The Sun.
London, England, 1867-12-02 00:00:00

ATLANTIC TELEGRAPH COMPANY•

MEETING THIS DAY.
An extraordinary meeting of the shareholders
this company was held to-day for the purpose el
appointing a committee to advise with the dire'
tors, and also for the purpose of consider-
ing the propriety of raising new capital
to pay off the claim of the Anglo-Amerles3.
Company, which amounted to £125,000 per annum'
or to effect the same by amalgamation with the sal'
company or otherwise. The Hon. S. Wortley Pre.
sided.
The CHAIRMAN said they were met that del
under more prosperous circumstances than it he'td
usually been their fate to meet in tea
room. (Hear, hear.) Their object to-day
to ask for the appointment of a committee from
amongst themselves to consult and assist the diree;
tors in a very critical period. It was, however, not
a period of difficulty owing to monetary pressure
on the contrary, their present position was °ll6
of prosperity, but. the aid of the committee
was required to enable the directors to consider
matter of much delicacy, and the directors 0100
it would be a great support to have the advantage
of the advice of some from amongst tbe'r
own shareholders, whom, it was well known'
were capable of giving the best advieei
owing to their extensive knowledge both of
American commerce and their own undertaking'
(Hear.) Their position was not one of either clie-
trust or peril that made them seek that seri
port. Since the accomplishment of their greilf
design facts had proved the correctness e 0
their theory viz., that submerged cables A
id
much safer at a depth of three miles than those -3
along the land. (Hear, hear.) They had now tWts
sound cables across the Atlantic, and their receiP
were most satisfactory ; indeed they far exceeed
those they had formed under the most sanguine Or;
cumstances. Their receipts amounted now to DO%
£l,OOO per day, and that prosperity had not beeto
attained by sudden or unexpected business, 114
their progress had been regular and gradual to au
a degree that they might consider that iseel:i
to be permanent. (Hear, hear.) At some
it
their former meetings it had been said t.es
permanent rate of transmission might be five w°'ds
per minute, but it was now actually 15 ifer
ble
per minute—(hear, hear)—and under favouo2o,
circumstances they had reached as many resent
Their cables were in perfect order, and at Pre:l4o
their daily gross earnings were no less than
per day more than they were at that time last Y.' 0
and at the end of July last their daily re 'F4
amounted to over £9OO. They were, thereforefoce
a prosperous position, and wanted no assist3,oo
from the shareholders ; but the direel'ori
thought it would be much more satisfset re,
for them to come closer to the great body of eh to
holders. The great object of the directors vie.rec
come to a proper understanding with the dlitol
tors of the Anglo - American Compaei74 se,
to devise some arrangement that might be 11000,
cially advautigeous to both. The diree'so
therefore, asked for the committee to %„),
them in improving the position of the colleri,
either by an amalgamation with the Anglo-A Able
can or by the raising additional capital to eO.
them to pay off the liability of £125,000 Per tint
num, which tliey were now bound to pay
company. The taking of that amount 903603 e,
from their earnings bad, up to the present cool
prevented the original £l,OOO shareholders ; die
receiving anything. His own opinion was tb.etai,
best thing to do was to raise the new ovi. „Ity
proceeding now he felt there would be no digicoiot•
in doing. He concluded by moving the sPr
meat of the committee asked for.
Capt. HAMILTON seconded thepropositioet
was adopted by the meeting. Al{ red
The CHAIRMAN then moved that the COrec/
consist of Mr. Cunliffe Pickersgill, gr. Aeso
Harris, of Bradford, Mr. John George Ofw-
of
and Mr. W. 11. Stephenson. es" f
Sir C. LAMPSON seconded the appoinate3ooo;
those gentlemen, and said they were co
sound judgment. The Atlantic TelegrSrmel
pany were anxious to amalgamate with tbecioirotot
Nmerican, but that company did not seem
tio6oo ,
to meet them in the same spirit. The reaa to illy
their tariff, he thought, would greatly "I' toB''
creased income, although he felt it his diVotoNttl',.6,
they were making that reduction in oppes rs
opinion of one of the very best direct°l4ll
Le Breton), who felt that reduction 'night
...,psev;
left alone for some mouths. Ile (Sir C. 1301:actiie;
thought that for two or three mouths the in
of their tariff to £5 for the twenty werao aod,elo
of £lO would in the end produce a larg to ow,
munerative income. Some of his colleag Aka
bt
of opiniori that if the money due to t.l;rl
American Company was paid off 'comPett oar, 13
arise, but of that he had not the sligbtevsetot ceotl
e ecl
some years must elapse before such an , ace 3'
ld 5 eV
occur. At all events, if it was -ultialatell ocoe
to raise new capital, he thought it Ivou
~er jilt
plisbed now without difficulty ; but, u
toy tilltirP
cumstances, nothing would be done appr°
was submitted to the shareholders for then
tl'.
The resolution was curried. inius"
A vote of thanks to the chairman ter
proceedings.