The Sun.
London, England, 1859-06-21 00:00:00

MEDITERRANEAN EXTENSION TELE-'
GRAPH COMPANY.
• HAMPTON 110!
MEETING THIS DAY.
Many pleasant incidents characterised the Ascot
An extraordinary Meeting of the shareholders of this
company was held this day, at the London Tavern, for the meeting. They alike amused the spectator "who
purpose of considering the present position of the company, never bets," and the thorough-going racing man
Sir James Carmichael, Bart., in the chair. The report who had large interests involved in the dif-
issued by the direetors was as follows : ferent events. The authorities had omitted
"In calling this special general meeting at the request nothing which could tend to promote the
of an influential body of shareholders, for the purpose of
comfort of the visitors, and Mr. Edward
considpraig the present position:and future prospects of the
company, the. directors have great pleasure in submitting, Hibburd was not only active and indefatigable in
for ,the approval of the proprietary, , a scheme which, in
attending to the present exigencies of the meeting:,
their ()Pinion will materially conduce to the prosperity of
their undertaking ; and, under the amended conditions now but to insure its future prosperity. He had not
sanctioned by her Majesty's Government, tend to impart a only to superintend the arrangements on the course,
security and value to their property, which experience and
the depreciated value of their shares in the market have. but he was compelled personally to canvass for
shown that it did not possess in public estimation when subscribers for the Stakes next year. Indeed, Lord
m ari
depenndilinnge. solely upon the efficient working of one long sub-
Sandwich, the recent Master of the Buckhounds,
"Deeply impressed with the necessity of providing, as did little to promote the popularity of the
far as possible, against an interruption of business such as meeting; and during the four days I never
was caused by the breaks in the line between Malta and
once saw him with the race-book in hand
Cagliari in December, and again in March last, and keeping
in view the unavoidable delay which must occur in repairing soliciting nominations. I have already referred to
damages at such a distance from England, the directors have
the principal two-year-old races, and I have no-
turned their attention to the importance .of establishing a
communication by telegraph to bekept open by either route, thing to add to the brief notes which I made on
instead of being dependent, as at present, on the inte,,...-4ty them. The only important incident since my last
of
tors th
must cone Malta,
grat Cag
ulate liari, an
the d
shareholders on Corfu line alone the prospect and the three-
of communication was the double triumph of old
Fisherman on the Cup day. .
such additional security being given to 'their property at so
small a cost. Cockneydom will be fully represented at Hampton
" The length of the proposed Sicilian line would be about to-morrow and Thursday,and the programme is really
60 Miles, and the estimated cost of such a cable as the cora- attractive enough to excite the interest and curiosity
pany's present one, £8,500 ; but, with a view to obviating not only of holiday folks, but of racing men. The
risk of breakage, the directors would recommend the adoption Stakes, which closed last night, obtained a satisfac-
of a stronger cable, which would cost &dm £lO,OOO to Xll,OOO,
andi for the purpose of raising the necessary capital and tory number of entries, and altogether the racing
plaeing the undertaking upon a satisfactory and sound will not be below the average. Either Mountain
basil4they further recommend the following scheme—viz., Dew (late Gin) or Mushroom will win the Inn-
that they be authorised to issue 1,500 preference shares of keepers' Plate. Should Contadina start for the
'the Value of £lO each, bearing 8 per cent. yearly interest. • Claremont Stakes I do not fancy her penalty suffi-
That these shares be in the first instance offered to existing
cleat to destroy her chance. For the Stand Plate
shareholders, who shall be entitled to subscribe for 12i per
cent., or one-eighth of the amount .of their holding of erdi • I shall give my preference to Mr. Mellish's in-
nary shares. - That the amount not so taken up be divided tended. • ,
pro rata amongst those shareholders who may have applied The original weights for: the Surrey and Middle-
for More than their proportion. 'That should any of these pre sea Stakes will be raised fifteen pounds; I 'do not
Terence shares still ,remain unplaced the ,directors be em-
powered to dispose of them, on the best terms they can ob-anything "left in- moreformidable than
see Fright.
taus, with the understanding that:those shareholders who For, the Visitors' Plate I shall select Nereus and
shall have already subscribed, Shill participate eqUally in any . Set4in el. Either .Tame Deer or Indulgence mat,
advantagei which it may be found necessary to give, in Order win; the Richmond Plate, and the Queen's Plate 1'
to place the remainder; and, lastly, that power be retained to
shall .assign to Wild Rose.
redeem these preference shares, on repayment of the capital
with 25 per cent. premium..
The Newton Meetinglegitimate
- !presents more
"The director* confidently leave this Matter in the hands racing attractions than the Hampton gathering,
of the Shareholders, earnestly recommending them to co- and it will doubtless be:well attended by sporting
