The Sun.
London, England, 1859-06-09 00:00:00

ATLANTIC TELEGRAPH COMPANY.

An extraordinary general meetiag of the share-
holders was held yesterday at the London Tavern,
the Right Hon. James Stuart Wortley in the chair,
for the purpose of receiving a special report from
the directors, and of having submitted to the pro-
prietors the heads of a provisional agreement entered
into between her Majesty's Government and the
directors, authorising the directors to raise a new
capital of £600,000,
The SECRETARY read the report, which has been
already published, but which was now amended to
this extent, at page 5,—" The further privilege will
attach to these shares of dividing pro rata with the
original capital any surplus of profits that may
remain after the eight per cent. preference has been
provided for." To this were added the words—
" And after a dividend of 4 per cent. has been paid
upon the other capital."
The CHAIRMAN, in proposing that the report be
adopted, proceeded to state the course which the
directors had to recommend to the shareholders ;
and at the outset he begged to remind them that
the meeting had been called in redemption of
pledge given by the board through him on a former
occasion, to give the earliest opportunity to the
shareholders of continuing or withdrawing their
confidence from the board. At the last meeting the
board had received a communication from the
Government which led them to hope that they
would be able to come to an understanding and to
make a proiisional agreement, whichwould be sub-
mitted to the shareholders; and they were anxious,
when that agreement was brought into shape, to give
the shareholders the option of moving upon it. The
problem to be solved was how they could effect either
the resuscitation of the existing cable or the creation
of a new one. He need not advert to the diffi-
culties which they had had to contend with from
the jealousy of rivals, or the projects of certain
parties ; but supposing this company to be the com-
pany to lay the foundation of rapid communication
between the two great continents, the question
was how they could get the required capital.
It was not necessary to remind them, as they were
all fellow sufferers, of the disadvantage of starting
with a loss, and with a large capital which had
been spent irretrievably. From these other com-
panies might be exempt. Other schemes might
have been projected for carrying lines across the
Atlantic at less expense, indeed, at much cheaper
rates, but these were the schemes of experimenters
and empirics. Again, he would remind them no-
thing had occurred in any way to discourage them
since they last met in that room from the depres-
sion of commerce and the great uncertainty of
affairs which had lasted for six months, and the
outbreak of war, But they had this advantage—
that they were independent of • war. If all the
nations of Europe, or in the world, were engaged
in conflict, their business would not be interrupted
by it, because every nation must have an interest
in keeping up a speedy communication with Ame-
rica. This, then, was a consideration which might
be put out of the question. But while other com-
panies started free from debt, this company had the
value of its connection with the Government ; and
they would, so far, have the advantage over their
rivals, and the fact would prevent them doing at/-
thing for a considerable time. For the last six
months he and his colleagues had been in commu-
nication with the Government, and had brought
their negotiations to a conclusion, the arrangement
being subject to the approval of the shareholders.
This was a great national enterprise, which he
must say it was the business of the Government to
foster ; but they took a very narrow-minded view
of this great question, while in the case of more
absolute Governments, as in France, such enter-
prises were liberally met, as in the case of con.
struction of railways, when a guarantee was given
by the French Government to the extent of 32
millions of money, for which they were never called
upon to pay one sou. This company had a right
to complain that their sfforts had not been fostered.
Under these circumstances, the board were com-
pelled to get the best terms they could, and those
terms were embodied in the report. The question
was, not whether this was the best agreement that
could be obtained, or contained all that they could
get; but the question was, would it suffice to
get the capital required. If not, in their pre.
sent position could they get it ? He knew
that some gentlemen thought they could ; but they
must be men of very sanguine temperament who
thought they could embark in the undertaking
-without the assistance of Government. But his
own opinion, and that of his colleagues, was, that
in the present state of affairs they were in an un-
fortunate position. They had sunk a large capital
in consequence of the operation of circumstances,
arising froth_ mistakes or errors, which were to be
expe3ted in the outset of a great enterprise such as
this. It was his opinion that without the aid of,the
Government it was hopeless to expect to raise the
capital required. It might be thought by some
that it would be a wise thing to abandon the enter-
prise. or to wind up, but he was not in a position to
make such a proposition ; nothing fresh had oc-
curred since they last met to engender discourage-
ment, for, on the contrary, they had encouragement
from the Government and much substantial assist-
ance. Under these circumstances he hoped the
shareholders would express their opinion, not with
a divided voice, because in that case it would be
impossible to do anything. He hoped that in the
confidence of the ultimate success of this enterprise
they would accept this agreement as the best they
could get. The hon. gentleman then proceeded to
state what was the substance of the agreement as
set forth in the report. They asked to raise a
capital of £600,000. which would be in excess of
what was required. The hon. gentleman then went
through the different points of the report, and con-
cluded by moving its adoption, observing at the
same time that it was the desire of the board to
popularise the mode of raising the capital by
creating £5 shares. If any shareholder should
move the adjournment of the matter, and a majority
of that body should affirm that proposition, the
board would be ready to listen to it; but it must
be remembered that time was of all importance.
He then concluded by moving that the report as
amended be received.

Professor THOMPSON seconded the motion, and
expressed his conviction of the ultimate success of
the undertaking.
Mr. HIGGINS, in a long written speech, moved as
an amendment, that the meeting be adjourned till
the 22d day of June inst., in the absence of morel
full and particular information as to the privileges
vested in the proprietors, &e.
Mr. SCOTT seconded the amendment, and after a
very long " palaver," the amendment was put, in
favour of which two hands were raised, the mover
and seconder; it being thus lost, the original ques-
tion was carried by an overwhelming majority.
The following resolutions were subsequently
carried unanimously :
" That the board of directors of the Atlantic
Telegraph Company be
and they arc hereby autho-
rised to carry into effect an agreement with her
Majesty's Government on the basis set forth in the
report of the directors to the meeting this day."
" That, subject to the passing of the bill now
before Parliament for such purpose, the directors be
and they are hereby authorised to issue new shares,
of the nominal value of £5 per share in the capital
of this company, and to a total amount not exceed-
ing £600,000."
" That the said capital of £600,000, or so much
thereof as may from time to time be issued, shall be
and is hereby constituted preferential capital of the
Atlantic Telegraph Company, and the shares therein
shall be entitled to receive upon the amounts from
time to time paid up, a dividend of 8 per cent. per
annum, payable half-yearly out of the balance of
profit in each half year."
" That after 8 per cent. shall have been paid on
such preferential shares, all the old capital of the
company shall next become entitled to a dividend of
4 per cent."
" That after such 8 and 4 per cent. shall have
been respectively provided for, the whole capital of
the company shall participate equally, pro rata, in
any additional profits."
On the motion of Mr. THOMAS H. BROOKING,
seconded by Mr. HIGGINS, a vote of thanks to the
chairman and directors was carried with accla-
mation.

The •
CHAIRMAN very briefly responded to the
vote, and
The meetiec, separated, after three hours' de-
liberation. r'

LADVER
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