The Sun.
London, England, 1865-08-23 00:00:00

SUBMARINE TELEGRAPH.

The half-yearly meeting of thistompany was hek
yesterday at the LondonTavern—Sir J. Carrnichae:
in the chair.

The report stated that there was a satisfactory in-
crease in the receipts, and that the usual proportion
of the gross receipts had been added toreserve fund,
which now amounted to £14,764, and there remained
a net balance of £8,009, out of which the directors
recommended a dividend for the past half-year at
the rate of 6 per cent. per annum. In March last a
congress, composed of delegates from the different
continental governments, was held at Paris, to con-
sider and revise the whole system of telegraphic com-
munications between their respective States, and it
was agreed that a convention should come into ope-
ration from Ist January next, by which the rates
throughout the whole of Europe would be consider-
ably reduced, and the directors anticipated a further
increase of traffic over the wires of the company.
The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders upon the Un-
proved position of the company, and on the satisfac-
tory and progressive increase, which enabled
the directors to declare a dividend at the rate of 6
per cent. per annum. It was believed the receipts
would largely increase when the new tariff came
into operation. He believed that the whole of the
debentures would be taken up by the shareholders.
It was proposed to issue debentures to the nominal
amount of £88,320 at the rate of £lOO for £BO cash
bearing interest at the rate of 6 per cent. for 23
years, which was the unexpired term of the French
and Belgian concessions. At the end of the 23 years
the company would be totally free from debt, and
the shareholders would have the reserve fund at
their disposal.

The report was adopted ; the retiring directors,
Messrs. Edwards, Saunderson, and Scamell, were
re- elected, and the Hon. A. Ponsonby was elected
a director.

A resolution empowering the directors from time
to time to borrow on mortgage a sum not exceeding
one-third of the capital at the rate of £lOO stock
for £BO cash, and bearing interest at the rate of £6
per cent., a portion to be redeemable half-yearly at
par, was carried, and a vote of thanks to the chair-
man closed the proceedings.

LONDON GENERAL OMNIBUS (LIMITED).
The report of the directors states that the reserve
funds amount to £44,296. Of this sum £31,157
was invested in the purchase of £35,280 of Consols,
and the balance formed part of the general cash ac-
count of the company. It was not anticipated that
the prices of grain or straw would be unfavourable
to the company's interests during the coming winter.
The number of passengers carried during the half-
year was 21,364,957 ; the number of miles run was
6,029,801; the average number of omnibuses
working daily was 592, and the number of horses
6,364. The average receipts per mile run by the
omnibuses was Is. ; and the average fare per pas-
ienger 3kd. The average gross earnings per omnibus
per day amounted to £2 16s. 64d. The capital ac-
count having been closed, every item of expenditure
was charged, as it arose, against revenue account.
A new item had consequently been introduced
into the account under the head of " Improve-
ment of capital stock." The charges this half-
year amounted to £2,0494 of which £1,380 was ex-
psattienoancbnidteehsdi n the purchase of lease of land in Lock's-
fields, Walworth, and the erection thereon of new
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Ford-road, which had from the date of purchase
yielded an excellent return for the money invested.
The number of horses belonging to the company on
the 30th of June was 6,790. With regard to the
mileage duties, the directors thought there was every
reason to believe that the time was not far distant
when the claims of the omnibus proprietors would
receive favourable consideration at the hands of