The Sun.
London, England, 1866-08-11 00:00:00

TO TILE EDITOR OF TIIE SUN.

Sin,—As it would appear from the large number
of inquiries addressed to this office that a very
general misunderstanding exists in the public mind
as to the share capital, division of profits, and other
arrangements of the Atlantic Telegraph Company,
I have been instructed by the Board to ask of you
the favour to allow me to lay before your readers an
official resume of the facts.

The capital of the Atlantic Telegraph Company
is as follows :-
1. Original capital stock raised in 1856-57 £162,860
This stock will bo increased, if the cable of 1865
be raised and repaired, by the amount of
profit in that case payable to the Telegraph
Construction and Maintenance Company—
viz., 137,140

Making the ordinary stock £600,000
2. The 8 per cent. Preferential Stock 600,000
3. Debentures, at 5 per cent lOO,OOO

Total subscribed capital £1,300,000
The above capital had covered everything up to

the failure of last year's cable, and the Atlantic
Telegraph Company had arranged for providing the
funds necessary for resuming the work by an issue of
new 12 per cent. first preference shares, which they

were advised was entirely within their powers,
An adverse legal opinion having, however, been
obtained by third parties, the directors withdrew
the proposal for the 12 per cent. stock, and returned

,he money to the applicants.
The time had then gone by for making applica-

tion to Parliament for the necessary powers during
the present Session. It was therefore decided that
for the purpose of aiding in the immediate comple-
tion of this undertaking an entirely distinct com-
pany should be formed, and endued with such pri-
vileges as would induce the public to subscribe to it.
The Anglo-American Telegraph Company was, ac-
cordingly, brought out, with a capital of £600,000,
all of which has been taken up.

The effect of the agreement entered into between
it and the Atlantic Telegraph Company is that the
former undertook the construction for the latter
company of a new cable, and for its submersion
between Ireland and Newfoundland during the pre-
sent summer, and for the adoption of suitable mea-
sures for raising and completing the broken cable of

last year.
The Anglo-American 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 conside-
ration of these services an annual payment of
£125,000 shall be made by the Atlantic Telegraph
Company to the Anglo-American Company out of
the earnings from the working of the cables, the ar-
rangement being that the receipts in each year from
all the Atlantic Telegraph Company's lines are,
after paying expenses of repairs, management,
working, and directors, and interest (not exceed-
ing £5,000 per annum) on the debentures of the
Atlantic Telegraph Company to be appropriated
thus—

First, in paying the Anglo-American Company

_
£125,000 per annum.
Second, in paying £72,000 per annum (represent..
ing 8 per cent. on the Atlantic Company's existing
preference stock, and 4 per cent. on their ordinary
stock) to the Atlantic Telegraph Company ; and
Third, the entire balance of each year's receipts is

to be divided between the Anglo-American Com-
pany and the Atlantic Telegraph Company in equal
shares ; but no deficiency in respect of the above
annual payments in any one year is to be carried
forward to another year.

The right is reserved to the Atlantic Telegraph

Company of terminating the agreement on or be-
fore the Ist of January, 1869 (on giving three
months' notice to that effect), by payment to the
Anglo-American Company of the sum of £1,200,000,
being double the amount of its capital. If, how-
ever, the Atlantic Telegraph Company exercise 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 Tele-
graph shares at par, instead of the whole amount in
cash.

In the event of the Atlantic Telegraph Company
exercising the right of redemption by payment of
the abovenamed sum of £1,200,000, the Anglo-
American Company will be forthwith dissolved, and
the funds distributed among the shareholders.
In addition to the privileges accorded by the At-
.

lantic Telegraph Company,the New York, New-
foundland, and London Telegraph Company have
agreed to contribute £25,000 per annum to the
Anglo-American Company out of their share of the
receipts for through messages between Ireland and
America. This subsidy will terminate upon the
payment by the Atlantic Telegraph Company of
the £1,200,000 above mentioned, or upon both
cables ceasing after December 31, 1866, to be in
working order for 12 successive months.
Thus the shareholders in the Anglo-American
Company will be entitled to £125,000 a year out of
the earnings of the Atlantic Telegraph Company's
lines, and £25,000 a year out of those of the New-
foundland Company for through business, together
with £150,000 a year upon a capital of £600,000,
making 25 per cent. per annum.
It has been stated that the Anglo-American Tele-
graph Company are about to lay down a new cable
between Cape Ray and
Cape Breton, the 70 miles
forming at present the only break in the telegraph
connect ion between London and New York.
This is a misapprehension of the fact. The entire
line from the Atlantic Cable at Heart's Content to
Port Hood, in Nova Scotia, is the property of the
New York, Newfoundland, and London Telegraph
Company, a New York Association, from whom the
Atlantic Telegraph Company purchased the exclu-
sive right of landing cables in Newfoundland and
elsewhere, and who are bound by agreement with
this company to keep their lines in order for the
service of transatlantic business. The Atlantic
Telegraph Company have repeatedly notified to that
company the great desirability of the restoration of
the lines which have for a lengthened period con-
tinued in bad condition.
The Newfoundland Company were, however,
unfortunately unable to recover aud repair their
broken cable, and, therefore, Mr. Cyrus W. Field,
their vice-chairman, during his recent visit to this
country, gave an order for a new one to the Tele-
graph Construction and Maintenance Company,
which was completed, and in order to save expense
was sent to sea at the same time as and in one of
the ships belonging to the present .Atlantic expedi-
tion.

