Daily national Republican., 1865-09-30
The Atlantic Telegraph.

The Atlantic Telegraph.
An extraordinary general meeting Of the
Atlantic Telegraph Company was held on
Thursday, at the London Tavern, Mr.. J. s.
Wortley In the chair. Mr.. Saward, the Sec
retary, read the report, which stated that
the sensation Immediately consequent upon
the recent accident 10 the Atlantic cable was
one Of profound disappointment but this had
to great extent disappeared before the i'm
portant and encouraging facts broaght to
light and practice during t.s expedition In
the event Of injury to the insulation even
after submersion, and while sunk In the deep.
est water, electricians wero enabled with
ease to calculate minuteiy the exact distance
of the injured spot from ship or shore in q
cable Of 2, 800 miles long.
II had further been proved that many miles
Of cable like that selected could, II 80 in
jured, be hauled In and repaired during the
heaviest weather and from water 2, 900 faith.
oms in depth; and still more, that even when
a cable was absolutely fractured and I e
broken end lay at the bottom Of the ocean
1000 fathoms deep, II was perfectly possible
to find II and raise IL, and equally possible to
bring up the end Of the Atlantic cable which
was in that situation, and splice II to the
cable on board the Great Eastern, so Us to
complete the communication to Newfound-
land, so soon as apparatus Of suitable
strength and convenience could be manufac-
tured.
The Directors, nfter careful Investigation,
therefore, had determined not to relax in
striving to bring TO q successful issue the
great work intrusted TO their charge, but to
press forward In the path Of experience with
increased vigilance and perseverance. They
had already entered into contract for re-
newed operations. Under this contract the
Telegraph Construction and Maintenance
Company undertook, for the sum Of $500, 900,
which had been agreed on as the cost price,
at cnce to commence tho manufacture Of, and
during 1866 to lay down, a new cable be.
tween Ireland and Newfoundland. The con.
tractors, If the cable be successful but not
otherwise, were to have in shares and cash
profit at the rate Of twenty per cent. upon
such cost.
They also undertook, without any further
charge whatever, to 60 to sea with sufficient
cable, including that now left on board the
Great Eastern, and all proper appliances, and
tn use their best endeavors, in the success Of
which they entirely believed to recover and
repair and complete in working order between
ireland and Newfoundland the present broken
cable. But the carrying out Of this contract
to raise an amount Of money ranging from
minimum of $3.50, 900 to maximum Of
$500, 900 In cash.
1t was impossible that the Great Eastern
ship could go to sea again this year to mend
the existing cable, which would in itself in
volve an expenditure Of f120, 900, whereas,
for a gum Of $500, 900 the contractors were
willing to mske and lay a new cable next
year in addition TO the restoration Of the old
one. The directors, believing in the very
large profits that undoubtedly awaited this
company when successful, they desired to
offer first dividend of IL per cent -, with
participation in profits after per cent. had
been paid upon the existing shares, and per
cent. upon the old capital to those sharehold-
ers who consented to supply the requisite
funds.
The report also stated that If each Of the
two proposed cables could be worked at the
very low rate Of only fvo words per minute
upon each cable for 10 hours day at IS. per
word, the traffic, after paying the dividend
charges Of IL, 8 and 4 per cent. respectively,
amounting together to f444, 900 upon the
capital comprised in those different stocks,
and after adding thereto the very large sum
Of ESQ, 200 a year for working expenses,
would leave m enormous balance. The Board
in respect of raising the capital
at meeting to be held at the London Tavern
on the 18th day Of October next.
The chairman, in moving the adoption Of
the report, said he had never observed any
slackness in the proprietors giving the di-
roctors their liberal and generous support
He merely asked them on the present occa-
sion to adopt the report, and to take into
their consideration the proposal Of the di-
rectors to further increase the capital by
$500, 900, making the total amount of capt.
tai f2, 0OO,O 900. They propose to raise the
new capital by the issue Of 100, 900 new
shares Of f5 each, to be entitled to prefe.
rental dividend at the rate of twelve per
cent. per annum, In priority to any dividend
or any other capital of the company. lie
entered at considerable length into the prac-
ticabilty of the undertaking, and entertained
no doubt whatever that, with proper appa-
ratus and machinery, the proposed new cable
would be successfully laid.
The new cable was in every respect suita-
BILE for the purpose intended, but required to
be carefully and we'll constructed. The ex-
periments that had been made on it as to
strength, insulation, &c, had increased their
confidence in that mode Of construction.
The Great Eastern was admirably adapted
for laying ocean cables, and Capt Anderson,
her able commander, had been perfectly
satisfied with her performances in every re-
spect. They would postpone the discussion
on the proposal for raising n new capital
until the meeting of the 18th Of October next,
and in the meantime the shareholders would
be informed Of the particulars.
A discussion ensued us to the utility Of
trying lighter cables, and some new cables
now in course Of manufacture; but the chair
man explained that the form of cable the
company had adopted had been selected from
seventeen different specimens of cables by n
scientific committee, and from experiments
that had since been made, it was deemed de-
sirable to construct the proposed new cable
on the same plan. OF course, If any more
efficient cable should be discovered at some
future time, they would be happy to avail
themselves Of it.
The report was unanimously adopted.