Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1860-03-19
LYNCHBURG MONDAY MORNING. MARCH 49, 1860.
Railg a)iraiaiau.
The Atlantic Cable.

The Atlantic Cable.
The Injured Portions Of the Cabk 10 be raised and tie
Work Commenced anes--P Progress Of the Line from
England 10 ind,a-71e Whole Cha,n Completed.
The report Of the dircctore of tho Atlantic Telegraph
Company, which will be submitted TO tho sharchod.
ers at the third general meeting Wednesday ncxt,
has been issued The directors state that the gunran-
tee secured hy her Majesty Government and of which
the details were communicated to tho sha holders
nj the extraordinary meeting the 9Th of June last,
has been found nsuicen, for the purpose of raising
the amount necessary for the prosecution of this
terpise The directors hoped that in the absence of
better terms, fixed minimum revenue OF $4,000
year, added to conditional guarantee of spcr ccut
upon the new capital, night suffice for that object
In this hope, however, they have been disappointed
The absence in the government terms of any provi-
sion against total aud absolute loss OF the property
of the shareholders in of failure, and the contn
nance OF the guarantee aud income during the work.
ing of the cable only, has proved hitherto insupera
BILE obstacles to the obtaining sufficient subscriptions
Liverpool Manchester and Glasgow have been sue
ccssycy visited and rnnvnsscd; the total result IN
subscriptions amounts only to f12,0o The report
goes on to state that the only now le, under
ordinary circumstances, would be to wind up the en-
terprisc leaving nothing to the shareholders except
the memories Of noble work The directors, how
impressed with the value aud importance Of the
Atlantic telegraph, aud feeling hnt II Is IN ssmc sense
pnblc MS well as private trust have resolved TO
advance the funds necessary to keep the company IN
existence hht me shareholders he hHhin chllcu %
gether, qbe directors, nevertheless contend that MS
the undertaking Is in its character and results impr
rial to as large an extent ns it IS com nerta, 1t Is
now but fair that the national security should inter
pose in some measure 10 shield from the possibility Of
toa and absolute loss the future enterprise of those
who would be willing If moderately protected, to
provide the pccunafy means for the complete rclli
cation of The undertaking, They do not deem the
present period propitions for amy immediate nPplica
tion for such assistance nnd while awaiting II moro
favorable opportunity, the directors have made mr.
rangemcnti for the keeping of the company in cXIs
trnce Till Hey receive other instruct 'ns hom the
shareholders. Mclnwhilc, the progress of the com
pnnv in oihrr respects has been Of surh character
will fully compcn safe for the delay il the effort of
the directors ultimately successful in raising the
capitol required In The interest of the line OF tclo-
graph intended to he laid from Falmouth tn Gibraltar,
n sum OF money has been devoted hy government TO
experiments upon tie merits and dement's OF different
cables an 10 m inquiry into tho whole question Of
ocean tccgrnphy, including M investigation Of the
causes of the various failures which have occurred
The management of these proceedings was entrusted
by the government to the Board Of Trade insisted by
committee of eminent scientific gentlemen nd TO
this committee the Atlantic Telegraph Company
also in, iicd in the PERSONS of their chairman aud Of
trers TO join themselves members. The result of
this enquiry, which will shortly be published ,nrc such
will render MI deep telcgraphy much easier Of
accomplishment than the most snuguine have hithcr
TO supposed it to be- The directors, moreover, an
nounce that they have carefully considered tho prob
abilities of restoring to working order the companys
existing cable thereby receiving guaranteed reyen
ne of f29,00 per annum, under existing agreements:
and they express hopeful anticipation of success tor
well directed eT.rt 10 restore the cable and in any
case large quantity OF cable may be recovered, and
its value go far 10 deny The whole expenses Of
the expedition, If the primary object OF restoring
municaton should not be attaiued. To make this
attempt, the commaud of sun not exceeding $40
600 will he necessary, though nothing like that
amount will be risked IN case Of failure. In order to
obtain this sun, the directors propose that il shall be
raised in the companys remaining unlssucd f2U
shares aud that in the of failure 10 restore the
cable those who shall be- willing to take this addition
oil amount of 200 in f2U shares, shall have an
absolute right Of property all the cable recovered
and sold subject to deduction towards paying tho
penses OF tho expedition. II the cable be again resto-
red to working order il Is proposed that every sub
scriber Of of these E20 shares shall have
the privilege of receiving for every such share sub
scribed for additional f20 share free of payment,
but credited rs fully paid on the books OF The compa-
ny. Resolutions confirming these proposals md con-
dous will be submitted to the forthcoming meet
ing. The resignation Of two Of the Board yM:-Mr.
DAgleisb, VI. F., Of Glasgow, and Mr.. W. Brown Of
Liverpool is announced in ihe report 10 which is ap
pended balance sheet of receipts and expenditure,
aud account Of present assets and liabilities, which
the directors admt,nre mot encouraging documents.
In conclusion, the directors express their conviction
that this magnificent enterprise will not be suffer
cd to expire for want of such additional help mny
be necessary
TELIGRArHc CONNECTION nErwEEN ENGLAND AND ~
DlA.