The Express.
London, England, 1866-03-19 00:00:00

The Directors Melte appThationsw& the untamed shares in
this Company. numbering 6,000, for the purposes hereinafter
mentioned.
Mr. Reuter, by by personal influence on the Continent, has
obtained, and has handed over to this Compiler, a concession
from the Theesvertangoversteeet, giving an =denim right for
thirty years to lag down and work submarine telegraph cables
between the English and Hanoverian =seta, and the able =du-
eke right My
ot lend wires to cartels important Om in Gar-
many,liesicodes her contingent advantages of it very eatable
chars= r.
°Metal statistics in the passed= of the Directors show that
the number of ameba passing between Maenad sad Octresea7
in the four years ending 1886 had increased 1111 per cent, and in
the list two years alone 80 per erne ; and It Is matter of noto-
riety that the existing lines are unable to convey mimeos with
the expedition which Is above all things desirable in telegraphy.
Thebirectors are Ia a position to state that under the conces-
sion obtained. and the arrange® they have concluded for
working It, they will be able to transmit messages from England
to the places named below within a few minutes from the time
of despatch.
Arrangements have been made with the well-known contrac-
t° n, the telegraph Constructioa and Maintenance Compauy, for
eseestracting end Lying down the requisite cable, by which the
mensal cost of all the work to be done has been accurately de-
termined.
The Electric and InternatlonalTelegranbeeePabr have agreed
to an arrangement by which the use of a certain number of
wires is to be ceded to them for a term of five years, thst Com-
pany guaranteeing the transmiedon over the Hanoverian cable
of the whole of the messages collected at their different stations
in the United Kingdom, for Remover, Bremen, Hamburg,
Schleswig Holstein. Denmark, Sweden, Norway, dm, and further
guaranteeing a minimum amount of business which, under the
conditions of the condusion, sad under normal circumstanced',
will produce a minimum annual revenue equal to 16 per cent. on
the total amount of capital required.
The agreements, concesaloss, and other data on which this
estimate Is based. having been placed In the bands of the well-
born accountants, Mama Mentor, Ball, and Co., their certifi-
cate of the correctness thereof Is &dueled.
No. 8, Moorgateatreet, Feb. It. 18138.
Ilir,—Havieg perused and considered the documents men.
Wined in the subjoined note relating to the subject of the pro-
posed submarine telegraph between England and Hanover, we
are enabled, from the data therein contained, and other infer-
, nation 'applied to us, to state the following facts and conclu•
edam respecting the profit results of the tiadertaking.
The requisite amount of capital will be £llO,OOO ; that is to
say, £110,176 for manufacturing and laying down the cable,
leaving the rum of £19,696 to provide fee contingencies and
working capital.
gatimating the roan= to be derived under the agreement
with the Telegraph Company upon the hasis of the minimum
number of messages guaranteed to be forwarded by that Com-
pany, we find, after paying or reserving to the Company their
proportion of the net receipts, that the net profit will amount to
at lead le per cent. per annum on the total amount of the ca-
pital required,..namelY, £160,000.
Having regard, however. to the probability that the actual
tragic of the cable will greatly exceed the secured minimum.
there fa reasonable ground for expecting that the actual rate of
profit will considerably exceed 16 pea cent.Kannum.
We remain, sir, yours fel fully.
' To Falb Reuter. Faq. QUILT BALL and Co.
Note of documents referred to—
L Translation of concession granted by the King of Hanover
to Mr. Julius Reuter.
K Copy of agreement with the Meade Telegraph Company.
3. Specificatian for the manufacture of the cable from Cromer
to Norderney, by Messrs. Fordo and !Teeming dentin.
& Contract with the Telegraph Construction and Maintenance
Company for the manufacture and laying of the cable in terms
of the foregoing specification.
11, will thus be seen that the Directors have Indicated only the
minimum of profit virtually guaranteed to the sharehold . re ; and
• that there is every reason to anticipate from the rapkilv in.
creasing extension of the trate that this amount will be largely
I exceeded.
• This minimum is, moreover, entirely exclusive and Indepen-
' diet of the oontinually increasing profits of the business par-
• chased from Mr. Reuter, which will be very considerably actg-
. mated by the use of the wire retained by the Company for the

-417haabardaess.
PC'eatturatdtity et cables in shallow waters such as the North
Sea, where the Company's cable will be laid, Is proved by ex-
perience. They are as safe and can be repel•ed aiNlo3t mu easily
as land trims. The existing cables to Rolland bare been laid
several years, and that between Dover and Calais la years, and
they continue at the present time in good working order.
The cable will probably be ready fur the transmission of mes-
sages by the end of August next.
The Telegraph Construction and Maintenance Company have
taken one-fourth of the amount ot their convict In shares of the
Company, but the contract with them is based upon a bon&
Ode cash price, the lowest obtainable In the market for first-rate
work, they considering the Investment safe and profitable. and
looking to the future profits of the concern for remuneration.
There is no promotion money, nor any commission paid for
obtaining the concession, Mr. Renter having banded it over to
the Company gratis.
Applications for shares to be made In the annexed form. ac-
companied by a deposit of El per share. Should no allotment
be made the amount will be returned without deduction.
Preapectoses, with forms of application for shares, may be
obtained at the °Mose of the Company, of the Brokers, or of the
Solicitors,

PORN OP APPLICATION FOIL MAIMS.
(To be lett with the Rankers.)

No.
To the Directors o' Reuters Telegram Company (limited).
OINTIAXI2I4—Haring paid to your credit with the Airs and
Ilaatermen's Bank the sum of A being the deposit
of fl per Share on Shares in the ;bore Company, I
request that you will allot me Shares of Vb each in
Renter's Telegram Company (Limited), and I hereby agree to
accept the same. or any smaller number which you may allot to
me, sad I request you to pine my name on the Register of Mem-
bers in respect of the Shares allotted to ins.
I am, Gentlemen, your obedient servant,
Name to full
Address in full

Profession
Vaal Bignstar•
Data