The Sun.
London, England, 1867-03-09 00:00:00

Atlantic Telegraph Company.

The following are the principal parts of the report
of the directors of this company to be submitted to
the tenth ordinary annual meeting of the share-
holders, to be held at the London Tavern on Tues-
day next:—

" The directors have to report that the two sub-
marine cables so successfully laid to America during
last summer remain in perfect order, having con-
tinued to work in the most efficient manner, at good
speed, and without the least interruption since they
w ere completed.

" The land lines, chiefly on the American side,
have been frequently interrupted ; they are now,
however, in much better condition, and as the
spring and summer advance they will be less liable
to injury from weather, and more easily repaired if
injured.
" The New York, Newfoundland, and London
Telegraph Company, who own the lines from the
terminus of the Atlantic cable to Port Hood, are
actively engaged in erecting a second wire between
those points, and with a further view to secure in-
dependent through communication they have con-
tracted for a submarine crble to be laid from Pla-
centia, Newfoundland, to Sidney, Cape Breton, on
the other side of the Gulf of St. Lawrence, thus
providing an alternative route, giving in all three
wires for business in case of interruption.

" On the Ist of November last, the directors, in
concurrence with the Anglo-American Telegraph
Company, reduced the price of admission from £2O
to £lO for each message of 20 words, and the
revenue receipts under the reduced tariff compare
favourably with those enjoyed under the higher
charge.
" The question of a still further reduction of
charges is still under discussion.
" The actual gross receipts from the working of
the cables from the opening of the communication
with America on the 28th of July last to the present
date have averaged £Bl3 per day including Sundays.
"At this rate of revenue, after deducting the
charges of other companies, working expenses, in-
terest on bonds, and dividend to the Anglo-American
Telegraph Company, there should remain at the end
of the financial year a surplus in favour of the
Atlantic Telegraph Company of about £35,000 ;
but as the revenue account cannot be made up until
the Anglo-American Telegraph Company have first
secured their profit for the year, amounting to
£125,000, the board have not been able to present
any detailed statement of earnings to the present
meeting.

" The directors while treating of this subject have
again to remind the shareholders that unless some
previous arrangement can be made, the liabilities at
present outstending on capital account will for the
time being absorb the whole of any balance that may
remain to the credit of revenue.

" The shareholders have already been informed by
circular of the unsuccessful attempts of the board to
obtain a renewal for a term of the mortgages held
by the contractors and now falling due, up to a total
of £lOO,OOO.
"These mortgage debentures bear on the face of
them an annual interest of 5 per cent., but the
directors, in order to make them more acceptable to
the purchasers, have undertaken to forego a sum
appropriated under the agreement with the Anglo-
American Telegraph Company, to the payment of
themselves and the office expenses, in order to raise
the per eentage of interest to 7i per cent. per an-
num, at which latter rate, added to the fact of the
debentures being in themselves an excellent security,
the pirectors have offered them with eonfidence as
an eligible investment.
t, In addition to these mortgages, the Telegraph
Construction and Maintenance Company have also
entered an attachment in the Lord Mayor's Court
of London for £19,594 10s. 4d., which has been
served upon the Anglo-American Company, re-
straining the latter from giving up possession of
any property of the Atlantic Telegraph Company
passing into their hands.

" The principal difficulty of the company, how-
ever, at the present moment consists in placing the
balance of overdue debentures not yet disposed of,
and this is a matter very much in the hands of the
shareholders, upon whom the directors again desire
to press the fact that their interests will be much
promoted by assisting them to dispose of the re-
mainder of these securities.

The interest on these bonds is a first charge upon
all the revenue from the two excellent cables now in
perfect working order, and the bondholders have a
lien for the principal upon the 1865 cable, as well as
against all revenue accruing to the Atlantic Tele-
graph Company.
They will be conveyed by deed of assignment, free
of all expense for stamp and fees, to the new holders,
and will be accompanied by interest coupons at the
rate of 7i per cent. per annum, payable half-yearly
on presentation at the offices of the company.
In accordance with the authority granted by the
shareholders at the extraordinary meeting of Sep-
tember last, the directors have applied to Parlia-
ment for further capital and powers, for the purpose
of enabling the company to release the revenue from
the charges at present payable to the Anglo-
American Telegraph Company.

LIVERPOOL COTTON MARKET.
(This Day.)

The Market opens quiet. Sales probably 6,000
or 7,000 bales.

TIIE CLYDE PORTS.—The amount of Customs
revenue collected at Glasgow in February was £80,380, as
compared with £62,447 in February, 1866, and £60,431 in
February, 1865. The Customs' receipts at Greenock in
February were £129,514, against £106,101 in February,
1866, and £87,284 in February, 1865.

