The Sun.
London, England, 1864-04-01 00:00:00

ATLANTIC TELEGRAPH.

Tha adjourned meeting of this company was held
yesterday at the London Tavern—the R:ght Hon.
J. S. Wortley in the chair.
Mr. Saward, the secretary, having read the no.

tics of adjournment for receiving a report ou the
completion of the contract for laying the new cable
in the summer of 1865, and to authorise the raising
of additional capital,
The CHAIRMAN said the meeting had been ad-
journed from the 16th March to allow time for the
completion of certain negotiations and arrange-
ments. He was happy to say that the progress of
the negotiations would enable him on that occasion

to impart the necessary information to them re-
specting the contract for the cable. If he did not
lay before them all the details they must consider
that it was not desirable to do so, leaving the mat-
ter in the hands of the directors to carry out. He
considered this meeting as laying the foundation
stone of the present undertaking, and if they should
be spared for 18 months longer their great work
would, he trusted, be in successful operation. The
agreement Chad been completed with the eminent
firm of Messrs. Glass, Elliot, and Co., for making
and laying the new cable which was chosen by the
scientific committee. It was not only much larger,
but heavier, than the old cable, and more costly.
Its conducting power, insulation, and protection
were far superior to those of the old cable, 'and cal-
culated to insure success. The price was a large
one, £700,000. The paid-up capital of the company
at that moment only amounted to £316,000, bat the
directors had made arrangements to pay the re-
mainder by means of ordinary shares and deben.
tures. Payments would be made as the work pro-
ceeded, and the cable would be tested as the work
went on. If, as they confidently expected, the cable
should be perfectly successful to earn a good income
a bonus of ordinary shares would be handed to the
contractors from time to time, provided the cable con-
tinued in working order to the amount of £137,000,
which would be an addition of 20 per cent, to the
price of the cable. He was at liberty to say that the
paid•up capital should be increased to £350,000 in
cash, £250,000 of guaranteed shares would be issued
gradually as the work proceeded, and debentures to
the amount of £lOO,OOO would be issued in like
manner, making up the sum of £700,000. The con-
tract had not been signed, although it had been ap-
proved by both sides and also by their legal repre-
sentatives. They would ask the shareholders and
the public to subscribe the necessary amount to in-
crease the paid-up capital from £315,000 to
£350,000. He was happy to say the public had
now much more confidence than formerly in the
success of the undertaking, but if even they should
not be able to raise the additional capital by the
issue of 8 per cent. guaranteed shares, it was so ar-
ranged that that circumstance would in no way
impede the progress of the works, or delay them for
a moment. He concluded by moving a formal re-
solution to the effect that the meeting having heard
planation of the contract with
the chairman's ex
and Co. expressed its approval
Messrs. Glass, Elliot,
of the same.
Mr. DEWSBURY seconded the motion, and it was
carried unanimously.
On the motion of the CHAIRMAN, seconded by
Capt. HAMILTON, the directors were authorised to
issue under the Company's Act, 1859, 5,857 shares
of £2O each, of the nominal amount of £137,040, so
soon as the contractors have successfully laid the
cable, from time to time, credited in the books of the
company as fully paid-up shares.
The CHAIRMAN moved that the directors be
authorised to issue £lOO,OOO of debentures autho-
rised to be issued under the Amendment Act, on
such terms as might be agreed upon.
Mr. E. MOON seconded the motion, and it was
carried unanimously.
The proceedings concluded with a cordial vote of
thanks to the chairman and directors.

Bank of England Return,•—East Evening.

- .--.--.4-._

An Account, pursuant to the Act 7th and Bth Victoria,
cap. 32, for the week ending on Wednesday, the 30th day
of March, 1864:--