The Sun.
London, England, 1859-06-01 00:00:00

STATE OF TRADE.

ATLANTIC TELEGRAPH COMPANY.

The following report of the directors to an ex-
traordinary general meeting of shareholders, to be
held on the Bth inst., has just been issued.
" The directors are at length in a position to lay
before an extraordinary general meeting of the
company their views and recommendations as to
the best available means of carrying forward this
important undertaking to a successful and profit-
able termination. They have now, after much diffi-
culty, concluded—subject to the approval of the
shareholders at the present meeting—a provisional
arrangement with her Majesty's Government, the
terms of which it is hoped are such as may, in com-
bination with the auxiliary plans hereafter referred
to, guarantee to the proprietors the successful com-
pletion of the work. This plan the directors hope
will enable them to raise the further capital for the
cnstruction and submersion of one or more new
o
cables.
" The arrangement provisionally entered into with
the Government by the directors is as follows :
" Art. 1. A dividend of 8 per cent. per annum, to
be guaranteed for 25 years, upon such portion of a
new capital as shall be called up and expended in
establishing communication with America, not ex-
ceeding in the whole the sum of £600,000, this
guarantee to commence when the cable has been
successfully laid, and to subsist while it is capable
of being worked at the rate of 100 words per hour.
" Art. 2. A minimum sum of £20,000 per annum
is to be paid to the company for Government busi-
ness during the time the new cable is capable of
being efficiently worked as above.
"Art. 3. The company to be allowed to expend
£20,000 out of the new guaranteed capital in at-
tempts to make the existing cable available for
business.
" Art. 4. If these attempts are successful, the
Government will immediately commence to pay a
minimum rent of £14,000 per annum, which rent is
to be increased to £20,000 per annum as above, so
soon as the new cable is brought into successful
working order.
" Art. 5. The existing arrangement of the com-
pany with the Government of the United States is
not to be interfered with. Under that arrangement
the Atlantic Company will be entitled to a minimum
rent of 70,000 dols. per annum, for the business of
the American Government, so soon as the commu-
nication is establisked with Newfoundland.
" Art. 6. The Atlantic Telegraph Company are
to transfer to her Majesty's Government that por-
tion of their privileges, under their agreement with
the New York, Newfoundland. and London Tele-
graph Company, whereby they derive the exclusive
right of landing on the shores of Newfoundland
cables intended to connect Europe with that coun-
try; but the Government will not grant to any
other company or persons the right of landing cables
in Newfoundland so transferred to them unless the
guarantee and contract referred to under articles 1
and 2 shall have proved efficient in raising the re-
quisite capital, nor until by the instrumentality of
such capital telegraphic communication shall have
been established across the Atlantic ; it being under-
stood that in case of failure either to raise the capi-
tal or to submerge the cable, with such success as to
be enabled to work it at the rate of 100 words per
hour required by Government, the company shall
permanently. revert to its present position in respect
to all its privileges, including its exclusive rights
now existing under the agreement with the New
York, Newfoundland, and London Telegraph Com-
pany.
Although the directors cannot inform the share-
holders that her Majesty's Government have granted
them assistance in the terms that have been asked
for, they are yet confident that several valuable ad-
vantages are now conceded, which justify them in
expecting that the necessary capital will be forth-
coming.
"The directors have therefore thought it their
duty to use their utmost endeavours to continue
this company in friendly connection with her Ma-
jesty's Government, and with this view, to utilise
as far as possible the offers of assistance which have
been conceded to them, by originating auxiliary
plans whose object will be to render certain, as far
as possible, the successful submersion and working
of the next cable. The directors consider that when
this has been once accomplished, the terms agreed
to by Government will prove a valuable protec-
tion to the holders of the new capital against
the evils incident to reckless competition, by secur-
ing to them a minimum return of 8 per cent. for
their money. The guaranteed revenue for the busi-
ness of the Governments of Great Britain and the
