The Express.
London, England, 1866-03-09 00:00:00

SHIM J. a 'MORGAN AND CO. LIM Mama= le
Yi 111122021T170211 FOS SRAM IN TH2
AltG LO-AMIIRIOAN TELEGRAPH
COMPANY (Leath!).
lacorponded under Hee • Couipsales Act, 1381," which limits
the 2221112 of each Illiseihobisr to the =toad of the shares
subsortited by Km
Copitel 2.000,000, In 00000 Slums of 210 each.
Deposit on application LI
lottnent
lith April
G
let June LS

£lO
trader arrangements with the Atlantic Telwiph Company, this
Company will be entitled to Twelve £ll3, 000 per annum out
cd as arnlmp from the working of the Atlantic T
Company% Lime, end they will also be entitled to receive
=Mew annum from the New York. Newfoundland, and
London Telegraph Company, out of the awnings of that Com-
pany for thro inuesiges.
The signonsents twee* the Companies Ploride for other °on'
tingent advantages, Welch are after dated.
• =WM.
GeOrlpPiebodl, BEW 9S. Old Broacbeirset.
•
Alward Cropper. BW., fiwaylinds, Pensburst.
apt in A. T. Hamllto ,11. Bottoprow, Piscadnly.
Bkhard Atwood Glass, Seq.. Aihmet, Dorking.
Daniel Gooch, leg., XP. Clowerlosir, Windsor. , .
Nalryffewley, itq Wlfiewriaril, Dublin.
Transho A. &Nam jag,. be.
Hag,, ul. Xilevals.ess thosego4ll•4l.
dharlee N. Stewart,
can 1 Laos= Hydevert,
Co..
ROWllia—lterra Tweak. and Co..
CS. Legatigisizesti •a
81KIEZIARY (pro tem4-4. c. DOW" 11111.

