. street, Hurlingham, S. W.

Hke, Saw, Hsipaw Sawbwa Gyi, Hsipaw, Northern Shan States, Burma.

Hoffmann, John J., M.Inst.M.M., Rand Club. Johannesburg, Transvaal, South Africa.

Horne, James Edward, M.A., 8, Earlsfield-road,
Wandsworth-common, S.W.

How, Thomas William, 1, Delahay-street, S. W.
Ive, Arthur Fenwick, 85, Montague street, Worthing,
Sussex.

Jennings, Sydney J., Messrs. H. Eckstein and Co.,
P.O. Box 149, Johannesburg, Transvaal, South
Africa,

Kelynack, T. N., M.D., M.R.C.P., 53, Harleystreet, W.

Kevorkian, Hagop, 3 Victoria-avenue, Bishopsgatestreet, E.C.

Kilmer, Frederick B., Messrs. Johnson and Johnson,
New Brunswick, New Jersey, U.S.A.

Kimber, Harry Watkins, Messrs. Dick, Kerr and
Co., Limited, 110, Cannon-street, E.C.
Knowles, Hugh Charles, Glebe house, Sherborne.
lane, E.C.

Latif, Khan Bahadur Abdul, Bopatla, Kishna District,
India.

Leeds, Edward Lambert, The Brown Hoisting Machinery Co., 39, Victoria- street, S. W.

Legg, Hugh G., P.O. Box 358, Cape Town, South Africa.

Le Roux, S. D., P.O. Box 100, Salisbury, Rhodesia, South Africa.

Letcher, John Teague, Truro, Cornwall.

Letcher, Thomas Henry, St. Day, Scorrier, Cornwall.

Lithgow, William T., Kingston Shipbuilding Yard Port Glasgow.

Littlewood, E. T., M.A., B.Sc., Wynberg High School for Boys, Wynberg, Cape Colony, South Africa.

Lonsdale, Earl of, Lowther Castle, Penrith.

Luke, James, 6, Pollock-street, Calcutta.
Lynch, Harry Finnis Bloss, 33, Pont-street, S. W.
Macbean, Edward, Rannochlea, St. Andrew's-drive,
Pollokshields, Glasgow.

Mace, Prof. William Harrison, A.M., Ph.D., 127,
College-place, Syracuse, New York. U.S.A.
McConnell, John, Lanzi, Campiglia Marittima,
Toscana, Italy.

McGregor, John, Maitland, near Cape Town, South Africa.

Marsden, Alfred, A.M.I.Mech.E., Oakley Works, Windsor.

Mokhber-ed-Dowleh, His Excellency (Hossien Goli

Khan), K.C.I.E., Teheran, Persia. Morris, Philip A., Rose Bank, Harrow-view, Harrow. Murphy, Sir James, Altadore, Blackrock, Dublin Murray, James P., The Toronto Carpet Manufacturing Co., Limited, Toronto, Canada.

Murray-Morgan, Everard Home, A.I.Mech. E., Briar Lea, Prestatyn, N. Wales.

Naylor, John Alfred, A.M.I.Mech. E., 15, Cromfordroad, West-hill, S.W.

Neville, Harry, J.P., Indwe, Cape Colony, South Africa.

Northcroft, G. A., Director of Public Works, Government Offices, Bloemfontein, Orange River Colony, South Africa.

Offen, Charles Rose Witcher, F.S.S., Home for Boys, Cumberland-road, Bristol.

Owtram, B., Chinese Eastern Railway Company, Mining Department, Yen-tai District, New chwang, China.

Paddock, George Harrie, Mill Bank, Wellington. Salop.

Pape, Eric, Farragut-building, Massachusetts-avenue, Boston, Massachussetts, U.S.A.

Parker, Sir Gilbert, D.C.L., M.P., 20, Carlton House-terrace, S.W.

Parkes, George W., The Frictionless Engine Packing Company, Limited, Hendham Vale Works, Harpurhey, Manchester.

