THE CABLE COMPANY AND NEW ZEALAND.

New Zealand Herald, Volume XXV, Issue 9084, 19 June 1888, Page 5

THE CABLE COMPANY AND NEW ZEALAND.

Writing on May 4 our London correspondent says :—" The Eastern Extension Cable Company have had a very successful year, their gross receipts for 1887 having been £451,861, or an increaso of £10,062 over the takings of 1886. The Board was, therefore, in a position, at the twentyninth ordinary general meeting held a week last Wednesday, to declare a dividend of 5 per cent., which, together with a bonus also allotted, makes a dividend of per cent, for the whole year as against 6 per cent for ISS6. Sir John Fender, in announcing this satisfactory state of things to the shareholders, spoke hopefully in regard to several matters which in the past had occasioned the company some anxiety. He expressed his regret that the negotiations with the New Zealand Government for the renewal of the subsidy had proved fruitless, and had necessitated an increaso of the tariffs over the New Zealand cable ; but ho declared that this increase had enabled the company very nearly to recoup itself for tho loss of the subsidy. On the subject of the threatened Pacific cable he was equally sanguine. He considered that the soundings which have been authorised will occupy throe years, during which period at any rat-e tho threatened opposition would be in nbeyanco, and, should it subsequently arise, ho hoped the standing of his company would be strong enough to prevent the cable being laid, or, if laid, to secure that it should be worked under conditions that would neither annoy nor inconvonience the Eastern Extension.