The Sun.
London, England, 1859-04-21 00:00:00

TATTE.RSALLS'-(THIS EVENING.)

The betting on the Chester Cup was not very brisk.
Leamington advanced from 20 to 1 to 100 to 8, whilst Bevis
receded to 25 to 1. 100 to 1 was offered agst the sometime
favourite Drogheda. 7to 1 was offered on the field for the
Derby. Merryman was in some demand, whilst 20 to 1
was offered against Volcano. Closing prices :

NEWMARKET HANDICAP.
Bto 1 agst Pavilion (taken)
10 to 1 agst Old Robert (taken)

CHESTER CUP.
100 to 8 agst Leamington (taken)
25 to 1 agst Bevis (taken)
'5O to 1 agst Queenstown (taken)
50 to 1 agst Petra (taken)
200 to 3 apt Rara Avis (taken)
•
1000 to 10 agst Drogheda (offered)
9to 1 agst Mr. F. Higgins's "lot" (taken)

TWO THOUSAND GUINEAS.
4to 1 agst Promised Land (taken)
6to 1 agst Nimrod (taken and offered)
20 to 1 agst Crafton (taken)
20 to 1 agst Cynricus (taken)
DERBY.

7to 1 agst Promised Land (offered)
Bto 1 agst Musjid (offered)
100 to 6 agst Merryman (taken)
20 to 1 agst Volcano (taken and offered)
25 to 1 agst Ticket of Leave (taken)
40 to 1 agst Sehuloff (taken)
1000 to 15 agst Crafton (taken)

MEETING IN SUPPORT OF THE A TLAN-

TIC TELEGRAPH COMPANY.

A large and highly influential private meeting
of the shareholders in the Atlantic Telegraph

Company, resident in Liverpool, was herd on
Monday, the 18th inst., at the Clarendom Rooms,
South John-street. _ _

