The Sun.
London, England, 1859-06-08 00:00:00

INDIA AND CHINA.

The Simla, with the mails from Calcutta and
Liana, arrived ut oat,. ~t,„ CO,l-
- were brought on to Marseilles by the French
packet, which reached at 7 last night (Tuesday).
The letters left for London at 10 p.m.

AMERICA.

(BY ELECTRIC TELEGRATH.)
GALWAY, TUESDAY.

The Adelaide, screw steamer, arrived this day, at
5 p.m., with 280 passengers and mails from New
York and St. John's ; she sailed from New York on
the 26th.
Passengers from San Francisco deny that General
Walker had sailed with 300 men for Acapulco.
The Montreal Telegraph Company's line has
been completed.
Fraser River accounts are discouraging.
NEW ORLEANS, MAY 25.
Cotton sales to-day 1,500 bales, at unchanged
prices; sugar has declined; corn is firm.

THE ATLANTIC TELEGRAPH.

The Atlantic telegraph—as a means of communica
tion has long been totally defunct, and the hope•
lessness of its case may be said to be officially recog--
iiised in the present effort on the part of the company
to raise another large sum for a fresh wire.
Whether the shareholders will subscribe fresh
capital remains to be seen, but the prospect of re-
imbursement of their present immense losses can
hardly be said to be of a very tempting character
when held out by a company which has exhibited
so many prOofs of disunion among themselves, and
of mismanagement in the undertaking they had to
accomplish. For some time past negotiations have
been in progress with the Treasury as to the nature
of the guarantee which the Government would
offer to the subscribers of fresh capital. The com-
pany, of course, had to obtain a guarantee of so
much per cent. on the pew capital, whether the
wire was successfully laid or not. To this pre-
posterous request, which, if granted, would in fact
have amounted to a Government premium on a
repetition of the blunders wnich have marked all
the company's efforts to lay the cable, the Govern-
ment at once refused to listen. The only arrange-
ments, therefore, • which the Government have
provisionally entered into are as follows :
" Ari. 1. A dividend of 8 per cent. per annum, to be
guaranteed for 25 years, upon such portion of a new capital
as shall be called up and expended in establishing commu-
nication with America, not exceeding in the whole the
sum of £600,000 ; this guarantee to commence when the
cable has been successfully laid, and to subsist while it is
capable of being worked at the rate of 100 words per hour.
" Art. 2. A minimum sum of £20,000 per annum to be
paid to the company for Government business during the
time the new cable is capable of being efficiently worked as
above.
"Art. 3. The company to be allowed to expend £20,000
out of the new guaranteed capital in attempts to make the
existing cable available for business.
" Art. 4. If these attempts are successful, the Govern-
ment will immediately commence to pay a miimum rent
of £14,000 per annum, which rent is to be increased to
£20,000 per annum as above, so soon as the new cable is
brought into successful working order.
"Art. 5. The existing arrangement of the company with
the GoNernment of the United States is not to be interfered
with.
" Under that arrangement the Atlantic Company will be
entitled to a minimum rent of 70,000 dols. per annum for
the business of the American Government, so soon as the
communication is established with Newfoundland.
"Art. 6. The Atlantic Telegraph Company are to trans-
fer to her Majesty's Government that portion of their privi_
'egos, under their agreement with the New York, Newfound-
land, and London Teregraph Company, whereby they derive
the exclusive right of landing on the shores of Newfound-
land cables intended to connect Europe with that country
but the Government will not grant to any other company or
persons any right of landing cables in Newfoundland so
transferred to them, unless the guarantee and contract e
ferred to under articles 1 and 2 shall have proved efficient
in raising the requisite capital, nor until by the instrumen-
tality of such capital telegraphic communication shall have
been established across the Atlantic ; it being understood
that, in case of failure either to raise the capital or to sub-
merge the cable with such success as to be enabled to work it
at the rate of 100 words per hour required by Government,
the company shall permanently revert to its present po
.si-
tion in respect to all its privileges, including
exclusive
rights now existing under the agreement with the
Tew
York, Newfoundland, and London Telegraph Company."
These terms, of course, fall immeasurably short
of what the sanguine expectations of the company
led them to expect they would obtain, and there
seems very little doubt that they are not such as
will induce the shareholders to sanction the issue cf
preference shares to an extent of nearly £600,000.
Even the sanction of the shareholders, the attempt
to raise such a sum in the ,present state of the
money market (and in the face of two new com-
panies, each of which, unfettered by debt and
without troubling the Government, is actually
preparing to lay cheap Atlantic cables) is not
likely to be attended with the success which would
at all warrant the old company in going forward.