United States, exclusive of commercial messages,
will amount to not less than £34,000 per annum ;
thus enabling the company to extend valuable
facilities to the public, -without risk to the dividends
of the shareholders.
" The plans contemplated in aid of the Govern-
ment contract are as follows :
"It is proposed to take out a policy of insurance,
guaranteeing the successful submersion of the cable
whereby, in case of fracture during the paying out,
any portion submerged and lost shall be paid for at
a fixed rate by the underwriters ; this policy to be
open, not only to ordinary underwriters, but to all
who may be willing to accept a share in the risk,
particularly to those who may become subscribers
to.the new capital. These would thus become their
own underwriters, and would receive back from
their calls the proportion of premiuM on the risk
they might assume. There can be no difficulty in
completing such a policy, looking to the greatly in-
creased probability of success arising out of the
knowledge derived from past experience in laying
Atlantic cables. It is further recommended by the
directors that the manufacture and laying of the
next cable should be let by contract, in a form
securing to the company, by means of heavy and
substantial guarantees, not merely the successful
submersion of the cable, but its perfect manufac-
ture and efficient electrical working for a consider-
able period after it shall have been laid, and in action
between shore and shore. The directors have rea-
son to know that firms of unquestionable respecta-
bility and experience will be ready to come for-
ward and accept a contract on this basis, giving
security for the due - and final accomplishment of
the work. These arrangements will, in the opinion
of the directors, form a basis upon which success
may very sanguinely be looked for, especially
when due consideration is given to the immense
amount of information acquired by the repeated
efforts of the Atlantic Telegraph Company in refer-
ence to the nature and practicability of the route
along which the cable has to be laid, and as to all
the difficulties attendant upon the submergence of
cables in deep water, many of the obstacles to
which have been very much exaggerated.
" Acting upon these views the board propose to
invite the sanction of the sharhelders to the issue of
preference shares to an amount not exceeding
£600,000. It is proposed that these shares shall be
£5 each, one-half to be paid up on allotment, and
that they shall be entitled to all the net profits of
the company up to 8 per cent. per annum, the
Government having guaranteed that rate during the
time the cable is in working order, upon the
amount called up and employed. The further
privilege will attach to these shares of dividing
pro rata with the original capital any surplus of
profits that may remaain after the 8 per cent. pre-
ference has been providedifor.
Having regard to securing for the company in
future a very watchful and continuous supervision
of its affairs, it has been univiimously thought de-
sirable by the directors that a reconstruction of
the board should take place at the present extraor-
nary- meeting ; and for this purpose the chairman
has been empowered to place before the meeting
the resignation of all the existing directors. It hapbeen considered that a reduction of the
total num..
ber of members, and
anincrease in the working
efficiency of the London portion of the board, will
much facilitate and simplify the conducting of the
affairs of the company. The chairman will submit
a list of names for the approval of the shareholders,
as those of gentlemen whom it would be desirable
to elect upon the future board.
"As a great deal of- onerous and
:constant
be
tuatten
tion will be required when the company
it
this
d p
is e
sa
cgrai in_
t workingxee ie
condition,sery etc
urensrteoasreodnatoblea
o .eptthat
tion could continue to be rendered gratuitously, as
has heretofore been the case, it is the intention of
the directors to propose that a reasonable remune-
ration be voted to the board after its reconstruction
at this extraordinary meeting ; and it is suggested
that the sum of £1,500 per annum. will be a proper
amount to 'appropriate for this purpose, and that the
payment thereof shall be contingent upon the no..
cessary capital being raised to enable the company
to contract for a new cable.
" It is intended that, so soon after the reconstruc-
tion of the board as the preliminary arrangements
can be made for so doing, a public prospectus shall
be issued, setting forth the position of this enter-
prise, and that immediate and active measures shall
then take place in order to secure the subscription
of the new capital."

