The Express.
London, England, 1852-03-01 00:00:00

ELECTRIC TELEGRAPH COMPANY.

The half-yearly meeting of the proprietors was
held on Saturday ut tho centrist station, in Lothbury, the
chairman; Mr. 2. L. Ricardo, M.l'., presiding.
The following report of the diecetors was read:—. The
accounts show an available balance of 11.7011 12e. 3il.
Of this sum the directors rerommend the division of
9,3691. 96., which will produce a dividend at the rate of 6
per cent. per annum upon both classes of shares, leaving a
balance of 5,3321. 3s. 3d. to the credit of the next half-year.
The directory paint out to the proprietors that this dividend
is upon an increased amount of capital to the extent of
47,7.50!., no part of which has y.•t become productive. It
must also be borne in mind that the increased efficiency of
the arrangements, and the numerous mechanical improve-
ments in every branch of the system of the company,
have enabled them to effect • reduction in the tariff
to the extent of upwards of 50 per cent., involving,
as a necessary consequence, an additional current
expenditure, "bile the increase in the number of
menages received and transmitted, which the result has
shown that your directors were justified in autcipating, is
not yet fully developed. In the last report it was announced
that contracts had been entered into to the extent of 970
miles, including the Manchester. Sheffield and Lincoln-
shire, Great Northern, and Great Western lines, for which
the call of 21. 10a. was made on the shares class B. These
works are in a very forward .sate—the Manchester, Shef-
field, and Lincolnshire is coaapleted ; the line to Bristol on
the Great Western will be open this week; the Great
Northern is complete as far as Peterborough, and the re-
maining length will probably be open in the course of the en-
suing month. These works, so far as the directors have been
enabled to judge, will be completed under the estimates.
Since the last half-yearly meeting, fresh contracts have been
entered into, extending ever a distance of 500 miles, which
will involve an expenditure of 35,1119/. 7a 6d., ascending
to the elaborate estimates submitted by the engineer in
chief. These estimates include the extension of the com-
pany's system, which will be required in conformity with
the determination of your directors, expressed in their last
report, that they would not rest eatisfied till all parts of the
kingdom should he provided with telegraphic accommoda-
tion, and until they bad so combined and econo-
mised the system as to bring it into the most
extended use for which it is naturally adapted.
The directors consider that the resolution of the special
meeting called in December last, authorising the issue of
debentures, will render soy further call at present on the
shares, class D, unnecessary. The directors congratulate
themselves on the great extension of the lines within the
last twelve months, and look forward at no distant period,
to the completion of a system already of great national im-
portance, and ultimately to embrace every commercial
town in the country. The delays, inaccuracies, and ex-
pense of the continental telegraphs, are as exemplification
of the great advantage to the public of the administration
of such a system being under a single management. This
circumstance alone admits the establishment of a low and
uniform tariff as with the postage, and also the accommo-
dation of districts, which otherwise could not of themselves
maintain a telegraph."
The capital account, to the cud of December last, showed
a receipt upon the share. of 330.000/. ; sundry liabilities, as
per lodger, 34,9811.19 e. 9d.; reserved fiind.6tl,334f. 161.9 d.;
balance, 14,7011. 12s. 32. ; total, 428,2181. Ks. 91. On the
other side, the cost of telegraphs, completed and in pro-
gress, inclusive of tho east of patents, was 361,7311. 18,.8d.;
other items (including 26,3701.1e5. 7d. cash and securities in
ham!), 76,4861. 10.. ld. ; tuba, 148,2181. Sc. Out.
The revenue account fur the half-year ending Dec. 31
showed receipts for messages, subscriptions, and contracts,
amounting to 24,3361. tit 10d. • and espenses amounting to
13,9791. !tie. 7d. ; leaving a balance of 8,6811. 12s. 3sl. The
general balance exhibited the result stated in the report.
The report having been received and adopted, formal re-
solutions carrying nut its several recommendation's, and
making • dividend at the rate of 6 per cent., were also
agreed to; Mr. George Wilson anal Col. Wyldo were re-
elected directors; and Mr. Albert Ricardo was re-appointed
an auditor.

iii;EIIAIRNIAN then briefly addressed the meeting as
to the prospects of the emu le took the thinness of
the attendance as a pm.t of the confidence which the
shareholders at large reposed in the directors ; and it would
be imposaible to rsplain to those who had only recently be-
come proprietors the various details of the company's opera-
tions, which had, in fact, become almost innumerable. lle
would therefore merely otwerv., that the directors, in
making the various renewals and extensions of the com-
pany's system of communication, had been guided more by
a desire to strengthen their position than by any expecta-
tion of immediate profit.

3

The meeting was then made nweinl for the purpose of in-
cresoleg the number of directors from eight to the number
allowed by the act, namely, 12; the chairman remarking
that the board bad no immediate intention of acting upon
the resolution; but they thought that it might become de-
sirable to appoint directors resident to soma of the larger
towns, such as Manchester, Liverpool, Bristol, die. It was
not proposed, however, to increase the remuneration at pre-
sent allowed to the board, namely, WO/. a year.
A resolution, authorising tie increase, having been agreed
to, thanks were voted to the chairman, and the meeting
broke up.