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Consider a ring (toroid) composed of magnetizable material, that is converted into a permanent magnet having the lines of flux running circularly within the material about the toroid's axis. The lines of flux are everywhere at right angles to the axis, circulating around it within the toroid. Because they never enter or exit the toroid's surface, the toroid has no magnetic poles and no external field. Now imagine mounting this toroid on a nonmagnetic axle that passes through the center but is at right angles to the axis, so that the axle also meets the toroid itself at opposite places. We shall assume that the axle is affixed to the toroid as by epoxy, but does not actually penetrate it, so that it has no effect on the toroid's internal magnetic field. For mechanical reasons, it also extends beyond the toroid on each side so the thing can be mounted in bearings with a drive mechanism. Now imagine the toroid spinning upon this axle. Question: What effect if any will be experienced by electrical conductors brought into the near vicinity of the spinning toroid?