Part 14

On October 12, an Extraordinary General Meeting of the Atlantic Telegraph Company was held, at which the Chairman, the Right Hon. J. S. Wortley, proposed a Resolution rescinding those passed at the General Meeting in August. He reminded them the Capital was originally issued in 1000_l._ shares. After that an additional amount of capital was raised in 20_l._ shares; and after the first failure a further capital of 600,000_l._ in 5_l._ shares, and an 8 per cent. preference, was raised. Under these circumstances they succeeded in raising the necessary sum enabling them to send out the last expedition, and they now proposed that notwithstanding that guarantee of 8 per cent. to issue a new preferential capital at the rate of 12 per cent. They had negotiated with the same contractors who had hitherto had charge of laying the Cable, and they were willing for the sum of 500,000_l._ to take out a sufficient quantity of Cable, together with that which was left in the ship amounting to about 1000 miles, and in the first place to go across and lay a new Cable, and then to come back and pick up the old one, splice it, and continue it to Newfoundland. He might say at once, that not only the contractors, but all who were engaged in the undertaking, were represented there that day, as well as the able staff of scientific men to whom they were so much indebted upon the last expedition, and he said in their presence that they all had extreme confidence that they would not only be able to lay the new Cable but to pick up the old one, mend it, and relay it. It was proposed that in addition to the 500,000_l._ there should, if the Cable was successfully laid, be a contingent profit to the contractor, which would be paid in money. It was apprehended that the additional 100,000_l._ asked for would be quite sufficient to meet any contingency that might arise. The formal Resolutions rescinding those passed at the meeting in August last were carried unanimously; and it was Resolved, “That the Capital of the Company be increased to an amount not exceeding 2,000,000_l._, by the creation and issue of not exceeding 160,000 new shares of 5_l._ each, and that such new shares shall bear and be entitled to a preferential dividend at the rate of 12_l._ per cent. per annum on the amount for the time being paid up thereon, in priority to any dividend or on any other capital of the Company, and shall also, in proportion to the amount for the time being paid up thereon, be entitled to participate equally with the other capital of the Company in any moneys applicable to dividend, which upon each declaration of dividend may remain after paying or providing for the said dividend of 12_l._ per cent. per annum, the preferential dividend of 8_l._ per cent. per annum payable on the consolidated 8 per cent. preferential stock of the Company, and a dividend at the rate of 4 per cent. per annum on the consolidated ordinary stock and ordinary shares of the Company.”

In their Prospectus, the Directors stated that the Telegraph Construction and Maintenance Company, in consideration of the sum of 500,000_l._, which has been agreed on as the cost price of the Cable if paid for in cash, have already commenced the manufacture of the new Cable, to be laid down during 1866 between Ireland and Newfoundland. The contractors, if the said Cable be successful, but not otherwise, are to have in shares and cash a profit at the rate of 20 per cent. upon the cost. The contractors also undertake during 1866, without any further charge whatever, to go to sea with sufficient Cable, including that now left on board the Great Eastern, and all proper appliances and apparatus such as experience has shown to be necessary, and to use their best endeavours--in the success of which they express entire belief--to recover, repair, and complete in working order between Ireland and Newfoundland, the present broken Cable, which has been ascertained by recent careful electrical tests to be in perfect order throughout its entire length. It will be seen that circumstances have thus enabled the Board to effect a very considerable economy in the Company’s present operations, for in the event of success the Company will be in possession of two efficient Cables for a considerably less amount than would have been expended if the Cable of this year had been successfully laid, and another had been purchased separately. Subscriptions were invited for the sum of 600,000_l._, in 120,000 shares of 5_l._ each.

This new capital will not only create fresh property, but probably resuscitate the old; and the experience of the present year shows that by these means the existing 8 per cent. Preference Stock will, in all probability, be again placed at par in the market before the sailing of the ship next year.

