The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-03-29

street, at noon to-day, and passed off satisfied ~.
The policy OF the directors in maintaining an inde-
pendent organization was sustained.
THE REPORT
The report the CHAIRMAN OF which the following is
an eptome, was adopted unanimously
The company's line completed aud opened for
public traffic on the 18th Of September, 1873. On the
9th Of that month II was Interrupted but was re-
paired by the Faraday on November o. Scarcely had
tho Faraday returned to England when the line was
and opened Tor traic January TO- 1876 On January
%, 1870 the lire was interrupted for the third time,
and IL repaired the LIST OF March, and the whole
line is now, Is from the commencement in per-
feet condition, electrically and mechanically
INJURIES.
The first two fractures took place in the Ireland
Nova Scotia section Of the company's cable the last
in the Nova ScotaNew Hampshire section. All these
breakages occurred In parts of the companys limo
which were laid in the summer OF 1874, in water from
20 to 100 fathoms deep and at distance from SO to
100 miles from the land During the whole OF
two fishing and winter these sections re-
mained intact and uninJured.
INVESTIGATION
Looking at these facts coupled with the extraor-
binary coincidence OF each break taking place shortly
after the return of the Faraday and followed up with
false reports TO the quality OF the companys cable
the directors induced invite Sir William Thorn
+. X. s, and Mr. F. J. Bramwe +. r. s., TO in
yestigate tho circumstances attending the first two
fractures and to express their opinion the state of
the com2anys property The report prepared by these
two eminent engineers has been circulated TO the share
holders eztenso. but the directors would specially
invite attention 10 the following
First as TO the cause Ct fractures at the risk OF
repeating ourselves think II well to state definitely
that our experiments and examinations OF the cable
convince IL Is of extremely strong form; that
ii has suffered deterioration whatever from It's
immersion for a period OF about year and half In
the sea- and that the fractures have been caused by
violence applied by an instrument, and not by decay,
and not by any abrasion or rubbing, or any influence
of that kind. y
scrupuous which has been exercised to any
fault however minute, from being left in the cable
that the chici delay in It's completion was owing
This delay, however, has not been incurred IN van
for II is the precautions which entaed the delay
sna1 'ne eNoecungy perec' eectoa ers
deserve great credit for their unailing determination
however deep the water and however small the fault
nothing, for the great efficiency of the
means, material and personnel with which they carried
on the operations often in very heavy weather. and
much of them in winter, and Tor their na success in
giving you thoroughly perfect cable"
Since this report written the directors have re-
ceved from their representatives. board the Fara
day telegram that the two ends the fracture Of
January 1876, have been recovered, and that they
show conclusively that tho cable must have been
brought intact and then chopped through by an axe
or Ratchet.
Although repairing ship properly manned and
equipped costly matter, the Board feel that these
occurrences show the necessity OF such expendi-
ture. Pending the completion Of measures now IN
progress Tor suitable ship Messrs Siemens Brothers
have placed the Faraday, with competent stan and all
necessary appliances, at the disposal OF the company,
at sum which the Board considers advantageous 10
the company
During the time the company enabled to work
unintcrruptedly-for period OF upwards OF month =
the traffic receipts surpassed the expectations OF tho
directors increasing day by day, until the fracture of
the 10th OF December when they had reached an av-
erage gross of nearly $500 day; thus giving the
company. formed with capital equivalent to only
about fifteen per of tho aggregate nominal capital
of the two transatlantic cable companies, gross
cep OF reaching nearly TO thirty per cent OF
SECOND CABLE REQUIRED
These results quite confirm the directors IN the opin-
ion previously expressed to the shareholders that
second cable is essential to the stability OF this com
pany and would AT once place II IN permanently
prosperous condition thcy trust, therefore, that the
day not distant when such proposition Will
mend itself to their unanimous support.
The fractures which have occurred have naturally
interfered with the traffic but is again growing and
the directors hope that after short period of unn-
terruptcd business II will regain its former standard
BEse
The directors fully believe that the company pos
sesses the best transatlantic cable; its transmitting
power is twice as high anticipated from the
specification, and signals transmitted with perfect
regularity insuring high speed and great accuracy
The capital Of the company not having been found
sufficient chiefly consequence OF the change in the
route of the cable, sanctioned by the extraordinary
general meeting held on the 9TH of August 1873, and
the heavy expenditure for repairs, the directors have,
under the powers gwen to them by the articles of
ISOLATION created dcbenurcs OF f10O EACH bearing in
terest at seven per cent per annum and repayablc in
five years, for ElO0. COO
These dcbentures will form addition to the capt.
tai OF the company and offered TO the share
holders at par, ten per cent to be paid on allotment
| and the balance the LIST OF May. Interest will DO
allow ed from the LIST OF February, thereby practically
reducing the price to fraction above nnetyeight per
cent
REPRESENTATION.
Since tho last general meeting Mr. +. A Hankcy and
Mr.. II. Labouchere have resigned their seats in the
| Board; Mr. Charles Meara, OF Antwerp, one of the
original Shareholders and representing considerable
interest in the company, and Mr. Won Chauvin hitherto
manager and electrician the company, have been
appointed by the Board in their stead, in accordance
with the provisions of the companys articles OF
ciaticn. EDWARD H. LUSHlNGrON, Chairman.
UNANIMOUS AT
Tho meeting lasted three hours.
On the motion of the Chairman that the Directors
report for the past year be adopted amendment to
reject IL was proposed by the amagamation party.
This was finally withdrawn and the report was
adopted unanimously