The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-29 00:00:00

MAGNETIC TELEGRAPH COMPANY.

The ordinary annual meeting of the English and Irish
Magnetic Telegraph Company was held in the Clarendon
rooms, at two o'clock, yesterday: The chair was taken
by Joseph C. Ewart, Esq., M.P.
The following was !aid before the meeting :

REPORT.
In submitting the accouz:ts of the English and Irish
Magnetic Telegraph Company for the year 1856, the directors
have to call the attention of the shareholders to the steady
improvement in the receipts, not only during the past year,
but from the commencement of the company's operation ; and
to the fact that although the business transacted by the core
pany during the last half year of 1356 exceeded that
of the first half year by £1,200, the working
expenses were less by £4OO, notwithstanjing a huge
additional expenditure incurred in the repair of limb
injured by the severe storms of July,' August;
December. Since the srcial meeting of shareholders to
November last, the directors have carried out the amalgams'
tion between the Magnetic and British Telegraph systems,'
then approved ; and have pleasure in reporting that the
increase of traffic resulting from the greater efficiency and
capabilities of transmission of the united syStem, coupled with
the savings already effected by the doing away with joint
offices, and the reduction in joint staffs and working expenses,
have been such 33 to give the directors every reason to be
saiefied with the results of the uni in. This being the final
balance sheet of the English and Irish Magnetic Telegraph
Company, the directors considered it desirable that, before it
was drawn up, careful inventories and valuations of t'
apparatus, stores, furniture, &c., should be prepared and sub'.
witted to the inspyctiou of the auditors ; in consequence of
which the balanca sheet hag not been completed so early in the
year as heretofore. Tree directors now give notice that the
ordinary general meeting of the proprietors of the English and
Irish Magnetic Telegraph Comp any will be held at the
Clarendon Rooms, South Jolv--street, Liverpool, on Tuesdays
tlae 28,a day of April, 1857, at two o'clock in the afternoon.
JosEPii C. EwAnT, Chairman.
EDWARD CrtoPpEß, Deputy. Chairman.

The report of the auditorg, MPssrs. Bewley and
M'Donnell, was also read, as follows :

AUDITORS' REPORT.
16, Brunswick Buildings, Brunswick street, LivJrpe°ll
20,11 March, 1857.
Gentlemen,--In certifying to the complete accuracy of the
accompanying accounts, we are desirous of adding a few lines
with regard to the character of our audit, inasmuch as it has
not been confined to a mere examination of the ledger balances,
&c., at the close of the year, but has been continuous throughout
the whole period, embracing every branch of the company's'
accounts. \Vida respect to the liabilities outstanding on th.."l
31st December, looking at the importance of having the whete
included in the accounts for the yea-, we have soared no pains
for that purpose, and have also obtained the assurance of the
principal officers that they know of none others beyond those
already entered in the books. We have bestowed glair
attention to satisfy ourselves that the respective balances e:
i
assets in the ledger correctly represent the company's stall an,
the
instruments, fittings and furniture, general stores, kee, 0,1,7
the 31st December, all of which are fully suPP°rte—
by inventories and statements duly cerified by
officers under whose charge they are placed. We ba
thoroughly examined the share and transfer books, ",-
are, therefore, enabled to state that they present eorrect.
record of the share transactions, as also that the divide')
books agree with the amount of dividends paid and outstanding
at the close of the year. The statistical books in the genre;
tary's office, showing the result of the company's revenue
transactions throughout the year at each station in the vane:,
districts, have been kept in a manner that reflects great cr
on that office; they agree in every respect with the refen",.,
accounts in the ledger ; and by their means 'the secretary is
enabled to ascertain at a glance the working results at a
station, so as to trace at once the sources of increase or diml
notion in auy particular branch of the traffic receipts or charge,..E,
.
Wo cannot close these remarks without tendering our than."
to the directo"s for the support we have experienced, and Oleo
manner in which our suggestions from time to time have ber,_
received. We have the honour to be, gentlemen, rut
very respectfully, JOHN BEWLEY,
, Auditors.
G. MWONNELL,
To the Directors of English and Irish Magnetic
Telegraphic Company, Liverpool.

The Chairman said, he did not know that there wag
6
anything very important in the report or ace°lll/0
requiring particular explanation. A sum of £5OO Ph,
been appropriated at the last half-yearly meeting to !
116
directors, for their attendance, hut they would see by '
accounts that £75 each half-year had been aPPI9;
priated to !he Irish direc ors. The sum remaining. fa tes
(leiucting that amount, was liable to sling debt
n( t yet recovered, and of which some were bad deb e.
Whktever balance remained would be
appropriated to '—
directors, but instead of being £5OO, which the shArne;
holders thought proper to allow, the directors would 11-0
get more than about £:300, This was, as the sharehold.sia
were aware, the last meeting of the English and Irlia
Magnetic Telegraph Company, and perhaps they wu.„/
be desirous of knowing how the companies had be ag' as
on for the first quarter since they might be considered.iv
amalgamated They had been going on very satisfactorl:3-,
indeed, Elready in their first quarter. They had not,
ch
been able to carry out all the redactions in expense sv°
viso.
they expected, but they should very soon be able to dd
They were still engaged in carrying out that object, 813..0
before the half yea- expired, should have reduced a
many expenses. At present the earnings were 5 per cent.ucit
old shares, and equal to 4 per cent for British shares
before the quarter was out, he had no hesitation in sayol
that the profits would be large. he circular which Iltro
been sent round to ell the shareholders, requesting 1'950
agree to the amalgamation, had already received about 1, o
signatures. It was very desirable that the consent oft
no
shareholders should be given to the amalgamation as 8();,1
as possible. After a few further remarks the Chaitiltiof
concluded by moving that the report and statement
accounts be adopted.
Mr. C. H. Jones seconded the motion. gr.
After one or two remarks npoa the accounts, from
Sandbach and other gentlemen, the motion was carried.
This concluded the business, and the proceedings el°
with the customary vote of thanks to the chairman.

THE CHIEF SECRETARY FOR IRELAND.—A Dublin
pondent in speaking of the resignation says :—"ll°rTbe
certainly gees oualfind I am nearly sure Osborne sv"
the new chief secretary. There could be no better
stsunch Liberal, with plenty of pluck and no humbug.