The chairman of the company, the Right Hon.
James Stuart Wortley, M.P., accompanied by Mr.
Saward, the secretary, attended for the purpose of
affording information, and in order to obtain the
opinion of the local proprietors upon the arrange-
ments proposed to be submitted to the approaching
extraordinary general meeting for the purpose of
resuscitating this interesting undertaking.
The right hon. gentleman having taken the
chair, commenced his observations by stating, that
although he had become the chairman of the com-
pany at a comparatively recent period, he was yet
one of the original shareholders in it, and as evinc-
ing the warm regard entertained by him for the
welfare of the great enterprise over which he had
been called upon to preside, he mentioned that,
although at present immersed in political en-
gagements in Yorkshire, calling for his very
active attention, he had laid everything aside to
come over from that county this morning for
the purpose of attending the present meeting.
He then went on to describe the presen t position
of the company—their absence of immediate fund's
for the attempted restoration of the old cable, or
for the prosecution of a new one—pointing out the
various applications that have been made by the
board to her Majesty's Government for guarantees
of a similar character to that granted with such
success to the Red Sea and Indian Telegraph Com•
pany, and contrasting the niggardly manner in
which half measures of assistance are doled out to
great national works in this country, with the large
and open-handed policy of the French Government,
which, although it has guaranteed fixed dividends to
works of utility involving an aggregate capital of
over 32 millions sterling, has never been callzd upon
for any contribution whatever towards making up
the dividends so secured. Mr. S. Wortley then ad-
verted to the terms ultimately offered by Govern-
ment, after long and anxious negotiations with them
on the subject, which terms the directors in Lon- I
don considered might form a basis in connection
with other auxiliary arrangements for inducing
the subscription of the necessary amount of capital
for the prosecution of the work.. The terms offered
were as follows :—A guarantee of eight per cent.
upon the capital to be employed, not exceeding
£600,000. This guarantee to be for twenty•five
years, conditional upon the successful working of the
cable at a rate not less than 100 words per hour.
A postal contract of not less than £20,000 per
annum for the business of the Government. Any
excess of work to be paid for at the company's
ordinary tariff. The company's contract with the
American Government, whereby a further mini-
mum sum of £14,500 per annum is secured to the
company, is to be allowed to subsist, so that by
this arrangement the guaranteed revenue of the
company, independent altogether of mercantile
support, will be £34,500 per annum. The
Government to allow £20,000 of the guaranteed
capital to be expended in efforts to resusci-
tate the old cable. The company to transfer
to government that portion of theirprivileges under
the agreement between themselves which contained
the exclusive right to land cables from Europe on
the shores of Newfoundland. The chairman re-
marked in reference to these terms that they had
been considered.by the board as worthy the accept-
ance of the company, not so much as offering amp
attractive inducement to capitalists to invest in the
undertaking, which had been in a more unselfish
spirit than most undertakings of a public nature,as
that, with subsidiary arrangements, to which he
was about to refer, they would be a protection to as
full an extent as is possible under the circumstances
against the risks which such investments are neces-
sarily exposed. It wouldkbe for public spirifto do
the rest, and he (the chairman) had full faith in
the result. The subsidiary arrangements alluded
to were—a marine insurance on the successful
submergence of the new cable, which it is believed
can be
lteeaobtainedofh eann
lyaat i
condition
naanidtoan e
comparativelyoanstitmocmtt loiodene
tahot ereicofiounitglloawyo
if
the cv able
ing basis, which Mr. Wortley was enabled to state
would be readily entered into by parties of high
respectability and responsibility. The contractor
to make all preliminary experiments as to the form
of the cable, and the manner of submerging it,
charging for the same the bare cost of such experi-
ments. So soon as the right plans are decided on,
the contractor to proceed to make and lay the cable,
keeping separate accounts of the whole cost, and
allowing a proper check upon all his expenditure
for such purpose. The profit to be calculated at a
per centage upon the actual cost of making and
laying the cable. The contractor to take payment
in shares of the company for a portion of the actual
cost of making the cable. The contractor to forfeit
the whole of his profit and a penal sum of £lO,OOO
absolutely if the cable, when laid, does not work
satisfactorily during thirty days after the date of
its submersion between shore and shore. The
chairman proceeded to say that it was proposed
to issue the new capital in shares of five
pounds each, with a view to popularise and
extend the interest in the undertaking, and
that the summary of what the directors would have
to offer to the public over and above the national
character of the work and its value as a commercial
and imperial agent, would be as follows : A capital
of £600,000 in 8 per cent. preference shares, of five
pounds each, guaranteed by the Government con-
tingent on success. 2d. A guaranteed minimum
income of £34,000 per annum in support of such
preference independent of public support. 3d. A
policy of insurance upon the successful extension
of the cable from the shores of Great Britain and
Newfoundland. 4th. A guarantee for careful ma-
nagement and electrical success under a contract
similar to the one just described, whereby the
interests of the contractor are involved absolutely
in those of the company. The right hon. gentle-
man • concluded by hoping that the foregoing
explanations would be satisfactory to the meeting,
and that he might be enabled to say when the
extraordinary general meeting of the shareholders

took place in London, that the arrangements
now shadowed forth, without committing any one
to details, or anything but general policy would be
acceptable to the shareholders in Liverpool.
Mr. J. C. EWART, M.P., expressed his admira-
tion of the exceedingly lucid manner in which the
chairman, with whose clearness and perspicuity he
was well experienced in another place,he explained
the present position of the company. He (Mr.
Ewart) cprdially arrrced in the views set forth by
Mr. Wortley, and° approved of the course recom-
mended to be taken by the board for raising the
new capital.
Mr. BUSHELL, president of the Chamber of
Commerce, in rising, observed that for his own part
he was so satisfied with the general features of the
proposal which had been so clearly and ably
pointed out by the chairman, that he was
desirous, if it would strengthen the hands
of the board, to test the feeling of the present
meeting, although a private meeting only, by
offering a resolution on the subject. He would,
therefore, move, " That in the opinion of this
meeting the plan suggested by the chairman, the
Right Hon. James Stuart Wortley, for the obtain-
ment of capital for the prosecution of this great
work, is an admirable one, and is entitled to the
best consideration and support of the Atlantic
Telegraph Company."
Mr. RANKIN (Messrs. Rankin, Gilmour, and Co.)
seconded the resolution, which was carried unani-

mously.
Mr. C. HOLLAND proposed a vote of thanks to
the chairman, which, having been briefly seconded
by Mr. C. BUSHELL, was carried unanimously ;
after which the meeting broke up.