The Sun.
London, England, 1868-08-18 00:00:00

ABRIDGED PROSPECTUS.

The object of the Company is to establish and work a
direct line of Telegraph between the Continent of Europe
and the United States of America, in accordance with the
concession granted by the Imperial French Government
to Baron Emile d'Erlanger, of. Paris, and Mr. Julius
Reuter, of London.
This concession bears date 6th July, 1868, and confers
the privilege of laying and working Submarine Telegraphs
between France and the United States. The French Go-
vernment binds itself not to grant any other concession
for lines between France and North America during the
period of twenty years from the Ist September, 1869.
A concession granted by the State Legislature of New
York, for landing and working cables between that State
and France, has been secured.
Arrangements have been made with the Submarine
Telegraph Company for the exclusive use of one of their
wires between England and Dieppe, from which place tho
French Government will construct a special wire to Brest
direct for the Company. By this means, the valuable co-
operation of the Submarine Telegraph Company has been
secured, and an uninterrupted route from England to the
United States will be established. _

The French Government has promised its support and
assistance to the undertaking, and an honorary committee
of the highest position has been formed in Paris.
It has been generally acknowledged that, both for poli-
tical and commercial reasons, the laying of a direct and
independent cable from the Continent of Europe to the
United States was only a question of time, and consider-
ing the extraordinary increase of telegraphic messages
wherever new facilities are afforded, it is to be expected
that the new undertaking will create fresh traffic, inde-
pendent of that of the old companies, sufficient to insure
earnings of equal if not greater amount.
It will be the object of the new Company to fix such
rates for messages as will secure the largest possible traffic.
The price to be charged is intended to be £2 for a mes-
sage of 10 words, and it seems not too sanguine an expec-
tation that at this rate the line will find constant em-
ployment.
The power of transmission of the new cable is estimated,
abcording to the report of the engineers and electricians,
at a minimum of twelve words per minute, which, allow-
ing 14 hours a-day for waste time, and consequently only
ten hours a-day for actual work, and taking 300 working
days in the year, gives, at the rate of £2 per message, an
anuual income of £432,000. Practically, the proportion of
days and hours lost would in all probability be less than
is assumed in this estimate. The working expenses of the
new lino may be calculated to amount at the utmost to
£30,000 per annum.
The proposed cable will bo laid in two sections—the first
from Brest, in France, to the French island of St. Pierre,
off Newfoundland; the second from St. Pierre either to
New York direct or to a point between Boston and New
York, with a special line to the last-named city.
The length of the cable is as follows:-
Ist section, from Brest to St. Pierre 2,325 miles.
2nd section, from St. Pierre to the United
States, about 722 „

3,047 miles.
To this length an amply sufficient amount of slack will
be added.

A contract has been entered into with the Telegraph
Construction and Maintenance Company to manufacture
and lay the cable for the sum of £920,000, of which
010,000 is payable in cash by agreed instalments during
the manufacture and shipment of the cable. The remain-
ing £llO,OOO will be payable in the following manner, viz.,
£BO,OOO in fully paid-up Shares, after the section from
Brost to St. Pierre shall have been laid and tested satis-
factorily for thirty successive days ; £lO,OOO in cash after
the section from St. Pierre to the United States shall have
been laid and tested for thirty days, and the final payment
of £20,000 in fully paid-up Shares after the entire cable
shall have been six months in satisfactory operation.
Allowing £lOO,OOO for the construction of the land lines,
engineers' charges, supervision, and all expenses np to the
opening of the line, and deducting the consideration here-
after stated to be given for the concession upon success,
there will remain a balance, by way of reserve, of £BO,OOO.
The Great Eastern will bo employed in laying the deep
sea portion. Sir Samuel Canning with a competent staff
will ha Fe charge of the submersion of the cable. Sir James
Anderson will act on behalf of, and watch over, the
in-
terests of the Company.
tneTlhineecaisbleexipseceotendtrtao bected open
pebne shipped in June next, and
for traffic in the course of
next year.

