Northern Times.
Liverpool, Merseyside, England, 1859-06-06 00:00:00

done with it, who can say ? And the season is

running out apace, the return of which, one might

have thought, would have been at once taken advan-

tage of, to re-coro

Yet, down to

mice operations
this moment, not an effort has been made,'we believe

—not an operation has been commenced for the prac-
tical completion of the immense undertaking._
At length, however, something is to be endea-
voured to be done,—first, of course, to provide the
requisite means for setting tp work anew. This is
the essential point—this the indispensabljprelimi-
___
nary

The Company's capital, vast though, it was,
is all submerged,---all sunk in the depths of the sea ;
and more. is very naturally required to try and
accomplish some return of it. An extraordinary
meetingeneral of Shareholders is to held on Wed-
nesday, at which the Directors will submit their
views and recommendations "as to the best
available means of carrying forward this im-
portant undertaking to a successful and profitable
termination." An arrangement, it appears, has been
provisionally entered into with the Government, by
which it is provided, that a dividend of 8 per 'cent.
per annum is to be guaranteed for 25 years, upon
such portion of a new capital as shall be called up
and expended in establishing communication with
America, not exceeding in the whole the sum of
£600,000; this guarantee to commence when the
cable has been successfully laid, and to subsist while
it is capable of being worked at the rate of 100 words
per hour. Further, that a minimum sum of £20,000
per annum is to be paid to the Company for Govern-
ment business, during the time the new cable is
capable of being efficiently worked as above, the
Company to bo allowod to expend. X 20,000 out of the
new guaranteed capital in attempts to make the
existing cable available for business ; and if these
attempts are successful, the Government will im-
mediately commence to pay a minimum rent of
£14,000 per' annum, which rent is to be increased
to

£20,000 per annum as above, so soon as the
new cable is brought into successful working. order.

The existing arrangement with the Government of
the United States, which entitles the Company to a
minimum rent of 70,000 dollars a-year for the

business of that. Government, is not to be interfered
with. But the Company are required to transfer to
her Majesty's Government that portion of their
privileges, under their agreement with the New
York, Newfoundland, and London Telegraph Com-
pany, whereby they derive the exclusive right of
landing on the shores of Newfoundland cables
intended to connect Europe with that country. "But

the Government will not grant to any other Company
Or person any right of landing cables in Newfound-
land so transferred to them, unless the guarantee

and contract r

...ferred to shall have proved efficient
in raising the requisite capital, nor until by the
instrumentality of such capital, telegraphic commu-
nication shall. have been established across the
Atlantic ; it beipg understood that in case of failure,
either to raise the capital or to submerge the cable,
with such success as to be enabled to work it at the
rate of 100 words per hour required by Government,
the Company shall permanently revert to its present
position in respect to all its privileges, including its
exclusive rights now existing under the agreement
with the New York, Newfoundland and London
Telegraph CornpanN
Su

11 are the principal details of the proposed new
And to enable the Directors to carry

luangement

it into effect, they propose to in -Q

sanction of

the Shareholders to the issue of preference shay

t exceeding £600,000, these shares to

lo ea

one half to be paid up on allotment, and

to be. entitled to all the nett profits of the Coniptin,

up to eight per cent. per annum, the Government
having guaranteed that rate during the time the

cable is