1.—7

115

7. Your directors have to record with deep regret the death, on the 7th June last, of their esteemed and valued colleague, Charles William Earle, Esq., who had been connected with the company since its formation. Clement Sneyd Colvin, Esq., C.5.1., has been appointed to the vacant seat at the Board. Tweeddale, Chairman. F. E. Hesse, Manager and Secretary. Winchester House, 50, Old Broad Street, London, E.C., 19th October, 1897.

Be venue Account foe the Half-yeae ended 30th June, 1897. Dr. £ s. d. Cr. £ a, <3. To General expenses in London (see Ab- By Message and other receipts .. ..266,960 1 5 stract A) .. .. 7,524 12 0 Australian duplicate cable subsidies .. 16,200 0 0 General expenses at stations (see Ab- Tasmanian cable subsidy .. .. 2,100 0 0 stract B) .. .. .. 54,840 19 5 Tonquia cable subsidy .. .. 5,228 18 3 Eleotrician's consulting-fee .. 50 0 0 Malacca cable subsidy .. .. 200 0 0 Use of patents .. .. .. 275 0 0 Transfer-fees .. .. .. 60 2 6 Directors'remuneration .. .. 2,000 0 0 Auditors' fees .. .. .. 100 0 0 Staff endowment assurance.. .. 647 8 6 Staff Pension Fund .. .. 1,291 19 6 Expenses in connection with various negotiations, &c. .. .. 3,355 18 11 Repairs to cables (see Abstract C) .. 25,839 19 0 Maintenance-ships' Reserve Fund .. 3,500 0 0 Income-tax .. .. .. 4,308 10 8 Interest and sinking fund on account of 5-per-cent. Australian subsidy debentures .. .. .. 25,495 0 0 Interest on 4-per-cent. mortgage de benture stock .. .. .. 6,400 0 0 International Submarine Telegraph Memorial .. .. .. 1,000 0 0 Indian Famine Fund .. .. 500 0 0 Prince of Wales' Hospital Fund .. 105 0 0 Balance .. .. .. .. 153,514 14 2 £290,749 2 2 _____ 2 2 First interim dividend of 1897, 2s. 6d. per share, paid 15th July, 1897 .. 31,250 0 0 Balance down .. .. ..153,514 14 2 Second interim dividend of 1897, Balance from Revenue Account, 31st 2s. 6d. per share, paid 15th October, December, 1896 .. .. .. 18,798 2 1 1897 .. .. .. .. 81,250 0 0 Amount carried to General Reserve Fund .. .. .. .. 75,000 0 0 Balance .. .. .. .. 34,812 16 3 £172,312 16 3 £172,312 16 3

Abstracts kelating to Revenue Account foe the Half-year ended 30th June, 1897. Abstract A. Statement op General Expenses in London. £ s. d. Salaries .. .. .. .. .. .. .. 4,275 4 5 Wages.. .. .. .. .. .. .. •• 227 4 9 Office expenses .. .. .. .. .. .. ■• 1,036 6 6 Rent, taxes, &c. .. .. .. .. .. .. •• 1,002 12 7 Stationery and printing .. .. .. .. . • • • 350 19 3 Postage, bill, and other stamps .. .. .. • ■ • • 207 19 0 Advertising .. .. .. .. .. .. .. 106 17 0 Legal expenses .. .. .. .. ■. • • • ■ 26 19 8 Repairs and renewals to furniture, &c. .. .. .. ■ ■ ■ • 290 810 Per Revenue Account .. .. .. .. £7,524 12 0 Abstract B. Statement op Genebal Expenses at Stations. _ s. d. Salaries and wages .. .. .. .. .. .. 33,843 14 8 Travelling-expenses .. .. .. .. .. ■• 3,028 0 8 Rent, taxes, house-allowances, &c. .. .. .. .. .. 8,312 8 4 Expenses of electric lighting .. .. .. .. .. 501 4 8 Provision- and ration-allowances .. .. .. .. • • 729 3 2 Maintenance and renewals of instruments and electrical apparatus .. .. 906 19 2 Expenses of land-lines .. .. .. .. .. .. 142 810 Repairs and renewals of furniture, fittings, &c. .. .. .. •• 1,045 14 8 Repairs to buildings .. .. .. .. .. •■ 1,675 7 3 Insurances .. .. .. .. .. .. . • 440 6 7 Stationery and printing .. .. .. ... .. .. 1,582 0 0 Office and message postages .. .. .. .. • ■ • • 197 13 2 Office and petty expenses .. .. .. .. .. .. 684 6 7 Medical attendance .. .. .. .. .. ■. 531 12 8 Service messages .. .. .. .. .. .. ... 41 11 4 Expenses of Porthcurno School .. .. .. .. .. 250 0 0 Foreign agencies .. .. .. .. .. .. .. 190 16 8 Advertising .. .. .. .. .. .. .. 26 17 10 Messengers' uniforms .. .. .. .. .. .. 87 10 2 Income-tax .. .. .. .. .. .. .. 123 3 0 Guarantee of staff and bank balances abroad .. .. .. ... 500 0 0 Per Revenue Account .. .. .. .. £54,840 19 5