The cable will be of tho best construction, and generally
of the'same description as those manufactured by the Tele-
graph Construction Company for the Atlantic and Anglo-
American Telegraph Companies. The cable will be pro-
tected by tar like the 1865 cable, and advantage has been
taken of all the experience since gained. In accordance
with the .unanimous recommendation of the engineers and
electricians, the weight of copper in the conductor has
been increased from 3001 b. to 4001 b. per knot. By this
means greater rapidity of transmission is obtained.
In tracing the route a detour has been made to avoid the
risk of icebergs and anchorage on the banks of Newfound-
land. It is on these banks that all accidents to the exist-
ing cables have occurred.
Sir James Anderson has recorded his opinion that the
object thus sought for will be fully attained.
The Concessionaires, by an agreement dated 3d August,
1868, and scheduled to the Articles of Association, have
agreed to transfer to the Company their concession from
the Imperial Government of France, together with all
their rights under the concession from the State of New
York, and the benefit of the undermentioned agreements,
and to defray all expenses up to the registration of the
Company in consideration of 5,000 fully paid Shares, to
be allotted to them whenever tho Cable shall have been
successfully laid, and shall have continued to work satis-
factorily for 30 days. They will also bo entitled to receive
one-fifth part of the surplus net profits in each year, after
setting aside a reserve fund, equal to 5 per cent. of the net
profits, and after payment of a dividend of 10 per cent. to
the Shareholders.i These contingent profits will, for con-
venience, be attached to a portion of the fully paid shares.
It will be seen from this that the Concessionaires look only
to the success of the undertaking for their remuneration,
and for the aepayment of the expenses they have already
incurred.;
Copies of the Agreements and of the Memorandum and
Articles of Association, and of the Concessions, lie for in-
spection at the Offices of the Solicitors of the Company,
Messrs. Bischoff, Cox°, and Bompas, 19, Coleman-street.
be Prospectuses
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House, and at the Union Bank of London, Princes street,
and their various branches.

COPIES OF REPORTS OF SIR JAMES ANDERSON,
SIR WILLIAM THOMSON, MESSRS. VARLEY,
CLARKE, FORDE, AND JENKIN.
London, 3d August, 1868.
Baron Emile d'Erianger, Julius Reuter, Esq.
Dear Sirs,—With reference to the route projected for
the cable between Brest and America, I have recommended
it for the following reasons : ,

By keeping in the 500 fathom line upon Milne bank and
around the southern edge of the Grand bank thereis no
possibility of ice, or of any other agency that clan be sug•
gested, injuring the cable. The northern edge of the
Grand bank was avoided, because it is uncertain at what
depth tho icebergs ground. They are said, upon good
authority, to ground at times in 90 fathoms.
It is not certain at what depth the vessels employed in
the seal trade may sometimes choose to drop an anchor
for the purpose of keeping their station in the track of ice
floes.

These dangers are avoided by the track chosen for the
proposed cable, and lam justified by my own experience
in saying that the track from the southern edge of the
Grand bank to St. Pierre, and thence to the place of land-
ing in America, is entirely free from any danger from ice,
and does not cross any anchorage resorted to by the fleet
of fishing vessels.
The cable upon the Milne bank and from the Grand
bank to St. Pierre, and thence to America (upwards of
1,200 miles), will be laid in water of such easy depth that
repairs will be a matter of certainty ; and we are justified,
from the soundings which already exiat, iu tinirmin that

I am, dear Sirs,
Yours faithfully,
JAMES ANDERSON.

(Signed)

London, 4th August, 1868.
Gentlemen,—At your request we have much pleasure
in handing you the present report on the cable recom-
mended by us to be laid from Brest to St. Pierre, and from
St. Pierre to the coast of the United States.
The deep sea cable adopted is almost exactly similar to
that used in 1865 and 1866. The great merit of this form
is its strength, both absolute and relative to the strains
required while laying the cable. The actual strength of
this hemp and steel cable is 7 tons, while the strain re-
quired for submersion need not exceed 14 cwt. Even if it
should be necessary to haul back any portion already laid,
the strain need not exceed 1-1 tons in the deepest water.
The strength is, therefore, amply sufficient to meet all
contingencies, with a margin quite as great as is allowed in
any ordinary engineering construction or operation. We
need hardly remind you of the experimental proof which
has been given that this form of cable can, even if broken in
the deepest water, be recovered by dredging, but wo take
the oppprtunify of expressing our deliberate opinion
that this success was not fortuitous, but that the experi-
ment might be repeated as often as required with a like
result. The power of transmitting messages through long
submarine lines is no longer a matter of doubt, and the
laws affecting their transmission ere well understood. We
can promise with certainty that through your enlarged
core you, will be able to send twelve words per minute,
and by improved methods of signalling we expect to in-
crease this minimum considerably. The length of your
cable, which will be in deep water, will be no greater than
that of the existing cables, and it will rest on the same
smooth and safe bottom. Tho shallow water section will
be a heavy cable, protected against rust by a bituminous
compound, as used for the Persian Gulf cable. The route
avoids all considerable anchorages and all danger from
icebergs, and should any interruption ever occur on this
portion it can bo repaired with certainty and rapidity.
In conclusion, the strength of your cable is such as to
render its submersion a safe operation ; the route to be
followed is eminently favourable, and a good commercial
speed is certain to be obtained. You secure the advan-
tage of a direct communication, and the risks you run are
not greater in any way than those already surmounted.
We are, Gentlemen,
Your obedient Servants,
WILLIAM THOMSON, HENRY C. FORDE, and
C. F. VARLEY, FLEEMING JENKIN.
LATIMER CLARKE,
Messrs. Erlanger and Renter.

