The Sun.
London, England, 1866-03-06 00:00:00

The 1,070 nautical miles of cable, which has remained on
board the Great Eastern since August last, is certified to be
in as perfect condition as when it was shipped.
The Atlantic Telegraph Company had arranged for pro-
viding the funds necessary for resuming the work by an
issue of new 12 per cent. First Preference Shares ; but hav-
ing been recently advised that such issue is not authorised
by their acts of Parliament, the proposal has been with-
drawn and all the subscriptions are being returned.
It has therefore been decided that, for the purpose of aid-
ing in the completion of this important undertaking, an
entirely distinct Company shall bo formed, and this Com-
pany is accordingly formed with valuable privileges, here-
inafter specified, secured to them by agreements with the
Atlantic Telegraph Company, and the New York, New-
foundland, and London Telegraph Company.
A copy of the Memorandum of Association, which has
been registered in accordance with the Companies Act,
1862, is annexed.
The effect of the agreement entered-into between the
Atlantic Telegraph Company and this Company is that the
latter undertake the construction for the former Company
of 1,660 nautical miles of new cable to be added tothat now
on board the Great Eastern, and from that vessel, between
Ireland and Newfoundland during the ensuing summer,
and for the adoption of suitable measures for raising and
completing the broken cable of last year.
This Company also engage to work both cables, or
either, as the case may be, as the agents and on behalf of
the Atlantic Telegraph Company during the continuance
of the agreement; and the agreement further provides that
in consideration of the engagements so contracted by this
Company, there shall be an annual payment by the At-
lantic Telegraph Company to this Company out of the
earnings from the working of the cables of £125,000, the
arrangement being that the receipts in each year from all
the Atlantic Telegraph Company's lines are, after paying
expenses of repairs, management, working, and direction,
and interest (not exceeding £5,000 per annum) on the de-
bentures of the Atlantic Telegraph Company, to be appro-
priated thus :
First. In paying to this Company £125,000 per
annum.
Second. In paying £72,000 per annum (represent-
ing 8 per cent. on the Atlantic Company's exist-
ing Preference Stock and 4 per cent. on their
ordinary Stock) to the Atlantic Telegraph Com-
pany, and
Third. The entire balance of each year's receipts is
to be divided between this. Company and the At-
4tutic Telegraph Company in equal shares ; but
no deficiency in respect of the above annual pay-
ments in any one year is to bo carried forward to
another year.
The right is reserved to the Atlantic Telegraph Company
of-terminating the agreement, on or before the Ist January
1869 (on giving three months' notice to that effect) by
payment to this Company of the sum of £1,200,000, being
double the amount of its capital. If, however, the Atlan-
tic Telegraph Company exorcise this option, the Anglo-
American Company will have the right to take payment of
the £1,200,000, one half in cash, and one half in ordinary
Atlantic Telegraph Shares at par, instead of the whole
amount in cash.

In the event of the Atlantic Telegraph Company exer-
cising their right of redemption by payment of the above-
named sum of £1,200,000, this Company will be forthwith
dissolved and the funds distributed amongst the share-
holders.

The New York, Newfoundland, and London Telegraph.
Company, with a view of securing the completion of tele-
graphic commuuicatioa between Ireland and Newfoundland
during the present year, have by their Deputy-Chairman,
now in London, agreed to contribute £25,000 per annum
to this Company out of their share of the receipts, for
through messages between Ireland and America, and passing
over their lines. This subsidy will terminate upon the pay-
ment by the Atlantic Telegraph Company of the £1,200,000
above-mentioned, or upon both cables ceasing after 31st
December, 1866, to be in working order for twelve succes-
sive months. The agreement has been forwarded to New
York for formal ratification there.
To sum up the financial arrangements, the effect will be
as follows :

