The Express.
London, England, 1865-06-20 00:00:00

way:

Messrs. Glyn, Mills, Currie, and Co., Lombard-stroet, London.
The Union bank of London, Prlnoesatreet, LC.
The Agra and Idaaterman's Bank iLunited), Nicholas-lane,
London.
Messrs. !smith, Payne, and Smiths, Lombard street, London.
The National Bank, London, Dublin, and its branches in
Ireland.
The National Bank of Scotland, Edinburgh, and its branches
in Sostiand.
Ihe Consolidated 'Bank London and Manchester.
Messrs. J. Horned and Co..iverpooL
Achim&
Mann. 'Aunties, Son, and Pearce, 9, Angel-oourt, E.C. London.
Messrs. Foster, Braithwaite, and Co., 97, Authitriars.
Messrs. Taunton and Co., Liverpool.
Messrs. dhore and Kirk. Manchester.
Messrs. McKwen and Auld, Glasgow.
Of all the enterprises of a commercial character, none has ever
excited so much attention and Interest as that of the Atlantic
Telegraph Company.
The reason of OTIS Is perfectly obvious, the Immense political
importance of the Company, as well as toe enormous profit to be
anticipated by its shareholders, together with the mientltic in.
terest attached to it, combining to a degree not found In any en-
terprise having commercial profit for lie legitimate end.
An enterprise so important, and now beoonsin, so compare.
tively easy to accomplish, appeals not only to the great commer-
cial Interests of Europe and America, but to the sympathies of
all classes In both countries; Its bone n+ to peso, and cnUlsLLun
It is Impossible to estimate.
The near approach cf the period when the cable Is to be laid
Is already the cause of much excitement amongst all who are
aware of the fact.
The date for the Great Eastern steam skirls departure with the
cable is actually fixed for the sth July. about • fortnight from
the present date, and It Is not too much to say that from the
hour of her leaving the ',hole continent of Europe and America
will be Intent upon watching bar process. ills Royal Highness
the Prince of Wales has testified his warm Into eat In the under-
taking by personally Inspecting the cable on board the Great
Eastern about three wee lcs ago.
The exceptional character of the undertaking further shown
by her Majesty's government granting the service of two of her
Majesty's men of war steamers, the Terrible and the Sphynx, to
accompany the Great Eastern, and mast in the operation or lay-
ing the cable.
In calculating the rate of profit of this undertaking, of course
everything depends upon 'the scale of charges adopted for the
transmits. on of messages ; the first tariff agreed to with her
Majesty'a government was fixed at 2a ed. per word, subsequently
increased to le. per word, but as the time arrived when the cable
would be ready for actual use, It was seen that the mess of busi-
ness this Company would Immediately find offered to it would
so far neutralise the benefit of It by completely choking the line.
theta representation to the Lords of the Treasury within the
last few day won the subject has led their lordships to consent to
the Company, until 14 September next, experimentally t• charg-
ing, without restric ion, such rates for messages ea the Company
may,on full consideration, deem reasonable and proper :" and it
Is fully expected that by this arrangement the net profits will
reach one million sterling per annum.
The capital of the Company is composed as follows, viz.
£lOO,OOO five per cent. debentures.
£600,000 eight per cent. preference shares (of which the pre-
sent issue forms the balance).
£900,0e0 ordinary shares.
The amount required to pay 6 per cent. inte-
rest on £1.00,099 debentures is £5,000 per annum
The amount required to pay the preference
dividen.l of ti per cent. ou 1.000,000 (of
which the present issue forma the balance) £i6,000
The amount required to pay 4 per cent. on
£0300,900 ordinary capital Is mow „

