A. The following is a list of the Gentlemen connected with the project for the year 1865 NEW YORK, NEWFOUNDLAND, AND LONDON TELEGRAPH COMPANY. PETER COOPER, Esq. | President. | CYRUS W. FIELD, Esq. | Vice-President. | MOSES TAYLOR, Esq. | Treasurer. | Prof. S. F. B. MORSE | Electrician. | DAVID DUDLEY FIELD, Esq. | Counsel. | DIRECTORS. | SECRETARY. | PETER COOPER, Esq. MOSES TAYLOR, Esq. CYRUS W. FIELD, Esq. MARSHALL O. ROBERTS, Esq. WILSON G. HUNT, Esq. | —NEW YORK. | ROBERT W. LOWBER, Esq. GENERAL SUPERINTENDENT. ALEXANDER M. MACKAY, Esq., St. John’s, Newfoundland. | ATLANTIC TELEGRAPH COMPANY. | DIRECTORS. | The Right Hon. JAMES STUART WORTLEY, Chairman. "" CURTIS M. LAMPSON, Esq., Vice-Chairman. | G. P. BIDDER, Esq. C.E. FRANCIS LE BRETON, Esq. EDWARD CROPPER, Esq. | SIR EDWARD CUNARD, Bart. SAMUEL GURNEY, Esq., M.P. CAPTAIN A. T. HAMILTON. | EDWARD MOON, Esq. GEORGE PEABODY, Esq. JOHN PENDER, Esq., M.P. | HONORARY DIRECTOR—W. H. STEPHENSON, Esq. | HONORARY DIRECTORS IN THE UNITED STATES. | E. M. ARCHIBALD, Esq., C.B., H.M. Consul, PETER COOPER, Esq. WILLIAM E. DODGE, Esq. | New York. New York. New York. | CYRUS W. FIELD, Esq. WILSON G. HUNT, Esq. A. A. LOW, Esq. | New York. New York. New York. | HOWARD POTTER, Esq., New York. | HONORARY DIRECTORS IN BRITISH NORTH AMERICA. | HUGH ALLEN, Esq., Montreal, Canada. WILLIAM CUNARD, Esq., Halifax, Nova Scotia. | WALTER GRIEVE, Esq., St. John’s, Newfoundland. THOMAS C. KINNEAR, Esq., Halifax, Nova Scotia. |
CONSULTING SCIENTIFIC COMMITTEE. | WILLIAM FAIRBAIRN, Esq., F.R.S., Manchester. CAPTAIN DOUGLAS GALTON, R.E., F.R.S., London. | PROFESSOR WM. THOMSON, F.R.S., Glasgow. PROFESSOR C. WHEATSTONE, F.R.S., London. | JOSEPH WHITWORTH, Esq., F.R.S., Manchester. | Honorary Consulting Engineer in America—GENERAL MARSHALL LEFFERTS, New York. Offices—12, St. Helen’s Place, Bishopsgate Street Within, London. Secretary and General Superintendent—GEORGE SAWARD, Esq. Electrician—CROMWELL F. VARLEY, Esq. | Solicitors—MESSRS. FRESHFIELDS & NEWMAN. | Auditor—H. W. BLACKBURN, Esq., Bradford, Yorkshire, Public Accountant. | BANKERS. | In London—The Bank of England, and Messrs. Glyn, Mills, & Co. In Lancashire—The Consolidated Bank, Manchester. In Ireland—The National Bank and its Branches. | In Scotland—The British Linen Company and its Branches. In New York—Messrs. Duncan, Sherman, & Co. In Canada and Nova Scotia—The Bank of British North America. | In Newfoundland—The Union Bank of Newfoundland. |
B. THE TELEGRAPH CONSTRUCTION AND MAINTENANCE COMPANY (Uniting the Business of the Gutta Percha Company with that of Messrs. Glass, Elliot, & Company) is constituted as follows:— DIRECTORS. | JOHN PENDER, Esq., M.P., Chairman. ALEXANDER HENRY CAMPBELL, Esq., M.P., Vice-Chairman. RICHARD ATWOOD GLASS, Esq., (Glass, Elliot, & Co.), Managing Director. | HENRY FORD BARCLAY, Esq. (Gutta Percha Co.) THOMAS BRASSEY, Esq. GEORGE ELLIOT, Esq. (Glass, Elliot, & Co.) ALEXANDER STRUTHERS FINLAY, Esq., M.P. | DANIEL GOOCH, Esq., C.E., M.P. SAMUEL GURNEY, Esq., M.P. LORD JOHN HAY. JOHN SMITH, Esq. (Smith, Fleming, & Co.) | Bankers—THE CONSOLIDATED BANK, London and Manchester. SOLICITORS. | MESSRS. BIRCHAM, DALRYMPLE, DRAKE, & WARD. | MESSRS. BAXTER, ROSE, NORTON, & Co. | Secretary—WILLIAM SHUTER, Esq. | Offices—54, Old Broad Street, London. | Works—Wharf Road, City Road, N., and East Greenwich, S.E. |
