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The stock of the Electric and International Company, the return on which had reached 10 per cent.
In 1869 Mr Scudamore estimated the operating expenses at 51 to 56 per cent.
In 1870-1 they were 57 per cent.
The interspace is filled with a very small quantity of nickel and silver filings, about 95 per cent.
The licences were for 31 years, expiring in 1922, without any provision for purchase or compensation, and were subject to the payment of a minimum royalty to the Post Office of 10 per cent.