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This itam is filmed at the reduction ratio checked below/ Ce document est film* au taux de reduction indiqui ci-dessous. 10X 14X IbX 22X 26X 30X J 12X 16X 20X 24X 28X 32X The copy fllmod hero hm been raproducMl thanks tb the ganerotity of: Library of the Public Archives of Canada The images appearing here are the best quality possible considering the condition and legibility of the original copy and in keeping with the filming contract specifications. Original copies in printed paper covers are filmed beginning with the front cover and ending on the last page with a printed or illustrated Impres- sion, or the back cover when appropriate. All other original copies are filmed beginning on the first page with a printed or illustrated impres- sion, and ending on the last page with a printed or illustrated Impression. The last recorded frame on each microfiche shall contain the symbol — ^ (meaning "CON- TiNUED"). or the symbol ▼ (meaning "END"), whichever applies. 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Tous les autres exemplaires originaux sont filmte an commenpant par la pramlAre page qui comporte une empreinte d'Impression ou d'illustration et en terminant par la dernlAre page qui comporte une telle empreinte. Un des symboles suivants apparaltra sur la darnlAre image de cheque microfiche, selon le cas: le symbols -*^ signifle "A SUIVRE ", le symbols V signifle "FIN". Les cartes, planches, tableaux, etc., peuvent Atre fiimte it des taux de reduction dif'irents. Lorsque is document est trop grand pour Atre reproduit en un seul clichA, 11 est filmA A partir de Tangle sup^rieur gauche, de gauche A droite, et de haut en bas, en prenant le nombre d'images nicessaira. Les diagrammes suivants illustrent le mAthode. 1 2 3 4 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\ 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 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.'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 : r Hi 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. ho of t>r «-» c* 4- > ..ni ■at ;s. 111 r-