The Express.
London, England, 1851-08-16 00:00:00

THE ELECTRIC TELEGRAPH COMPANY.
Atthe eleventh hitlf-yetMly meeting of the Electric
irdsfultumeConflmg, held on the 12th instant, the report
die as most It stated that,
"The restipts of the half-year exceed the expenditure by
10,767/., which will enable the directors, by appropriating
3221. from the reserve fund, to recommend a dividend of
V. per share, being at the rate of 8 per cent. on the paid
up capital. The Chester and Holyhead, the Brighton, and
the Buckinghamshire lines, have been completed since the
last half-yearly meeting, and the Manchester and Sheffield
line will be opened in the course of the ensuing quarter.
The current expenditure has been in full operation on the
three first, though they cannot be considered to have SIM
into regular working; and experience hes shown *at it
requires some time before the public of any particular platy
acquire the habit of availing themselves of the new mem
of correspondence. These circumstances lead the directors
to consider it unnecessary to add to the reserved fund from
the revenue of the half-year ending 30th June last. The
peculiar nature of patent property, and the litigation
which, notwithstanding that three verdicts have been ob-
tained for piracies of their inventions, the directors may
have still to encounter in prosecuting infringements of
their patent rights, render it, in their view, advisable to
retain always • considerable sum not applicable to any
one particular purpose, but available for any eircum-1
stances which may arise requiring outlay. These do
not involve renewal of works, which is in every
instance charged to revenue of the current half-year.
Several hundred miles of line have, in fact, been entirely
renewed on this priucip:e. From the time that the
rectors, in accordance with the policy announced at a
former meeting, aimed at the establishment of a great na-
tional
system of telegraphic communication rather than
the large manufacturing profit, which the exclusive nature
of their patents might have secured to them, their attention
has been anxiously turned to the development and extension
of their lines, and they have thought themselves justified
in sparing no expense to render the accommodation cornpre-
hensive, certain, and expeditious. Experience only can
achieve these things ; and, though it is not pretended that
the whole degree of perfection of which the system is sus-
ceptible has been obtained on the working of the lines, I
nevertheless great reforms have been made in numerous
details of the administration, which, though trifling in
themselves, ace of infinite importance in the complicated
executive combinations of the company, while me-
chanical improvements in the insulation sod ap-
paratus have been patented, and, after being else
borately tested, have been, where found efficient,
carefully and liberally carried into execution. The whole
of the lines between Loudon and Liverpool and Manchester
have been re-insulated, and two new wires will this week
he completed by the lino of the Trent Valley and North
Staffordshire Railways for the accommodation of these im-
portant places. The line between Manchester and Nor-
wanton has been entirely renewed, and workmen are now
along the whole distance, between Glasgow and Norman-
ton, replacing the whole arrangements with the new insu-
lators adopted by the engineer. Since the last meeting the
wires of the company have been extended to Brighton,
whence they, are in course of construction to Newhaven ;
and a line has been established between Liverpool and Ho-
lyhead. The telegraph between Sheffield and Manchester
is in s forward state. Contracts have been entered into with
the Great Western and Bristol and Exeter Companies to carry
on the lines from London to Exeter, whence the wires, flow n%
existence, will extend the communication to Plymouth;
and an agrcemeut is signed with the Great Northern Com-
pany for providing a complete telegraphic system for their
accommodation. All these arrangements comprise the
establishment of the company's wires, fur the public ser-
vice, as well as those exclusively devoted to railway pur-
pmes. When these great works are completed, it is be-
lieved that the main features of the practical application of
the invention of Messrs. Cooke and Wheatstone will have
been achieved; but your directors will not rest satisfied till
all parts of the kingdom shall be provided with telegraphic
accommodation, and until they have so combined and eco-
nomised the system as to bring it into the most extended use
for which it ID naturally adapted. The company are pre-
pared to establish a station at any point traversed by their
wires, upon their working expenses at such station being
guaranteed to them.To have prematurely undertaken further
reductions of the tariff, would have beer, to have endangered
the existence of the whole undertaking, but the extension and
development which is now assured, with the fact that the
central working expenses do not increase with the increased
length and number of the lines, have enabled the directors
once more to take into their consideration the revision of
the taritf ; and though they will make no change hastily or
imprudently, or for the sake of a present popularity en-
' danger in any way the permanent operation of the under
taking, yet their must anxious desire is to make such •
reduction of charges as their increased facilities of
the public will admit, without injury to the commcraial
credit of the concern. The large extent of new
' works, which includes the Manchester and Sheffield,
the Great Northern, the Great Western, and the
Bristol and Exeter Railways, a length of upwards
of 970 miles, in hand, which, to suit the present
position of railway companies, are undertaken at a rental
instead of a fixed price, so formerly was the practice require
that this call of 2/. 10s. should be made immediately ; and
as a fair rate of interest is secured by the contracts for
which it is required, and a contingent advantage from the
profits from new stations is probable, the directors have no
hesitation in adding this amount to the paid-up capital of,
the company. It is ro
_pposed that the dividend shall be
paid pro rata upon each description of share."
The report was adopted.
The revenue account for the half-year, ending June 30,
1851, exhibits an expenditure of 14,7621. Bs. Bd., of which
4,79'21. was appropriated to works. The receipts for
the same period were 2,5,52 W. 12s. 4d., and the balance is
thus 10,7671. 3s. &I.
A dividend was declared at the rate of 8 per cent per an-
num, and the proceedings terminated.