The Sun.
London, England, 1868-01-15 00:00:00

CORNER OF BOND-STREET.

AWARDED TO C. F. HANCOOK :
Great Exhibition, 1851—Council Medal for Originality and
Taste. Paris Exhibition,lBss —Gold Med aille d'Efonneur
International Exhibition, 180—Prize Medal, for great
Excellence of Design and Manufacture. Paris Universal
Exhibition, 18G7—Gold Medal.
MANUFACTURERS OF TILE VICTORIA CROSS.

ATLANTIC TELEGRAPH COMPANY.
(Incorporated by Act of Parliament, 1857.
Liability of the shareholders strictly limited to the amount
of their subscriptions.
ISSUE OF PREFERENTIAL CAPITAL, at 10 per
cent. per annum, and rateable share in surplus. The 10
per cent. to accrue after £51,348 has been paid to the
Preferential• Eight per Cent. Stocks.
£1,300,000, in 260,000 shares of £5 each (for the purpose
of regaining possession of the Cables at resent worked
by the Anglo-American Telegraph Company, at a charge
of £125,000 a year and half surplus profits).
Deposit of 10s. per sharepn application, and a further 20s.
per shire on allotment.
Applications for shares must be sent in on or before
Thursday, Jan. 23, 1868.
DIRECTORS.

The Rigll Hon. James Stuart Wortley, Upper Sheen,
Mortlake, Chairman.
Sir Curtis M..Lampson, Bart., 64, Queen-street, Cheapside,

London, Vice-OliairMan.
George P. Bidder, Esq., 24, Great George-street, West-
minster.
Edward Cropper, Esq., Swaylands, Pensburst, Kent.
Sir Edward Cunard, Bart., 52, Old Broad-street, London.
Samuel Gurney, Esq., M.P., London.
Captain Augustus T. Hamilton, 12, Bolton-row, Picca-

•
dilly.
Francis• Le Breton, Esq., 21, Sussex-place, 'Regent's-

. _
park.
George Peabody, Esq., London.
SECRETARY AND GENERAL SUPERINTENDENT.
Georgo Saward, Esq.
Offices-12, St. Helen's-place, Bishopsgate-street-within,
London, E.C.
SOLICITORS.
Messrs. Fresh&lds, 5, Bank-buildings, London.
AUDITOR.

H. W. Blackburn, Esq., Public Accountant, Bradford,
Yorkshire.

BANKERS.

(The Bank —of England, Threadneedle-
) street.
I Messrs. Glyn, Mills, Currie, and Co., 67,
London— Lombard-street.
[Messrs. Ransom, Bouverie, and Co., 1, Pall-
mall, East.
Liverpool and Manchester—The Bank of England.
Yorkshire and the North of England—The Bradford Old

Bank (Limited), Bradford.
Scotland—The British Linen Company and its branches.
Ireland—The National Bank and its branches.

PROSPECTUS.
The negotiations recently conducted by the Board, con-
jointly with the committee of shareholders appointed at
the Extraordinary Meeting of December 2, with the ob-
Tct of effecting—in union with the Anglo-American
Telegraph Company's Board—a general amalgamation of
all interests, thereby simplifying the management and
securing economy and efficiency, have been unsuccessful.
These negotiations have, however, still further im-
pressed the Board and the Committee with the great im-
portance of united management, and they have therefore
unanimously decided upon the immediate issue of a new
preferential capital at 10 per cent. per annum, to enable
the Atlantic Telegraph Company to recover possession
and management of their two submarine cables. .
This will relieve the shareholders from a charge of
£125,000 now payable in each year to the Anglo-Ame-
rican Company before the Atlantic Stock becomes en-
titled to interest of any kind.
It will also extinguish the further right, at present pos-
sessed by the Anglo-American Company, to retain as an
additional profit one-half of any surplus that may remain
in each year, after deducting from revenue their own
dividend of £125,000 and paying a subsequent £72,000 to
the Atlantic shareholders.
The average receipts during the whole of the first
financial year, ending July 27, 1867, amounted to £915
per day.
During the fire months of the present financial year,
ending Det,,-....ber 31 (the dullest portion of the year), the
ft; average -_ • --ophArdi arm
with £BO5 per day received Raring tiff
months ending December, 1866.
Since the reduction of tariff on the Ist of Decem'vr
last, the average from that day to the 31st of that month
has been £1,070 per day, as compared with an average of
£BOB per day during the month of December, 1866.
This is an increase of over £260 per day, or at the rate
of £95,000 per annum, irrespective of the result that may
be anticipated when commerce and speculation resutue
their usual activity.
The Board therefore now propose to issue a capital of
£1,300,000, in shares of £5 each, to be entitled to a pre-
ferential dividend of 10 per cent. per annum, accruing in
each year, immediately after the sum of £51,348 has been
paid to the existing 8 per cent. preference stocks.
With this capital all debentures still outstanding will
be paid off, all the rights and privileges of the Anglo-
American Company will be extinguished, as provided in
the agreement between the two Companies, and the At-
lantic Telegraph Company will assume the management of
its own property.
The revenue remaining to the credit of the Company at
the end of the first financial year on the 27th of July last,
alder deducting all payments to the New York and New-
foundland Company and other companies, was £205,000,
and the Board are fully justified in expecting that the end
of the present financial year will show returns increased to
at least £265,000.
A revenue of that amount would show the following re-
salt upon the capital now proposed :
• Eight per cent. on £641,845 preference stocks
now existing .......................................... £51,348
Ten per cent. on the new issue of £1,300,000
now offered ............................................ 130,000
Four per cent. on the old stock X 617,750 ...... 24,710
Expenses (mortgages being cancelled by new
capital) ................................................ 20,000

