The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-01
THE ATLANTIC TELEGRAPH.

Proposed Reduction In the Tariff ON Mes
saxes-Earnings Of the Company--Corporatc
Diacrences-The Packing, system OF send.
tna Messages.
From the London STAR Sept IL
An extraordinary general meeting Of the shareholders
was neld yesterday In The London Tavern receive the
directors report and statement OF accounts for the year
ending the 2sth July last and 70 determine lespec!pg
the payment OF dividend Tho following Is tho report
OF the directors
Seen earned By the cables during the Towards
e o. ne year The has had @
believed the result OF crushing by icebergs The last
The Sn -four
pany h ~ deducted sass iSs from
been agreed to BY the Atlantic Company present
large deductions credit OF the
Acc balance amounting % is 3D. and out Of
ending 9Th July amo at the rate OF per cent free in.
The the Atlantic Company in pursuance OF their
poRosea poay which met the .ppos o. the share
the Anglo Americsn directors a lew days after the
o. deeors sp
aGeSa upon as me 20 De % ne
COMPANY wrote 70 the Angle American company setting
that hsse the public nssaiysd By
pany have also subsequently, % their renewed endeav
them the adoption siher Of he nroposed or any other
practicable form OF reduction.
The Chairman expressed his regret that Mr.. Stuart
Wortley was too unwcl to attend the meeting aud he
also had to regret the absence OF the other directors
On that occasion he would be brief possible and
only enter into business connected with and
the proposed alteration Of the tariff In arranging the
Atlantic directors anxious to consult the mutual
interests OF the two companies and the convenience of
the public. The net earnings for the year ending
July ~ fl53 1874 after deducting OLA for back
interest upon bonds issued in 1894 which charge
would not again; that fl53. 1874 would pay
interest Of six per cent e2,4Oo0oo when
would be about their paid-up capital II they
pad 90 Oh the Angle. American Company. and leave
amounts charged for the two Observation-Disclosures
which they hoped would not occur agan-and the
g7014 for back interest," the net earnings would be,
without these deductions fls2,000. which would pay
per cent 81, 400 000 leaving fund OF
2OO0 And had they been in possession their cables
the 600 OF earnings would have paid eight per
cent their COCO 900 first preference stock and eight
per cent second preference stock OF cl. 200 000
The results OF the last years business would show
the advantage Of having the two cables Without
ncuss Although the expense for the second cable was
felt to be heavy at the time, perhaps better
70 have incurred t. because with two cables they
able Ia OF accident 10 continue the business
with the other He beloved from circumstances that
had come to bis knowledge, that after tho repair Of this
accident they not likely 70 be subject to similar
accidents again The cause Of the accidents was the
great quantity Of Ice this year. Though they had not
report respecting the last accident they believed was
caused BY the crushing Of iceberg Al tho last
Ing he ha staed the Of the directors for
eonsenng to the immediate alteration Of she tariff The
very much In accordance with suggestion mado BY the
chairman OF the Anglo American Company AZ tho
Close o. ns nnaDc ysar ssy ~ mot only g
Anglo American Company, but 70 give In addition the
date and address Of . message. The following would
charged xl0 for twenty words and counting vs words
additional which they offered let In the public would
Be able 70 send fscn words for rs ST. and the press
would BE- able 10 aet It's iniorma,ion ii half prce the
proposal OF the Angola merican Company was to ALLOW
person To send one moro words for Is Cd. word
ka % tho 40
arbitration, because there nothing arbitrate
The nrbators would have to be taught In reference
the business When an arbitrator appointed II
to settle dispute respecting figures; but Il was never
intended that arbitrator should settle tariff The
directors Were IN. only able 70 Judge Of ns.
OF reducing the average cost OF message from pres
Of fl0 to about c. los. Looking the small
amount Of earnings II would be dangerous policy for
the Apgo-Amercan directors adopt and he believed
II they 70 their propriotors they sane.
on shat reduction AT events speaking in the snI
est OF the Atlantic shareholders he would not be willing
make great reduction. The reduction proposed
by the Atlantic board would pave the way for further
reduction and they would what they could do for
tho benefit Of the public consistently with taxing
the interests OF their shareholders The Atlantic share
holders received small pittance and had spent great
deal OF money, and the Angio-Amercan directors
should look little the interest OF the
Aaa'H rdsna TSsT saa
holders TO adopt some plan by which all parties
would DO benefited. The trafnc receipts had varied
amazingly. One years experience taught them to pro-
coed with great and caution In alterations
He held his hands the receipts OF each four weeks
during the whole period. The arges, rsce,ps In any
four weeks had boen OF c33 800, f1 isp
per day Tho smallest amounted to els 49, cess
day. Those small receipts from the 2sth Of July
last the 25th OF August That 10 be inted
by the dull state Of business and also Of poics making
vnnecessary for continental Po9eys q ply Iags amount
charge 20 an amount which he believed would not cx
coed f3 a. At that charge the receipts would be far
nom feso day, and might only amount to $500
more than would be sufficient TO pay the Atlantic
American company i've per cent He believed the
Atlantic board had done all they could settle the
matter They had EXPIRE sed their willingness TO meet
the Anglo American directors Tor the purpose The
oa . 4. s NO
difficulty In stopping that practics. There should DO
printed tho paper the party sending the message
would have statement from the Anglo American
directors that they would put stop 10 this stem
co he '9e @ IL
cuson he moved that report aud accounts be
received and adopted and that dividend at tho rate Of
per cent free Of Tar, b. declared for the
year ended 9Th Of July last upon the first eight per
preferential stock.
The motion having been seconded.
Mr. CARrER sorry there NOT the cordial
operation betwosn the two companies that there should
BE-. He vas in Liverpool the other day. and mad 70 con-
suit person about sending message to New York On
saying tie erpenss scds fl0, Ne ,ccs informed hs cotd send
nfor Is g. 3d., osinc A supposed, % the packing sy-
last ten days. and he Immediately replied that he did
not like encourage this underhand system OF cheat
ing the Atlantic Telegraph Company. The company
losing thousands upon thousands OF pounds through
srfctivs measures and with all their desire to put
money in their pockets they were keeping II out Of
them.
The CHAIRMAN said that the directors had done every
thing they could do induce the AngloAmercan Com
pany something In reference TO the matter alluded
TO- They had been with the slightest dispo
ston BY tho Anglo American directors carry out
such arrangement. No suggestion camo from them, and
whom q suggestion made by the Atlantic board
there was 40 indication OF desire carry the
policy recommended. He hoped they would be able 10
try the experiment Of E5 and two or three months would
show whether they we're right or wrong. He thought
that persons TOO sanguine about the increased
business that would be obtained by the reduction He
believed the course Of little while they would gals
BY the reduction f6 but not nearly TO the extent
mentioned. He could say, In reference 10 tbs packing
system, that there pssson 10 Liverpool who took
messages frou Che public and cost Of $50
would produce 70 the company E100
Aftsr some further discussion the motion for the