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1
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5
6
ANGLO-AIIJ'IKICAN 'J'EIJ'XIJIAI'II COilPANV
LIMITJ'-D.
|ird ©rMnarij Gciicral ^c.rf''K^ rif ^L \I),olb,cr;i,
Mondaij, Febriiari/ (he 4th, 18G7.
LONDON TAVERN.
CITAS. E. STEWART, I<:sq., ln^ the Ciiaiu.
TIic aclvertlscniGiit convcnino; tlic Mecliiijr was read
by John C. I)eane, Esq., Secretary to the Conipaiiy.
The CiiAiiiMAX: Gcntlcmon, I tliiiik you have all
received copies of the Report and Accounts. Is it
your })lcasure that these should now be read, or takeu
as read?
(The feeling of the IMceting- was that they should
be taken as read.)
The CiiAiiJMAN thereupon said, Gentlemen, in the
Report submitted, we have congratidated you upon
the position of the Conn);!ny. We have done so
with great confidence, for we meet you to-day with
satisfaction unalloyed. In the prospectus issued
A
Inst Maicli, tliivo main objects wore iiuHc.itccl Jis
tlidsi' uliii'li Ave liad in viow, viz., the laying IIk- Ca1)lc
of ISlU'; llio recovery and conij.lciion of tliat of 3 865,
and tlie carnino- of a cliviilond at tlte rale of not loss
tlmn 2 J per cent, on tlie snl;?ci'il)od capit-d of Oic
Ctunpany. Tlicso tlu'co objects have hecn attained,
and I tliin];, tliercfore, avo are justified in congratu-
lating vun uiion tlicve.^nlt. Turnin.^; to the Accomds
presented ■\vitli tlic Ueport, tlicy ;Trc, you Avill see,
very siiort and simple, and rcrpiire little explanation.
Tlie whole of tlic capital, £000,000, lias Lecn paid
up and expended in tlic fulfilment of onr oLligation
to tlie Contrae; -rs. Two sums of £10,000, and £'131,
vliicli we lia\e obtained from ]i}'ennuni on shares and
interest, will sufliee, I hope, ti. cover all our prelimi-
nary expenses up to the 28th July, vrhcu the Cable was
completed, so that there will be no charge against
revemio for anything prior to that (l;itc. The accounts
made \i\) to the 31st of last December, show a profit of
£G7,000, bnt that does not iiiclude a sum of about
£] 1,000, v.hich was then due to us, and whieh has since
been received. The material point however is, that these
figures were more than sufiicient to pay tho dividend
whieh the Board, in the exercise of the power conferred
on. them, have distributed among tlio Shareholders.
AVhen we meet to present to you the Annual Accounts
to the 28th July of t'lis year, we shall then be aMe
to say what sum of money, if any, we can liand over
to oui' fi'iends the Atlantic Telegraph Company. As
you are no doubt aware, all above £125,000, exclusive
of £25,000 from the Xew York ami Newfoundland
'JY'legraph Company, goes to the Atlantic Telegraph
Compaiiy up to £72,000, when we shall again begin to
divide with them; in fact we liave no direct interest
3
ill t]ic oaniiiici-.-; ])ot\vefii tlio fiist XI '25,000 nnd the
£72,000 wlilfli tln'j would s] I'O. 'J'lio iiexl i)ai-'.L!,r;i])Iis
in tlio ]Joj) I (Iclall ilic jtai'ticp.lnvs of tlio contract willi
tlic Coiisti'uclloii Coinpany, and llio ])i.'. codings of tl'O
ex})cdi(inn Avliifli wo. I'avo tliouglit it convoiicnt to
plnee on record fov rcrcrcnci' 1; roartcr.
Tlie lIcpoi'L tlicn refers to tlic jna.niicr in v.-liicli tlic;
contract was fuiniled, and ] lun bound to sny tliat it is
Ijut a sini])!o act of jusllcc to tlic Tclcgra})li Conslruc-
tlon Company to .slate tli;it it was carried out to tlio
entire satisfaction of tlio ]>oard. Tlic result renders
unnecessary nny further f;taieniont on my ])nrt, but
even if tlio result liad been less satisfactory, I should
liavc felt it my duty to have told you that it had not
arisen from any fault on the pai't of the Contractors.