Parnacott, Alfred Edmund, 12, Queen Adelaideroad, Penge, S.E.

Pearse, Cecil, Ipoh, Perak, Federated Malay States. Pearson, Charles Fellows, Redington-lodge, Redington-road, Hampstead, N.W.

Peel, Hon. William Robert Wellesley, M.P., 52, Grosvenor-street, W.

Peregrino, F. Z. S., The South African Spectator, Cape Town, South Africa.

Pincus, Fritz, P.O. Box 3, Lourenço Marques, Portuguese South East Africa.

Pordage, Frederick, Entebbe, Uganda, viâ Mombasa, East Africa.

Quin, Stewart Blacker, 1, Lombard-street, Belfast, Rana, Brigadier-Col. Kumar Nur Singh, Bahadur, Assoc. Inst.C.E., Superintending Engineer, Khatmandu, Nepal, India.

Rao, P. V. Ranganatha, B.A., B.L., Pudukotah, Native State, South India.

Reeve, Wybert, F.R.C.S., 1, Bishops - mansions,
Fulham Palace-road, S.W.

Rogers, George Henry, B.Sc., Regent house,
Canterbury-street, New Brompton, Kent.
Sadgrove, Edwin J., 22, Surrey-street, Strand, W.C.
Sano, Tojiro, Assoc.M. Inst.C.E., The City Water-
works, Kobe, Japan.

Savage, Edward Alex., A.Inst.E.E., 56, Draytongardens, South Kensington, S. W.

Seward, Frederick John, East London, South Africa. Sheridan, René, Bangkok, Siam.

Shipway, Lieut.-Col nel R. W., V.D., Grove-house, Chiswick, W.

Shockley, William Hillman, care of Hongkong and Shanghai Banking Co., Limited, 31, Lombardstreet, E.C.

Smith, Charles Horace, 25, Howard-street, Bradford. Smythe, Francis, A.M.Inst.C.E., The Municipal Offices, Finchley, N.

Stead, Alfred, F.R.C.I., Clement's inn, W.C.
Steuart, T. B., Castlegilmour, Sanquhar, N.B.
Sutton, J. R., M.A., Kenilworth, Kimberley,
South Africa.

Tays, Eugene Augustus Hoffman, M.Am.S.C.E.,
Fuerte, Sinaloa, Mexico.

Thomas, Arthur, M.Inst.M.M., Zalamea la Real, Huelva, Spain.

Thomson, A. S., Lodna, Jherria P.O., Bengal, India. Tompson, Captain George Morris, M.Am.S.C.E., Parker-road, Wakefield, Massachusetts, U.S.A. Turnbull, Alexander, M.D., 7, Lansdowne-crescent, Notting hill, W.

Walter-Gallagher, J., Bangkok, Siam.

Wig, N. D., Messrs. Shivdev Singh Uberoi and Co.,
Punjab Iron Works, Sialkot City, India.
Wilkinson, William Thompson, 49, Casella-road,
New Cross Gate, S.E.

Wilson, James H. Charnock, F.R.C.I., King's
Leigh, Wembley, N.W.

Wood, Frank, Messrs. Foucar and Co., Limited, Rangoon, Burma.

Woodward, Harry Page, J.P., F.G.S., M.Inst.C.E.,

Moira Colliery, Collis Coal-field, Western Australia, and 129, Beaufort-street, Chelsea, S. W. Wright, Richard Ernest, Assoc. M. Inst.C.E., Department of Public Works, Port Elizabeth, South Africa.

Yeoman, John Pattison, The Close, Brompton, near Northallerton, Yorkshire.

The CHAIRMAN delivered the following

ADDRESS.