LEEDS, May 31.—The woollen cloth trade con-
tinues steady, but the tone of business is quiet.
The transactions in the cloth halls this morning
were on a moderate scale, and operations were con-
ducted with caution. There is no new feature in
the manufacturing districts, and employment on
the whole continues tolerably good.
• MANCHESTER, 31st.—We have had a considerable
and very general improvement in business this
morning. For cloths not only are the India mer-
chants more active buyers than last week, but
shippers to the Mediterranean and to most of our'
foreign markets, as well as home trade houses, have
all been purchasing more or less. In yarns pur-
chases have been made not only for India and the.
Mediterranean, but also for Germany and most of
the European markets. The home trade are also
free buyers. Last week the sales of cloth being
chiefly for India, shirtings, jaconets, and madapol-
lams were the fabrics chiefly affected, but to-day
longeloths, T cloths, printers, and domestics (the
latter for a long period so much neglected and
depressed in value), have all been in request, and
are a. little improved in price. Shirtings up to 40
inches, figured cloths, madapollams, and jaconots
for India aro de trer ; the first being 1341. per piece
higher than last Tuesday, and the others being pro-
portionably improved ; and the stocks of .these
goods being a good deal reduced, and in some cases
cleared off, the manufacturers are placed under con-
tract for three or four weeks forward. Wider
shirting .s (from 45 to 54 inches) have advanced
another 6d. per piece since last Tuesday, and makers
are plat red under contract till the end of August.
Yarns uited to India are d. per lb. dearer than
last T u esday, with a large business. Some con-
sider& ile orders have also been placed forthe Medi-
terrain !an at id. per lb. advance. The sales for
Germs ay have been at the same improvement in
value, as also have cops and warps for the home
trade. 'he advance has been obtained -upon most
kinds (.4 water tw and upon mule yarns as high
as 60's

TELEGRAPHIC COMMUNICATION WITH IN
The Red Sea cable is, probably, by the present time laid
down from Suez to Perim, when only 100 miles will remain
for its completion to Aden. The paying out of the line com-
menced from Suez, and Cosiro, on the Egyptian coast—a
distance of 260 miles—was the first station to which it was
carried. Thence it was laid to Suakin, a further distance of
460 miles, where, according to the telegram received a few
days back, it had just been safely landed. The next stage
will be from Suakin to Perim, 540 miles, and at that point
it will doubtless begin to be used for the transmission of our
India and China telegrams. From Suez to Aden constitutes
the first section of the undertaking. The second section will
be from Aden to Kurrachce, where we shall at once be in
communication with every part of India. This, will be
proceeded with as soon as possible, and the cable' for the
in COW se of construction. purpose is already

TRE SUN, LONDON, WEDNESDAY EVENING, JUNE 1, 1859,

at Richmond, took the prisoner Smethurst into
custody, and found on him a letter marked "K,"
sealed and with a postage stamp upon it. It was
directed to " Mrs. Smethurst, 4, Rifle-terrace,
Queen's-road, Bayswater, London, W." The letter,
which has before appeared in our columns, was then
read.

Miss Louisa Bankes, the sister of the deceased, was
then examined, and stated, she did not know what
became of the remains of the jelly she brought to
the deceased after a portion of it had been given to
her by Dr. Smethurst. She did not know whether
any besides the small portion she had spokeir to
had been given to her sister. The signature to the
will was that or the deceased. She was entitled
to the interest of £5,000 in the funds for life, and
the entire disposal of a further sum of about £l,BOO,
which at the time of her death was out upon
mortgage, and which she could not obtain for about
two or three months, on account of some law pro-
ceedings.
By the Coroner—During the interviews with Dr.
Smethurst and her sister no remark was ever made
about the property. The letter marked " K," and
found on Dr. Smethurst; addressed to his wife,
was in his handwriting.

Mr. Sergeant Ballantine said. that they were in
possession of letters written by the unfortunate
lady relative to the property, but, inasmuch as he
was not in a position to prove that they had come
to his knowledge, he had not put them in.
Mr. Inspector M'lntyre produced the certificate
of the first marriage of Dr. Smethurst.