These new Shares will accordingly be entitled to take precedence as to dividend over all the other existing stock of the Company, and to participate _pro ratá_ in all subsequent dividends, bonuses, or benefits, after 8 per cent. shall have been paid upon the second preference stock and 4 per cent. upon the ordinary stock.

The profits to be expected on the completion of this work, if each of the two proposed Cables can be worked at the very low rate of only five words per minute upon each Cable for sixteen hours a day at five shillings per word, the traffic, after paying the dividend charges of 12, 8, and 4 per cent. respectively, amounting together to 144,000_l._ upon the capital comprised in those different stocks, and after paying the very large sum of 50,000_l._ a year for working expenses, would leave a very large balance for paying further dividends or bonuses on the Company’s total capital, both ordinary and preferential, or for reserve funds if preferred.

A calm examination of the courses which led to the suspension of the Great Eastern’s work, inspired those whose judgments were free from prejudice with the belief that a series of accidents, in their nature easily guarded against in future, had been the sole causes of the frustration of the enterprise. If the external coating had not been injured, no faults could have occurred, and if there had been no faults, the Cable would have been laid with the utmost ease. The success of the Telegraph becomes assured the moment the occurrence of faults can be obviated, or their detection can be followed by immediate reparation. These objects are to be attained, and the Directors, encouraged by the confidence of the public, and by the enormous gains which must reward even a temporary success, set about to secure them. An arrangement was entered into with the Directors of the Great Ship Company by which the Telegraph Construction and Maintenance Company secured the Great Eastern for a term of years, and another negotiation ended in obtaining the services of Captain Anderson in charge of her.

Now it may be fairly concluded, from our experience of the “Atlantic Telegraph Expeditions” in 1857, 1858, and 1865,--That a submarine telegraph Cable can be laid between Ireland and Newfoundland, because it was actually done in 1858. That messages can be transmitted through a Cable so laid, because 271 messages were sent from Newfoundland to Valentia, and 129 messages from Valentia to Newfoundland, in 1858. That the insulation of a Cable increases very much after its submersion in the cold deep water of the Atlantic, and that its conducting power is considerably improved thereby. That the steamship Great Eastern, from her size and constant steadiness, and from the control over her afforded by the joint use of paddle and screw, renders it possible and safe for her to lay an Atlantic Cable without regard to the weather. That the egress of a Cable in the course of being laid from the Great Eastern may be safely stopped on the appearance of a fault, and with strong tackle and good hauling-in machinery, the fault may be lifted from a depth of over 2000 fathoms, and cut out on board the ship, and the Cable respliced and laid in perfect condition. That in a depth of two miles a Cable can be caught at the bottom, because four attempts were made to grapple the Cable in 1865, and in three of them the Cable was caught by the grapnel.

The paying-out machinery, constructed by Messrs. Canning and Clifford, and used on board the Great Eastern in 1865, worked perfectly, and can be confidently relied on for laying Cables across the Atlantic. With the improved telegraphic instruments, for long submarine lines, of Professor W. Thomson and Mr. Varley, a speed of more than eight words per minute can be obtained through such a circuit as the Atlantic Cable of 1865, between Ireland and Newfoundland; as the amount of slack actually payed-out did not exceed 14 per cent., which would have made the total Cable laid between Valentia and Heart’s Content less than 1,900 miles.

The Cable of 1865, though capable of bearing a strain of 7 tons, did not experience more than 14 cwt. in being payed-out into the deepest water of the Atlantic between Ireland and Newfoundland.

There is no difficulty in mooring buoys in the deep water of the Atlantic between Ireland and Newfoundland; a buoy, even when moored by a piece of the Atlantic Cable itself which had been previously lifted from a depth of over 2000 fathoms, has ridden out a gale.

More than four miles of the Atlantic Cable have been recovered from a depth of over two miles, and the insulation of the gutta-percha-covered wire was in no way whatever impaired, either by the depth of water or the strains to which it had been subjected by lifting and passing through the hauling-in apparatus.