Tthrtionipsay Tim been established for the peepers of neon-
Mng in the comes 0 the presort year the great dos ot
laying a submarine cable between Ireland odd N. so
as to connect-teledtrroally the old Wield Mad the new, and to
raise the cable y laid last year. in cildth io aelnP1011•
second line to erica.
Thecirenmstanore attending the recent attempts to carry oat
this work have greathr increased the confidemee et 01 these who
haw Oen engaged In 4,1:11ey arp thefrithed that this lies
sewed effort 141 be atheaW villa success.
The whole length of 1.1111 nautical saes of cable Yid from
the Groat Eastern In July last continues perfect. accord-
big to thobserve daily
atireporta of the electricians
James In charge at Valenti* :
and tbe ons taken by Captain Anderson. 0 the
Great Bodeen, and Stiff Commander Henry A. Moriarty, 8.N..
have determined the position of the broken end with the utmost
accuracy. Mr. Canning and the other engineers engaged in the
late expedition are confident that with the machinery sad tackle
now being prepared, they will be able to raise the cable and
complete the line to Newfoundlend.
The 1,070 nautical mike of cable which has remained on board
theOrest Boehm ADM Angus. last is cortified to be in as pm-
feet condition as when it was shipped.
The Atlantic Telegraph Company had arranged for providing
the funds necessary for resuming the work by an issue of new 12
per ant. first preference shares :but having been recently advised
that each Lane is not authorised by their acts of parliament, the
proposal has been withdrawn, and all the mtheoriptlons are being
returned.
It bee therefore been decided that. for the purpose of aiding
in the completion of this important undertaking. an entirely
distinct Company shall be formed, and this Company is accord-
ingty formed with valuable privileges. hereinafter specified,
wowed to them by agreements with the Atlantic Telegraph
Company, and the New York, Newfoundland. and London
Telegraph Company.
A espy of the Memorandum of Atwell:Hon, which has been
registered In athordathe with the Companies Act, 1882, is
annexed.
The effect of the agreement mitered Leto between the Atlantic
Telegraph Companyon and this Company is. that the latter under- 1
WU, UM eolustriati for the former Company of 1,060 nautted
miles of new cable to be added to that now on board the
Great Mestere, and tor its submersion, from that vessel,
between Ireland and Newfoundland daring the ensuing summer,
and for the adoption of suitable memwes for raising and com-
pleting the broken cable of last year.
This Company also engage to work both cables, or either as
the ease may be, as the swots and on behalf of the Atlantis
Telegraph Company during the continuance of the agreement:
and the agreement further provides that in sonaideration of the
engagements so contracted by this Company, there shall be an
annual payment by the Atlantic Telegraph Comb ray to thin I
Company out of the mining, from the working of the able of
4126,000, the arrangement being, that the receipts In each year
from all the Atlantic Telegraph Company's lines, am, alter pay-
ing expenses of repeal, management, working, and direction,
sad interest (not exceeding 1.6,000 ter annum) on the deben-
tures of the Atlantic Telegraph Company, to be appropriated
taus :
First In paying to this Company L 126,000 per annum.
Second. In paying 474000 per annum (representing 8 per sent.
on the Atlantic Company's edging PTII4DOODO Stock, and 4 per
cent. on their ordinary Mock) to the Atiantio Telegraph Com-
panT&dand
. The entire balance of each VOWS receipts is to be di-
vided between this Company and the Atlantic Telegraph Com-
pany in equal shares : but no deficiency In respect of the above
annual payments in any one year Is to be marled forward to
another year.
The right is reserved to the Atlantic Telegraph Company of
terminating the agreement on or before the Ist January, 1880
#OO6l. (on vizi three months' notice to that effecting,payment to
He of of the sum of 41,100.000, beim the amount
of He If, however, the Atlantis Telegraph Company
exercise option, the Anglo-American Company will have tbe
right to take payment of the 61,1100,000, one-half in cash sad
mare-half in ordinary
Atlantic Telegraph lathes at pm, instead of
the whole amount m cash.
In the event of the Atlantic Telegraph Company exercising
their right of redemption by payment of the above-awned sum
of 61,201,000, this Company will be forthwith dissolved and the
funds distributed amongst the shareholders.
The New York, Newfoundland, and London Telegraph Com-
pany, with a view of securing the completion of lel
tommaalcstiou between Imbued and Newfoundland duraTige
present year, have by their Deputy-Chairman, now in London,
agreed to contribute 425,000 per annum to this Company out of
their share of the reeelpta for through memages between Ire-
land and Amides, and pawing over their lines. This subsidy
will terminate upon the payment by the Atlantic Tetegraph
Company of the Z 1,200,000 above mentioned. or upon both cables
ceasing afterMst December,lo66, to be In working order for twelve
suocessive months. The agreement has Wen forwarded to New
York for formal ratillattion there.
To sum up the financial arrangements, the effect will be as fol-
lows :
The shareholders In this Company will be entitled to 1125,000
a year out of the sandmen of the Atlantic Telegraph Company's
lines, and 426,000 a-year out of those of the Newfoundland Com-
pany tor through business, together F. i 60,000 a-year upon a capi-
tal of £OOO,OOO, making 26 per cent. per snows. But this by no
means represents all the advantages which may accrue, as, ac-
cording to the calculations that Lave been made, It is confidently
believed that even with a singli cable and a low tariff the re-
venue will afford a large additional sum for division. An e
mato drawn up by practical and experienced telegraphists of the
probable returns is annexed.
The Directors have great confidence in recommending this
undertaking to the public.
The Telegraph Construction and Maintenance Company will
manufacture the new cable and undertake the actual execution
of the work contracted for by this Company, as above stated (up
to the opening of the Atlantic Telegraph,Lines for public business),
for a total sem of £510,000 : with a bonus, to be provided by
the Atlantic Telegraph Company under their agreement with
this Company, of £187,140 in ordinary shares of the
Atlantic Telegraph Company, payable by instalments,
extending over fourteen months, In case the cable of last
year is successfully completed, and continues in working order
during that period.
In the possible contingency of the new cable not being success-
fully laid. L 600,000 only will be paid to the Telegraph Construe-
tion and Maintenance Company, and this Company will in that
event be entitled to the value of all the unused and recovered
cable (subject to the payment of certain specified charges
thereon), and It be estimated that this arrangement will provide,
in ems of failure, for 'return to the shareholders of this Company
of at least one-third of their paid up capital.
The whole of the deposits on shares will be returned to the
sabot:there, if two-thirds of the capital of the Company are not
subscribed, or if the agreement with the New York. Newfound-
land, and London Telegraph Company is not ratified by them.
Copies of the memorandum and articles of saeociation can be
Inspected at the counting-house of Marra. J. S. Morgan and Co..
and contracts at the unites of Messrs. Bircham and Co., 46, Par-
liament-street.

ANGLO-AMERICAN TELEGRAPH COMPANY (Uosited).
The Directors cannot of course bind themselves at present to
any tariff for mesaages. The amount to be charged will be a
matter for consideration hereafter. Bat It may be safely assumed
that it will not be leas than Is. per word. Working at Is.
per word, only five words a minute, twenty-four hours per day,
and allowing 300 working days for the year, there would be a
gross revenue of .61,800 a day, or 164.000 a year. This is for one
cable only.
The highmt authorities In electrical science eve It as their
opinion that eight words a minute could wily be obtained
, through the Atlantic Cable. And there is every reason to antici-
pate that at a tariff of anything like ie. a word there would be
more messages offered than the Company could transmit,
The undersigned append their names as considering this esti-
mate of the probable result a reasonable one.
LATIMER CI AR , ILI C. 11.,
Consulting Engineer to the Electric and International
Telegraph Company.
Trntsv C. PORDE, M.I.C.E.
PLEEMING P.Y.S.
WILLIAM THOIDION, LLD., F.R.S.,
Professor of Natural Philosophy In the University
of Women
CROMWELL F. VALLEY. M.LC.. E., P.R.G.8.,11.1t1.,&c.,
Electrician to the Electric and International Tele-
graph Company.
The realisation of this estimate (allowing 125,000 per annum
for working expenses) would make the income of the Company
over £300,000 per annum.
Applications for shares are to be made and the deposit of 11
per .hare paid to Messrs. J. R. Morgan and Co.. 21, Old Brad-
street, from wh7onsepectuses, with forms of application for
shares may be obtained.
Should a less number of shares be allotted than is applied for,
the deposit will, so far as required, be appropriated towards the
payment due on allotment. If no allotment is made, the amount
deposited will be at once returned without deduction.
Mara 6. IBM

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