Tlic licport exjnvsscs the obligations of the Company
to the able men cmi)loyed in mahing and laying the
Cable, to whose merits it wordd be a hopeless task to
attempt to do justice. jNlany of them had distinguished
themselves, had obtained honours and distinctions from
their sovereign, and some liad made u world-wide
reputation, to which nothing I can say would add
anything; I sliall therefore confine myself to ac-
knowledging the obligation which the Company owes
to them, and rcfjuest them to receive our tlianhs.
In anticipation of the completion of the cable, we
established a stafl'of able ope . (ors at Yalentia. as well
as at Heart's Content, so that we were in a jwsition at oi ce
to commence earning revenue, and I have great pleasure
in saying, from personal experience, that nothing could
exceed the zeal and ability with Avhich the stafl' dis-
charged their duty. Witli respect to the poorer of tlio
cables 1 have xcvy little to add to the paragra])h in the
lieport. Tlie jiower of the cables is more than Ave are
a1>lo to CM;pl(n'. T][o sii>'!is; com
fail iv;ul tliein. "Wlietlior Lv i
111010 rn
pidly 11
lan Avc
noniis of inncliiiioiy wo
iniiiaii C'vo somofliiri!;'.
sliall 1)0 nltlo to siiLstitntc- for llic ]
lliaf Avill :ic(. qiiir];o)' it is not for me to sav: Lut tit
in-esoui, ilic calilo- traii.>
;niit'
signs move rapielly llian
tlie liuni;in oyo and limlii can seo .'ind follov,- tlioni.
Tlio tolegTa|)liic coinnmnioation tliroiioli NcM-foinul-
laiul nial tlio AVos{(M-n
tliron^li ^^10 Unltod Stat
Union Linos; frora Cape Thvf
pc
o<^, as you liavo Ixcn inform;
[on
Cll
1(1 proliaLlj ns many of you arc aware fi
CO, is very unsatisfacti .y. Wc liavc I
oin cxpori-
)cen in com-
munication with our co-p:.rtncrs, liic N"c\v York and
iScwfoundland Company, and I am very glad to say
tiiat I have received this morning a telegram from llr.
Cyrus Field, of which I will read a portion. Mr. Field
•says:—
" I sail in Cuha on the Gfh instant with full
poorer?, and I have no doubt on mv ariival
C(
a
(C
in ].ondon we rhall he ahle to make
ments satisfactory to all
teh
pai'ties.
arrangc-
J.I1C
egraph husincss between Europe and
America imist he done in a prompt and
re
liahl
e manner,
That, I think, must ho regarded as a ycry satisfactory
conclusion of our negotiation with the Newfoundland
Com])any. Our vie^v has always been that it is essen-
tial to the ])ropcr conduct of tl.'c business that wc
Fhould h;ne the cable extended and continued from
Heart's Content or Placenti.-v ]Jay to Pioston, or some
l)oint in the United States, so that wc should bo in
direct communication, and Avithout the intervention of
a line through the uninhabited portion of Kewfonnd-
land. Another objecticu to the present ari-an'vcment
i
ii
I
is lli.'it tlioro are so mniiy intcre.^t.s eoiiforncd. Ifnny-
tlii'.iLi; lines ■\vroiiu- with tliti ine.s.SMii'cs \vc liavc In vyfi'Y
to so many |);irtii's to Ji.sccrfaiii v.licrc tlie (riflii'iiliy luis
iiri.SL'11, tliat il Is almost lio|)(']c.;s to nn'ivo at any cou-
clusioii. If we liad a CaMo fioui I'laociitia Hay to
IJoston, or, still Letter, if it were extended to New
Yorls, we should have praeticall}' hut one iuaiia^;enienf,
and the husines.; cou.ld, therefore, he condueted in a
inueh more satisfaei y mannir. The arrangemeuts
with the I'vleetrlc and ]\ragnetie Companies will have the
eflect of plaeing this Company's st-.A' in London \vlth
two independent wires at their disposal, so that instead
of heing dependent upon the oiJinary wires of those
Companies, and u})on their stafT holli in London
and Valentia, the message will he given to the
servants of the Anglo-American Company in London,
and tr.insnn'tted direct to Heart's Content without the
intervention of any other managenK'nt or rcsponsihility.