The Cable of 1865, owing to the improvements introduced into the manufacture of the gutta percha, insulated more than one hundred times better than Cables made in 1858, then considered perfect, and still working. The improvements effected since the beginning of 1851 in the conducting power of the copper wire, by selecting it, has increased the rate of signalling possible through long submarine Cables by more than 33 per cent. Electrical testing can be conducted at sea with such certainty as to discover the existence of faults in less than a minute of their occurrence. If a steam-engine be attached to the paying-out machinery, so as to permit of hauling-in the Cable immediately a fault is discovered, and a slight modification made in the construction of the external sheath of the Cable, the cause of the faults experienced will be entirely done away with; and should a fault occur, it can be picked up even before it has reached the bottom of the Atlantic.

The Great Eastern is now undergoing the alterations which will render her absolutely perfect for the purpose of laying the new Cable and picking up the old, and next year will see the renewal of the enterprise of connecting the Old World with the New by an enduring link which, under God’s blessing, may confer unnumbered blessings on the nations which the ocean has so long divided, and add to the greatness and the power which this empire has achieved by the energy, enterprise, and perseverance of our countrymen, directed by Providence, to the promotion of the welfare and happiness of mankind. Remembering all that has occurred,--how well-grounded hopes were deceived, just expectations frustrated,--there are still grounds for confidence, absolute as far as the nature of human affairs permits them in any calculation of future events to be, that the year 1866 will witness the consummation of the greatest work of civilised man, and the grandest exposition of the development of the faculties bestowed on him to overcome material difficulties.

The last word transmitted through the old Telegraph from Europe to America, was “Forward,” and “Forward” is the motto of the enterprise still.

FINIS.

APPENDIX.

A.

_The following is a list of the Gentlemen connected with the project for the year 1865_

NEW YORK, NEWFOUNDLAND, AND LONDON TELEGRAPH COMPANY.

PETER COOPER, Esq. PRESIDENT. CYRUS W. FIELD, Esq. VICE-PRESIDENT. MOSES TAYLOR, Esq. TREASURER. PROF. S. F. B. MORSE ELECTRICIAN. DAVID DUDLEY FIELD, Esq. COUNSEL.

DIRECTORS.

PETER COOPER, Esq. } MOSES TAYLOR, Esq. } CYRUS W. FIELD, Esq. } NEW YORK. MARSHALL O. ROBERTS, Esq. } WILSON G. HUNT, Esq. }

SECRETARY.

ROBERT W. LOWBER, Esq.

GENERAL SUPERINTENDENT.

ALEXANDER M. MACKAY, Esq., St. John’s, Newfoundland.

ATLANTIC TELEGRAPH COMPANY.

DIRECTORS.

THE RIGHT HON. JAMES STUART WORTLEY, _Chairman_. CURTIS M. LAMPSON, Esq., _Vice-Chairman_.

G. P. BIDDER, Esq. C.E. FRANCIS LE BRETON, Esq. EDWARD CROPPER, Esq. SIR EDWARD CUNARD, Bart. SAMUEL GURNEY, Esq., M.P. CAPTAIN A. T. HAMILTON. EDWARD MOON, Esq. GEORGE PEABODY, Esq. JOHN PENDER, Esq., M.P.

HONORARY DIRECTOR--W. H. STEPHENSON, Esq.

HONORARY DIRECTORS IN THE UNITED STATES.

E. M. ARCHIBALD, Esq., C.B., H.M. Consul, New York. PETER COOPER, Esq. New York. WILLIAM E. DODGE, Esq. New York. CYRUS W. FIELD, Esq. New York. WILSON G. HUNT, Esq. New York. A. A. LOW, Esq. New York. HOWARD POTTER, Esq., New York.

HONORARY DIRECTORS IN BRITISH NORTH AMERICA.

