The Sun.
London, England, 1865-06-26 00:00:00

The CREDIT FONCIER and MOBILIER Of ENGLAND (Limited)
in conjunction with the IMPERIAL MERCANTILE CREDIT
ASSOCIATION (Limited), are prepared to RECEIVE SUB-
SCRIPTIONS for £50,000 PREFERENCE SHARES, being the
BALANCE of the CAPITAL of
THE ATLANTIC TELEGRAPH COMPANY
Not yet issued to the general eublie, viz.: -
60,000 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-
rear of the Credit Foncier and Mobilier of England
,(Limited), Chairman.
"Irtis M. Lampson, Esq. (Messrs. C. M. Lampson and Co.)
London, Vice-Chairman.
George Peabody, 22. Old Broad-street, London.
Francis Le Breton, Esq., 21, Sussex-place, Regent's-park..
John Ponder, Esq., Manchester (Director of the
._Bri-
tish and Irish Magnetic Telegraph Co.).
Edward Moon, Esq., Liverpool
Naniuel Gurney, Esq., M.P., 65, Lombard-street, London
(Messrs. Overend, Gurney, and Co.).
Edward Cropper, Esq., Swaylands, nearPenshurst (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
0., and late President of the Institution of Civil
Engineers).
sir Edward Cunard, Bart., Old Broad-street, London.

HONORARY DIRECTOR.
W. 11. Stephenson, Esq., late Official Director on this Board
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., F.R.S.
William Fairbairn, Esq., F.R.S., late President of the
British Association.
e.Loscph Whitworth, F.R.S.
F.R.S.
'rofessor Wheatstone, F.R.S.
Professor W. Thomson, F.R.S., of Glasgow.
SECRETARY.
George Saward, Esq.
OFFICES-12, St. Helon's-place, E.C.

The distribution cf these shares will bo made as nearly
as possible as follows :-
10,000 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).
101000 Shares will be appropriated to applicants who are
Shareholders in the Atlantic Telegraph

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

public.
The above numbers aro so far approximative as to be sub-
)ect 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.
kessrs. Glyn, Mills, Currie, & Co., Lombard-street, London.
11‘110 Union Bank of London, Princes-street, E.C.
The Agra and Masterman's Bank (Limited), Nicholas-
lane London.
kessrs'. Smith, Payne, and Smiths, Lombard-street, London.
The National Bank, London, Dublin, and its Branches in
„r, Ireland.
"lie National Bank of Scotland, Edinburgh, and its
Branches in Scotland.
Messrs.
Consolidated Bank, London and Manchester.
4tessrs. J. Barnet' and Co., Liverpool.

BROKERS.
Messrs. Laurence, Son, and Pearce, 9, Angel-court, E.C.,
London.
Messrs. Foster, Braithwaite, and Co., 27, Austinfriars.
jessrs. Taunton and Co., Liverpool.
Messrs.„ Shore and Kirk, Manchester.'
Messrs. M'Ewen and Auld, Glasgow.

Of all the enterprises of a commercial character none has
jiver excited so much attentio and interest as that of the
tlantic Telegraph Company.n
The reason of this is perfectly obvious ; the immense
Dclitical importance of the Company, as well as the enor-
14"s profit to be anticipated by its Shareholders, together
nth the scientific interest attached to it, combining to a
egress, not found in any enterprise having commercial
PTofit for its legitimate end.
An enterprise so important, and now become so c,ompa-
ratively easy to accomplish, appeals not only to the great
c'3„,_l3Plnercial interests of Europe and America, but to the
ZiaPathies of all classes in both countries ; its benefits to
"acme and civilisation it is impossible to estimate.
ba,"-he nr approach of the period when the cable is to be
is already the cause of much excitement amongst all
"cc are aware of the fact.
The date for the Great Eastern steamship's departure
rGth the cable is actually fixed for the Bth July, about a
rtaight from the present date, and it is not too much to
.5- that from the hour of her leaving the whole continent
Europe and America will be intent upon watching her
i-,ogress. His Royal Highness the Prince of Wales has
stifled his warm interest in the undertaking by personally
I+ll,BPecting
kthe cable on board the Great Eastein about
h oThewet )
agtioon.al character of the undertaking is further
3
1,4 4.`"1 by her Majesty's Government granting the services
and cf her Majesty's men-of-war steamers, the Terrible
thein t" Sphynx, to accompany the Great Eastern, and assist
°Peration of laying the cable.
In calculating the rate of profit of this undertaking, of
yOurse everything depends uponthe scale of charges adopted
,0r the transmission of messages; the first tariff agreed to
_With her Majesty's Government was fixed at 2s. 6d. per
rcrd, subsequently increased to ss. per word, but as the
tote arrived when the cable would be ready for actual use,
;it Was seen that the mass of business this company would
caa. inediately find offered to it, would so far neutralise the bene-
fit of it by completely choking the line, that a representa-
'cc to the Lords of the Treasury within the last few days
(11 the subject, has led their lordships to consent to the
I°lllPacy, until Ist September next, experimentally
charging, without restriction, such rates for messages
as Company may, on full consideration, deem reason-
able and proper ;" and it is fully expected that by this
,s_tracgement 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).
£600,000 Ordinary Shares.
The amount required to pay 5 per cent.
Interest The on £lOO,OOO Debentures is £5,000 per annmp.
amount required to pay the Pre-
ference Dividend of 8 per cent. on
f 600,000 (of which the present issue
TOrcis the balance) 48,000
e amount required to pay4pe.r cent
°D. £600,000 ordinary capital is

