The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-15
The Submarine Transatlantic Telegraph.

The Submarine Transatlantic Telegraph.
This great scheme for connecting the Old and New
Worlds, which originated with some of our enter
pxishg countrymen some three years ago, is still
talked Of by leading capitalists We believe that the
project Hrst preached by petitions, which were
simultaneously presented to the Parliament Of Great
Britain and the Congress of the United Staea but it
not until Lieutenant Maury's report was received
that people thought the accomplishment of such An en-
terprse within the bounds of possibility.
That report our readers will remember, published
IN the month Of February last and in favor Of the
scheme From Cape Freel's, Newfoundland, TO Erie's
Head Ireland the distance il only ONE thousand six hun
yed and miles, and the Of the between
the two places platsa which precisely what
auired the purpose holding the wi Of submarine
telegraph and keeping them out Of HARMS way 1t il mel
thar too deep yet deep that the wires
being once landed win remain forever beyond the reach Of
vess anchors cebergs and drifts Of any kind and so
shallow that the wires may be readily lodged upon the
bottom. Thus the great difficulty apprehendsd dis
covered to be NO difficulty at all. Lieutenant Maury
suggested the propriety Of offer of nato prize to
the company through whose teegrAphic wire the rst
message should be passed the Atlantic We do
not doubt that such suggestion would not be lost sight
Of the proper quarters and if 80, have reason to
believe that 1t will long be bestowed upon the New
York Newfoundland and London Electric Telegraph Com
pany.
bill has already passed the Colonial Legislature to
incorporate company under this designation, with
capital Of fifteen hundred thousand dollars in shares OF
one hundred dollars each, with power to increase the
stocks to three millions 1t grants to the company ON
the completion the line to Cape Ray TO any other
point ON the west coast Of Newfoundland land in blocks
not exceeding ave square miles, to the extent Of atty
miles square 1t gives the company the construction
Of every hundred miles of roads, and bridges eight feet
wide from st. Johns to Cape Ray and Trepassy 81
to the extent Of IS 1000. 1t exempts all materials i'm
ported for the telegraph works from al duties II gives
this company the sole and exclusive right to build
cupy take work this any other line Of telegraph
(sxcept the existing line between st. Johns and Car
Sonear) for fifty yearsthe Colony having the right to
purchase the lines Of telegraph and property Of the
pany, after twenty years, at . fair valuation. It
guarantees the interest," by the Colony Of ave per cent
ON the companys bonds of 81 900 sterling each the
bonds payable in twenty years In London, the Colony
having prior lien all the telegraph lines property,
and works Of the company in the Island the eonti-
nsnt Of America. The bonds to be delivered to the
company AZ folows:-Ten when they begin operations;
ten when the telegraph roads and bridges completed
to Cape Ray; and the remaining thirty when the tee
graph IL completed from St. Johns to Prince Edward
Island Nova Scotia.
provides that the directors Of the company may be
unfortunately citizens of the United States subjects
of her Majesty the Queen and that the meetings of the
stockholders and directors shall be held in New York in
London, and in the Island the directors may from
time to time determine but that there shall always be
local manager In the Colony.
The act also provides that 80 as message shall
have been actually transmitted by the said company
acrOss the Atlantic Ocean, by means of submarine
caos or wire, the company shall receive grant OF afy
sgoars miles Of land to be selected by the company in
soduon to the grants previously mentioned"
sne D. Johns xerSi~a Ppas from which We have