The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-06-13
The Atlantic Telegraph.

The Atlantic Telegraph.
The disappointment of the expectations raised
by the temporary realization of the Atlantic tele
graph is being felt more severely now than when
the eventual failure of the cable was ascertained
The intense interest created by the struggle ia
ITALY, and its influence on the commerce of the
world, render our community more than ever
impatient of the obstacles that oppose themselves
to the rapid transmission of intelligence. To
know that the facilities of telegraphic communi-
cation with Europe are within our reach, and to
be kept from their enjoyment by difficulties
which are owing rather to bad organization than
to natural impediments, is tantalizing in the ex-
IRENE. This feeling Of impotence is increased
by the delays thrown in the way of the usual
overland communications, which, although tenn
porary, are the more provoking from their unne-
cessary character.
We are glad to find that there is a reasonable
hope of a speedy termination to this annoying
state of things The Atlantic telegraph has by
this time, we trust, been placed under conditions
that will insure its effective working within the
next eighteen months. Such, at least, we gather
to be its prospects from the following circular
ATLANTIC TELEGRAPH OBSERVATION-DISCLOSURES
GENERAL MEETING OF SHAREHOLDERS.
Notice is hereby gven thst extraordinary general
meeting OF the shareholders In the Atlantic Telegraph
street. within the city of London, Wednesday the 9Th
day Of June, 1862 at O'Clock in the afternoon for the
the said company and r submitting to the shsrehodsrs
for approval otherwise, the heads of provisional
rangcment entered into between her Maes.ys govern
And notice is hereby given that resolutions will be
submitted 70 such extraordinary meeting for enabling the
directors to carry into effect the said agreement and for
the purpose Of authorizing the creation Of new capital
exceeding ak hundred thousand pounds.
Of the shares in such capital shall BE- ve pounds
per SHARE and that the said five pound shares shall be
titled to preferential dividend over eli other capital Of
the company at such rate and accompanied with such
other privileges a. the said extraordinary meeting shall
deem expedent and necessary
posed at the said extraordinary meeting to entirely
constitute the Board Of Direction OF the Atlantic Telegraph
cent mbers Of the board will the said meeting
IN order that reduction in the number Of directors may
be Effected
And at the said meeting list Of gentlemen will be sub
mitted for the approval Of the Shareholders 10 whom
thought desirable to commit the future direction Of the
company; and proposal will also be submitted the
shareholders for iemuneratpg the directors for their u
ture services.
And notice hereby given that resolutions will be sub
directors, and the company to carry all or aoy
tce. GEO SAWARD Secretary
% Oh BROAD STREET, LONDON, May 81, 1859.
The first point to be decided at this meeting
was, whether the conditions of the guarantee
offered by the English government on the new
capital to be created should be accepted The
English government, it will be recollected, has
agreed to guarantee eight per cent on the
100000 thus raised, for certain period, pro-
vid cd lin Sc Lov ~, WI
it ceases to be available for the transmission Of
intelligence the guarantee ceases to have effect.
The question, therefore, is whether there can be
found sufficient number of capitalists having
confidence enough in the enterprise to run the
risk Of this conditional arrangement. The FEAST
bility Of the line having been demonstrated by
the partial success of the last experiment, we do
not believe that much difficulty will be expe-
rienced In raising the requisite amount of addi-
tional capital. The enormous benefits which
would result to the commercial classes on both
sides from the completion of the undertaking
would in themselves be sufficient inducement
for them to cover much larger amount of risk
thar is involved in this condition.
The next consideration which the shareholders
were to be called upon to discuss was one the
expediency of which has long been apparent to
people at this side Of the Atlantic. Although the
present board of directors is composed of men
of high character and position, it is notorious
that they are laboring under feelings of deep
encouragement at their repeated failures, and
that with their money they have lost all the
pluck with which they embarked in the enter
prise. To enter upon another experiment with
board thus demoralized would be to court the
chances Of another disappointment, and there
fore we approve Of the movement that has been
made to infuse new blood into the direction.
What the old heads might fail to accomplish, new
ones may probably carry through, from the fact
that they bring unimpaired confidence and fresh
energies to the task. A new board WILL besides,
get rid of the entangliDg alliances which it is
suspected have contributed more than any other
cause to the failure Of the last experiment.
These two measures decided upon, there
will remain the question as to what
steps it will be advisable to take to re-.
establish the telegraphic connection between
the coasts Of Ireland and Newfoundland.
Ii tne Saving Oh tme DE deemed paramount
consideration, then the plan Of under-running
and repairing the present cable will be adopted
1t is calculated that this work will cost at least
100000; but If the expenditure of this amount
can insure the immediate working Of the line
even though to partial extent, it will not be
thrown away. Many, however, wiz argue that
even this imperfect result cannot be secured from