C. THE following will be some of the Improvements in the Picking-up Machinery and in the Vessel to fit her for her next voyage, and it is believed that the Great Eastern will be as perfect and as admirably adapted for her work as human hands can make her. The whole apparatus will be strengthened and improved by grooved drums, and more boiler power added, and other drums will be provided for lowering away buoy-rope when grappling. The paying-out machinery will have steam-power added to it, the spare drum fitted on the machine will be used for picking-up in connection with the paying-out drum; an extra drum and brake-wheel will also be placed near the stern for the purpose of paying-out grapnel lines and buoy-rope, in case it is found more convenient than at the bow. The grapnel-rope, with shackles, swivels, &c., will be made sufficiently strong to lift or break the bight of the Cable in the deepest water. The hawse-pipes and stem of the ship will be guarded to prevent the Cable from being injured. A guard will be placed round the screw to prevent the Cable and buoy-rope fouling. D. STATEMENT OF KNOTS RUN AND CABLE PAYED-OUT PER DAY. Sunday, July 23.—Left Berehaven at 1·45 a.m. Passed Skelligs at 8·0 a.m.; bore away N.W., and came up with Caroline at 8·30 a.m., about 25 miles N.W. of Valencia. 10·30 a.m., End got out of afterhold. 11·0 a.m., Terrible and Sphinx came alongside. 12·35 p.m., Caroline got up end of shore-end Cable. 12·45 p.m., passed end of deep-sea Cable to Caroline over stern-sheave of Great Eastern. 5·20 p.m., splice finished on board Caroline, and bight of Cable slipped. 6·50 p.m., took hands on board from Caroline. 8·0 p.m., paddle and screw engines started. Date. 12 Noon. | Made Good. | Lat. N. Obs. | Long. W. Obs. | Distance from Valencia | Miles payed-out. | Slack per Cent. | Heart’s Content. | Course. | Dist. | Bearing. | Distance. | July | | | ° ´ ´´ | ° ´ ´´ | | | | ° | 23 | Splice to Shore end. | 51 50 0 | 11 2 20 | 24½ | 27·00 | -- | N. 80., W. | 1638·5 | 24 | Picking up Cable | 52 2 30 | 12 17 30 | 73·1 | 84·791 | 15·99 | -- | -- | 25 | | 51 58 0 | 12 11 0 | 68·5 | 74·591 | 8·89 | -- | 1596·5 | 26 | N. 79., 20. W. | 111·5 | 52 18 42 | 15 10 0 | 180 | 191·96 | 6·64 | N. 24., 21 W. | 1485 | 27 | N. 81., 30. W. | 142·5 | 52 34 30 | 19 0 30 | 320·8 | 357·55 | 11·45 | N. 87., 39 W. | 1344·2 | 28 | N. 86., 30. W. | 155·5 | 52 45 0 | 23 15 45 | 476·4 | 531·57 | 11·16 | S. 88., 35 W. | 1188·6 | 29 | S. 87., 40. W. | 160·0 | 52 38 30 | 27 40 0 | 636·4 | 707·36 | 11·15 | S. 84., 54 W. | 1028·6 | 30 | S. 70., 0. W. | 24 | 52 30 30 | 28 17 0 | 659·6 | 745·0 | 12·94 | S. 84., 48 W. | 1005·4 | 31 | S. 81., 0. W. | 134 | 52 9 20 | 31 53 0 | 793 | 903·0 | 15·13 | S. 82., 20 W. | 871·9 | Aug. | | | | | | | | | | 1 | S. 83., 45. W. | 155 | 51 52 30 | 36 3 30 | 948 | 1081·55 | 14·09 | S. 78., 22 W. | 717·1 | | S. 76., 25. W. | 115·4 | | | | | | | | 2 | Returned 2 miles | 51 25 0 | 39 1 0 | 1063·4 | 1186·0 | 11·56 | S. 76., 17 W. | 603·6 | | before Cable broke | | | | | | | | | | DR. | | | | | | | 3 | -- | -- | 51 36 0 | 38 27 0 | -- | -- | -- | -- | -- | | | | OBS. | | | | | | | 4 | -- | -- | 51 34 30 | 37 54 0 | -- | -- | -- | End of Cable. | S. 76., W., 44 M. | 5 | -- | -- | 51 25 0 | 38 36 0 | -- | -- | -- | “ “ | W. (true) 15 M. | | -- | -- | OBS. | | | | | | | 6 | -- | -- | 51 25 0 | 38 20 0 | -- | -- | -- | “ “ | W. “ 26 M. | 7 | -- | -- | 51 29 30 | 39 4 30 | -- | -- | -- | “ “ | S. 23., E., 5 M. | 8 | -- | -- | 51 28 0 | 38 56 0 | -- | -- | -- | No. 2 