FORM OF APPLICATION FOR SHARES.
When filled up to be lodged, with a deposit of £1 por
Share, at the Union Bank of London.

CONTRACTS FOR SUGAR, TOBACCO, AND PORT
WINE.
CONTRACT DEPARTMENT, ADMIRALTY,
Somerset House, 6th August, 1868.
THE COMMISSIONERS for EXECUTING the
OFFICE of LORD HIGH ADMIRAL of the
UNITED KINGDOM of GREAT BRITAIN and IRE--
LAND do hereby Give Notice, that on Thursday, the 20th
instant, at T wolve o'clock at Noon, they will be ready to
treat with such persons as may be willing to CONTRACT
for supplying and delivering into her Majesty's Victualling
Stores at Deptford, the undermentioned Articles, viz :
To be ten-
Quantities. dared

for at rates
SUGAR 500,000 Pounds t per 100
TOBACCO lOO,OOO f Pounds
PORT WINE 2,000 Gallims per Gal.
When to be Delivered.
One half of each quantity in three weeks from date of
Contract, and the remainder thereof in three weeks after-
wards, or earlier if preferred by the party tendering.
Tenders may be made for the whole or any portion of the
Articles.
Separate Tenders aro to be made for each Article.
Their Lordships reserve to themselves the poWer, when
the Tenders are opened, of contracting either for the whole,
or for such part thereof only as they may deem fit, or for a
greater quantity, or of not contracting for any, and also an
unlimited power of selection in accepting the Tenders.
The Sugar, Tobacco, and Wine to bo exempted from the
Customs' Duties, and parties tendering are to state where
they are lying. if
Each Tender for Sugar must spec y the mark and land-
ing number of each cask or package, the ship in which im-
ported, and the country or place of its growth or produce ;
and an average sample (not less than 21b for each import
mark) must be produced by the parties tendering, and not
an average of different marks or several imports ; and any
parcel that is found not to be of the same mark or average
quality as the samples tendered and accepted will be re-
jected by the officers.
Each Tender for Tobacco mush specify the several trade
marks and numbers, and the countries orplaces of its growth
or produce, and a fresh-drawn dock sample of each cask
or package must be produced by the parties tendering; and
any cask or package that is found not to be of the same
mark, number, or quality as the sample tendered and ac-
cepted, will be rejected by the officers.
Samples of the Wine (two pints) for each import mark
mist bo produced by the parties tendering.
' No Tender will be received unless made on the printed
form provided for the purpose, which may be obtained on
onfro tlmie
each day
person
in the Lobby of the Department of the Con-
troller of Vietuallin g , Admiralty, somei set House, where
the cond:tious of the Contracts may be seen.
No Tender will be received after Twelve o'clock at
Noon on the day of treaty ; end it will not be required
that the party tendering or an agent on his behalf should
oofrscoonntrwafcltl,
bees the result
communi-
cated to him and to his proposed sureties in writing,
oa attend ttehned
offer
e the h e office
received
when, but not before, the, rejected samples are to be re-
moved.
Every Tender must be addressed to the Secretary of
the Admiralty, and bear in the left-band corner the words
" Tender for ," and must also be delivered at the
Department of the Controller of Victualling, Admiralty,
Somerset House.
By order,
ANTONIO DIUDY, Registrar of Contracts
and Public Securities.