The Sun.
London, England, 1865-06-27 00:00:00

The CREDIT FONCIER and Mourmu. Of ENGLAND (Limited)
in conjunction with the IMPERIAL MERCANTILE CREDIT
ASSOCIATION (Limited), are prepared to RECEIVE SUB-
SCRIPTIONS for £50,000 PREFERENCE Smut.Es, being the
BALANCE Of the CAPITAL of
THE ATLANTIC TELEGRAPH COMPANY
Not yet issued to the general Public, viz.: -
0,000 Preference Shares of £5 each, bearing 8 per Cent.
per Annum.
Preference Interest authorised by Special Act of Parliament.
Deposit £1 per Share on Application, and £4 on Allotment.
No further Liability of any kind.
Each Subscriber's Liability being specially limited by Act
of Parliament to the Amount of his Subscription.
THE FOLLOWING ARE THE DIRECTORS OF THE ATLANTIC
TELEGRAPH COMPANY.
The Right Hon. JAMES STUART WORTLEY, Gover-
nor of the Credit Fonder and Mobilier of England
(Limited), Chairman.
Curtis M. Lampson, Esq. (Messrs. C. M. Lampson and Co.)
London, Vice-Chairman.
George Peabody, 22, Old Broad-street, London.
Francis Le Bretou, Esq., 21, Sussex-place, Regent's-park.
John Pender, Esq., M.P., Manchester (Director of the Bri-
tish and Irish Magnetic Telegraph Co.).
Edward Moon, Esq., Liverpool
Samuel Gurney, Esq., M.P., 65, Lombard-street, London
(Messrs. Overend, Gurney, and Co.).
Bdward Cropper, Esq., Swaylands, nearrenshurst (Director
of the British and Irish Magnetic Telegraph Co.)
Captain A. T. Hamilton, 12, Bolton-row, Piccadilly.
P. Bidder, Esq., 24, Great George-street, Westminster
(Director of the Electric and International Telegraph
Co., and late President of the Institution of Civil
Sir Edgward Cunard, Bart., Old Broad-street, London.
HONORARY DIRECTOR.
W. H. Stephenson, Esq., late Official Director on this Board
on behalf of her Majesty's Government, and now Chair-
man of the Board of Inland Revenue.
ELECTRICIAN.
Cromwell F. Varley, Esq.
CONSULTING COMMITTEE.
Captain Douglas Galton, R.E.,
William Fairbairn, Esq., F.R.S., late President of the
British Association.
Joseph Whitworth. Esq., F.R.S.
Professor Wheatstone, F.R.S.
Professor W. Thomson, F.R.S., of Glasgow.
SECRETARY.
George Saward, Esq.
OFFICES-12, St. Helen's-place, E.C.

The distribution cf those shares will be made as nearly
48 possible as follows :-
I°,ooo Shares will be appropriated to applicants who are
Shareholders in the Credit Foncier and
Mobilier of England (Limited).
10,000 Shares will be appropriated to applicants who are
Shareholders in the Imperial Mercantile
Credit Association (Limited).
10,000 Shares will be appropriated to applicants who are
Shareholders in the Atlantic Telegraph

Company.
10,000 Shares will be appropriated to applicants who are
Shareholders in the Telegraph Construction
and Maintenance Company (Limited) ; and
10,000 Shares will be appropriated amongst the general

public.
The above numbers are so far approximative as to be sub-
lect to reduction or increase according to the total number
Of applications made, it being the intention, however, that
each applicant shall receive an allotment.