Tiie ]Je})ort acknowledges our ohligatlons to those
who gave us the Cahles, hut the public are indebted
also to those who found the capital. That capltr.l
was raised at a time of very great dlfficully, and, in
fact, it lias been the difliculty with which the Conqja.uy
have had to contend. Theundertaldno^ orluinated with
a few individuals connected to a great extent with the
Telegraph Construction and Maintenance Company,
and they subscribed £230,000. Applicatioji was then
made to the public, meetings were lield in London,
Manchester, Liverj)0ol, and Glasgow, and no stone was
left unturned to induce subscriptions. But there was
such a total absence of confidence, and such disbelief
in the })OssI]jilIly or probability of success, that very
little money was obtained, and, in fact, the balance of
the necessary sum of £500,000 was contributed through
( I
6
ycry
ice of
rouu'li
tlio iiilhiontinl ngoncy of tlic liouso of Messrs. J. S.
j\Kir-';in i^- Co., nnil vei-y inueli freuu tlie .<-::iiiie source ;is
tiie orii^iual sum. It was I'oiilrlljnted •,■'^^ uit the emi of
^larcli or Lejiiuniiiir ofAin'il: n ver>- fpidnialc clreiua-
st:;iu'e it "was, for ii[ton llio lOtli of }>\i\y came tliat
Llack Friday, after vliieli tlioy ^voul(l liave got iiotlilng.
Iftlie expedition of 3 800 had failed, the cau-i-. of v /ct
\vouhl not li;ne Ijccu merely for a ye;'a''.s delay of the
coiamunlcatiou 1)et^veeu England and America, for
th.ere v/as already such a total ah.sencc of confidence;
that if the Cahle of 18GG had gone clscAvhere, as ho
believed itAvould ha.ve done, and the Ca.hle of 18G5 had
remained a >v]'eck at the Lottom of the Atlantic, I
do not knou when the capital ■would have hecn got
togethei' again, and it "would have hcen many years
before the public ^vould have b- induced to make
another attempt.
There arc two of our colleagues absent from aniona-
us to-day, who ouiiht not to bo forgotten on this occa-
sion. I mean j\Ir. Cyrus Field and Sir llichard Glass.
The connection of Mr. Cyrus Field with the progress
of the Atlantic Telegraph is well known. He devoted
himself to the work in a manner v. hicli will connect
Ills name with the success of this enterprise, so loiig
as history keeps the c\ent in jemembrunce. Flis
services are recognised also, I am glad to sec, in his
owii country, and if you will allow me I will read the
terms in wliicli I\Ir; Field is spoken of by the Legis-
lature of tlie Um'tcd States, A resolution Avas submitted
to Congress of the United States to this effect : —
" That the thanks of Congress be, and they nw
" hereby i)resenled to j\Jr, Cyrus Field, of
" New York, for his foi-e.>ight, coui'age, and
, " determination in establishing telegraphic
((
t(
cuinimiiiici'ioii bj moans (>'' tlio Adanlli'
Cnlile li'a\ii'.->l)i'j, tliroiiuli iiii.Nocc.'iin, and
connecting the old -world uilli tlio new; and
that the I'lvsidont of the Unilcd States In-
((
IVflUOi
•dt
o can.'-.i
a fLold modal toljo .slrucl;
>\i(h .suil.'i1)le cnd)lc'iMs, dovic
ind
mscnii
((
((
lioiis, to 1)0 jticsontod to Mr. Field ; that
>vlicn the modal sliall have h.en .sti'uolc, the
IVesidont ^hall canso a cci'V of the joint
resolution to Ijo cni!,i'Oi.scd on parclnnent,
and shall ti'ansniitthe s^anie, together with the
medal, to 'Mr. rield, to bo jircsented to liini
" ill the name of the j)Conle of the United
" States."
I'lio-se resolutions have, 1 believe, boon passed ; and
1 am sure that tliey 'cannot but be c;ratif\intr to
^Ir. Field, ]t is a recognition of his services, valualjle
because deserved. Sir IJichard Glass, I am soi'rv to
»}'■
is prevented from beinii' amon'j: us to-day bv
contmuc
1
d ill
y
ness. As Managing Director of the
Telegraph Construction Company, the duty of organis-
ing the expedition devolved upon him. And a ver^-
fortunate thing it was for us, for the Constructioji
Company, and for the j)ublic that it devolved iij)on
one so well able to carry it out. lie was admirably
fitted for the post Avhicli he occupied. lie threw
k the wIk.K; energy of his character,
in
to tl
le wori
and devoted himself to it in a way which has left its
mark upon
jiim. So lonir as theie
^\:l■•
a doubt of the
success of tlie expedition, Sir llich; (Uass bore uj).
