Northern Times.
Liverpool, Merseyside, England, 1859-07-27 00:00:00

greatest of modem.

le; to which
s:ul submer—

Ip consequence, however, of the accident
the first cable was subjected before its final
gence, a considerable loss, and still greater disappointment, have
resulted to the original shareholders; but the directors'ar.! sanguine
as to the permanent success which awaits their future exertions.
The subscribers to the preferential capital now about to be issued
will not be affected by the losses of the first proprietors. _

The preferential capital will consist of 10,600 shares of £5 per
share.

It is proposed to calL up 50 per cent. of this amount, viz., 10s.
per share to accompany the application for the shares, and a fur-
ther sum of £2 per share on allotment.
These shares will have all the privileges of guaranteed Preferen-
tial shares in the Atlantic Telegraph Company, under the following
resolution of the extraordinary general shareholders' meeting of
June 8, 1859 :

Resolved—" That the said capital of £600,000, or so much
thereof as may from time to time be issued, shall be and is
hereby constituted preferential capital of The Atlantic Tele-
graph Company, and the shares therein shall be entitled to
receive upon the amounts from time to time paid up, a.
dividend of 8 per cent. per annum, payable half-yearly, out
of the balance of profit in each half-year.
"That after 8 per cent. shall have been paid on such prefer
rential shares, all the old capital of the: company shall next
become entitled to a dividend of 4 per cent.
"That after such 8 and 4 per cent. shall have been respect-
ively provided for, the whole capital of the company shall
participate equally, pro rata", in any additional profits."
The dividend on the preferential shares is ensured by the gua-
rantee of the British Government of 8 per cent. per annum for 2.5
years, on all amounts called up and employed not exceeding
£600,000, the condition being that the cable shall be laid and work
successfully.
In case of temporary suspension of working

from injury to the
w a liberal time for

cable or other causes, the dove

The dividend during the time the cabl
further secured by subsidies amounting
Majesty's Government, and $17,000, or more t
from the Government of the United States.

successfully at work is
;20,000 a-year from her

£14,000 a-year.

The company's minimum secured or absolute revenue, therefore,
without taking into account the great receipts that may be expected
from commercial and other messages, will be £34,000 a-year, com-
mencing from the day when the cable is successfully laid.
The connexion which has already been established between this
company and the New York, Newfoundland, and London Telegraph
Company, secures a full participation in the valuable privileges
and traffic arrangements possessed by them over all the telegraphic
systems in British North America and in the United States.

In addition to the fixed annual subsidies already spoken of, the
Atlantic Telegraph Company will, by means of this connexion,
enjoy special advantages with reference to reductions in tariff, and
special facilities for the transmission of " through " messages over
the whole Continent of America, enabling them to serve the public
in a manner that cannot be competed with, and at a profit to them-
selves which could not be attained by any other company.
The construction of the next and future cables will, in many
essential particulars, differ from that of the first.

The experience now possessed by the company of the course
along which the cable has been laid, and which is the only line
across the Atland-0 Ocean hitherto demonstrated to be practicable
for submerging a telegraph cable, is of the greatest value.
The further experience of this company in the electrical and
other phenomena developed by them on the longest of all tele-
graphic cables, will, it is believed, result in the working of mes-
sages at twice the rate that has lately been expected from an.
Atlantic cable.
The directors will enter into no engagement or contract without
seeking the mature advice of the highest scientific and practical
authorities whose names are herewith published. This will enable
them to decide with confidence upon the external form and con-
struction of the cable, its specific gravity, its insulation, and the
size of its conductor.

The directors are fully alive to the importance of a prudent
economy, and it is expected that a sum far less than that which
power has been taken to raise will be ample to cover the manufac-
ture, insurance, and submersion of the cable ; but the first object
of the directors will be to secure the most perfect and the best
manufactured cable that can be constructed.

Proposals have already been received from respectable contractors,
which, if accepted, will ensure the manufacture of the new cable
at the smallest cost consistent with efficiency and durability. These
offers are such as would ensure, under the protection of effective
penalties, its careful submergence and its efficient working for one
month.

As a further precaution, the directors contemplate being able to
take out a policy of insurance to cover the risk of the successful
submersion of the cable from shore to shore.
The earliest operations entered into will be directed to an en-
deavour to resuscitate or raise the old cable, for which purpose the
directors have obtained permission from the Government to employ,
in the first instance, a sum not exceeding £20,000 out of the new
guaranteed capital. If successful in these endeavours, the British
Government consent to commence at once to pay £14,000 a year,
which they will increase to £20,000 when a new cable is laid,
whether the effort to resuscitate the old cabe be steiccry,nsgt:tlt otftaTeitt.
The subsidy of 70,000 dollars per annum from th
oldGovernmentBwiuclleeaslssfoulc.ommence at once if the attempts to restore
cale are
amount of new 8
contracts till the per cent. preferential stock sub-
The directors will not commence any works nor conclude any,
,0 O o a
d; andan advanced
)- undertake that, if the sub-
scriptions do not amount to that sum at least, they will return to
by them, deducting only the
trifling stun per share incurred in the preliminary expenses atten-
dantdeposits on the issue of this new capital, and any portion of the £20,000
which may have been expended in attempting to raise or resuscitate
the old cable, which shall not be balanced by the value of the cable
so recovered.

It is believed by the directors that, under the foregoing proposed
arrangements, a very promising investment is offered to the origi-
nal, shareholders and to the public, and that the accomplishment of
the great work is thereby rendered to a large extent secure and