operate in raising the necessary capital, and, by a wise and men'. Should Sedbury run for the Trial Stakes- I
liberal policy, to restore their property to its just !value, and see nothing among the entries to beat him.
strengthen the general position of the company.
' o. extra will scarcely prevent
_
It now becomes the duty of the directors to give a short Lady Falconer s lbs
account of what has happened since the 7th of February, her from carrying ott-the Golbourne Stakes. t
when they last met the shareholders. The cable,• which they The Great Newton Handicap will perhaps com-
wereithen able to announce as having been repaired, con- mand a numerous field. The most attractive names
tinned in working order 'until the 6th of 'March, when a are, to my thinking, Gladiolus and Brown Holland.
second interruption occurred. - This fault was soon ascer-
tained... to be very near the spot of -the ,original breakage; Jack Spring and Buttercup shall represent my
.
but taking into. consideration the Freak expense which the interest for the Makerfield Handicay. -
company had already been put to in repairing the previous A FRESH. MAN.
damige, the directors felt beund 'to make every possible in-
quiry; as to the probable cause :of injury before again incur-
ring such a. large outlay. .. -- • .
" With this view, inqnirieawere instituted among the
different consuls and other persons on the neighbouring
coast and pertiCularly as to the possibility of the coral fisheries
being in fattli; but no certaix information was elicited which
could' assist in forming anopinion, except the fact that such
fisheries were blameless: The directors, in the meanwhile,
had attempted to secure the services of the Elba, which was
about to be sent pack to the Mediterranean with telegraph
cables, by Messrs.Newall and Co., but were unable to do so,
They next put themselves in communication with Mr. Hen-
ley, the telegraphic eagineer, and finally, on the Bth of
April; accepted his tender to supply the requisite length of
cable and a' steamer fitted with all the necessary appliances,
for laying and picking up a cable in deep water. They
further made arrangeinents that Mr. Andrews, their super-
intendent at -11iilta—in Whose skill and energy they have
every confidence, should hive charge of the expedition, and
they had every reason. to . expect that the operation of re-
pairing the line would have been brought to a satisfactory
conclusion before this time; but owing to the difficulty of
getting a suitable vessel, and froth` various unforeseen delays
on the part of the contractor, the expedition 'did not sail
from Englamt'until the lOth instant. This delay, how-
ever, vexatious as-it has been, the directors have the less
reason to regret, as from the-advanced season of, the year
there is now reasen to apprehend a recurrence of that bad
weather which so greatly increased the, difficulties en 7
countered by the Elba while repairing the first breakage,
and which, indeed, in the opinion of many map have been
the primary ,emise of this second. accident. •
" Before col ,Cluding this re Pert, .the directors would again •
revert , to some of -the advantages to be expected from the ,
proposed Sicilihi line. ' N. consequence of arrangements
made !at Napleßi 'Ole': Working expenses of this line
may be • seer 'cloWn,lit ~ ,a. trifling additional amount ;
for• no sensible • increase!, will be required in the staff
and expense, 4ftfi our Malta .'station, while the Neapo-
litan Governinent undertakes all the expenses at the
Sicilian end: of thp cable. These latter have likewise
promised to Pit-IgpOtpirate wire from the Sicilian coast
to Naples, for theexchisive .use of through messages from
Malta,. which. Ahereby 'avoid all unnecessary delay.
Besides this,' cepliTeiable .local, business may- be expected
between Malta 4nfil Sicily—which places have extensive
trading relitiont,t4theich ether ; and the bottom on which
the cable will' lie inbpown to be even and highly favourable
,to the laying: of a iiibmarhoe-tefegraph, the soundings in no
-plate efcceeding..7o or 8Q fathoms. :
But in order to secure these advantages, it is necessary
that energetic action 'should be immediately taken, the
period for carrying out the concession being limited. The
advantages ,to be derived, however, from the line when
completed, ate so great; and the risk and outlay to be in-
curred setareall4.when compared with the securityand value
which it will cenfga on I.lni-tcolll any's property, that the
directors conadanpy.tat. pate t t titaw, proposition will
meet with the 4.linniiwapprov: ?A Re shareholders."
The 6nArnm,t( Nig Wlciat Vie "reeten* iptended to sub-
mit to the proprie#sVairai,,refsointfon fei carry the recom-
mendations mentiehe .IA the r. eperf Into eieet. He thought
it would be best ie` 144 ,tlie remarks of the shareholders,
and then proceed to
;anger them.,
A SHAREHOLDER complained of the time the directors
had all Owed to' elapse before the damage to the cable had
been remedied. The accident occurred on the 7th Feb-
ruary and it was not remedied till June; and such being
so, he; thought ,the directors had not used that diligence
which they ought to have done. He also objected to the
resolution moved by the chairman, as detrimental to the
best interests of the company. The effect of it would be to
reduce the value of their 6 per cent. guarantee to about
4 or 41 per cent.

