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

ATLANTIC TELEGRAPR COMPANY.

On Thursday the aniniTi:eileral meeting of the
shareholders in the Atlantic Telegraph Company
was held at the London Tavern, Mr. Samuel Gur.
ney, M.P., deputy-chairman of the-board of direc-
tors, in the chair.
Au 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 toe. 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 sble iu reserve, they proposed to
authorise the issue of 75,0001., in shares of 201.
each. Ho was happy to say that nearly 25,0001.
01 this sum had 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 prohibit 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 company.
Under it the projectors relinquished all their rights
and privileges on receiving 3,750 shares of 201.
each, fully paid up, which they undertook not to
sell or dispose of in any way until the cable should
be laidlend working. The board unanimously recorn-
mended the adoption of this arrangement. In
concluz-ion, the chairman expressed his confidence
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, he said,
every Aire ulns to success. Sebsidised by two power-
ful govtrinnents, 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 ically submerged
between Europe and America, and possessing as
they did exclusive traffic arrangements with a vast
telegraphic system in the United States and in
131i!ish North Arnercl, extending over 40,000
they would readily believe that their under-
taking, in addition to being one of the grandest
naticlial and scientific efforts 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 were in progress for laying the cable
from Florida to Cubs, 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.

After a few words from Mr. LLOYD, in the course
of which he strongly euforced 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 unanimously.
Several routine resolutions, relating to mattera of
organisation, having been carried without opposi-
tion, it was determined, upon motions moved and
seconded by Colonel Everest, Mr. Sandbach, Mr.
Brooking, Mr. Pickering, Ur. Truman, and others,
to issue 3,550 new shares of 20/. each, and to carry
out the ne N arrangement with the projectors of the
company which had ben 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 compliment 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.