Evening star. [volume] (Washington, D.C.) 1854-1972, 1858-08-27
THE CHARTER OF THE ATLANTIC
TELEGRAPH COMPANY.
From the Boston Traveller. !

many, and to enable the Company to establish
and work telegraphs between Great Britain,
Ireland and Newfoundland; and for other pur-
poses. 1t begins by setting forth that in Oc-
tOber 1850, company was established in Eng
land to connect Great Britain or Ireland with
Newfoundland by q submarine electric tele-
graph-thus establishing electric communica-
ton between Europe and America-having a
capital Of f300 900, divided into three hundred
shares Of Il 600 each. The number Of shares
was afterward increased to three hundred and
fifty, all Of which were issued, and the sum of
$500 was paid upon each share. 1t also set
forth that in consequence of agreements entered
into with other companies and persons, and in
order that the undertaking, which is one Of
great public and national Importance shall be
speedily carried into execution, it is desirable
that a new company (Including the original
Shareholders) should be constituted with the
necessary powers to carry out the undertaking;
and the Atlantic Telegraph Company was there
fore incorporated, with all the rights and priv
ieges, and assuming all the liabilities entered
into by the old company. The right was grant
ed to the new company, by two-thirds vote
to increase the capital stock to Il 200, ,000 the
directors having authority to create additional
shares of not more than & 900 nor less than
go each. The right was given to borrow one-
third of the capital, on bond or mortgage, but
One-third of the money received for calls must
be applied to the repayment Of such money
until the whole shall be discharged.
Ten shareholders holding stock to the amount
of ELS 900. have authority to require the direc-
tors to call an extraordinary meeting of the
COmpany-the time of the annual meeting
being fixed for the month of February, in Lon
don; twenty shareholders having stock to the
amount of ESQ, 900 constituting a quorum.
two-thirds vote Of the Company shall authorize
the directors to subdivide tbef i 900 shares into
fifty shares of f20 each, E 900 share confer
ing fifty votes upon the holder The Board of
Directors is fixed at eighteen, but the number
may be reduced at any general meeting but
not below eight. The qualification of Director
is the holding of Fl 900 in the stock of the Com
pany, and the Directors Of the original Com
pany shall be the first Directors of the new Com
pany. The remuneration of the Directors is to
be fixed by the stockholders. The Company has
authority to elect from the Stockholders ordi-
narIly resident in the United States or the
British Provinces of North America not more
than eight from the former and four from the
latter, who shall be Honorary Directors, shall
have the right to be present, take part in and
vote at the meeting of the Directors, but are not
TO be counted in determining whether there is
aquOrum, and shall receive no remuneration
for their services.
The British Government reserves the right
to appoint an sr o6ieto Director of the Company,
for the purpose of securing the due ful6llment
on the part OF the Company of all contracts for
the transmission of signals and messages for her
Majesty, or on her Msjesty's service. This er
onctO Director is not to 90 out of Office with the
other Directors, but he is removable at the
pleasure OF the Government. He is to be
shareholder in the Company or not, as the Gov
eminent may think fit; he is to be present at
all meetings Of the Directors and of the Com
pany, and has power to examine all books and
documents of the Company, but has not the
right TO vote, and does not receive any remun-
Grafton from the Company.
He has the power in the case he is Of opinion
that any act course of the company is pre-
Judicial to the performance Of the contracts
with Government, or the regular, speedy, and
impartial transmission of messages for the pub
lie, or otherwise disadyantageOus to Govern
ment or the public, to veto the taking of such
course or the doing of such act when the matter
shall be referred to the Lords Commissioners of
the Treasury, whose opinion shall be final, un-
less the Board of Directors see fit to appeal to
two Judges Of the Superior Court at Westmin-
ster, whose decision shall be final and cOnclu-
slve on all parties. The election of Directors
of the Company, ordinary or honorary, is sub
Jeet to the approval of the Lords Commissioners
Of the Treasury.
The undertaking of the Company was set
forth to be the laying down of one or more sub
marine telegraph cables between Ireland and
Newfoundland, or on the Continent Of America
and the working of such lines. They are au-
thorized and empowered to make arrangements
with the New York, Newfoundland and London
and other Companies, for the tranmssiOn of
messages and for the charges on the same as
may be necessary for the carrying out of the
object Of the Company. They are empowered
to hx and receive reasonable charges for the
transmission Of messages, and may demand
prepayment Of the same. With the exception
Of the priority OF Government messages all
others for the public are to te received and sent
without favor or preference, a ,cording to the
order OF time In which they shall have been
received by the Company. The following sec
ton, IN regard to the right Of Government pri-
ority, we quote entire:
ssLVT All unessa0as onJ
warded for transmission and delivery for her
Majesty or her Majesty's service shall have
priority over all other messages Whatsoever
and 1t shall be imperative on the Company
their officers and servants, to transmit and de-
liver such messages and signals accordingly
and to suspend the transmission of all or any
other messages until the said messages and sig
nails shall hrst have been transmitted Pro
yIded, always, that the Company NAV in con-
slderatlon OF guarantee or subsidy granted or
secured by the Government of the United States
equal In rate or amount to that granted by or
on behalf Of her Msjesty's Government grant
and extend 70 the Government of the United
states the like priority for intelligence on and
ior their service over all other messages and
signals whatsoever, except those for her Ma
Jesty or on her Majesty service, and after they
snail have so done, and shall have notified their
having 30 done to the Lords Commissioners of
her Majesty Treasury, the messages and sig
nals on the service Of the Government of the
United States shall thenceforward be entitled
TO- and shall have, during the continuance in
Iorce OF any such guaranty or subsidy, the like
priority as messages and signals for her Males
~ or on her Msjesty's service over those of all
otner persons whatsoever, and thenceforward
messages and signals for her Majesty or on her
asJesty's service, and those on the service of
.ae Government Of the United States, shall, as
petWeen themselves have no right of priority,
put De transmitted and delivered respectively
Ia The order Of time in which they may be re-
speetIvely rendered for transmission and de-
livery
IL the Government and the Company cannot
agree upon the rate of remuneration for send
by referees
Ihe Company is authorized whether or not
Iney shall grant to the Government Of the
hi'sd states any such priority as is stated in