The Express.
London, England, 1864-08-01 00:00:00

UNITED EINGEOMELBOTREC TELIDGRAPN

COMPANY.

The fourth ordinary annual general meeting wan.
held on Saturday, at the central officered the corm:any, 237,
Gresham-house, Old Broad-street, Mr. A. A. CHOLL (the.
deputy chairman) weeklies.
The Biel/UST (Mr. Andrews) having reed the report,
The CflaltiLAS, after expressing at the sheen°, of.
Admiral Sir Henry Leeks, ob that the report gam
such precise sad completer information reieuding the opera-
tees of the company since the last meeting that be should •
not have to trouble the meeting with many observations.
He could not help, however, the gratification he
felt at beteg able to conpnalate the olden upon the
present position and prospects of the undertaking. flo was
quite sure that it would have been much more pleasing to
she directors to have recommended the payment of • chvi-
deed ; but in his opinion so future pawed meetings would
be held that would not be associated with good dividends.
(Hear, hear.) The ulamiet that could be p
time
was of parliament was 10 per cent., and he believed thesid time
was not far distant whim cot only would that rate be
reached, but the back dividends would he made up from the
time of the fuel calls. (Bear, bear.) Those aeticipatione
were founded upon the business they were sow dew, and
the fair increase for the additional length of wire which
would shortly be pat io operation. Be bed a matemeut of
the number of messages forwarded daring the past four
weeks, since the more extended opaattore of the company
bed come into action, and be toaad that, in that time, they
had forwarded no lea than 50,000 men et 14,500 in the cor-
responding four weeks of the presiding year. leas-
much,
i therefore, sa et the fencer period they
had n operation 3.020 miles ef wire, and the
length now was 7,540 miles, if they allowed
the mine proportionate increase upon the wires which would
shortly come into use, the menages would then amount to
71,469 per four weeks, or 24 working days. Adding to that
norther 15 per cent. to bring it into &hilltop, it being faxed
that there were sufficient longer niesseges thee At wards to
justify that calculation, they would have, sa the result of
four weeks' working, • receipt of 82.600 shillings, which
gave 57,0004 per annum. The expanses in condoetieg
these operations would amount to 34,919 i., including 2001.
for adverthementa, 400/. for postage and stamps, 2,500/. foe
printing and stationery, end 1,0001. directors' rem-
neratioa He did not mean to say absolutely that
the rental of 57,000/. would be reached by that
time twelve months, but that they would be then realising
the anticipations the director had formed. Another point
to which he wished to call attention bad reference to the
principle on which the company was established—namely,
an uniform charge of ls. per message of tweet y words for
all detainee. He had a statement of the number of mes-
sages forwarded at present to their most distant station,
which would teat the principle most completely. The sta-
tion at Glasgow was opened 65 days ego ; and taking the
figures up to the previous night the number of 111C01141111
forwarded from Glsagow—and there had been an tureen. of
something like 5o per cent, since the commencement —
amounted to 11,545. To obtain that result the offices and
clerks con the company between 5001. and
600/. per annum, so that a very large margin would be
left for dividend. Take a shorter distance during the same
period. The number cf messages from Northampton was
454, which would represent, allowing the 15 per cent., 48e.
per week, and inasmuch as the met of offices, As., coat
about 4"25. • week, the balance would not pay the extra
expenses. In that state of things there were two courses
open. If they retained the clerks ad memengen at that
station there would he no profit. It wee considered impru-
dent to raise the price of menages, and the directors had
thought it advisable to employ • tradesman in
the town, who did the work for them on com-
mission, by which means the station yielded • con-
siderable profit. (Hear: hear.) The other course wee one that
could only be carried into operation in conjunction with the
other two companies. The whole of the work at North-
ampton could be done by one clerk and three messengers,
and one expense for rent, and the directors believed that an
arrangement of that nature between the companies would
be a great advantage to the public, for it was not to be
expected that shareholders would go on working without
profit, while on the other baud, the saving effected might
Ind to a material reduction of the present rate. That,
therefore, was what he believed might be done and ought to
be done. The company would shortly have in operatics
9,300 miles of wire forming • trunk line, and ad-
ditional wires could he put up at a very small
proportion of expense. Notwithstanding the heavy ex-
penditure that the company was put to at the
outset in obtaining their met of parliament, and all the other
charges and difficulties they had had to ea:ouster, their
property was now in the most efficient, moat substantial,
and stable condition. They had obtained, at en express
len than that of either of the two companies to which he
had alluded, end not more tima two.thirds of the wit of
one of the others, • telegraphic property the most valuable
of its kind, with, thanks to the inventions of their
manager and secretary, the most perfect insulation. Aa
a proof of the excellent condition of the property he men.
tioned that a short time back one of their young lady clerks,
a Miss Fonter, forwarded sad received 101 business
messages between the Stook Exchanges of Liverpool and
London in one hour end on one wire. (Hear, bear.) On
former occasions they bed had to complain of the other two
companies, owing, he believed, to the =duet, not of the
directors of those companies, but of some of their officers,
who weetbeyoad the disaetlos allowed to them ; but it was
sow his pleasure to &anomie, that they now received from
three companies the most tied and comiderata treatment,
and every &mistimes in forwarding their interests where it
could be does without demising their own. (Hear, hear.)
He concluded by moving the adoption of the report.
After some discussion the motion was agreed to, and
the retiring directors. Mr. J. N. Daniel, Mr. K. w. a
ee:bealaY, and Mr. G. Virtue, and the auditors, Mean. Penni
Stem and T. B. Joan, were neeleeted.
A resolution! expressing the opines that the shareholders
should be called together within seven months of the pre-
sent time and that a report should be forwarded to the
shareholders as many days as possible before the meeting,
was proposed by Mr. ammonia!, sad carried.
A vote of thanks wits missed to Mr. Andrews, the manager
and secretary, and • similar onsplimeet to the chaismaa
brought the proceeding, to a thee.