ea • Making a total of £7 000 ,
t
itk vulg £923,000 per annum surplusin7co, me. Half the
Mint of revenue above the said £77,000 is available for
J earl
Y bonus to the holders of the said 8 per. cent. Prefer-
tin-cc Shares. Therefore, on the above-mentioned calcula-t
tcp, the total available dividendbonus would amoun
above 76 Der cent. per annum, in addition to the 8 per
Zen preference. as above, making an estimated total divi-
le„"L't of 84 per cent. per annum on these Preference Shares,
4 111 g, after deduction of 20 per cent. for the formation otf
.
tf enewal fund for laying down a new cable, 64 per
o
Witlead, f which 8 per cent. would bo preferential divi
lend
secured by Act of Parliament.
p,iTY t the pnce of these Shares will be a month hence,
such prospects, it is difficult to say, especially as the
Sires above given do not, in the opinio.n of persons cora-
tent to judge,at all represent the maximum probable re-
eall)t •
, but taking them as the basis for calculation, and
-'l,lering the continued demand there must be for mes-
%at
twe consequent upon the ever-increasing business be-
b,_!ll the Continent of Europe, England, and America, and
tol'erg'illgi_n mind ththis
cable will complete the line of
Francisco and India, it is not impro-
tvp bablai between
that, by the time San- me that telegraph communication be-
S 6,-41 England and America is an accomplished fact, these
Pr
-ea ma be worth £2O, or .£l5 premium per
.Sh
vf, era the phalanx of talent existing in the scientific. ad-
/ "l'a of the Atlantic Telegraph Company, and from the
hat the laying of the cable has been entrusted exclu-
olelY to the eminent Contracting Company who have haft
401rge of the manufacture of it, and whos.e staff of Engi-
txtB and Electricians have successfully laid most of the
Nat ting cables, whether laid in deep or shallow seas, it
to well be believed that every precaution has been taken
the'esure the successful laying of this cable : this achieved,
eve r,°lllY bar to the Shares attaining the high value which
is r*:, one acquainted with the undertaking places them at
Nvb-tiloved ; this risk, however, may easily be assessed
1,410e4 it is mentioned that leading insurance companies and.
(41,,Yd's have underwritten policies embracing every risk
tho,„'Ybag• insulation, &c., at 25 guineas per cent., showing
confidence in the result anticipated. .
14 the Directors of the several Companies interestedreport
elttv..7 enterprise fully anticipate being able to each
day dun
the laying the favourable progress. all believe
' -4(1 of the success of an undertaking
It which all look
upon
as a national work.
that Will be seen from the proposed allotment of the Shares
a 4 ,„,t,,b distribution of them is intended to be made upon
4145-e° a basis as possible, so as to give the whole of the
bot,iscallts the assurance of receiving an allotment and of
Ate. 4 Permitted to join an unexampled commercially. pro-
p,,6 as well as politically important undertaking.
of tBPectuses and Forms of Application can be obtained
e Credit Foncier and Mobilier of England (Limited)
rateba,lii-'"re, Esq., Secretary), at their Offices, 17 and 1t.3,
B (Limitthe Imperial Mercantile Credit
uarciationd) W. C© Win Esq.,
the At-
their Offices, 27, Lombard-street; also ol the At-