THE NEW ZEALAND CABLE.

Globe, Volume IV, Issue 355, 2 August 1875, Page 3

THE NEW ZEALAND CABLE.

The London correspondent of the Argus writes on June 11th:— An extraordinary general meeting of the shareholders of the Eastern Extension Telegraph Company was held on Monday last, under the presidency of Mr J. Pender, M.P., who, in opening the proceedings, said that the last time he had the pleasure of addressing the shareholders, a question was put to him as to whether the company were looking after the laying of a cable to New Zealand. Negotiations were entered into, and as the result, this company had entered into an arrangement for the laying of a cable. The bargain was not a very brilliant one for this company, but it was the completing of the last link of their chain. If the contract were duly carried out, the whole system of telegraphy between England and New Zealand would be in the hands of this company, and he considered that they would be very likely to give satisfaction to the New Zealand Government. Mr George Livary, the secretary, read the heads of the agreement between the directors on the one hand and the Government of New Zealand on the other, the principal clauses of which were as follows: The cable to be laid by or before April 30th. 187 G; the colony to pay 1 a subsidy of £7500 per annum, payable quarterly during a period of ten years; the charge for the transmission of messages through the cable not to exceed 7s 6d per message of ten words, and 9d for every additional word inclusive of names and addresses; the tariff to be reduced to 5s for every ten words, and 6d for every additional word whenever the average number of messages during any preceding six calendar months has amounted to 200 per week, excluding Sundays, and whenever the colony shall guarantee a similar number of messages per week. The chairman proposed a resolution approving the heads of the agreement, which was seconded by the Hon Mr Massey, M.P. In reply to questions the chairman said that the estimated cost of the laying of the cable was £320,000, which the company proposed to |raise by the issue of debentures bearing interest at the rate of 6 per cent per annum, giving the shareholders the option of taking the shares pro rata. The directors were under the impression that the traffic between New Zealand and Australia would give favorable returns. The traffic between New Zealand and this country would perhaps not be large. The resolution was adopted, and the proceedings terminated with the usual vote of thanks.