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

ATLANTIC. TELEGRAPH COMPANY•

MEETING THIS DAY.
An extraordinary meeting of the shareholders I.llf
this company was held to-day for the purpose
appointing a committee to advise with the direr
tors, and also for the purpose of consider;
ing the propriety of raising new capita
to pay off the claim of the Anglo-Amerie3-11
Company, which amounted to £125,000 per awn
or to effect the same by amalgamation with the seed
company or otherwise. The Hon. S. Wortley pre-
sided.
The CHAIRMAN said they were met that del
under more prosperous circumstances than it had
usually been their fate to meet in that
room. (Hear, hear.) Their object to-day ..
to ask for the appointment of a committee fro'.
amongst themselves to consult and assist the diree;
tors in a very critical period. It was, however, 11°
a period of difficulty owing to moletary pressure 'e
on the contrary, their present position was
of prosperity, but the aid of the committee
was required to enable the directors to consider 6
matter of much delicacy, and the directors thought
it would be a great support to have the advantage
of the advice of some from amongst their
own shareholders, whom, it was well known'
were capable of giving the best advice;
owing to their extensive knowledge both of
American commerce and their own undertaking'
(llear.) Their position was not one of either die"
trust or peril that made them seek that OP;
port. Since the accomplishment of their grof
design facts had proved the correctness °e
their theory viz., that submerged cables we!,
much safer at a depth of three miles than those al'o
along the land. (Hear, hear.) They had now tvrts
sound cables across the Atlantic, and their reeeiPa
were most satisfactory ; indeed they far exceeds
those they had formed under the most sanguine sir
cumstances. Their receipts amounted now to 513°-11
£l,OOO per day, and that prosperity had not beet
attained by sudden or unexpected business, 11
their progress had been regular and gradual to slice
a degree that they might consider that ine°l:ef
to be permanent. (Ilear, hear.) At some
their former meetings it had been said the
"rd
permanent rate of transmission might be fire vio
per minute, but it was now actually 15 w°rd°
per minute—(hear, hear)—and under favourable
20.
circumstances they had reached as many as
ent
Their cables were in perfect order, and at Pres, to
their daily gross earnings were no less than Sl',
per day more than they were at that time last
l
to
and at the end of July last their daily reel%
amounted to over £9OO. They were, therefore,
a prosperous position, and wanted no assistance 1.0
from the shareholders ; but the direet°or
thought it would be much more satisfaet°re',
for them to come closer to the great body of ebti to
holders. The great object of the directors wet
ec,
come to a proper understanding with the dlrea
tors of the Anglo - American Companti
to devise some arrangement that might be n°
cially advantageous to both. The directpio
therefore, asked for the committee to 66.Saoy
them in improving the position of the eolllPeri1
either by an amalgamation with the Anglo-1014e
can or by the raising additional capital to Wio,
them to pay off the liability of £125,000 per .:at
num, which they were now bound to pay to
blp
company. The taking of that amount n° e
from their earnings had, up to the preisoen.rt
prevented the original £l,OOO sharehods the
receiving anything. His own opinion was that; a
best thing to do was to raise the new Capita 'pi
fne°
proceeding now he felt there would be no di
I)°iljt‘
in doing. He concluded by moving the aP
meat of the committee asked for. yich

Capt. HAMILTON seconded the proposition, W
was adopted b the meeting.
The CHAIRMAN then moved that the colowil'itrtecie
consist of Mr. Cunliffe Pickersoill, Mr. I'aii
Harris, of Bradford, Mr. John George M3c'e
and Mr. W. H. Stephenson. t °f
Sir C. LAMPSON seconded the appointrae°
of
those gentlemen, and said they were all Ittileti°ro-
sound judgment. The Atlantic Telegra2ll,—,,lo-
pany were anxious to amalgamate with the AP. z'ou3
American, but that company did not seem des% of
to'meet them in the save spirit. The redueticl ja—
their tariff, he thought, would greatly tend of
creased income, although he felt it his duty t° the
they were making that reduction in opposition t° the
opinion of one of the very best directors be
Le Breton), who felt that reduction might ``ell be
left alone fur some months. Ho (Sir C. fAuPP tioa
thought that for two or three months the reddelace
of their tariff to .£5 for the twenty words in la, re,
of £lO would in the end produce a large a° sere
munerative income. Some of his colleagues
ogle,
of opinion that if the money due to. the
American Company was paid off compeoa as
arise, but of that he had not the slightest feco'uld
sonic years must elapse before such an evellit_,,idea
occur. At all events, if it was anra,
to raise new capital, he thought it would be
ACL's'eir,
anY
plished now without difficulty; but,
undiler ity
cumstances, nothing would b done filla royal.
was submitted to the sharehold eers for their arl3
The resolution was carried. • et d
A vote of thanks to the chairman ten-ulna
proceedings.

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)A,STLE, Dec. 1•
afternoon, accoor

'rincess of )Nrisl64'

COMPANY.

AY.
le shareholders io
ar the purpose of
e with the dire'
Ise of consider-
g new capital
Anglo-American
5,000 per annuto,
tion with the said
• S. Wortley Pre"

re met that dap
inces than it 133 d
meet in that
)ject to-day ices
committee frog).
I assist the direc-
vas, however, not
rietary pressure
)osition was one
the committee
)rs to consider A
directors thought
re the advantage
amongst their
'as well knoviu,
best advice,
wledge both of
wn undertaking.
DUO of either dis'
seek that OP'
t of their grel
correctness '
;ed cables Were
s than those laid
hey had now WO
4nd their receipts
hey far exceeded
ost sanguine cit.'
;ed now to about
ity had not been
ed business, be
gradual to 04
ler that into of
At some°f
been said their
ht be five words
,ually 15 words
nder favourable
as many as 20'
and at pre scut
less than SO°
at time last year,
it daily receiPts
re, therefore, lu
d no assistance
the direct'
r 0
)re satisfactori
t body of share'
directors was t°
with the direcci
4°
Company,
might be OW
The directors,
iittee to ass
of the coulue?
Anglo-AxPer::
apital to enable
125,000 per !Di;
to pay to
mount annualli
e present tinl,
Lareholders fr°6l
ion was that 0°
new caPitab
be no difficult/
ig the appoi°t‘

oposit.onf
ii'lliell

t the corawittee
Alfred
ill, 31r,
eali,
'reorge 111ael

aPPointraent of
were all /pea of
:elegraph Coro
o-
-
vial the .A.ngl
)t seem desirous
rho reduction of
5:11
catly tend toillt
his duty t
opposition to the
directors (W.
might ell be,
'ir C. Lauipsoo)
hs the reductioo
y words Ind
rece
large wereO
colleagues
to. the Anglo-
ropotition plight
slightest fear, tis
au event could
iinately decided
vould be accoro-
under any cif'
c finally until it
their approval.

terminated t'