In the address I had the honour of delivering to you on the 20th of November, 1901, I dealt with that division of our Society's functions which embraces Arts and Science. I purpose now to take up Manufactures and Commerce. I then referred to the fact that Huxley regarded the emergence of the philosophy of evolution under the guidance of Darwin as the most portentous event of the 19th century. I pointed out that man has hastened the operations of nature in effecting improvement, for he works directly not only by the selection of the fittest but by the removal of the weakest. This immediate selective and directive modification by human intelligence is strikingly shown by the rapid development of the modern practical applications of science to the wants of man. I ventured also to suggest that by carefully observing the direction of improvement and by determining the motive causes it was even possible to forecast the probable developments of existing applications in the coming century.

I now purpose to apply a somewhat similar process to determine the causes which result in successful or disastrous financial undertakings, and to show that the commercial conduct of industrial processes arising from the practical applications of discoveries follow distinct laws which may be said to constitute a "Science of Business."

He

In the establishment of any business, or the development of any invention, the first requisite is capital, and this capital should be just that amount of money which is necessary for the purpose. It is only fair that an inventor should be recouped for the time, labour, and expense he has incurred in maturing and patenting his invention, but this does not satisfy the average inventor. He wants his reward at once. wishes to anticipate the future, and his own estimate of the value of his invention is not usually modest. He may not have sufficient credit to secure money from a bank. He must resort to a financier who knows how to float a company and how to secure a handsome profit on the transaction for himself. Thus, the concern is launched on its practical career weighted with a large unproductive capital and hampered at once with a financial incubus. In well managed companies preliminary expenses are usually the first item wiped off by profits, so that capital may be entirely productive. The Limited Liability Act of 1862 has much to answer for in the incubation of bogus companies, but the Companies' Act of 1900, which has just come into force, will tend very greatly to minimise the operations of the professional company promoter, to secure interested managers, and to establish working concerns on a better financial position.

The greatest business in the world is, per haps, that of the British Empire. It has no capital in the proper sense of the word. It has large loans, principally bequeathed to it by our forefathers-the result of wars. Every expenditure-new ships, new guns, new buildings, new works, &c.-is usually charged to revenue. Thus, the annual Budget contains much that in ordinary private enterprises would be charged to capital.

If the property

of the British Empire, thus established out of revenue, were valued on commercial lines its amount would astonish its owners-the British public.

The laws of business are the results of observation, and are developed by experience. In considering them we have to regard― 1. Revenue and its ratio to Capital. 2. Expenditure and its ratio to Revenue.

3. Allocation of the difference into(a) Renewals.

(b) Depreciation. (c) Reserve.

(d) Redemption of Capital.

(e) Dividends and Bonuses.

No business can continue to be developed without the creation of fresh capital. This can be:

1. Taken from Revenue.
2. Taken from Reserve.

3. Borrowed from the Bank.
4. Subscribed by the Public.
The order is that of desirablity.

A careful consideration of what has been done in this direction in various fields will enable us to generalise some useful conclusions. I purpose surveying from a broad and general point of view the progress of certain industries with which I have had, more or less, personal experience, and, although I am sorely tempted to unfold several tales that would harrow up your commercial souls, I will refrain from dealing with anything in particular, and confine myself with that which is more instructive, though less exciting.

The industries I select are-
1. Water.
2. Gas.

3. Railways.
4. Telegraphs.

(a) Submarine cables.
(b) Telephones.

I take the best available statistics on each subject, tabulate them and graphically record the results. We are all getting used to curves. The weather reports in the daily papers make us familiar with diagrams. Indeed diagrams are becoming so general that our illustrated papers teem with them, and they have become so understanded of the people that even he that runs may read. In fact, the existence of any general law is always evident when, if we mark well-ascertained facts at regular uniform intervals, these points, when connected together by a continuous line, form a The shape of this curve gives the law. The engineer of to-day thinks not so much in the mathematical language of the Cambridge Tripos as in the graphical or diagramatic language of the line, area or solid.

curve.

The curve, which proves such a valuable help in estimating the progress and determining the success or failure of business is the logarithmic curve. It is in fact the compound interest curve. Whenever a given

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