The Sun.
London, England, 1870-02-05 00:00:00

LORD LYTTON .11V THE HOUSE OF

LORDS.

We remember, during our constant attendance at
the great debate last session, how, on the first night,
the whisper that ran through house and gallery of
" Lytton," " Lytton," " Lytton." The debate had
languished since the dinner hour. The Duke of
Rutland is a mighty magnate, but not a great
orator ; Lord Stratford de Redcliffe a migh:y
statesman and diplomatist, but not a great orator ;
Lord Romily possibly a mighty lawyer, though they
say not, and certainly not a great orator : they had
all spoken, but not eloquently, when a somewhat
round-faced, happy-looking Irish bishop, Dr. Alex-
ander, of Derry—who, by the way, has written
scme very good poetry—with Irish dash and spirit
threw an immense amount of vitality into the dis-
cussion. When the cry of " Lytton" was heard, we
thought that " the savage soul of fight was up"—
that the debate was beginning to assume the grand
historical character which would surely attach to it.
But when Lord Lytton rose Lail Grey arose at the
same time. Every one wanted to hear Lord Lytton.
They knew that though rare and somewhat ineffec-
tual as a debater, the grand oration, elaborate and
polished, was peculiarly his forte, and there was
every prospect of a rich, intellectual treat. But then
Earl Grey rose. At that moment he was perhaps
the most unpopular man in England. But Earl
Grey stood like a rock. Nothing but a surgical
operation could ever, at any time, get into his head
the notion that, under any circumstances, he ought
to give way. For the moment the two great men
were antagonistically confronted. Suddenly he gaye
way, with the astonishment of men who hear
thunder out of a clear sky, or, rather, who see a
clear sky in spite of thunder. Most probably a
hurried intimation was given to him that all Lord
Lytton meant to do was to make a motion of ad-
journment. Oh, why did not Lord Lytton speak
that time ?—the minds of the audience were wound
up to that point of heat when winged words are met
with swift emotions. The adjournment was made,
and long before five next day we were in the
crowded lobby—crowded with men on the qui vire
to hear Lord Lytton, while richly-apparelled ladies,
with proud and delicate gait, were being escorted
to the galleries to hear their favourite novelist. But
that ruthless Lord Grey resumed the debate. Pro-
bably not a being in that crowded chamber wished
to hear him speak ; but he spoke in spite of them
all ; and for a time, at least, secured the attention
of the finest auditory in the world. After a time
he flagged; after a little longer time he became
hardly audible. For a man of his mark he makes
an extraordinarily poor impression on his peers.
Like Cassandra, he is disbelieved ; like Ahithophel,
he is disregarded. The old rule, that the mover of
the adjournment resumes the debate, was set aside.
erhaps Lord Lytton gave way to Lord Grey's
older standing as a statesman. There had been a
whisper that he had been intending to speak against
the Conservative side, and perhaps he had beet
persuaded to forego the intention.
At all events Lord Lyttoa has not yet spoken in
the House of Lords. lie translates Horace, and
he writes his rhyming political comedy ; but that
great influence, in the front among those accumu-
lated instances which of late years have added so
greatly to the weight of the House of Lords, has not
yet been felt there. We all admire Lord Lytton,
but perhaps our appreciation of a nature as many-
sided as Gothe's itself, is not yet what it should be
or what it actually is on the Continent. In com-
parison, Lord Lytton is to most Englishmen what
most Englishmen arc to barbarians. In future
times it will be remembered that he has also had a
large share in practical legislation, and has inaugu-
rated the national existence of British Columbia
and Queensland. He is happy in a son who re-
markably exemplifies Mr. Galton's theory of " Here-
ditary Genius," which may be applied with striking
results to our h 2reditary.chambers.—London Society.

RAILWAY AND 07'11E1L COMPANIES.

ATLANTIC TELEGRAPH.
The annual meeting of this company was held
yesterday, at the London Tavern—Mr. L. M. Rate

in the chair.

The report stated that by the last accounts it ap-
peared that the receipts were just sufficient to pay
8 per cent. shareholders their dividend, no appre-
ciable surplus remaining for the original shares.
The completion of the French c ►ble had not then
come into operation. On the loth of August, 1869,
the French company commenced working, and at

a tariff which involved the reduction of the rates
previously established by the Atlantic companies.
Between that period and the present three things

had become evident to the directors of the coin

pang—firstly, that the rapid extension of business
expected to result from a low tariff had a much
narrower limit than had been generally supposed ;

secondly, that the practical results of the operation
of the French company would be, for a period, the
end of which could not be foreseen, to extinguish
the dividend of the Atlantic Company ; thirdly,

that the prospect actually in view was a ruinous
competition between the French and Atlantic coin-

panics. A proposition for a joint purse having
arisen between the Anglo-American and French
companies, the directors decided that, in the inte-
rests of all concerned, an arrangement with the
French company was desirable. After long nego-
tiation, the Board of the Anglo-American Company
consented that the Atlantic Company should be
admitted to a share of the receipts in the following
manner : firstly, the capital of the two companies
was to be amalgamated, the Anglo-American Com-
pany receiving £1,200,000 and the Atlantic Com-
pany £375,000 of a new stock, to be created and
applied to the extinction of the existing shares and
stocks of both companies. The existing debentures
of the Atlantic Company, not exceeding £lOO,OOO,
were to form a first charge upon the undertaking ;
secondly, each £lOO of preference stock in the At-
lantic Company was to receive £43 of the new
stock, and each £lOO of original capital to receive
£l6 of the same stock.

The CHAIRMAN explained that the accounts would
not be made up till the 30th of April next, and
therefore it would be necessary to adjourn the ordi-
nary meeting to the 2d of June next, which was

agreed to unanimously.
The meeting was then made special to consider
the agreements with the Anglo-American and other
companies.
The CHAIRMAN explained that the directors had
obtained the best terms they could from the Anglo-
American Company, and were unanimous iu re-
commending the adoption of the agreement. In
the month of May last the tariff was £3 7s. 6d. per
message, and the receipts averaged £689 per day.
On the Ist of June the tariff was reduced to £2,
and the average receipts to the 15th of August
were £499 per day. From the 15th of August,
when the French Cable came into operation, with
a 30s. tariff, the receipts to the end of December
averaged £415 per day, and in the past month
£390 a day. The difference between £390 and
£689 showed the reduced state of their property.
The receipts of the French company averaged £260
a day. This showed that the French company ab-
sorbed so much of their revenue, and extinguished
all hopes of dividend for the future. The average
receipts in the present month were £316 per day,
one•third of which would go to the Newfoundland
Company.
A long discussion ensued, in the course of which
resolutions were passed approving and adopting the
memorandum of agreement made between the At-
lantic Telegraph Company, the Anglo-American
Telegraph Company, the New York, Newfound-
land, and London Telegraph Company, of the one
part, and the Socie'te du Cable Transatlantique
Francais on the other part; and also the agree-
ment between the Anglo-American Telegraph Com
pany and the Atlantic Telegraph Company, vary-
ing the articles of contract between the two com-
paniezl, dated the 29th of May, 1868, authorizing
the directors to introduce a bill into Parliament to
sanction the conversion of the stocks of the Atlantic
Company into stocks of the Anglo-American Com-
pany at the rates agreed upon, and for the transfer
of the property of the former to the latter company,
and authorizing the directors to carry into effect
the foregoing resolutions.
The proceedings concluded with thanks to the
' chairinan and directors.