AVhen I reached Yaleutia, on the 2(Uh of July, he was in
c.omi)arativc healtli and apparently strong; but on the
27th, when tlie ship was neai-ing land, and all cause of
anxiety was past, the strong man of the previous day
A\;\s uniiMt' to iKi' from liis Ix'd, mid T may sny, lio
h:\^- scai'i'rly r\<c\\ from It since that ilay. 1 rcjirat
Asliat I liavf ali'ivuly said jmlilicly, lor I Irid aud klio^\'
il to 1)1' true, llial to Sir llicliaid (Mass, |)orlla^l^". innrc
tliaii to any otlua- man, ai'o wo Indclitcd for tlu- .succf.>
ol' tlio C'\[)i'dilio]i (if ]^\('>(\.
1 now ]k".'; to move tliat tlio Ivoporl and Sfalcnu'iit of
Ai-cor,n{s In rocoivod and adoj»ted, and slial! 1)0 glad to
nnswor any qucsfion any ]iro])rI(.'tor may d<'.-.Ire to nsk.
Sir D. Coocii, M.l'., spcondod tlic mntion.
Mr. !MiciiKLL tliouglit tlic Compaii}' fortunate in
hnvinc!; for its chairman a gentlonian Avlio would hi'iiiir
to its scrvii.'O c;dni judgment, steadfast application, and
that ■\vhich could nut ho hold in too hiidi es^timatlon in
the jiresont day, a nice and discriminating f^onso of
lionour.
yiv. CoNvr.KAP.K inquired Avhcthor interest was to he
paid upon the sulxscrihed ca})ital from the day of the
suhscription or the successful laying of the cable.
'i'ho Cii.\ii;:.r.\x raid the deeds Avore veiy specific that
their receipts were to date from tlu; opening of the
cahlc;; and he believed the ])rospectus was ca.[)able of
no other construction.
The I'escdution was cariied unanimously.
]\ii'. ]\Ioi;(;.\N moved, and Mr. J. ]\]. l^vissoxs seconded
tiie i-(j-(dectio!i of the auditor^;, ?vlr. 'J'. ]'. Smithies and
Ml', .If) liua Dean, foi- thoensuing year, and the renui-
iiei'ation for iheii' soi'vices was fixed at llfty pounds each.
;
'II
A Sir.\i;r,iff)T,iii;ii v.'i'^lird to Iriiow wlir-nicr (lil-^ Com-
]K\uy ■\vi'i'].;'i1 llio c;il)le, nii<l li;ivl/ip; tri!;('n crcdif fur
2r» ])('r (•■('111,, )i;in(lc'<l (;vcr llio l)al;uir'o lo tlir Aflaiitic
C(Mii]iriny, oi' A'Jir'tlicr llif' Allanlic; Co!n})aiiy did llio
"Nvorlx. ]r llio Allanlic Coi!ij''niy Avorlcod llir> caldt; Ijc
coulf] not f^cc Aviiat lU'CO^.'^'ly (lioro w-a-: f(>i' lliis Coni-
])niiy <() liavo AiulilOTS.
Tlio CjiAii;MAX ^aid tlic c 'dos wcvo woidvod 1)}' tlio
Aiif';ln-Ainc'v*ran Coiupniiy, ■\ lio ]{C\)f tlio nocoimts and
j)nid all llio v.'orl.iiig cxpcn.::"'5>. Tlioy tlion tool- for
tLonisflvc," a snni cqnal to 25 per cent, upon tli' ir
total ca])Ilal, and liandcd over the. halanco, if any, to
tlio Allanlic Compa)iy up to n furtlier sum of £7:'^,f)00,
after -wliicli, the two Companies dlvldod lialf and lialf.
Tlievc \\a.s, therefore, a iiece5;;ily for their anditinfy the
accGiints.
]\rr, CoNViJKAiJi'; ashed ^vhal jn-ospeet there was of the
Atlantic Conip' ._^/ l)nying then np.
