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

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ATLANTIC TELEGRAPH COMPANY.
(Incorporated by Act of Parliament, 1857.
Liability of tho 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 £51,318 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 present worked
by the Anglo-American Telegraph Company, at a charge
of £125,000 a year and half surplus profits).
Deposit of 10s. per share on application, and a further 20s.
per share on allotment.
Applications for shares must be sent in on or before
Thursday, Jan. 23, 1868.
DIRECTORS.

The Rigl.t Hon. James Stuart Wortley, Upper Sheen,

Mortlake, Chairman.
Sir Curtis M.Larnpson, Bart., 64, Queen-street, Cheapside,

London, Vice-Chairman.
George P. Bidder, Esq., 24, Great George-street, West-

miuster.
Edward Cropper, Esq., Swaylands, Penshurst, Kent.
Sir Edward Cunard, Bart., 52, Old Broad-street, London.
Samuel Gurney, Esq., M.P., London.
Captain .Augustus 'l'. Hamilton, 12, Bolton-row, Picca-

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

park. -
George Peabody, Esq., London.
SECRETARY AND GENERAL SUPERINTENDENT.
George Saward, Esq.
Offices-12, St. Helen's-place, Bishopsgate-street-within,
London, B.C.
SOLICITORS.
Messrs. Freshfields, 5, Bank-buildings, London.
AUDITOR.

H. W. Blackburn, Esq., I"ublic Accountant, Bradford,
Yorkshire.

BANKERs.

(The Bank of England, Threadneedle-
, street.
London-1 Messrs. Glyn, Mills, Currie, and Co., 67,
Lombard- street.
I Messrs. Ransom, Bouverio, 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.

PROS [TOT_ US.

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-
ject 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
thepreferential
Atlantic
capitalelegarta
Telegraph
hO
Companyper ccnt
to recover possession
-
per annum, to enable
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 dye months of the present financial year,
ending December 31 (the dullest portion of the year), the
daily gross average receipts have been £963, as compared
with £BO5 por day received during the corresponding five
months ending December, 1866.
Since the reduction of tariff on the Ist of December
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 por annum, irrespective of the result that may
be anticipated when commerce and speculation resuale
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 !I. 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
extinguished, as provided in
be paid off, all the rights and ivileges of the A ngle-
Amtrican Company will be
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,
e
after deducting all payments to the New York and New-
foundland Company and othor companies, was £205,000,
and the Board are fully justified in expecting
of the present financial year will show returns increased to
at least £265,000. that the end
A revenue of that amount would show the following re-
sult upon the capital now proposed :
* Eight per cent. on £641,845 preference stocks
now existing ................................. £51,348
Ten per-cent. on the now issue ..... . :£1 300,000
now offered. ........................ . ...... : .......... 130,000
Four per cent.. on the old stock, Y 617,750 ...... 24,710
Expenses (mortgages being cancelled by new
capital) ................................................ 20/000

£226,058
leaving a surplus of over £38,942 applicable to a fund for
reserve or for increasing dividend.
The new Ten per Cont. Stock will
participate rateably
in all increased dividends declared out of surplus.
In contrast to the foregoing, attention is called to the
manner in which a similar revenue of £265,000 would be
dealt with under the present agreement between the
Anglo-American and the Atlantic Telegraph Companies :
Expenses of two establishments and interest
on mortgages £35,000
Angle-Americanh 0
ld
er s
recreceive
dividendve any anything
n s
.......... ......................
Making ----
To be earned before the Atlantic Share-
.. £155,000
Atlantic Telegraph Company's. Eight per 125,000
Cent. ............................ :. ..... 51,348
Ditto ditto Ordinary Stock

Total .. £231,058
...........................
leaving a surplus of X 33,942, of which X 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 caa 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
equal, or possibly (in
of the same excel-
laceanlsoceneog.f triemv ee
saens e avtenagromostet
rn,
cablesnearly equal,

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 them can
be easily repaired.
The Directors appeal to the above considerations in jus-
tification of their belief 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
bu clues s.
In the meantime applications for shares on the form
accompanying Prospectus will be received by any of the
ofC Januaryo mpanys
inst.,Ba if accompanied by &remittance at the ratenk Bankers, on or before Thursday, the 23d day
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. per share ... on application.
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, the balance 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 SA.WARD,
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 whauge this otook
or shares is the prefint .