X 226,058
leaving a surplus of over £38,942 applicable to a fund for
reserve or for increasing dividend.
einnnerweasTeedndpeivirdCenednst.dSetnelackredwniullt participate rateably
in all
In contrast to the foregoing, attention is called to the
Anglo-American
similar m
theil
Atlanticrevea of £265,000 would be
dealt with under the present agreement between the
Expenses of two establishments and interest
Cresotmpanies:
on mortgages . .................................. £35,000
Anglo-American dividend
Making
Ti be earned before the Atlantic Share-
holders receive anything £155,000
Atlantic Telegraph Company's ...... per
Cent. ............................................... 51,348
Ditto ditto drdinary Stock

Total £231,058
leaving a surplus of. £33,942, of which £19,000 would be
absorbed by the Anglo-American Company under the pre-
sent agreement.

With a revival of trade a very large increase may be
expected to take place in the receipts. The whole of the
present business can be performed by a few hours' daily
working of one cable only, thus leaving a very large mar-
gin of working capacity to meet the requirements of in-
creasing traffic.

This-margin would enable tho present Company to re-
gard without apprehension the possible chance of their
having eventually to encounter competition, and the pos-
session of two cables will confer upon this undertaking a
stability which no new company could obtain except after
a long time, and at a cost nearly equal, or possibly (in
case of reverses) even greater, for cables of the same excel-
lence.
The experience of two years and a half with the cable
of 1865, and of eighteen months with that of 1866, has
established the durability of cables in deep water, and also
that such damage as may accidentally occur to em can
be easily repaired.
The Directors appeal to the above considerations in jus-
tification of their Wild that the capital they now seek to
raise will rest upon a secure basis.
A meeting of the Shareholders will be held on Friday,
the 24th inst., to confirm these arrangements, and on other
business.
In the meantime applications for shares on the form
accompanying Prospectus will be received by any of the
Company's Bankers, on or before Thursday, the 23d day
of January inst., if accompanied by a remittance at the rate
of 10s. per share upon the number of shares applied for.
In exchange for this remittance the bankers will•sign
and return the receipt appended to the form of applica-
tion.
The calls upon the new capital will be required at the
following dates :

10s. on application.
20s. share ... •
20s. do. ... ... on allotment.
30s. do. ... ..• ••• on April 2.
40s. do. ...•
••• on June 30.
No allotment will be made and all moneys received on
applications will be returned if the Board are unsuccess-
ful in raising the amount necessary to extinguish the
rights and privileges of the Anglo-American Telegraph
Company.
In the event of any application being for a larger num-
ber of shares than that ultimately allotted, tho balande of
the amount deposited on application will be credited to-
wards the further 20s. per share payable on allotment.
Prospectuses and forms of application can be obtained
from the Secretary, at the offices of the Company ; from
the bankers ; or through any respectable stockbroker.
By order,
GEORGE SAWARD,
Secretary and General Superintendent.
Atlantic Telegraph Offices,
12, St. Helen's-place, Bishopsgate-street-within,
London, Jan. 8, 1868.