There is every probability that this entire line of
communication will be complete in a few days.
As regards the graduated scale of first, second,
and third class messages, the idea of which has been
started, it must be stated that neither the general
law of this country nor of the United States, nor the
special Act of Parliament of the Atlantic Telegraph
Company would permit of such an arrangement, as
it is specially provided in all these that all messages
must be transmitted without favour or preference
in the order in which they are received.—.l am,

sir, &cc.,

G. SAWARD, Secretary and General
Superintendent.
12, St. Helen's-place, Aug. 10.

FATAL CHOLERA CASES AT SIIEERNESS.—On
Wednesday morning, about 7 o'clock, a barge
named Charles and Ellen, from London, was found lying
on the Black Stakes, near tho Lappel, about half a mile
from the Sheerness pier, and on some men of the coast-
guard service boarding the craft they found in the cabin
the captain, Sampson Court, and his wife Elizabeth, both
dead from the cholera. The barge was loaded with manure.
This makes the fourth death by cholera ork board manure
barge 4 iA thi Imlay during the wok.

-4,

HER MAJESTY.

.00-

OSBORNE, Aug. 10.
The Queen drove out yesterday afternoon with
Princess Louise and Princess Beatrice, attended
by Lady Augusta Stanley, and honoured Mr. and
Mrs. Sheddon by a visit to Spring Hill, where ncr
Majesty walked in the grounds.
Prince Leopold drove yesterday to Sandown with
the Rev. Robinson Duckworth, Mr. Sahl, and Mr.
Leg, going there by Ryde, St. Helen's, and Brading,
and returned by Arreton.

Lller Majesty, accompanied by the younger
members of the royal family, will arrive at Balmoral on
the 24th inst., orders having been given for her Majesty's
reception on that day. . _ _

Their Royal Highnesses the Princes and Princess
of Wales, according to present arrangements, will arrive
on Saturday next at Abergeldie Castle, for the shooting

season.

The Duke and Duchess of Richmond and Lady
Caroline Gordon Lennox have passed through town on
their way from Goodwood to Gordon Castle, N.B.
The Duke and Duchess of Manchester have left
their residence in Great Stanhope-street for Kimbolton
Castle.
The Duchess of Hamilton (nee Princess Marie of
Baden) and Lady Mary Hamilton have left Paris for the
duchess's palace at Baden-Baden.
The Marquis and Marchioness of Exeter and
Lady Victoria Cecil loft their residence in Grosvenor-
square yesterday, for Burghley House, Stamford. His
lordship is so far recovered as to be able to remove to his
country seat.
The Marquis and Marchioness of Normanby and
Lady Laura Phipps arrived at Bishopthorpe on Thursday,
from Blulgrave Castle, on a visit to the Archbishop of
York and Mrs. Thomson.

The Marquis of Hartington, M.P., left Devon-
shire House on Thursday on a visit to the Archbishop of
York and Mrs. Thompson, during the stay of the Prince
and Princess of Wales.

The Marquis Conyngba,m is expected to leave
Cowes next week in hisyaeht to visit western ports, on his
way to Ireland.

WILLS AND BEQUESTS.

(From the Illustrated London News.)

The will of the Right Hon. Mary Juliana, Dowager
Countess of Ranfurly, late of Dungannon-park,
Tyrone, Ireland, and of 10, Gloucester-place, Hyde-
park, was proved in London on the 31st ult., under
£7,000 personalty, by the executors, Lieut.-Colonel
William Stuart, M.P., of Kinapton. Lodge, Beds,
and Mr. Henry Alexander, of Forkhill, Armagh.
Lady Ranfurly, the testatrix, was the daughter of
the late Archbishop Stuart, of Armagh, and was
married, in 1815, to Thomas, second Earl of Ran-
furly, and has issue nine children, three sons and six
daughters. Her ladyship died July 11, 1866, at the
age of 69, having executed her will in 1855, and a
codicil the same year, and a second codicil in 1858.
Her ladyship has bequeathed to her son, Major the
Hon. 'William Stuart Knox, all her funded property,
and has apportioned to him a sum of £2,000 under
the will of the late Juliana Rawlins ; and bequeaths
to her unmarried daughters the claim arising from
a policy of insurance on her own life, and also leaves
to them the residue of her property.
The will of Admiral the Hon. Augustus Warren
Baldwin, late of Russell-hill, township of York,
province of Canada, was proved in London on the
18th ult., by his nephew, Mr. William Augustus
Baldwin, the surviving executor and trustee. The
gallant admiral died January, 5 1866, at his resi-
dence, Russell-hill, having executed his will Aug.
14, 1850, which was first proved in Canada, in
the United Court of York and Peel. He has
therein bequeathed to his wife for her life his
mansion, Russell-hill, with his furniture, farming
stock, together with the principal part of his pro-
perty, including his stock in the Bank of Upper
Canada ; and after her decease he directs his
estate to be divided chiefly amongst his nephews
and nieces, appointing them also residuary lega-
tees ; leaving to his grand-nephew, Robert Bald-
win, his naval medal ; and to Lawrence Heyden
he bequeaths his stock in the Desjardins Canal
Company.
The will of Lieut.-General George Rule Pem-
berton, of her Majesty's Indian army, was proved
in the London court by his relict, Anne Martha
Josephine Pemberton, to whom he has bequeathed
the whole of his property for her own absolute
use and benefit.
The will of the late Mr. Henry Revell Reynolds,
solicitor to her Majesty's Treasury, was proved
on the 28th ult. by the executors, namely, his
widow and Mr. Henry Ray Freshfield. The tes-
tator was twice married. After making various
specific bequests to his children, he has bequeathed
to his widow, in addition to the provision made
for her by the marriage settlement, an annuity
of £1,250. He also makes to her allowances for
his minor children. Subject to this, each child's
portion is directed to be made up with moneys
advanced to some £5,000 ; and the residue is di-
vided among all the children equally. The per-
sonalty was sworn under £70,000.