SPORTING NOTES.

TATTERSALL' S.-MONDAY.
ThO afternoon was almost entirely taken up with settling
the Ascot accounts, and the business of paying and re-
ceivigg progressed most satisfactorily. The subjoined
quotations require no comment :

NORTRITMBERLAND PLATE,
3to 1 agst Hepatica (taken)
6to 1 agst Paul (taken) -
100 to 8 aget Underhand (taken) ),,
ST. LEGER,
3to 1 agat Promised Land.(taken).
DERBY.
25 to 1 aget Tom Bowline (taken)
25 to 1 agst Nutbourne (taken)
30 to 1 Canezou colt (taken> •. •
40 to 1 Brother to Rainbow (taken)
40 to • 1 agst Thunderbolt (taken)
40 to 1 agst Lanchester (taken)
40 to 1 agst Hartley Wintney (taken)
50 to • 1 agst Vesta (taken)
50 to 1 agst Van Stroom (taken)
2000 to 30 agst Oxford
7to 1 agat Mainstone and Thormanby, coupled
(taken)

•
The following notice ha been-posted in the room :
"Ithaving been stated tikus officially that Mt. William-
son has satisfied his creditor's, we are of opinion that all
persons indebted to Mr.. Williamson are bound to pay his.
just Claims.
"H. J. RODS.
" H. LOWTHER.
" MAGENIS.
" C. GREVILLE," •

THE DISPUTED RACES AT LUDLOW.
Both the disputed races at Ludlow have been .settled in
favour of Misty Morn.

The CHAIRMAN said with respect to the complaint of
delay made by the proprietors, every exertion had been
made by the board to remedy the derangement to the cable,
but it was not so easy,to obtain and ship a cable as was
supposed. There were but thtee houses indeed until lately
only two capable of taking a contract for laying a cable.
The directors had applied to Messrs. Newell, and also
to Messrs. Glasse and Elliot, both said they could not
take upon themselves, the task as early as the
directors wished. They then applied to Mr. Henley, and
he undertook to set about repairing the damage as soon as
he could obtain a paddlewheel steam-ship to carry out the
cable. The directors had done their best to carry the tele-
graph from Malta to Alexandria, and that it was not done
was no fault of the directors. With respect to the new
line to Sicily, it was quite in the hands of the directors;
all he (the chairman) knew was, that the Government
wished to have the line made.
The resolution was, after a short discussion, agreed to,
and the meeting separated.