A juror said he wished to know whether Dr.
Smethurst had any opportunity of destroying any
medicines between his first and second apprehension.
Mr. Inspector M'lntyre said that when he first
took Dr. Smethurst into custody he took away a
large number of bottles, and afterwards some more
were taken away.
Mr. Sergeant Ballantine said he feared that he
should not be in a position to prove that, but,he
did not think it very material'.
Mrs. Challoner, the nurse, said she was called to
attend on the deceased on the Monday previous to
her death. Dr. Smethurst was not at home
then, but returned about nine o'clock at night.
Miss Bankes and Dr. Smethurst sat up with her
all night, and during that time she took nothing
from any one but herself, Miss Bankes, or Dr.
Bird. Nothing was taken out of the room during
that time.

The Coroner then said, the nature of this case
was involved in a considerable degree of mystery,
and if the jury required it he would read the whole
of the evidence through, but, if . not, he would
merely read such portions as they might desire.
He then recapitulated the chief points of the evi-
dence, commenting upon it, and the probabilities of
the case under consideration, and drew the atten-
tion of the jury to the fact that on Miss Bankes's
death Smethurst would become possessed in law of
all her personal property, and it would be for them
to consider whether that would be a sufficient reason
to induce them to believe that Dr. Smethurst cruelly
murdered her for the sake of becoming possessed of
her money.
The jury then retired, and, on returning into
court, gave a verdict of " Wilful Murder" against
Dr. Thomas Smethurst.

THE DERBY DAY.

(From the Times )

Epsom Downs ! It will be nought but Epsom
Downs to-day. Whether the sun, who is now
nearly due, shall bring in fine weather or foul, dank
weather or dry ; whether he shall smile golden
smiles upon all that vast array of gay apparel that
will in a few quickly passing minutes extend in a
continuous column for 14 miles ; or whether he shall
hide his face behind spongy clouds, close all the
vehicles, and reduce the flaunting pleasure-seekers
to damp close-packed travellers—still Epsom Downs
will be the only safe rendezvous for this Ist of June.
It is an English superstition ; nine-tenths of us care
no more about it in reality than they do about Gog
and Magog ; but, like a standing column, it is not
less strong by reason of its hollowness. Of the
swarming tens of thousands, some of whom are even
at this early hoer besieging the railway stations, or
packing up their baskets of comestibles, or regret-
ing the non-arrival of the perfidious milliner with
her faithfully promised finery, or taking measures
to satisfy themselves as to the habitual sobriety of
the pastboy to whom they are about to trust their
fortunes, not above one in ten knows or cares any-
thing about the race which all England is going
forth to see. Some of the noisiest and happiest of the
throng might be puzzled to pick out the winner of
the Derby if he were stabled with a lot of toler-
ably well-bred mules. Yet the humblest of these
pilgrims of pleasure would be uncomfortable if her
little all-the-ycar•round practised arts of thrift had
not been varied by this one day of prodigality ; and
so widely spread is the interest as to the event,
which is in itself only the excuse for the great
gathering upon the Downs, that the provincial
journeyman tailor, who would not for the worth of
his master's shop climb a horse or try to balance
himself upon a saddle, will not sleep contented to-
night until he has asked and heard, " What horse
has won the Derby ?" It is our annual holyday,
our ♦ersion of those Isthmian Games which no
public misfortune stopped, which served as points
of remembrance to reckon years by, and where
divided communities met together to enjoy a com-
mon pleasure, to interchange the courtesies of peace,
and to pour oblivion for the moment over all political
hoStilities. We envy not the sour asceticism which
can look with evil eye upon a day of innocent and
wholesome enjoyment, and still less the barbarous
nature which can turn a joyous junketing into an
opportunity for riot or ferocity. Let the day pass
pleasantly, and good humour pervade the general
merriment.
If people think of the Itouse of Commons to-
day it will be principally to pity those unhappy
clerks of the house who are compelled to remain
to administer the oaths to those pleasure-despising
politicians who may choose this day for initiating
their carer as Senators. If London, swarming
forth to its neighbouring uplands, should give a
thought to the Derby Government, it will be pro-
bably in connexion with the Derby Race. The
fortunes of the Downing-street stables are not to
ll
be decided
refsaioaotcohts:
achievements
mooseireeued:
ry.
virctnequbcoeaosunhemrltwori
nhncuaeaaeekatn.
purnretl
ovt.dydsnelwi
vinjwaooii
lortsvelfhtlecebkors;
eeoshewhhosuvl
yaoNetti
ieroabe
hreswwipvbapdh:iheoet
anoethidiscleahedh-dhyceoi
hereafter
their
strokeafceimearlapieldl
rlefenl
ttttsoehhi
rurwwtaai
aornnnienetrolggdeosl:
amrfwthwuohoeipiauhulrpt
lorneenh:knendnda
eedtntmitvh::::ei t
whenever
e
ll
er
upon the nature of the ground. A little more rain
in Piedmont may make the course heavy, or an'ill-
tempered favourite may bolt over the ropes and
change the fortunes of the day ; but we may 'be
sure that amid the acclamations of the multitude
will be heard the shrill sharp cry of a sour little
cynic who, having made a very bad book for him-
self, and being hopeless of winning, whoever may
come in first, will call upon his neighbours to join
him in decrying everybody and everything, and
will seek to make it manifest that if he had only
had the good fortune to be born with four legs he
would have distanced the field, and done the trick
in a canter.