AN INVULNERABLE COAT.—We have no sooner
come to know the efficiency of breechloaders than an in-
ventor steps in to neutralise them. The game of gun verse
armour, NI hich has been played so long on a great scale,
must henceforth bo transferred to the case of smaller fire-
arms. We write thus on the authority of a report furnished
by Le Nord on a remarkable test to which the invention of
a light coat impenetrable to musketry fire has been sub-
jected, the inventor being M. Charles Bernard, with wil°°a
invention rumour has for a few weeks been busy. Accord-
ing to Le Nord the trial took place two days ago at the Bel-
gian Tir National, in presence of M. Dailly, president of
the competition, and of a great number of marksmen. The
experiment was made with a cavalry carbine, charged with
three grammes and a half of powder, and the conical or-
donnanee ball for that arm. The carbine, having been tested
and regulated, was placed upon a •stand pointed at the level
of the breast. M. Bernard, placing himself at the distance of
100 metres, commenced by taking off his coat, and shored
that between his breast and his capote there was absolutely
nothing but his shirt and his waistcoat. He then put on ill
capote, which is a flowing garment falling to the ground, s°'
covered his head with a steel casque. The shot was then
fired. The public were greatly moved when they ILI);
peared to see M. Bernard stagger and fall. Happily he pa'
only made a false step in stooping to pick up the ban/
which had struck him a little above the waist, and to the
left side. The ball, deadened against the stuff, had fallee
at his foot, and he came running towards us to shout it'
At a short distance he threw the ball to the marksmen crr
ing to them not to approach. Not yet having taken out
patent, M. Bernard absolutely refused to let the garment b°
examined by which he obtained so marvellous a result. Tb°
ball was only slightly beaten out of shape, and born en
point the impress of the stuff. The inventor offered to renal'
the experiment ; but, in presence of the result obtained'
those present declared a new experiment unnecessary. TI/°
coat is said to weigh very little, so that there can be no
ntr eh'
jection to it on the score of burdensomeness. Are infai
henceforth to be useless against each other, unless theY
armed with heavier weapons, which it will certainly bet;
novelty to introduce after all the desire of military IDea„,
have the lightest possible weapon ? But there will be
help for it if it is possible, by increasing the weight 0:s,
power of the infantry soldier's weapon, to make the nectue
nary defensive armour, even with the advantages cif
present invention, too heavy.
n lasb
The MURDER IN ST. GILES'S.—At a late ..0-r 11,
night the poliao apprehended a man at Woolwich f tbe
answers in almost every particular the description ° in
man Jeffery, who is suspected of murdering his Slveu
Seven Dials on Saturday, the 28th ult. The man huts ot,
working at Woolwich occasionally for somo inonthS.B.
and had only reappeared there a few hours before 111!_rao
prehension. Some portion of the clothing is not tho
as the suspected murderer is said to have worn on the
liiotir
of the commission of the crime. There was also a
rt:edat
current in the afternoon that a man had been detain ed
Chelmsford on suspicion ; but inquiries at once shoW
that he was not the man wanted.
A WAR PRIZE.—The Breslau pa,pers rs,r 0()
"A wealthy Jewish merchant of this city offt... first
thalers (£l4 odd) to the Jewish soldier who shn_olu,eid ;
obtain the grade of officer by bravery on the battl To_ro
and 50 thalers to the Jewish soldier who should caPtuoria
of
e°l.l)
• flag from the enemy. Both prizes were gained city
Silsskind (of the firm of Wiener and Susskind, ofiituoif
Jane,
who, in the combat near Trautenau, on the 27_t was
captured a flag from the enemy, and for his bohtt. ee'grade
to 11
• forthwith promoted by the Crown Prince
ntury beforr,
the
tho flag was the identical ono which a ce y
• the War of Seven Years, had been captuiko Groat.
of officer." This incident attracted the more atteutio_n aia°
) Austrians from the Prussians under Frederic tho
—4Tcwish chronicle.