Buoy | W.S.W., 3 M. | 9 | -- | -- | 51 29 30 | 39 6 0 | -- | -- | -- | “ “ | S. 38, 6 or 7 M. | 10 | -- | -- | 51 26 0 | 38 59 0 | -- | -- | -- | End of Cable | S. 56, W., 2 M. | 11 | -- | -- | 51 24 0 | 38 59 0 | D.R. | -- | -- | “ “ | N. 50, W. 1¾ M. | TEMPERATURE OF THE SEA-WATER. Date. | Time. | Degrees. | | 1865. | | | July | 26th | Noon. | 59 | “ | 27th | “ | 65 | “ | 28th | “ | 56 | “ | 29th | “ | 55 | “ | 30th | “ | 53 | “ | 31st | “ | 56 | August | 1st | “ | 59 | “ | 2nd | “ | 59 | “ | 3rd | “ | 54 | “ | 4th | “ | 55 | “ | 5th | “ | 55 | “ | 6th | “ | 55 | “ | 7th | “ | 54 | “ | 8th | “ | 59 | “ | 9th | “ | 55 | “ | 10th | “ | 57 | “ | 11th | “ | 57 | “ | 12th | “ | 54 | S. CANNNG. E. THE FOLLOWING IS A TABLE OF THE CABLES ALREADY LAID IN THE SEAS AND OCEANS OF THE WORLD. No. | Iron. | lbs. G.P. | Copper. | Length | Weight. | Length. | lbs. | Length. | 1 | Dover and Cape Grisnez | | | 13,230 | 3300 | 30 | 30 | 2 | Dover and Calais | 314,600 | 260 | 14,820 | 7060 | 104 | 26 | 3 | Holyhead, Howth | 156,480 | 960 | 11,400 | 5400 | 80 | 80 | 4 | Portpatrick and Donaghadee | 316,200 | 300 | 20,312 | 10,125 | 150 | 25 | 5 | Denmark | 164,748 | 162 | 5400 | 2052 | 54 | 18 | 6 | Dover, Ostend | 1,138,320 | 1080 | 73,125 | 36,450 | 540 | 90 | 7 | Frith of Forth | 77,800 | 200 | 8180 | 18,520 | 20 | 5 | 8 | Italy, Corsica | 1,597,200 | 1320 | 104,940 | 44,550 | 660 | 110 | 9 | Corsica, Sardinia | 145,200 | 120 | 9540 | 4050 | 60 | 10 | 10 | Holyhead, Howth | 295,640 | 760 | 15,504 | 51,300 | 76 | 76 | 11 | Do. | 295,640 | 760 | 15,504 | 51,300 | 76 | 76 | 12 | Portpatrick and Whitehead | 328 | 848 | 312 | 22,280 | 10,530 | 16s 284 | 13 | Sweden, Denmark | 137,020 | 130 | 5558 | 2633 | 39 | 13 | 14 | Black Sea | | | 56,763 | 24,098 | 357 | 357 | 15 | Do. | 70,584 | 2076 | 24,652 | 11,678 | 173 | 173 | 16 | Prince Edward’s Island, New Brunswick | 46,512 | 144 | 1905 | 1134 | 84 | 12 | 17 | England, Hanover | 807,680 | 3360 | 66,360 | 30,240 | 2240 | 280 | 18 | — Holland | 2,439,840 | 1366 | 110,976 | 78,336 | 544 | 136 | 19 | Liverpool, Holyhead | 161,400 | 300 | 5925 | 3376 | 50 | 25 | 20 | Channel Islands | 450,306 | 837 | 14,787 | 10,230 | 93 | 93 | 21 | Isle of Man | 193,680 | 360 | 7344 | 2430 | 36 | 36 | 22 | England, Denmark | 2,734,200 | 4200 | 124,425 | 6700 | 4200 | 350 | 23 | Folkestone, Boulogne | 429,120 | 288 | 20,520 | 7776 | 576 | 24 | 24 | Singapore, Batavia | 564,300 | 9900 | 112,200 | 86,350 | 3850 | 550 | 25 | Sweden, Gottland | 248,064 | 768 | 10,176 | 6048 | 448 | 64 | 26 | Tasmania | 933,600 | 2400 | 38,160 | 16,480 | 240 | 240 | 27 | Denmark, Great Belt | 203,280 | 168 | 13,365 | 5628 | 84 | 14 | 28 | Dacca, Pegu | 119,016 | 2088 | 21,228 | 18,096 | 812 | 116 | 29 | Newfoundland, Cape Breton | 290,700 | 900 | 13,515 | 8500 | 595 | 85 | 30 | First Atlantic | 5,140,800 | 428,400 | 748,000 | 340,000 | 23,800 | 3400 | 31 | Sardinia and Malta: Dardanelles to Scio
| 3,326,400 | 12,600 | 111,300 | 70,000 | 4900 | 700 | 32 | and Candia from Athens, to Scio and Scio | 631,104 | 8304 | 82,521 | 51,900 | 3633 | 519 | 33 | Sardinia, Bona | 707,000 | 1500 | 42,750 | 80,000 | 500 | 125 | 34 | Red Sea and India | 6,126,714 | 63,168 | 743,908 | 547,404 | 24,563 | 3509 | 35 | Sicily and Malta | 499,100 | 700 | 10,080 | 7000 | 490 | 70 | 36 | Barcelona, Mahon | 538,560 | 2880 | 25,920 | 16,740 | 1260 | 180 | 37 | Iviza to Majorca: St. Antonia to Iviza | 639,900 | 2700 | 31,800 | 18,000 | 1200 | 150 | 38 | Toulon, Algiers | 465,600 | 4800 | 93,600 | 44,640 | 3360 | 480 | 39 | Corfu, Otranto | 427,800 | 600 | 11,700 | 5880 | 420 | 60 | 40 | Toulon, Corsica | 189,150 | 1950 | 39,000 | 18,135 | 1365 | 195 | 41 | Malta, Alexandria | 5,829,930 | 27,630 | 10,745 | 532,645 | 10,745 | 1535 | 42 | Wexford | 687,204 | 756 | 36,288 | 23,436 | 1764 | 63 | 43 | England, Holland | 2,439,840 | 1360 | 110,976 | 78,336 | 544 | 136 | 44 | Sardinia, Sicily | 223,100 | 2300 | 42,400 | 36,000 | 1610 | 230 | 45 | Persian Gulf | 9,677,544 | 17,988 | 357,500 | 292,500 | 1499 | 1499 |
F. SUBMARINE TELEGRAPH CABLES Now in successful Working Order, the Insulated Wires for which were manufactured by the Gutta Percha Company, Patentees, Wharf Road, City Road, London. No. | Date when Laid. | From | To | No. of Conductors. | Length of Cable in Statute Miles. | Length of Insulated Wire in Statute Miles. | Depth of Water in Fathoms. | By whom Covered and Laid. | Length of time the Cables have been working. | 1 | 1851 | Dover | Calais | 4 | 27 | 108 | . | Wilkins & Wetherley, Newall & Co., KÜper & Co., and Mr. Crampton. | 14 years | 2 | 1853 | Denmark, across the Belt | | 3 | 18 | 54 | . | R. S. Newall & Co | 12 “ | 3 | 1853 | Dover | Ostend | 6 | 80½ | 483 | . | Newall & Co., and KÜper & Co. R. S. Newall & Co. | 12 “ | 4 | 1853 | Frith of Forth | | 4 | 6 | 24 | . | | 12 “ | 5 | 1853 | Portpatrick | Donaghadee | 6 | 25 | 150 | . | “ “ | 12 “ | 6 | 1853 | Across River Tay | | 4 | 2 | 8 | . | “ “ | 12 “ | 7 | 1854 | Portpatrick | Whitehead | 6 | 27 | 162 | . | “ “ | 11 “ | 8 | 1854 | Sweden | Denmark | 3 | 12 | 36 | 14 | Glass, Elliot, & Co. | 11 “ | 9 | 1854 | Italy | Corsica | 6 | 110 | 660 | 325 | “ “ | 11 “ | 10 | 1854 | Corsica | Sardinia | 6 | 10 | 60 | 20 | “ “ | 11 “ | 11 | 1855 | Egypt | | 4 | 10 | 40 | . | “ “ | 10 “ | 12 | 1855 | Italy | Sicily | 3 | 5 | 15 | 27 | “ “ | 10 “ | 13 | 1856 | Newfoundland | Cape Breton | 1 | 85 | 85 | 360 | “ “ | 9 “ | 14 | 1856 | Prince Edward’s Island | New Brunswick | 1 | 12 | 12 | 14 | “ “ | 9 “ | 15 | 1856 | Straight of Canso. | Cape Breton, N.S. | 3 | 1½ | 4½ | . | Nova Scotia Electric Telegraph Co. | 9 “ | 16 | 1857 | Norway. across Fiords | 1 | 49 | 49 | 300 | Glass, Elliot, & Co. | 8 “ | 17 | 1857 | Across mouths of Danube | | 1 | 3 | 3 | . | “ “ | 0 “ | 18 | 1857 | Ceylon | {Mainland of India} | 1 | 30 | 30 | . | “ “ | 0 “ | 19 | 1858 | Italy | Sicily | 1 | 8 | 8 | 60 | “ “ | 7 “ | 20 | 1858 | England | Holland | 4 | 140 | 560 | 30 | “ “ | 7 “ | 21 | 1858 | Ditto | Hanover | 2 | 280 | 560 | 30 | “ “ | 7 “ | 22 | 1858 | Norway across | Fiords | 1 | 16 | 16 | 300 | “ “ | 7 “ | 23 | 1858 | South Australia | King’s Island | 1 | 140 | 140 | 45 | W. T. Henley | 7 “ | 24 | 1858 | Ceylon | India | 1 | 30 | 30 | 45 | “ “ | 7 “ | 25 | 1859 | Alexandria | | 4 | 2 | 8 | . | Glass, Elliot, & Co. | 6 “ | 26 | 1859 | England | Denmark | 3 | 368 | 1104 | 30 | “ “ | 6 “ | 27 | 1859 | Sweden | Gotland | 1 | 61 | 64 | 80 | “ “ | 6 “ | 28 | 1859 | Folkestone | Boulogne | 6 | 24 | 144 | 32 | “ “ | 6 “ | 29 | 1859 | Across rivers in India | | 1 | 10 | 10 | . | “ “ | 6 “ | 30 | 1859 | Malta | Sicily | 1 | 60 | 60 | 79 | “ “ | 6 “ | 31 | 1859 | England | Isle of Man | 1 | 36 | 36 | 30 | “ “ | 6 “ | 32 | 1859 | Suez | Jubal Island | 1 | 220 | 220 | . | R. S. Newall & Co. | 6 “ | 33 | 1859 | Jersey | Pirou, France | 1 | 21 | 21 | 15 | Glass, Elliot, & Co. | 5 “ | 34 | 1859 | Tasmania | Bass Straits | 1 | 240 | 240 | . | W. T. Henley | 5 “ | 35 | 1860 | Denmark | (Great Belt) (14 miles (14 miles | 6) 3) | 28 | 126 | 18 | “ “ | 5 “ | 36 | 1860 | Dacca | Pegu | 1 | 116 | 116 | . | “ “ | 5 “ | 37 | 1860 | Barcelona | Mahon | 1 | 180 | 180 | 1400 | “ “ | 5 “ | 38 | 1860 | Minorca | Majorca | 2 | 35 | 70 | 250 | “ “ | 5 “ | 39 | 1860 | Iviza | Majorca | 2 | 74 | 148 | 500 | “ “ | 5 “ | 40 | 1860 | St. Antonio | Iviza | 2 | 76 | 152 | 450 | “ “ | 5 “ | 41 | 1861 | Norway across | Fiords | 1 | 16 | 16 | 300 | Glass, Elliot, & Co. | 4 “ | 42 | 1861 | Toulon | Corsica | 1 | 195 | 195 | 1550 | “ “ | 4 “ | 43 | 1861 | Holyhead | Howth, Ireland | 1 | 64 | 64 | . | Electric & International Tel. Co. | 4 “ | 44 | 1861 | Malta | Alexandria | 1 | 1535 | 1535 | 420 | Glass, Elliot, & Co. | 3½ years | 45 | 1861 | Newhaven | Dieppe | 4 | 80 | 320 | | W. T. Henley, laid | 4 “ | 46 | 1862 | Pembroke | Wexford | 4 | 63 | 252 | 58 | Glass, Elliot, & Co. | 3¼ “ | 47 | 1862 | Frith of Forth | | 4 | 6 | 24 | | Electric & International Tel. Co. | 3 “ | 48 | 1862 | England | Holland | 4 | 130 | 520 | 30 | Glass, Elliot, & Co. | 2¾ “ | 49 | 1862 | Across River Tay | | 4 | 2 | 8 | | Electric & International Tel. Co. | 3 “ | 50 | 1863 | Sardinia | Sicily | 1 | 243 | 243 | 1200 | Glass, Elliot, & Co. | 2 “ | 51 | 1864 | Persian Gulf | | 1 | 1450 | 1450 | 120 | W. T. Henley and Indian Government | 1 year | 52 | 1864 | Otranto | Avlona | 1 | 60 | 60 | 569 | W. T. Henley | 9 mths. | 53 | 1865 | La Calle | Biserte | 1 | 97¼ | 97¼ | | Siemens Brothers | 3 “ | 54 | 1865 | Sweden | Prussia | 3 | 55 | 166 | | W. T. Henley | 1 month | 55 | 1865 | Biserte | Marsala | 1 | 164¾ | 164¾ | | Siemens Brothers | 1 “ | A great many Cables of short lengths, not included in this list, are now at work in various parts of the world; and other Cables, the Wires insulated by the Gutta Percha Company, have been laid by Messrs. Felten & Guilleaume, of Cologne, during the last eight years, amounting to over 1000 miles, and which are now in working order. G. ATLANTIC TELEGRAPH COMPANY. Report of the Directors to the Extraordinary General Meeting of Shareholders, held at the London Tavern, Bishopsgate Street, on Thursday, the 14th day of September, 1865. 12, St. Helen’s Place, London, 13th September, 1865. The sensation immediately consequent upon the recent accident to the Atlantic Telegraph Cable was one of profound disappointment, but this has to a great extent disappeared before the important and encouraging facts which were found to have been brought to light and practice during the expedition. Not only has the future permanence of Deep-sea Cables been much enhanced by the greater convenience and safety with which they can be coiled and tested and payed-out since the Great Eastern has shown herself so well adapted to the work, but it has now also been proved absolutely that in the event of injury to the insulation, even after submersion, and while sunk in the deepest water, electricians are enabled with ease to calculate minutely the exact distance of the injured spot from ship or shore in a Cable 2,300 miles long. It has further been proved that many miles of a Cable like that selected by the Atlantic Telegraph Company can, if so injured, be hauled in and repaired during the heaviest weather and from water 2000 fathoms in depth: and still more that even when a Cable is absolutely fractured, and the broken end lies at the