The shareholders in this Company will be entitled to
£125,000 a-year out of the earnings of the Atlantic Tele-
graph Company's lines, and £25,000 a-year out of those
cf the Newfoundland Company for through business, to-
gether £150,000 a-year upon a capital of £600,000, making
25 per cent. per annum. But this by no means represents
all the advantages which may accrue, as, according to the
calculations that have been made, it is confidently believed
that even with a single cable and a low tariff the revenue
will afford a largo additional sum'for division. An esti-
mate, drawn up by practical and experienced telegraphists,
of the probable returns is annexed.
The Directors have great confidence in recommending
this undertaking to the public.
The Telegraph Construction and Maintenance Com-
pany will manufacture the new cable and undertake the
actual execution of the work contracted for by this Com-
pany, as above stated (up to the opening of the Atlantic
Telegraph lines for public business), for a total sum of
£600,000, with a bonus, to be provided by the Atlantic
Telegraph Company, undertheir agreement with this Com-
pany, of £137,140 in ordinary shares of the Atlantic Tele-
graph Company, payable by instalments, extending over
14 months, in case the cable of last year is successfully com-
pleted, and continues in working order during that period•
In the possible contingency of the new cable not being
successfully laid, £500,000 only will be paid to the Tele-
graph Construction and Maintenance Company, and this
Company will in that event be entitled to the 'value of all
the unused and recovered cable (subject to the payment of
certain specified charges thereon), and it is estimated that
this arrangement will provide, in case of failure, for a re-
turn to the shareholders of this Company of at least one-
third of their paid-up capital.
The whole of the deposits on shares will be returned to
the subscribers if two-thirds of the capital of the company
are not subscribed, or if the agreement with the New York,
Newfoundland, and London Telegraph Company is not
ratified by them.
Copies of the Memorandum and Articles of Association
can be inspected at the counting-house of Messrs. J. S.
Morgan and Co., and Contracts at the ofilces of Messrs.
Birch= and Co., 46, Parliament-street.
Applications for shares are to be madein the accompany-
ing form, and the deposit of £1 per share paid to Messrs.
J. S. Morgan and Co., 22, Old. Broad-street.
Should a less number of shares be allotted than is ap-
plied for, the deposit will, so far as required, be appropri-
ated towards the payment duo on allotment. If no allot-
ment is made, the amount deposited will be at once re-
turned without deduction.
6th March, 1866.

ANGLO-AMERICAN TELEGRAPH COMPANY
(Limited).
The Directors cannot of course bind themselves at pre-
sent to any tariff for messages. The amount to be charged
will be a matter for consideration hereafter. But it may be
safely assumed that it will not be less than ss. per word.
Working at ss. per word, only five words a minute, 24
hours per day, and allowing 300 working days for the year,
there would be a gross revenue of £l,BOO a day, or
£540,000 a-year. This is for one cable only.
The highest authorities in electrical science give it as
their opinion that eight words a minute could easily be
obtained through the Atlantic Cable. And there is every
reason to anticipate that at a tariff of anything like ss. a
word there would be moro messages offered than the Com-
pany could transmit.
The undersigned append their names as considering this
estimate of the probable result a reasonable one.
LATIMER CLARK, M.1.C.E.,
Consulting Engineer to the Electric and In-
national Telegraph Company.
HENRY C. PORDE, M.I.C.E.
FLEEMING JENKIN, F.R.S.
WILLIAM THOMSON, LL.D., F.R.S.,
Professor of Natural Philosophy in the Uni-
versity of Glasgow.
CROMWELL F. VARLEY, M.1.C.E., F.R.G.S.,
M.R.1., &c., &c.,
Electrician to the Electric and International
Telegraph Company.
The realisation of this estimate (allowinge, £25,000 per
annum for working expenses) would make the income of
the Company over £300,000 per annum.

MEMORANDUM OP ASSOCIATION OF THE ANGLO-
AMERICAN TELEGRAPH COMPANY (Limited).
1. The nathe of the Company is "The Anglo-American
Telegraph Company (Limited)."

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OYAL FREE HOSPITAL, Gray's-inn-road,
lAD in the immediate vicinity of the Great Northern Rail-
way Terminus, King's-cross.
Patron—Her Most Gracious Majesty the QUEEN.
Vice-Patron—llls Royal Highness the Prince of WA LE S, K.G
President—His Grace the Duke of BUCCLEUCH, K.G.
This Hospital, founded in the year 1828, the first to estab-
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the delay and difficulty of Governors' orders, is wholly de-
pendent for support on voluntary contributions and L
It affords relief to a large number of in-patients, and, in
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Contributions are received by the Treasurer, Edward Mae
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STANFARD beorotary.