New-York daily tribune., 1865-09-29
The Atlantic Telegraph.

An extraordinary general meeting OF the At
the London Tavern. MI j. 3 Worthy In the char.
Mr.. Sawsfd. The Sccretury read th. report which
stated that the sensation Immediately consequent npon
the recent accident 10 the Afiaptc cable of
profound disay ypointmcnt bot this had great extel
drapp. ired before the important and elcoarl ging
facts brought 10 light and practice during the cape
d.on. In the eveat Of injury 10 the insulation
after subInersio ard while sunk In the deepest water
electricians wcrs enabled with ease 10 calculate MI
ng,ey the exact distance II the injured spot from ship
or shore In cable OF 2JU mles long. IL had further
been proved that many miles oi cable Ike that select
ed could Injured be hauled In and repaired during
the heaviest weather sad from water 1900 iaihoms In
depth; and still more that when q cable Was
absolutely fractured and the broken end lay at the
bottom of the ocean 900 faihoms deep. II was
perfectly possible To find II ard raise It, ard equally
posshlc to bring up the end OF the Atlantic cable which
IN that situation. and tplice tothe cable on board
the Great Eastern 10 plcte the communication
to Newfoundland s"On - apparatus of suitable
strength and convenience could he manufactured.
The Directors after careful investigation, therefore,
had determined not 10 relax in striving to bring TO
successful Issue he great work intrusted 70 their
charge but press forward Ia the path of experience
with increased vigilance aud perseverance, lhey had
already entered into contract for renewed operations
Under this contract the Telegraph Construction aud
Maintenance Company undertook for the sum Of
1900 co. which had bcon agreed on as the cost price.
nt once 10 commence the manufacture o, anu during
letd to lay dawn. "a new cable between Ireland and
Newfoundland The contractors. II the cable be sac-
cessfu bnt not otherwise were TO have IN shares and
They also undertook without any further charge what
ever 10 70 to With sufficient cable including that
now LEFT board the Great Eastern aud all proper ap
planccr and to their best endoay0rs In the success
of which they entirely believed to and repair
and complete In working order between Ireland and
New foundand the present broken cable. But the car
ryng ont of this contract involved the strenuous efforts
of the Directors to rinse amount VI money ranging
from minimum OF a2;9,0 900 to moriAAm OF 35OO.OCo
In cesh. -
.,t IN man spltl
which would In itself involve an expenditure OF il2C
where a. for SUN of 400 900 the contractors were
wiling to make and lay new cable next year In addi.
believing In the very large profits that undoubtedly
awntedths Compspy when successful they desired TO
offer first dividend of l. per cent, with participation
In profits after per cent had been paid upon the exist
ug share and per cent upon the old capital e. those
shareholders who consented ~ supply the requisite
funds. The report also statcd that cacn OF the TWO
proposea cables could be worked ut the very low rae Of
only five words DOR minute upon each cable Tor 10 hours
day at s PET word the traffic. alter paying the divi'
dend charges If IL. and per cent respectively
amounting together 10 2Ii4O upon the capital CON-
prsed in those different stocks and after adding thereto
the very large sum OF Ry,U0 year Tor WORKING ea
pcnses wonld leave enormous balance Inc Boafd
proposed to tnhe the final decision OF the %
In respect of raising the capital at meeting 10 DC hed
af tLe London Tavern the 18th day Of October next
The Chairman In moving the adoption OF the report
owing the directors their liberal and generous
support He merely osked them on the present oocI'
sor 10 adopt the report and 10 take into their consider
alton Tho proposal OF the directors TO further increase
the pai by making the total amount oi cap.
ital ~ coo They propose to raise tho new capital
nv the issne OF 100 COO shares OF 81 each to be en-
titled TO preferential dividend at the rate OF ~ per
cent per annum in priority to anV dividend or any
other capital of the Company He entered a. consider
able length into the practcabty Of the undertaking.
and entertained no doubt whatever that with proper
appsratus and machinery the proposed new cable
y unid be successfully laid. The new cable was In
eyerv respect suitable for the purpose intended but
ouired 10 be carefully end well constructed The ex.
neraents that had been made it to strength. in
sulation &c had increased their confluence In that
mode of construction.
The Great Eastern admirably adapted for lnyng
ocean cables. and Capt Anderson, her able commander
had been perfectly satisfied with her performances IN
every respect They would postpone tho discussion on
the proposal for raising capital until tho meet
ing Of the 18th Of October next and in tie meantime
the shareholders would b. Informed Of the particulars
discussion ensued TO the ntiiity Of trying lighter
cables and cables In conrse Of manufac.
but the chairman explained that the form Of cable
The company had adopted had been selected from IL
different specimens of cables by scientific commit
tee and from experiments that had since been made 10
was deemed desirable 10 construct the proposed
cable on the same plan or course n any more eff.
cisnt cable should be discovered future time.
they would be happy 10 avail themselves Of II. The
report was unanimously adopted.