* A sum of £41,845 stock bearing a preferential dividend
of 8 per cent. was subscribed by the shareholders for the
purchase of outstanding debentures in 1867. The interest
on this, amounting to £3,348, is included in the calculation,
although it is intended ultimately to exchange this stock
or ohm IA te Font capital.

HOUSES and APAR r MEN l'S WAN rE 0, and to be LET
or SOLD, BUSINESS RS for DISPOSAL, &a.
PROPERTY, FREEHOLD or LEASEHOLD.
D. T. HUAIPHREKS has continual applications for
all descriptions of PROPERTY which will pay good interest
for outlay. Houses out of rep iir not objected to. T. D.
Humphries can at all times find customers for all descrip-
tions of businesses. Hotels, public lions 8, &C , sold and
transferred.. Apply, D. T. Humphries, Estate Agent, Print-
ing House-square.

DUG LICENCES.—The Commissioners of In-
land Revenue give notice that all DOG LICENCES
granted in the year 1867 expired on the 31st December
last, and that every per.,san keeping a dog in the current
year is now required to take out a new Licence, the duty
payable for each dog kept being ss.
The penalty for keeping a dog without a licence is £5.
Post-office orders payable at the chief mqney-order
office, Inland Revenue, receipt stamps or postage stamps,
may be remitted in payment of duty on dogs kept in Lon-
don and its vicinity, to the undermentioned collectors of
Inland Revenue :

Collector, London West, Somerset-House, W.C.
Collector, London Central, Winchester-buildings, Win-
chester-street, E.C.
Collector, London East, Tower-hill, E.C.
Collector, London South, Elephant-buildings, Newing-
ton-butts, S.
Collector, London North, 183, Great Portland-street, W.
Licences may be obtained on personal application at the
Collector's offices before mentioned, and also at the follow-
ing places until the 15th February prox., between the
hours of 10 and 4 each day.
Gresham-house, Old Broad-street, E.C. Supervisor's
Office.
Stepney, 31, Stepney-green. Supervisor's Office.
Dalston and Hackney, 229, Hackney-road. Supervisor's
Office.
Islington and Holloway, and Highgate, 6, Pullen's-row.
Supervisor's Office.
Paddington, 9, Porteous-road, Harrow-road. Super-
visor's Office.
Lambeth and Vauxhall, 67, Vauxhall-walk. Super-
visor's Office.
Hampstead and Camden-town, 40, Gloucester-street,
Camden-town. Supervisor's Office.
WM. CORBETT, Secretary.
Inland Revenue, Somerset House, Jan. 7, 1868.

PAINLESS DENTISTRY.
E ,
, of
194ESSRS. GABRL L,DENTISTS (Establishil
London IS, Harley-street, Cavendish-square,
64, Ludgate-Hill, E. 0.,
Liverpool 34, Duke-street, and
Brighton
have just published a NEW PAMPHLET explaining their Pain-
less System of Dentistry, and solf-adhesive Teeth without
springs, at Minium Maass. which may ho had free by poet
Tor four stamps.

RA aWAY AND 07 HER COMPANIES.

ATLANTIC AND GREAT WESTERN.

A meeting of the debenture holders of this com-
pany was held yesterday at the London Tavern ;
Mr. E. L. J. Ridsdale in the chair.
Mr. Huxley, the hon. secretary, having read the
notice convening the meeting, the report, an ab-
stract of which appeared in The Sun, was taken as
read.

