The Sun.
London, England, 1859-06-27 00:00:00

DIRECTORS,

CHAIRMAN.—The Right Honourable JAMES STUART
WORTLEY, Ypper Sheen House, Mortlake.
VICE-CHAIRMAN—C. M. LAMPSON, &t, Queen-street,
Cheapside, London.
Samuel Gurney, M.P., 65, Lombard-street, London.
Francis Le Breton, 3, Crosby-square, London.
J. W. Brett; 2, Hanover-square, London.
W. Brown (Messrs. Brown, Shipley, and Co.), Liverpool.
Robert Dalglish, M.P., Glasgow.
Captain A. -T. Hamilton, 12, Bolton-row, Piccadilly.
George Peabody, 22, Old Broad-street, London.
John Pender, Mount-street, Manchester,
SECRETARY—George Saward.
BANKBRS—The Bank of England.
SOLlClTORS—Freshfield and Newman.

Communication by Electric Telegraph between Great Bri-
tain and America is no longer a theoretical proposition, but
an accomplished fact.
The developmerit of this enterprise—one of the greatest of
modern times—is entirely due to the Atlantic Telegraph
Company.
In consequence, however, of the accidents and injuries to
which the first Cable was subjected before its final and suc-
cessful submergence, a considerable loss, and still greater dis-
appoiritment, have resulted to the original Shareholders; but
the Directors are sanguine as to the permanent success which
awaits their future exertions.

The Subscribers to the Preferential Capital now about to
be issued will not be affected by the losses of the first pro-
prietors.
The Preferential Capital will consist of 120,000 Shares of
£5 per share.
It is proposed to call up 50 per cent. of this amount, viz.,
10s..per Share to accompany the application for the Shares,
and a further sum of £2 per Share on allotment.
These Shares will have all the privilege of guaranteed Pre-
ferential Shares in the Atlantic Telegraph Company, under
the following resolution of the Extraordinary General Share-
holders' Meeting of June 8, 1859.
Resolved,—" That the said Capital of £600,000, or so
much thereof as may from time to time be issued shall
be and is hereby constituted Preferential Capital of tht
Atlantic Telegraph Company, and the Shares therein
shall be entitled to receive upon the amounts from time
to time paid up, a Dividend of 8 per cent. per annum,
-payable half-yearly, out of the balance of profit in each
half-year.
" That after 8 per cent. shall have been paid on such
Preferential Shares, all the old capital of the Company
shall next become entitled to a Dividend of 4 per cent.
" That after ouch 8 and 4 per cent. shall have been re-
spectively provided for, the whole capital of the Com-
pany shall participate equally, pro rata, in any addi-
tional profits.
The dividend'on the Preferential Shares is ensured by the
guarantee of the British Government of 8 per cent. per an-
num for twenty-five ye +rs on all amounts called up and em-
ployed not exceeding. £600,000, the condition being that the
Cable shall be laid and work successfully.
In case of temporary suspension of working, from injury to
the Cable or other causes, the Government will allow a libe-
ral time for its restoration, during which time they will con-
tinue their guarantee.
The dividend during the time the Cable is successfully at
work is further secured by subsidies amounting to X 20,000
a-year from her Majesty's Govei nment, and 70,000 dollars or
more than £14,000 a-year from the Government of the United
States.

The Company's minimum secured or absolute revenue,
therefore, without taking into account the great receipts that
may be expected from commercial and other messages, will
be £34,000 a-year, commencing from the day when the Cable
is successfully laid.
The connexion which has already been established between

this Company and the New York, Newfoundland, and Lon-
don Telegraph Company secures a full participation in the
valuable privileges and traffic arrangements possessed by
them over all the telegraphic systems in British North Ame-
rica and in the United States.

In addition to the annual subsidies already spoken of, the
Atlantic Telegraph Company will, by means of this connexion
enjoy special advantages with reference to reductions in tariff,
and special facilities for thelransmission of " through" pas-
sages over the whole continent of America, enabling them to
serve the public in a manner that cannot be competed with,
and at a profit to themselves which could not be attained by
any other Company. _
The construction of the next and future Cables will, in many
essential particulars, differ from that of the first. _ _

The experience now possessed by the Company of the course
along which the Cablo has been laid, and which is the only
line across the Atlantic Ocean hitherto demonstrated to be
practicable for submerging a Telegraph Cable, is of the
greatest value.
The further experience of this Company in the electrical
and other phenomena developed by them on the longest of all
Telegraphic Cables will, it is believed, result in the working
of messages at twice the rate that has lately been expected
from an Atlantic Cable.
. .

