graphic chart already referred to. Supposing that the central station manager desired to sell his product at cost, that is, an amount sufficient to cover his operating, repairs and renewals, general expense, and interest and depreciation, he would have to obtain from the customer having the poorest load factor, as shown on the load chart, over four times as much per unit of electricity as it would be necessary for him to collect from the customer having the largest load factor. No one would think of going to a bank to borrow money and expect to pay precisely the same total interest whether he required the money for one month or for twelve; and for the same reason it seems an absurdity to sell electricity to the customer who uses it but a comparatively few hours a year at the same price at which you would sell it to the customer using it ten hours a day and three hundred days a year, when it is remembered that interest is the largest factor in cost, and the total amount of interest is the same with the customer using it but a few hours a year as it is with the customer using it practically all the year around. I have dwelt thus at length on the question of interest cost in operating a central station system, not alone for the purpose of pointing out to you its importance in connection with an electrical distribution system, but also to impress upon you its importance as a factor in cost; in fact, the most important factor in cost in any public service business which you may enter after leaving this institution. Most of the businesses presenting the greatest possibilities from the point of view of an engineering career are those requiring very large investment and having a comparatively small turnover or yearly income. Of necessity, in all enterprises of this character, the main factor of cost is interest, and if you intend following engineering as a profession, my advice to you would be to learn first the value of money, or, to put it another way, to learn the cost of money.