bottom of an ocean 2000 fathoms deep, it is perfectly possible to find it and to raise it, and equally possible, according to the opinions of all those engaged in the recent expedition, to bring up the end of the Atlantic Cable, which is in that situation, and to splice it to the Cable on board the Great Eastern, so as to complete the communication to Newfoundland, so soon as apparatus of suitable strength and convenience can be manufactured. In fact, so important have been the results of the last expedition in moderating every element of risk attendant on these undertakings, that the successful Submersion of submarine Cables will henceforward take its place as an event insurable for a moderate premium by the Underwriters. The Directors, after careful investigation, therefore have determined not to relax in striving to bring to a successful issue the great work entrusted to their charge, but to press forward in the path of experience with increased vigilance and perseverance. They have been encouraged in this view by the fair manner in which they have been met by the Contractors, with whom they have already entered into a contract for renewed operations. Under this contract the Telegraph Construction and Maintenance Company undertake for the sum of 500,000l., which has been agreed on as the cost price, at once to commence the manufacture of and during 1866 to lay down, a new Cable between Ireland and Newfoundland. The Contractors, if the said Cable be successful, but not otherwise, are to have, in shares and cash, a profit at the rate of 20 per cent. upon such cost. The Contractors also undertake, without any further charge whatever, to go to sea with sufficient Cable, including that now left on board the Great Eastern, and all proper appliances and apparatus such as experience has shown to be necessary, and to use their best endeavours—in the success of which they entirely believe—to recover and repair and complete in working order between Ireland and Newfoundland, the present broken Cable. It will be seen that circumstances have thus enabled the Board to effect a very considerable economy in the Company’s present operations. It would no doubt have been a most gratifying circumstance if the recent accidents had not happened, and to the Directors this occurrence has been a grievous disappointment, but the circumstances surrounding the expedition and the increased confidence which, in spite of temporary discomfiture, has been given to the future of Deep-sea Cables, has enabled the Board to effect a new contract for the repair of the old Cable and for the submersion of a new one during 1866, on terms so satisfactory that if both these operations should succeed, the Company will actually be in possession of two efficient Cables for a less amount by 100,000l. than they would have been obliged to expend if the Cable of this year had been successful and the second Cable had been required to be purchased separately. But the carrying out of this contract, so advantageous to the Atlantic Telegraph Company, involves the strenuous efforts of the Directors to raise an amount of money ranging from a minimum of 250,000l. to a maximum of 500,000l. in cash. It is impossible that the Great Eastern ship could go to sea again this year to mend the existing Cable, and therefore such an operation, as a separate adventure, must be put out of the question, and even if undertaken separately would in itself involve