It has recently been demonstrated that black hole dynamics in a large number
of dimensions D reduces to the dynamics of a codimension one membrane
propagating in flat space. In this paper we define a stress tensor and charge
current on this membrane and explicitly determine these currents at low orders
in the expansion in D1. We demonstrate that dynamical membrane
equations of motion derived in earlier work are simply conservation equations
for our stress tensor and charge current. Through the paper we focus on
solutions of the membrane equations which vary on a time scale of order unity.
Even though the charge current and stress tensor are not parametrically small
in such solutions, we show that the radiation sourced by the corresponding
membrane currents is generically of order DD1. In this regime it
follows that the `near horizon' membrane degrees of freedom are decoupled from
asymptotic flat space at every perturbative order in the D1
expansion. We also define an entropy current on the membrane and use the
Hawking area theorem to demonstrate that the divergence of the entropy current
is point wise non negative. We view this result as a local form of the second
law of thermodynamics for membrane motion.Comment: 104 pages plus 69 pages appendix, 1 figure, Minor correction