Ill4N KAU. WAlk,
fioman (Smyrna to Aidtn), 3}
Sambre and Meuse, 5i per cent. pf., g
San I'aulo. lim., gu a. 6 per cent., 14
S nab Aulstrian and Lombardo Venetian, 16
BAN &b.

Alliance. lim., 1
Anglo-Italian, lira.,
Gartered 01 intim, London, and China, 32
~onsolidated Bang., lim., 47
Imperial Ottoman, lirn., 8
Lard Mortgage Bank of lndra, lim.,
London and County, 557 5
London Joint Stock, 42/
l,ondon and 11 estmineter, 94 37
Merchant Bank, tim , 161
National Provincial of England, --
Ditto, d and id issue, 397
Oriental Bank Corporation, 13
t'rovincial Banki 4;orporatiOn, Urn., 3i
Unto,' or Australia, 47

DOCKF.
I ondon and St. Katharine, 61
MISCELLANEOUS.
Anglo-American Telegraph, 15
Atlantic Telegraph, 21+
nit o, 8 per cent. 47i 3}
Bombay Gas, lim.,
City Offices, lim., 8+
Credit roneier of hugland. Ilm . 2 3
Credit Fon:der of Mauritius, lim. 6i 7
ii:gyptian Cons, and Trading, lim., 3
Fore-street Warehouse, lim., 121
Imperial Laud Company or 31arseilics. 11m., :oi-d
London Financial Association. Dm 76
London iientraiOmnibus Company, Um, 3
M Bras Irr,gation and Canal (guarante'd b per cent. by In.
dian Government). i9l 20
Nt.tional Discount lontpany, 1.21
Ithyniney Iron, 25.
Scottish Australian Investment. lira.. 11
'fe e raph Cons rue. and Matute.a., lira , --
Ditto, ditto, 14 .4
'inn and Loan Company f Upper Canada, II

M. Achille Fonld, late Minister of 'Finance, and
Adolphe Fould, Deputy, have arrived at Marseilles.
The Sold Public of Lyons says :—" The winter
quarter, through which we are at present passing,
appears to be doing its best to prove worthy of its
name. After the eclipse yesterday the snow twice
menaced recommencing. To-day also some few flakes
may be seen flying about in the air, but without
appearing likely to increase. The same weather
also prevails in the Saone-et-Loire and in the Cote-
d'Or. With the exception to the damage done to
the early blossom on the trees agriculturists have
no reason to complain.

The Meuse publishes the subjoined :—" General
Chasal arrived at Brussels on Saturday, and was the
next day received by the King. The ex-Minister
of War had spent some time in Pai is, and was much
pleased with the reception given him by the Em-
peror and high dignitaries of the Empire."

SPORTING INTELLIGENCE.

LIVERPOOL SPRING MEETING.—FRIDAY.
The attendance to-day fell short of yesterday, many of
the prefelsionals and others having taken their departure,
f!r the weather was very uninviting, and there was not a
particulafty promising prospect of sport. The Handicap
Plate of 40 sows resulting in a dead heat helped to relieve
the dulness of the day. The remaining events do not
demand any further notice than the appended details fur-
nish. Tigersvho ran second yesterday in the Grand
Military Gold Cup, and against whom an objection was
lodged for having gone on the wrong side of the post,
was this day disqualified by the stewards.
A Handicap Plate of 80 sows., for 3 yr-olds and upwards ;

winners extra. One mile. 13 subs.

Lord Westmoreland's I`l4 Rock, 3 yrs, sst 71b.(Konyon) 1
Mr. Alexander's Merry Harp, 6 yrs, 7st 2lb (Butler) 2
Mr. Saxon's Peggy, 3 yrs, s.it 71b (Barnard) 3

Four others also ran.

Betting-5 to 2on The Rock, 6to 1 ngst Wave, and 100
to 8 bar two.

Cludleugo Cup, the gift of Sir Humphrey Do Trafrorl
Bart., with 100 sous added, for horses the property

offie:!r3; 12st 71b each ; certaiu p.tualtieS. Three

miles.
Captain P. Yates's Bandy Coote, aged, 12st 71b
(Capt. Ricardo) 1
Lord Poulett's Genievre, aged, 13st 71b (Mr. Lawrence) 2
Betting —9 to 2 on Genievre.
Handicap Plate of 40 soya for 3-yr-olds and upwards;
Ivianers extra; Canal point in. About six furlongs.

Lori„Poulett's Wellesley, by Arthur Wellesley—Maid
of Terwent, 4 yrs, 6st 41b (Goodwin) 1
Mr. Burke's Despair, aged, Bst 101 b (J. Doyle) t 2
Mr. Tophatu's king Charles, 3 yrs, sst 71b ...(Butler) 3