The Sun.
London, England, 1864-03-05 00:00:00

SUBMARINE TELEGRAPHIC COMPANY.

The ordinary half-yearly meeting was held yes-
terday at the London Tavern—Sir J. Carmichael in
the chair.
The report states that the receipts for the past
half-year, derived from 185,380 messages, amount
to' £25,184 ls. 2d.; for the half-year ending 30th
June, 1863, from 160,404 messages, £22,144 2s.
81d.; and for the half-year ending 31st December,
1862, from 172,881 messages, £23,427 ss. 61d.
Since the last meeting of shareholders a considers-
able reduction has been made by the different
administrations in Germany in their internal tariff,
which, it is expected, will cause a still further in-
crease in the traffic. Owing to the prevalence of
the unusually tempestuous weather during the
autumn of last year several of the cables suffered,
unfortunately, considerable damage, and have
burdened the revenue with much larger expenditure
than usual for repairs. Natwithstanding, however,
this additinnal outlay, the directors are enabled to
recommend a dividend at the rate of 4 per cent. per
annum, although the capital has been largely in-
creased by the issue of the new stock ; to add the
sum of £2,518 Bs. 2d., being 10 per cent. on the
receipts, to the reserve fund (which will then amount
to £6,441 75.) ; and to carry over £774 13s. 91d.
to the next account. After refdrring to the death
of Mr. Brett, the directors announce Mr. J. Stuart
Wortley and Mr. H. Moor, M.P., as candidates for

the two vacant seats at the board. They also
mention the resignation of Air. Courtenay, the late
secretary, and the appointment of Mr. Clare as his

successor.

The CHAIRMAN congratulated the proprietors
on a very steady and satisfactory increase in
the business of the company since the previous
meeting, and that increase was going on still
at the rate of £lOO a week as compared with the
corresponding period of last year, notwithstanding
the stoppage of two of the cables, viz., the Emden
cable and the Danish cable, the latter in consequence
of the war. The Emden cable was in course of
repair, and an arrangement was in progress to
allow the Danish cable to work for commercial
purposes only. The repairs during the past half.
year had been unusually heavy, owing to the
tempestuous weather, but the charge for repairs
included four miles of new cable which had been
placed into the Ostend line. He congratulated the
meeting that they had had at last a bonaficle reserve
fund invested in North-Eastern debentures. If the
present accounts were affirmed that reserve would
amount to £6,500. He spoke with regret of the
death of Mr. Brett, who might be called the father
of submarine telegraphing. In 1845 Mr. Brett
proposed to connect Belgium with this country by a
submarine cable, but the project was then laughed
at ; but so rapid had been the progress of submarine
telegraphy since that there was every reason to
believe that next year—that would be 20 years after
Mr. Brett's first proposal as to Belgium had been
made—telegraphic communication would be carried
out between this country and the United States.
After further alluding to the retirement of Mr.
Courtenay, the late secretary, who had accepted a
Government appointment in connection with the
Indian system of telegraphy, he concluded by
moving the adoption of the report.
In reply to a question,
The SECRETARY stated that in the action brought
by the company against the owners of a Swedish
vessel for injuring the cable between Dover and
Calais, it was decided by the judges that the com-
pany had a perfect right to lay their cables at the
bottom of the sea, and that vessels injuring them
were liable. Whether or not the parties had in this
case wilfully or negligently injured the cable had not
yet been decided. The damage done to the cable
was about £l,OOO.

The CHAIRMAN added that the principal object
the board had in bringing the action was to show
that the company had property at the bottom of
the sea, which was not to be injured without the
parties inflicting the injury rendering themselves
liable for the damage.
After some questions as to minor details of the
accounts, which were satisfactorily replied to, the
resolution was agreed to unanimously.
The dividend at the rate of 4 per cent., payable
on and after the 12th of March, was also agreed to.
The Right Hen. J. Stunt Wortley, and Mr. H.
Moor, MX., were elected directors.

Mr. BRAITHWAITE moved that the directors' re-
muneration I.e increased from £5OO to £l,OOO a
year.
It was stated that the directors received £350 a
year for managing the French company.
After a brief discussion the motio❑ was carried.
A vote of thanks to the chairman and directors
concluded the proceedings.

MARKETS—This Day.

COVENT GARDEN.

Increased supplies of vegetables are on sale here to-day,
but the show of fruit is very moderate. Most descriptions
of produco are in fair avorage request, apd prices rule firm,
as follows;