Tlic Cir.MKMAx would lot iindertahc the rcsponsihiHly
of proidiesyini^-. Tlio shares of the Anglo-American
Conijiany -wero now onlj' at £150 in the inarkct. If
the Atlantic Comimny he ahlc to huy Iheni up they
conld Old}' do go hy l)aylng .C'200 for each XIOO of
Ano:lo-Ai!ioi'ican stock.
'i
Anothei' SnA7;;:uoj,i)Ki; .suj!,-[!;ested that an iinnudiato
advantage to the Com] -iiy would jtrv)l)ably result from
a reduction of the tariil'to 5.<^. per word, and complained
that cnstomei's wej-o not informed when stojipagcs
occurred * : the woi'hino; of the land lines in America.
inte
(roin
■mod
[v.'CS
10
I'lii- Cii \iu\iAN oLsorvcil lliat tlio linos in NowfDriMtl-
liuul >veiv ilqioiuliMit ii])ou cliaii^i's of Avoat'in*. Tlicy
v<cJy :\ few moiillis .I'lO, to ])i\>.'ik ilown ninl remain
fr-luji|KHl fof .'L'vi'ial (lay.s, Inil of lato, when a Lrcak tlov, ii
occ'un i.\], the daniai^e liad beeii ivj^.'iired in a liour or two.
He dill not (liiidv it "would assist tlic ; .ildic ifllr^ Averc
to udverli^o "lines down" nnd "line.; np" three o- four
li:.ics a d;!/. Tie Ljlieved that -wit) i tlic cxeeiuicu of
one \Ciy serious lut'ak do^vn in conso(|ucnce of a galo
and a liefiA^y f;dl of snow there had been ho interrnption
for some time ■wliich had extended over two or three
liours. Thej -would always he suhject to the e inter-
ruptions till they got the cable from I'lacenti: Hay to
]>osfon, "wlicn he hoped tliey would be able to g; . e satis*
faction to thepuldie, and to sceurc themselves from the
danger of eom})etition, to wlucli all successful und-'i-tak-
ings wei o exposed. The tarlll' was a cpiestlon of anxious
consideration. It was no use seeldni;'- a lart-'C business
till the lines beyon^d tbem were in a condition to do it.
Tliey had already reduced the tnrifl' from 20.s\ to 10.s-.
a word, and he believed they would very shortly go to
5?.; and he would not venture to say tbat that would
bo the permanent rate.
lieplying to furtber questions.
The CirAiUMAN stated there was nothing to preclude
another coni])any from laying a line direct from Ireland
to I'oston, ()•• any otli..- point in tlie United States
beyond a certain boundaiy, within whicli tlic Ncw-
■ foundland Company, who wei'e ]).artners with the
Atlantic 'J'elegrai)!! Com])any, liad a monopoly. ]hit
their true policy and rafcty wo\ild be not to depend
uj)on a monopoly but iij on doing the work so well and
cheaply that there shoii' i be no room for other,N, 'J'lie
M
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11
qucsLion of n ru/'CiVC finid v,-is oiK^ t^iat afieclcd tho
Atlaiilic Company hki-c tliau it did tlicni; tlic Avticlts of
Association prov'dcd lliat a fiiini of £15,000 .^. year, or
10 |)0)' cent of l]io not rorc'jits, sliould 1)0 set aside ri
reserve. 'J'lio I'occipts fi'uin tlto. caLlu varied wry iir- Ii
from Q];\y to (^13-, ov.iiu^' to tlio s(;!'c. oftlio land Jiues on
tiio Arncricriu Fido. Tlio incrca.S" ' bu.sii^ess co'-oquwit
upon tlic rednclion of tlie tarifr iVoin 20 . to 10a-. was
snnicicnt in a jnondi or six ■\vccks to recoup any losa.
TJic receipt-; varir>d a few pounds a day, accordiiu'; as
tlic land lines ^,erc in good repair or otliorwi?e, Iv (;
amount on tlic uverago to fdjout £S00 a day, Avdiich \, . .
the same rate as under tlic old t'lrifl'.
A vote of thanks was tljen passed to tlic Chairman
and Directors, aiid its acIcno"\vledf^oniei'.t hy the Cliair-
man terminated the proceedings.
Mttctilia ,t .Von, 32, Ckuiiiit'n-lui.p, K.C., luul SO, I'arljaiiiciit-Ftrcct. S.W.
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