The Sun.
London, England, 1865-06-23 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 rublic, viz. :
50,000 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 Mather of England
(Limited), Chairman.
Curtis M. Lampson, Esq. (Messrs. C. M. Lampson and Co.)
London, Vice-Chairman.
George Peabody, 22, Old road-street, London.
Francis Le Breton, Esc -"Vow Issas-place, Regent's-park.
John Ponder, Esq., M.P., ~..Lattene.ter (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.).
Edward Cropper, Esq., Swaylands, nearPenshurst (Director
of the British and Irish Magnetic Telegraph Co.)
Captain A. T. Hamilton, 12, Bolton-row, Piccadilly.
‘a% P. Bidder, Esq., 24, Great George-street, Westminster
(Director of the Electric and International Telegraph
Co., and late President of the Institution of Civil
Engineers).
Sir Edward 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.F.R.S.
William Fairbairn, Esq., F.R.5.., 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 these shares will be made as nearly
Possible as follows :-
10,000 Shares will be appropriated to applicants who are
Shareholders in the Credit Fonder 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
Cy.
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-
Jed 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.
essrs. Glyn, Mills, Currie, & Co., Lombard-street, London.
The Union Bank of London, Princes-street, E.C.
1110 Agra and Meiterman's Bank (Limited), Nicholas-
„Jane, London.
essrs. 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.
The Consolidated Bank, London and Manchester.
kessrs. J. Barred and Co., Liverpool.

BROKERS.
kesars. Laurence, Son, and Pearce, 9, Angel-court, E.C.,
a_London.
Al
Messrs.
Foster, Braithwaite, and Co., 27, Austinfriars.
tessrs. Taunton and Co., Liverpool.
Messrs. Shore and Kirk, Manchester.
4lessrs. 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-
14°fts profit to be anticipated by its Shareholders, together
rth the scientific interest attached to it, combining to a
degree not found in any enterprise having commercial
Profit for its legitimate end.
An enteise so important, and now become so compa-
ratively easy to accomplish, appeals not only to the great
"Inmercial interests of Europe and America, but to the
SYrnpathies of all classes in both countries ; its benefits to
Peace and civilisation it is impossible to estimate.
The near approach of the period when the cable is to be
'aid is already the cause of much excitement amongst all
Who are aware of the fact.
The date for the Great Eastern steamship's departure
:kith the cable is actually fixed for the Bth July, about a
fortnight from the present date, and it is not too much to
that from the hour of her leaving the whole continent
°64,3" Europe and America will be intent upon watching her
I::°greas. His Royal Highness the Prince of Wales has
stifled his warm interest in the undertaking by personally
sPecting the cable on board the Great Eastein about
ree weeks ago.
The exceptional character of the undertaking is further
',:o b her Majesty's Governmentsteamers granting the services
two of her Majesty's men-of-war , the Terrible
d
tol the Sphyn to accompany the Great Eastern, and assist
ni the operatiox, n of laying the cable.
In calculating the rate of profit of this undertaking, of
;verse everything depends upon the scale of charges adopted
for the transmission of messages; the first tariff agreed to
With her Majesty's Government was fixed at 2s. 6d. per
i:,°rd, subsequently increased to ss. per word, but as the
it arrived when the cable would be ready for actual use,
was seen that the mass of business this company would
Immediately find offered to it, would so farneutrahse the bone-
of it by completely choking the line, that a representa-
tion to the Lords of the Treasury within the last few days
l the subject, has led their lordships to consent to the
Company, until Ist September next, experimentally
Charging, without restriction, such rates for messages
4 the Company may, on full consideration, deem reason-
able and proper ;" and it is fully expected that by this
Ittrangement 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).
n„ £600,000 Ordinary Shares.
he amount required to pay 5 per cent.
-interest on £lOO,OOO Debentures is £5,000 per annum.
'aa amount required to pay the Pre-
ference Dividend of 8 per cent. on
4600,000 (of which the present issue
The the balance) 48,000 ~
ue amount required to pay4per cent
on £600,000 ordinary capital is

Making a total of £77,000
l'eaving 023,000 per annum surplus income. Half the
;Inount of revenue above the said £77,000 is available for ,
ettrlY bonus to the holders of the said 8 per cent. Prefer-
jl'
ce Shares. Therefore, on the above-mentioned calcula-
°ll, the total available dividend and bonus would amount
t 43
above 76 per cent. per annum, in addition to the 8 per
preference as above, making an estimated total divi-
ldend of 84 per cent. per annum on these Preference Shares,
11-‘ving, after dedaction of 20 per cent. for the formation of '
dividend, of which 8 per cent. would be preferential
secured by Act of Parliament.
at the price of these Shares will be a month hence,
ilLa such prospects, it is difficult to say, especially as the
th!,res above given do not, in the opinion of probable
ocriat to judge, at all represent the maximum re-
eollsts ; but taking them as the basis for calculation, and
aansidering the continued demand there must be for mes-
tPs, consequent upon the ever-increasing business be-
epe the Continent of Europe, England, and America, and
qtling in mind that this cable will complete the line of
,e,,graph between San Francisco and India, it is not impro-
t,,,"s that, by the time that telegraph communication be-
-8 eon England and America is an accomplished fact, these
Fpm
May be worth £2O, or £l5 premium per Share.
ra the phalanx of talent existing in the scientific
that
the Atlantic Telegraph Company, and from the
the laying of the cable has been entrusted exclu-
tha'''Y to the eminent Contracting Company who have had
Ue.:ge of the manufacture of it, and whose staff of Engi-
exm:"."ng c! and Electricians have successfully laid most of the
)334—ables, whether laid in deep or shallow seas, it
to Well be believed that every precaution has been taken
%oil:1811re the successful laying of this cable : this achieved,
tve only bar to the Shares attaining the high value which
is ry one acquainted with the undertaking places them at
N„.hreraoved ; this risk, however, may easily be assessed
/„I„,ell_,it is mentioned that leading insurance companies and
of if.Yu;s have underwritten policies embracing every risk
llieng, insulation, &c., at 25 guineas
_per cent., showing
F. confidence in the result anticipated
;),Iltially, the Directors'of the several Companies interested
day enterprise enterprise fully anticipate being able to report each
Apotr
4„„Ying the laying the favourable progress all believe
tof the success of an undertaking which all look
/t as a national work.
tilat be seen from the proposed allotment of the Shares
distribution of them is intended to be made upon
hebii`,le. a basis as possible, so as to give the whole of the
lla 'ants the assurance of receiving an allotment and of
fitalePertaitted to join an unexampled commercially pro-
prti Well as politically important undertaking.
• theretuses and Forms of Application can be obtained
itredit Fonder and Mobilier of England (Limited)
▪ hillLowe, red L
-t,"°°, Esq., Secretary), at their Offices, 17 and 18,
-woe 1.J.0-, London •of the Imperial Mercantile Credit
t4,17‘ uttion (Limited) ew. C. Winterbottorn, to Secre•
4 thouOf1:40, 27, Lombrd-strost; &Igo ot the At.