These coming events, however, will not bear
very detailed discussion in the presence of the great
business of to-day. Young Coniston, little Min-
limmon, and the Hon. Altamount Helvellyn are
happy and joyous and thoughtless, and have
thrown their Aspelling- books into the . fire ;
emancipated by the grace of Lord Malmesbury
from all necessity to write or spell, they can here-
after get their grooms to enter their bets and accept
their engagements by making their marks ; they
have not a cloud upon their innocent minds as they
speed to the Downs. The two Emperors have
kindly adjourned that great battle winch was so
wantonly threatened, to the disturbance of men's
minds ; and, although Garibaldi has been so unrea-
sonable as to suffer a reverse at a time which ought
to be kept sedulously free from any event which
could require attention, yet, upon the whole, Lord
Derby and his friends can safely follow the example
of the candidates upon Lord Malmesbury's now
recruited list, and meet the members of his new
Parliament on the slopes in front of the Grand
Stand. Time, which has changed all things, but
which when he raised up the rail as a rival to the
road only multiplied the concourse of the votaries
of the Derby, has made a greater alteration in the
roles now played by the kingdoms of the earth.
Austria used to boast that while other nations were
warring she conquered kingdoms and carried off
the prize of all their wars amid the song and dance
of marriage feasts. But now Austria is in the
agony of conflict, France is pouring forth her
long-drawn columns to foreign war, Sardinia is
panting in exhaustion, Germany is putting on
her armour in haste, as if apprehensive of install
attack, and Russia is moving down her tens of
thousands. Pestilence is shaking her wings for a
swoop upon Italy ; the art of changing healthy
youth into festering corruption is the only art in
honour and request ; and hundreds of thousands of
armed men are hurrying, with quick excitement
and for a purposeless object, to quench their lives
in a great sanguinary battle. Let us thank our
happier fortunes, which has laid no such present
duties upon us. When the Derby has been run,
and when the Gipsies have told everybody's for-
tunes, and the pigeon pies are exhausted, and the
ground is strewed with empty champagne bottles
and lobster shells, and the shattered trophies of the
throwers of unnumbered sticks, we may look even
with affection upon these Oeliquiee, if we contrast
them in imagination with the ghastly remains of