The CHAIRMAN said that the debenture-holders'
committee was appointed by the meeting held on
the 21st of Nov. last, to obtain counsel's opinion on
the question of the priority of debentures ; to con-
fer with the committee of aditiuistration, and en-
deavour to arrive at a solution of fiinf
icy Ivuo meeting of the 21st of Novem-
ber last the committee of administration had not
thou ht it necessary to submit any case for the
opinion of counsel on this question, which was so
important to the debenture-holders. Ile thought
that a question of such magnitude as the priority of
£2,800,000 debenture debt over nearly £4,000,000
of consolidated mortgage bonds was one that a
committee of administration professing to represent
the interests of all creditors shouli have solved,
before inviting creditors representing so large an
amount to sanction a plan which would in effect
have swept away a large amount of their claims.
He then referred in detail to th 3 opinions of the Hon.
J. S. Black (late Attorney-General of the United
States and Chief Justice of the Supreme Court of
Pennsylvania), the Hon. Mr. Wigfall, and Judge
Thompson, as to the priority of the certificates of de-
benture over the consolidated mortgage bonds. The
committee had submitted a case hurriedly drawn up
to Mr. H. Lloyd, and his opinion was against them ;
but in the case submitted none of the facts material
to their case had been laid before Mr. Lloyd. He
would have been exceedingly glad to have published
both cases, but he did not wish to increase the ex-
pense. He would, however, be happy to print and
circulate the two cases if desired. He thought the
oommittee of administration had not acted fairly
towards the debenture-holders in the matter. The
committee of debenture-holders had taken the very
best opinions they could get from American lawyers.
The debenture -holders had over and above the value
of the collateral securities deposited in the Bank of
England on equitable lien for the balance of their
claim on the property of the three old companies,
subject only to the prior liens of those companies.
It was necessary that the collaterals should be
sold to determine the amount of the lien. The
collaterals could be sold, and the debenture-holders
might purchase them, and this would be strictly in
accordance with the deed of trust. There had
been a rise in the price of debentures within
the last few days, which, he thought, could not
have arisen from two new directors being elected
to the Board, as the company's road was still in the
hands of the receiver. The debentures were sold at
20 before the committee was appointed, and the
price now was 25 ; and lie thought, therefore, that
the public had some confidence in the report of the
committee, and that the report was an honest one.
He then adverted to the small holding of the com-
mittee of administration in the debentures of the
company, being about £l,BOO. The committee
thought they should endeavour to stop the proceed-
ings in Chancery, because those proceedings were
inimical to the debenture holders. Since the appoint-
ment of the committee Mr. Lawes, of Rothampstead,
one of the largest holders of certificates of deben-
ture, had joined the association. With regard to
future prospects, he thought the position of deben-
ture holders with regard to the railroad was much
better than any of them anticipated. In respect to
the committee of four members, he mentioned that
Mr. Copland wished to retire, as he lived too far
away, and they proposed to elect Mr. Lawes, who
held about £90,000 of certificates of debentures, to
fill his place. The other members of the committee
held largely, and it was therefore not likely they
would do anything to injure the interests of the de-
benture-holders. (Hear, hear.) A meeting of de-
benture-holders at Leeds had passed a resolution in
support of the committee, and offered them proxies
representing a large amount of debentures to carry
any measure they deemed expedient. He concluded
by moving the first resolution, to the effect that the
report be approved and adopted, requesting the com-
mittee to continue their labours, with power to add
to their number.
Major GORDON seconded the motion.
Mr. THORPE said it was most important they
should be represented in the American Courts of
the States through which their line passed. He
was canvinced that the railway would become a
good property, as it passed through many miles of
coalfield, near oil springs, and other places of com-
mercial importance. He asked them to place con-
fidence in Mr. Ridadale, the chairman, and in the
committee. (Hear, hear.)
.blr. CowAii oid he thought it unfortunate that

After some observations by Mr. Wallace, Mr.
Martin, Mr. Saville, and Mr. Hall, the first resolu-
tion was carried unanimously.

The CHAIRMAN moved the second resolution,
authorising the committee to take all su3li steps and
mak.; all such arrangoinenti as they might consider
best calculated to establish the rights anti priorities
of the certificates of debenture with a view to facili-
tate the adjustment of the affairs of the company
on a basis consistent with the relative position of the
several classes of securities.

Mr. IIAwKINs seconded the motion, which was
carried unanimously.
In reply to a question, it was stated that the four
members of the Committee—viz., 111 r. Lawes held
£85,000 debentures, Mr. Ridsdale £6,000, Mr.
Wallace £7,000, and Mr. Gordon £lO,OOO, together
£lOB,OOO of debentures, and that they did not•hold
any consolidated bonds. (Hear, hear.)

The third resolution, which was carried unani-
mously, authorised the committee to take steps as
they might be advised with reference to the snit in
Chancery of " Russell v. Gurney,-". with the view
of protecting the bone fide interests of the debenture
shareholders.

Mr. HAWKINS moved that the cordial thanks of
the meeting be offered to the committee for the
great ability they had shown, and the labour and
research they had bestowed in investigating the
position and rights of the holders of the certificates
of debentures in the Atlantic and Great Western
Railway Company.—Carried unanimously.