The Sun.
London, England, 1868-09-10 00:00:00

NORTHERN OF FRANCE.

The traffic receipts of this company for the week
ending Aug. 18 amounted on the old and new lines
to £77,413, and for the corresponding week last
year to £85,190, showing a decrease of £7,777. Ihe
total receipts from January 1 to the above date
amounted to £2,166,479, and for the same period
in 1867 to £2,263,974, showing a decrease of
£97,495.

ELECTRIC AND INTERNATIONAL TELEGRAPH
(LIMITED).

A special general meeting of this company was
held yesterday at the London Tavern to consider
the propriety of selling and conveying to her Ma-
jesty's Postanaster-Geueral, upon the terms specified
in the Electric Telegraph Act, 1868, the comp tny's
undertaking ; the Hun. K. Griinthon iu the chair.
The seal of the co:np:iny having been taxed to
the register of proprietors,
The CHAIRMAN said the meeting was convened
for the purpose of obtaining the confirmation or
rejection of an agreement provisionally entered into
by the directors with the Government for the sale
to the Government of the business and plant of the
undertaking, provided that Parliament should
pass the Money Bill in the next session ; and
therefore he had to ask the proprietors for their
approval of that agreement a,s the tirst step in the
matter. The bargain for the sale of their un-
dertaking dirl not toach the comp iny's reserve
fund, cash, or any of the past or undivided profits
of the undertaking. All that the Goverunteut
sought was tile business and pl rut to carry oa that
business. The terms of the bargain were that the
Government were to pay 20 years' purchase of the
net profits of the company to JllllO 3u, 1868. I.
caseof difference bet ween the c unp and the Go-
vernment the aniouut of net profits vv.:s to be settled
. by arbitration, either by one arbitr 'tor mutuaily
agreed on or by t,vo arbitrators and an umpire. It
Iwas impossible to say what the arbitration would
give them ; and it would be undesirable to make any
estimate of the probable amount. He knew it was
said out of doors they had made a gool bargain,
and that the Government had made an improvident
bargain, but all he had to say in that respect was
that he did not ask the proprietors to negative the
proposition, but to confirm it. If they negatived the
proposition the Government would cuter into com-
petition with them. He thought it better to accept a
reasonable offer than be forced into competition
with a powerful rival; and, besides, Government
had the idea of establishing cheap telegraphy all over
the country, and the various Chambers of Commerce
had urged that view before Parliament, some hay-
ing suggested a 6d. rate for messages from Loudon
to Glasgow. Under these circumstances, such
undertakings could no longer be carried on by pri-
vate enterprise, and he therefore recommended the
proprietors to accept the offer. lie then moved a
formal resolution authorising the Board to sell and
I convey the undertaking of the Electric and Inter-
\national Telegraph Company to her Majesty's Post-
master-General in his corporate capacity in terms
of the Electric Telegraph Act, 1868.
The DEP seconded the motion. Ile
said he had always taken a deep personal interest
in the success of th it undertaking, and the direc-
tors had brought it to a point of prosperity that
made him very reluctant to part will it. They
were compelled, however, to surrender the un-
dertaking to the Government, after having brought
their long labours to a successful issue. He re-
gretted parting with the undertaking, which was
to be extended so that every man, woman, and
child in the country might avail themselves of its
utility.

After a short discussion the resolution was car
ried ; and a cordial vote of thanks to the chairman,
directors, and officers of the company for their valu-
able services concluded tne proceedings.