THE WESTERN BANK OF SCOTLAND.

GLASGOW, Saturday Evening.—The following
proposal from Mr. Dunlop, of Clyde, for himself
and other directors of the late unfortunate Western
Bank, is just about to be submitted to the share-
holders :

97, West George-street, Glasgow, June 18.
Mr. Dulllop begs leave to submit for your consideration
the within copies of a proposal and relative letter, which
have been laid before the liquidators of the Western Bank
of Scotland and their advising committee :

"PROPOSAL.

" I beg, on behalf of my friends and myself, to submit
the following proposal to the consideration of the share-
holders of the Western Bank of Scotland, viz.:—

" Provided all the shares of the bank are made over to us,
and that all the rights and claims connected with the shares
are also made over (or in our opinion discharged), so as to
put us in the right and place of the holders •f these shares,
and relative claims : We will—
" I. At one and the same timo with being placed in that
position, pay to the is'hareholders who have settled, and
thereafter, from time to time, to those who may settle, the
calls on their respective shares in full, the sum of £3O per
share.

"11. Consent that the surplus proceeds (if any) of the
liquidation of the bank, aker payment of its debts and re-
imbursement to us, of the said sum of X3O per share and
interest, be divided among the said shareholders, it being
understood that tho liquidation under the Act is to con-
tinue. «JAMES DUNLOP."

,

" Glasgow, June 17.
" Gentlemen,—ln submitting the foregoing 'Proposal'
I beg to state, for obviating misconstruction, that it pro-
ceeds from the desire of my friends and myself to facihtate
the liquidation of the bank, by allowing the liquidators to
concentrate their undivided energies upon its proper affairs,
and at the same time to give the shareholders payment of
the utmost value of their remaining interest in the bank,
and the material amount thereof immediately, in place of
subjecting them to the disadvantage of waiting for an inde-
finite time to receive—what we are persuaded will then be
—a diminished sum. To this explanation it is hardly
necessary to add that the Proposal' is not to infer any re-
linquishment of the rights of those who promote it, or any
change in their continued resolute defence and protection of
these, should the proposal not be assented to.---I am, gen_
tlemen, your very obedient servant,
" JAMES DUNLOP,
u Messrs. the Liquidators of the Western Bank P.
of Scotland."

OFFICIAL CHANGES IN EDINBURGH.—It is quite
understood that the Dean of Faculty will resume the office
of Lord-Advocate and Mr. Maitland that of Solicitor-Gene-
ral, which they held during the last 'Whig Ministry. It
is, we believe, also settled that the Lord Provost, Mr. Mel-
ville, is to be appointed Crown Agent. Rumour had Pre-
viously named Mr. Charles Morton, W.S., or Mr. Murray,
of Murray and Beath, to that important situation.
British hfr
ail.

" Summer Time, in the South of Essex," B'
Willis.—Summer is here celebrated by a group of cattle
on a site raised, slightly, but sufficiently to'bring theta tis,
ll)
against the lower sky and the airy distance, The, animals,
especially the horses, display perfect knowledge of the ana-
tomy and form ; and the work
is, altogether, one of very
considerable merit.—Art lournag. '
The _Echo (le 'Est says_,f The Emperor, after
the combat, of Malegnano, promoted on the•field of battle
Colonel A.*elme, chief, of the At of Marshal Baraguay
Ito tl*ista 91.00342,1 ot.Brigadei- Oadausly
ex'pressing his regret that it had not been sooner,"