Making a total of
of £903,000 per annum surplus income. Half the amount
ot any revenue above the said L 77,000 la available for yearly
bonus to the holders of the said 8 per cent. Preference shares.
Therefore. on the above-mentioned calculation the total avail-
able dividend and bones would amount to above 76 per oent per
annum, in addition to the 8 per cent. preference as above
making an estimated total dividend of 84 per cent per annum
on these preference shares, leaving, Mier deduction of even 00 per
cent. for the formation of a renewal fund fur laying down a new
cable, 61 p
dier cent. dividend, of which 8 per cent. would be pre-
ferential vidend, secured by set of perliament.
What the price of these shares will be a month heart, with
such prospects, it Is difficult to say, espedally as the figures
given above do not in the opinion of persona competent to judge
at all represent the maximum probable receipt, ; but taking them
so the basis for calculation, and considering the continue de-
mand there must be for messages, consequent upon the ever I
increasing businete between the Continent of Europe, England,
and America, and bearing in mind that this cable will complete
the line of telegraph between flan Francisco and India, it is not
improbable that, by the time th it t legraph communication
bet • een England end America is an accomplished fact, these
shares may he worth LA or Elf, premium per share.
From the phalanx of talent existing in the scientific advisers
of the Atlantic Telegraph Company, and from the fact that the
laying of the cable hen been entrusted exclusively to the eminent
contracting company who have had charge of the manufacture
of it, and whose rtaff of engineers and electricians have success
fully laid most of the existing cables, whether laid in deep or
shallow seam, it may well be believed that every precaution has
been taken to ensure the succi Wei laying of this cable. This
achieved, the only bar to the shares attaining the high value
which every one acquainted with the undertaking pia es them
at is removed. This risk, however, may easily tie assessed when
it is mentioned that leading Insurance Companies and Lloyd's
have node. writteo policies embracing every risk of laying, in-
sulation, &c., at 26 guineas per cent., showing their conddence
in the result anticipated.
Finally, the Directors of the several Companies interested in
the enterprise folly anticipate being able to report each day
, during the laylug the ['vow able progress all believe In, and of
the success Wan uldertaking which all look upon as a national
work.
It will be seen from the proposed allotment of the shares that
the distribution of them Is intended to be made upon as wide a
huts as possible, so as to give the whole of the applicants the
assurance of receiving an allotment, and of being permitted to
Join an unexampled commercially profitable as well as politi-
cally important undertaking.
Prospectuses and terms of application con be obtained of the
Credit Fonder and Mobiller of England (Limited) (Alfred Lowe,
Esq..Becretary), at their offices. 17 and 18, Cornhill KC., London :
of the Imperial Mercantile Credit Association (Limited) (W. C.
Winterbottoce, Emu, Becretaryl, at their offices, 27, Ism
street : abo of the Atlantic Telegraph Company (George Seward.
Fact., secretary). at their races. IS, St. Helen's-place, EC., Lon-
, don of the Telegraph Construction and Maintenance Company
(Limited) (W. ithater, Faq., Secretary), at their °Mast 64, Old
Broad-street: or of the Brokers or Bankers: but no application
will be entertained unless the sum of Cl per share on application
has been paid to one of the Company's Bankers on the number
applied for. Zesty applicant will receive an allotment, but
paidwless number be allotted than is asked tar, the smount
ill be applied towards the £4 par share due on those
allotted.
London, June 19, 1866.

RIGHT PERCENT. PREFERENCE SHARD; of the ATLANTIC
TEL EG RAP if COMPANY.
lasso of 60,000 Shares, Si each.
No
To the Directors of the Credit(Limited Fonder and McNair
of England ).
Gentlemen,—Haring paid to the' Bank➢the sum
of , belt* Al per share en 8 per cent.
preference shsres of RS each In the Atlantis Telegraph Company
above mentioned, I request you will allot me shares In
the said Company upon the terms of the prospectus Issued by
you, and I agree to accept such sham or any less number that
may be allotted to me, and to pay the further sum of g 4 per
share thereon dee on allotment.— I am, Gentlemen, your
obedient 'errant,
Vaud signature
Name and surname in toll
Profession, trade, or occupation
Residence
Date June, 1866

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