an expenditure of some 120,000l., whereas for a sum of 500,000l. the Contractors are willing to make and lay a new Cable next year in addition to the restoration of the old one; they depending entirely upon success for profit. The question which has had to be considered by the Directors in the interest of the Shareholders has been how best they might be enabled to raise this money. The Eight per Cent. Preference Shares, though far below their real value, stand at 2l. 5s. per share, and if the Company were to adopt the alternative of winding-up its affairs, their intrinsic worth would not be 10s. per share. The expenditure of the new money will certainly create fresh property, and probably resuscitate the old. By its means the existing Eight per Cent. Preference Stock will doubtless be placed at par in the market before the sailing of the ship next year. The Directors are, however, compelled to offer an inducement to those who are willing to come in and assist to place in that position the Company’s, at present, sinking property. Acting under advice, and believing in the very large profits that undoubtedly await this Company when successful, they desire to offer a first dividend of 12 per cent., with participation in profits, after 8 per cent. has been paid upon the existing preference shares and 4 per cent. upon the old capital, to those who consent to supply the requisite funds. The Shareholders will have the opportunity of subscribing for this new Preferential Stock, which is issued solely to protect their property. Those proprietors who subscribe to it are manifestly not injured in any way, as they absorb the whole profits of the Company. Those who do not subscribe pay in effect a small premium to the subscriber who comes forward to help them. It is considered by the Board that this is infinitely preferable to winding-up the Company, whereby the Shareholders would have the mortification of seeing the whole of their property sacrificed, and of seeing an undertaking pass out of their hands, when on the very eve of success, upon which so much attention has been bestowed, and so much experience gained by the expenditure of their own funds. Such a sacrifice is totally unnecessary, for it can be ascertained by any one who will take the trouble to make a small calculation, that if each of the two proposed Cables can be worked at the very low rate of only five words per minute upon each Cable for sixteen hours a day at five shillings per word, which is believed to be a much lower rate than the pressure of business would admit of in the first instance, the traffic, after paying the dividend charges of 12, 8, and 4 per cent. respectively, amounting together to 144,000l. upon the capital comprised in those different stocks, and after adding thereto the very large sum of 50,000l. a-year for working expenses, would leave an enormous balance for paying further dividends or bonuses on the Company’s total capital, both ordinary and preferential. BRADBURY, EVANS, AND CO., PRINTERS, WHITEFRIARS. Typographical errors corrected by the etext transcriber: | in which occurs the following passages=> in which occur the following passages {pg 7} | eight-eight in the United States=> eighty-eight in the United States {pg 11} | assumed tempeatures=> assumed temperatures {pg} | there, standing blank and mute=> There, standing blank and mute {pg 94} | S. CANNNNG.=> S. CANNNG. {pg 111} | Kuper=> KÜper | FOOTNOTES: |
|