The Directors will enter into no engagement or contract
without seeking the mature advice of the highest scientific
and practical authorities in this country and in America, with
-whom they are in treaty, and whose names will shortly be
published. This will enable them to decide with confidence
upon the external form and construction of the Cable, its
specific gravity, its insulation, and the size of its conductor.
The Directors are fully alive to the importance of a prudent
econofny, and it is expected that a sum far less than that which
power has been taken to raise will be ample to cover the
manufacture, insurance, and submersion of the Cable ; but
the first object of the Directors will be to secure the most per-
fect and the best manufacoured Cable that can be constructed.
Proposals have already been received from respectable con-
tractors, which, if accepted, will ensure the manufacture of the
new Cable at the smallest cost consistent with efficiency and
durability. These offers are such as would ensure, under the
protection of effective penalties, its careful submergence and
its efficient working for one month.
As a further precaution, the Directors contemplate being
able to take out a policy of insurance to cover the risk of the
successful submersion of the Cable from shore to shore.
The earliest operations entered into will be directed to an
endeavour to resuscitate or raise the old Cable, for which pur-
pose the Directors have obtainedpermission from the Govern-
ment to employ, in the first instance, a sum not exceeding
£20,000 out of the new guaranteed capital. If successful in
these endeavours, the British Government consent to com-
mence at once to pay £14,000 a-year, which they will increase
to £20,000 when the new Cable is laid, whether the effort to
resuscitate the old Cable be successful or not. The subsidy
of 70,000 dollars per annum from the United States Govern-
ment will also commence at once if the attempts to restore the
old Cable are successful.
The Directors will not commence any works nor conclude
any contracts till the amount of new 8 per cent. Preferential
Stock subscribed for reaches £300,000 ; and they undertake
that, if the subscriptions do not amount to that sum at least,
they will return to the Subscribers the deposits advanced by
them, deducting only the trifling sum per Share incurred in
the preliminary expenses attendant on the issue of this new
capital, and any portion of the £20,000 which may have been
expended in attempting to raise or resuscitate the old Cable
which shall not be balanced by the value of the Cable so re-
covered.

It is believed by the Directors that, under the fbregoing
proposed arrangements, a very promising investment is offered
to the original Shareholders and to the public, and that the
accomplishment of the great work is thereby rendered to a
large extent secure and certain. 41
Applications for Shares will be received in the form set forth
below, addressed to the Secretary of the Company, at the
Offices, 22, Old Broad-street, E.C., London ; the first deposit
of 10s. per Share being at the same time remitted to either of
the undermentioned bankeri. This amount will be returned in
full if the Shares are not allotted.

By order.
GEORGE SAWARD, Secretary.
22, Old Broad-street, London, 1859.

SUMMARY OF PROSPECTUS.
1. Total issue, X 600,00, in Shares of £5 each.
~.

2. Guarantee 'of 8 per cent. per annum from the British
Government, to commence on the opening of the Cable to the
public.
3. After the 8 per cent. is paid to the Preference Shares, and
4 ner cent. on the old capital, the Preference Shares are to
divide the balance of profit, pro rata, with the old capital.
4. Subsidy of £20,000 per annum from the British Govern-
ment.

-57§ubsidy of 70,000 dols., or more than £14,000 per annum,
from the United States Government.

6. Security, under a special contemplated policy of insurance,
against the entire or partial loss of the Cable during sub-
mersion.

7. Offer of contractors to make, and lay down, and work the
Cable successfully.
8. Advantageous agreement with the New York, Newfound-
land, and London Telegraph Company, whereby special
facilities for traffic are secured over all the telegraphic systems
in America, and reductions of tariff over many of them.
g. Return of deposits to subscribers if the capital subscribed
is insufficient.

BANKERS (who will receive deposits).
LONDON—London and Westminster Bank.
LIVERPOOL—Bank of Liverpool.
MANCHESTER--Union Bank.
GLAsGow—Union Bank of Scotland.

APPLICATION FOR SHARES IN THE PREFEREN-
TIAL CAPITAL OF THE ATLANTIC TELEGRAPH
COMPANY.
Five Pound Shares.-8 Per Cent. Guaranteed.
To the Directors of the Atlantic Telegraph Company.
Gentlemen,—Having this day paid to the Company's
Bankers the sum of X , being 10s. per Share upon the
Shares now applied for, I request you to allot me
Shares of Five Pounds each in the Guaranteed Preferential
Capital of the Atlantic Telegraph Company on the conditions
stated in the prospectus ; and I hereby undertake to pay the
further deposit of £2 per share thereon immediately on allot-
ment, and the future calls as and when they are made by the
Directors. It being understood that no further calls are to be
made until the minimum amonut of £300,000 has been sub-
scribed for, and that the deposit (less the proportion of ex-
penses thereon, according to the conditions of the Prospectus)
shall be returned to me in case the said amount is not sub-
scribed for.
Name
-Address
Profession or Description
Reference to .........??ate
Date
N.B.—A reference will, in all
Of
Applications to be enclosed toapplicant is not• a Shareholder. orat the Office
or to the Directors. already known
cases, be required where the
the Secretary, GEOTWE
SAWA.RD, 22, Old Broad-street, Loudon.

WHY NOT PRESERVE YOUR HAY?
BENJAMIN EDGINGTON respectfully informs the
Nobility and Gentry that they can be supplied on the beSt
terms with RICK CLOTHS, with Poles complete.
Early application should be made for SECOND-HAND
RICK CLOTHS. MARQUEES, TENTS, and FLAGS. A
great variety of Marquees and Tentsvnay be seen erected on
the premises. A quantity of SECOND-HAND TENTS from
the Crimea at a greatly reduced price.
West End Establishment, 32, Charing-cross, S.W.
An Illustrated Catalogue sent free per post.
Address—BENJAMIN EDGINGTON 2, Duke-street, Lon-
don-bridge,' S. E.