A telemetry system and method for communicating information axially along a drill string comprised of a drive train supported within a housing. The system includes an axial conducting loop formed by the drill string for conducting an axial electrical signal embodying the information between a first axial position and a second axial position in the drill string, which axial conducting loop extends between the first and second axial positions. A transmitter transmits information to the axial conducting loop. The drive train includes a downhole end which extends from and is located below the housing. At least one of the first and second axial positions is located in the downhole end. The method includes the step of conducting the axial electrical signal between the first and second axial positions through the axial conducting loop which extends between the first and second axial positions.