The Sun.
London, England, 1863-03-20 00:00:00

ATLANTIC TELEGRAPH COMPANY.

The sixth annal meeting of the shareholders in
the Atlantic Telegraph Company was held' at the
London Tavern yesterday. The Right Hon. James
Stuart Wortley occupied the chair.
Mr. GEORGE SAwARD (the secretary) read the
report of the directors, an abstract of which has
already appeared in our columns.
The CHAIRMAN, in moving the adoption of the
report, said there were two or three points on which
be wished to give a brief explanation. Since the
last meeting the directors had been exposed to some
hostile actien, and even to covert attacks and insinu-
ations ; but that was the fate of ali persons who were
engaged in a work of such magnitude. It was
prompted in some cases by adverse interests, in
others by a feeling of rivalry, and in others,
again, by the feeling of that sensitive
class of persons called inventors, who were apt to
get excited if their plans were not adopted. Some
blamed them for idleness and inaction ; othere
thought they were not going to do anything new.
In neither case were the complaints well founded.
The raising of so much money in the manner men-
tioned in the report showed that there had been no
inaction, and the result of the effort made was the
preservation of the company's rights intact. Up to
this time the company had entered into no engage-
ment with any other company, except the New
York and Newfoundland Company. All that had
been done was to enter into communication with a
company of great eminence, with respect to the lay-
ing down of the line ; and the board would be glad
to receive offers from any other quarter.
He then entered into an explanation of the
nature and extent of the company's exclu-
sive rights, which he said embraced the whole coast
of Newfoundland. He then quoted legal authori-
ties on this subject. He added that after the com-
pany's line had been laid down, the Government was
to have the right to give permission to other com-
panies to lay down a cable, but that that would not
prevent them from receiving the 8 per cent. gua-
ranteed on the £600,000. Moreover, the subsidy
of the English Government had been raised since
last year from £14,000 to £20,000 a year ; so that
from their own Government and the American Go-
vernment the total subsidy would be £34,000.
(Cheers.) He then referred to the objections made
to the use of gutta percha for the new line, instead
of india rubber. The directors were not pledged,
he said, to the use of gutta percha, and would
be happy to adopt any other material which
was proved to be superior ; but the cry against
gutta percha was raised chiefly by persons who
were interested in india rubber. If they could get
a light cable to lie on the light, oozy, pillow-like
bed of the Atlantic, a capital of £600,000 would be
more than sufficient for the purpose. The board
were only waiting till the subscription had reached
£300,000. They had now come to within a frac-
tion of three-fourths of that amount ; and oven if
they failed to obtain £BO,OOO more, he could not
believe the British Government would leave them
in the lurch. (Cheers.) Large subscriptions had
been received within a short time from New York,
and there was a prospect of additional aid from that
source. After entering into some personal expla-
nations regarding what he had said about the tele-
graph between Toulon and Majorca, he concluded
by urging the shareholders to induce their friends
to take up the balance of the shares. He then for-
mally moved the adoption of the report.
Mr. C. M. SAMPSON, the deputy-chairman,
seconded the motion, and it was adopted unani-
mously.
The following directors, who retire by rotation,
were re-elected : The Right Hon. the Chairman,
Mr. C. M. Sampson, Mr. S. Gurney, M.P., and
Captain A. T. Hamilton.
The CHAIRMAN moved a resolution, rescinding a
resolution passed on the Bth of June, 1859, which
reduced the number of directors from 18 to 12.
Mr. SAMPSON seconded the motion, which was
also carried.

The CHAIRMAN then said that the board had
nominated three gentlemen as directors, in accord-
ance with the deed of settlement, and he was quite
sure the shareholders would be satisfied that so
wise a choice had been made. The names of those
gentlemen were Mr. E. Cropper, Sir William
Brown, and Sir Samuel Cunard. He then proposed
the election of George Parker Bidder, Esq.
This was seconded and carried unanimously.
The honorary directors retiring by rotation, viz.,
Mr. A. A. Low, of New York, the Hon. G. E.
Cartier of Quebec, and the Hon. John Robinson, of