The Sun.
London, England, 1858-02-22 00:00:00

ATLANTIC TELEGRAPH COMPANY.

On Thursday the annual general meeting of the
shareholders in the Atlantic Telegraph Cornr,any
Was held at the London Tavern, Mr. Samuel Gur-
ney, M.P., deputy-chairman of the board of direc-
tors, in the chair.

An abstract of the report has already been pub
lished.

The CHAIRMAN apologised for the absence of Mr.
Wm. Brown, M.P., the chairman of the company,
who was prevented from attending by the serious
illness of his wife. He then moved the adoption of
the report, and accompanied the motion with some
remark upon the accounts which, he said, had been
duly audited. Since the report was issued the ar-
rears in calls had been reduced from 1,0001. to 2001.
The present arrears, 'therefore, were exceedingly
small, considering that the capital amounted to
350,000/. With reference to laying down the cable
across the Atlantic, be attributed the non-suc-
cess of that operation to the want of time,
which prevented the paying out machinery being
tested before it was put into actual use. The expe-
rience gained by the attempt of last year, however,
had satisfied the engineer and directors of the ulti-
mate success of the undertaking, and if their hopes
in that respect should be realised this year, the
money already expended would not have been ill
spent. After the fullest consideration it had been
determined that the next attempt should be made
with 2,900 miles of cable, and as the expense of
manufacturing the additional cable would be con-
siderable and as it was desirable that a good sum
should be avail Lble in reserve, they proposed to
authorise tae issue of 75,0001., in shares of 201.
eaoh. He was happy to say that nearly 25,0001.
of this sum hal already been subscribed for by 97
shareholders. Instead of the original agreement
with the projectors, which gave them a right to
half of all the dividends over 10 per cent., enabled
them to prohilit ithe issue of further capital, and
to interfere in an objectionable manner with the
responsible managers of the company, a new ar-
rangement had been entered into between the di-
rectors and projectors, which it was deemed would
be of considerable advantage to the compa iy.
Under it the projectors relinquished all their rights
and privileges on receiving 3,750 shares of 20/.
each, fully paid up, which thee undertook not to
sell or dispose of in any way until the cable should
be laidfend working. The board unenimous,y recem-
mended the adoption of this arrangement. In
conclusion, the chairman expressed his contideuce
in the success of the enterprise in hand, and his
satisfaction that that confidence was shared in by
the proprietors at large. They had indeed, be slid,
every stimulus to success. Subsidised by two power
ful governments, protected by grants, in the nature
of patent rights, which secured to them all the
eastern front of North America, as far south as any
telegraphic cable could be prat i all submerged
between Europe and America, and possessing as
they did exclusive traffic arrangements with a vast
telegraphic system in the United States and in
British North America, extending over 40,000
miles, they would readily believe that their under-
taking, in addition to being one of the grandest
national and scientific effoits of the age, would, in
all probability—and most justly and deservedly so
—be also one of the most remunerative. (Cheers.)
Mr. BUSHELL seconded the motion. He said the
Atlantic telegraph once laid would connect every
commercial city of Europe with every commercial
city in the United States and in British America.
Arrangements wore in progress for laying the cable
from Florida to Cuba, so as to connect both coun-
tries with the West India Islands, and fur extending
the line from the Mississippi to San Francisco and
California. _ _ _

Afters few words from Mr. LLOYD, in the course
of which ho strongly enforced the propriety of avail-
ing themselves of every practical suggestion that
could be afforded them in order to prevent future
failures, the resolution was carried unanimou-ly.
Several routine resolutions, relating to matters of
organisation, having been carried without opposi-
tion, it was determined, upon modons moved and
seconded by Colonel Everest, Mr. Sandbach, Mr.
Brooking, Mr. Pickering, Mr. Truman, and others,
to issue 3,550 new shares of 201. each, and to cal ry
out the no v arrangement with the projectors of the
company which 'had been described by the chairman.
A vote of warm and hearty thanks was then
passed to Mr. Cyrus Field, of New York, for
the great services which he rendered to the com-
pany ; and the proceedings terminated with a
similar comrliment to the chairman and board of
directors, for the zeal and assiduity with which they
had laboured to carry out the objects of the under-
taking.

THE SALMON FISHERY IN SCOTLAND.—The netaa!mon
fishery in the rivers of Scotland has been up to the ave-
rage, but few have yet been caught by the line. The
stake net fishery has scarcely commenced, but where it
has been tried it has been successful, the open ii.a3oll
having let the fish well down to the sea
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