BANKERS.
ljessrs. Glyn, Mills, Currie, & Co., Lombard-street, London.
4,The Union Bank of London, Princes-street, E.G.
"-he Agra and Masterman's Bank (Limited), Nicholas-
lane, London.
Ressrs. 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 Scotland.
he Consolidated Bank, London and 3lanchester.
Messrs. J. Barned and Co., Liverpool.
BROKERS.
Messrs. Laurence, Son, and Pearce, 9, angel-court, E.C.,
• London.
Messrs. Foster, Braithwaite, and Co., 27, Austinfriars.
Messrs.
Taunton and Co., Liverpool.
tessrs. Shore and Kirk, Manchester.
Messrs. M'Ewen 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 this is perfectly obvious ; the immense
Political importance of the Company, as well as the enor-
mous profit to-be anticipated by its Shareholders, together
With the scientific interest attached to it, combining to aWithgree not found in any enterprise having commercial
Profit for its legitimate end.
An enterprise so important, and now become so compa-
tativelyeasy to accomplish, appeals not only to the great
c°lninercial interests of Europe and America, but to the
Peace
of all classes in both countries ; its benefits to
v"a•oe and civilisation it is impossible to estimate.
The near approach of the period when the cable is to be
laid, is already the cause of much excitement amongst all
"'','„o are aware of the fact.
The date for the Great Eastern steamship's departure
With the cable is actually fixed for the Bth July, about a
say from the present date, and it is not too much to
'4,3* that from the hour of her leaving the whole continent
,s(3' Europe and America will be intent upon watching her
progress, His Royal Highness the Prince of Wales has
ratified his warm interest in the undertaking by personally
Vi!specting the cable on board the Great Eastein about
three weeks ago.
,The exceptional character of the undertaking is further
'llovrn by her Majesty's Government granting the services
of two of her Majesty's men-of-war steamers, the Terrible
and the Sphynx, to accompany the Great Eastern, and assist
„rthe operation of laying the cable.
in calculating the rate of profit of this undertaking, of
for
everything depends upon the scale of charges adopted
ioc the transmission of messages; the first tariff agreed to
:with her Majesty's Government was fixed at 2s. 6d. per
Word, subsequently increased to ss. per word, but as the
time arrived when the cable would be ready for actual use,
I.L Was seen that the mass of business this company would
naimediately find offered to it, would so far neutralise the bene-
fit of it by completely choking the line, that a representa-
tion to the Lords of the Treasury within the last few days
on the subject, has led their lordships to consent to the
Z-'°llll3eny, until Ist September next, experimentally
charging, without restriction, such rates for messages
ea the Company may, on full consideration, deem reason-
able and proper ;" and it is fully expected that by this
s`rra ngement the net profits will reach .one million sterling
Per annum.
The capital of the Company is composed as follows :
£lOO,OOO Five per Cent. Debentures.
£600,000 Eight per Cent. Preference Shares (of which
the present issue forms the balance).
The amount
Ordinary Shares.
ne amount required to pay 5 per cent.
Interest on £lOO,OOO Debentures is £5,000 per annum.
The amount required to pay the Pre-
ference Dividend of 8 per cent. on
£600,000 (of_ which the present issue
~The amount
the balance) 48,000 ~
amount required to pay4per cent
on £600,000 ordinary capital is

Making a total of £77,000 ,
Leaving £923,000 per annum surplus income. Half the
ahlount of revenue above the said £77,000 is available for
Yearly bonus to the holders of the said 8 per cent. Prefer-
tPee Shares. Therefore, on the above-mentioned calcula-
tioch, the total available dividend and bonus would amount
above 76 per cent. per annum, in addition to the 8 per
ZeIA- preference as above, making an estimated total divi-
hd of 84 per cent. per annum on these Preference Shares,
le.-'r •
ulg, after deduction of 20 per cent. for the formation of
"a,r_en.ewal lfund for laying down a new cable, 64 per cent.
iciend, of which 8 per cent. would be preferential divi-
steed secured by Act of Parliament.
',What the price of these Shares will be a month hence,
,
figures
such prospects, it is difficult to say, especially as the
above given do not, in the opinion of persons coin-
Petent to judge, at all represent the maximum probable re-
ceipts ; but taking them as the basis for calculation, and.
Considering the continued demand there must be for mes-
}-‘6", consequent upon the ever-increasing business be-
be-Ween the Continent of Europe, England, and America, and
aring in mind that this cable will complete the line of
tebegraph between San Francisco and India, it is not impro-
t:l6 that, by the time that telegraph communication be-
e,iseeo England and America is an accomplished fact, these
',area may be worth £2O, or £l5 premium per Share.
p.;4?rcul the phalanx of talent existing in the scientific ad-
inBe,ra of the Atlantic Telegraph Company, and from the
that the laying of the cable has been entrusted exclu-
to the eminent Contracting Company who have had
ga of the manufacture of it, and whose staff of Engi-
neers and Electricians have successfully laid most of the
e;l,ZaLlog cables, whether laid in deep or shallow seas, it
CY well be believed that every precaution has been taken
iheure the successful laying of this cable : this achieved,
e Only bar to the Shares attaining the high value which
toell one acquainted with the undertaking places them at
wkreraoved ; this risk, however, may easily be assessed
,re. it is mentioned that leading insurance companies and
oi7Yd's have underwritten policies embracing every risk
th.,llYing, insulation, &c., at 25 guineas per cent., showing
ir confidence in the result anticipated.
many, the Directors of the several Companies interested
is
'he enterprise fully anticipate being able to report each
. inY during the laying the favourable progress all believe
' and of the success of an undertaking which all look
neon " a national work.
that WM be seen from the proposed allotment of the Shares
„til. distribution of them is intended to be made upon
as
Vde a basis as possible, so as to give the whole of the
bei) Icants the assurance of receiving an allotment and of
fitztlL:il Permitted to join an unexampled commercially pro-
piZas well as politically important undertaking.
of therctuses and Forms of Application can be obtained
Association
ELsqou.d,
oSnec-retary),
(A.lirea redit Fonder and Mobilier of England (Limited)
at their Offices, 17 and 18,
of the Imperial Mercantile Credit
iation (Limited) IV. C. Winterbottom, Esq., Secre-
--'/)1 at their Offices, 2 , Lombard-street; as° of the At-