HUGH ALLEN, Esq., Montreal, Canada. WILLIAM CUNARD, Esq., Halifax, Nova Scotia. WALTER GRIEVE, Esq., St. John’s, Newfoundland. THOMAS C. KINNEAR, Esq., Halifax, Nova Scotia.

CONSULTING SCIENTIFIC COMMITTEE.

WILLIAM FAIRBAIRN, Esq., F.R.S., Manchester. CAPTAIN DOUGLAS GALTON, R.E., F.R.S., London. PROFESSOR WM. THOMSON, F.R.S., Glasgow. PROFESSOR C. WHEATSTONE, F.R.S., London. JOSEPH WHITWORTH, Esq., F.R.S., Manchester.

HONORARY CONSULTING ENGINEER IN AMERICA--GENERAL MARSHALL LEFFERTS, New York.

_Offices--12, St. Helen’s Place, Bishopsgate Street Within, London._

SECRETARY AND GENERAL SUPERINTENDENT--GEORGE SAWARD, Esq.

ELECTRICIAN--CROMWELL F. VARLEY, Esq. SOLICITORS--MESSRS. FRESHFIELDS & NEWMAN. AUDITOR--H. W. BLACKBURN, Esq., Bradford, Yorkshire, Public Accountant.

BANKERS.

_In London_--The Bank of England, and Messrs. Glyn, Mills, & Co. _In Lancashire_--The Consolidated Bank, Manchester. _In Ireland_--The National Bank and its Branches. _In Scotland_--The British Linen Company and its Branches. _In New York_--Messrs. Duncan, Sherman, & Co. _In Canada and Nova Scotia_--The Bank of British North America. _In Newfoundland_--The Union Bank of Newfoundland.

B.

THE TELEGRAPH CONSTRUCTION AND MAINTENANCE COMPANY

(_Uniting the Business of the Gutta Percha Company with that of Messrs. Glass, Elliot, & Company_)

is constituted as follows:--

DIRECTORS.

JOHN PENDER, Esq., M.P., _Chairman_. ALEXANDER HENRY CAMPBELL, Esq., M.P., _Vice-Chairman_. RICHARD ATWOOD GLASS, Esq., (Glass, Elliot, & Co.), _Managing Director_.

HENRY FORD BARCLAY, Esq. (Gutta Percha Co.) THOMAS BRASSEY, Esq. GEORGE ELLIOT, Esq. (Glass, Elliot, & Co.) ALEXANDER STRUTHERS FINLAY, Esq., M.P. DANIEL GOOCH, Esq., C.E., M.P. SAMUEL GURNEY, Esq., M.P. LORD JOHN HAY. JOHN SMITH, Esq. (Smith, Fleming, & Co.)

BANKERS--THE CONSOLIDATED BANK, London and Manchester.

SOLICITORS.

MESSRS. BIRCHAM, DALRYMPLE, DRAKE, & WARD. MESSRS. BAXTER, ROSE, NORTON, & Co.

SECRETARY--WILLIAM SHUTER, Esq.

_Offices--54, Old Broad Street, London._ _Works--Wharf Road, City Road, N., and East Greenwich, S.E._

C.

THE following will be some of the Improvements in the Picking-up Machinery and in the Vessel to fit her for her next voyage, and it is believed that the Great Eastern will be as perfect and as admirably adapted for her work as human hands can make her.

The whole apparatus will be strengthened and improved by grooved drums, and more boiler power added, and other drums will be provided for lowering away buoy-rope when grappling.

The paying-out machinery will have steam-power added to it, the spare drum fitted on the machine will be used for picking-up in connection with the paying-out drum; an extra drum and brake-wheel will also be placed near the stern for the purpose of paying-out grapnel lines and buoy-rope, in case it is found more convenient than at the bow.

The grapnel-rope, with shackles, swivels, &c., will be made sufficiently strong to lift or break the bight of the Cable in the deepest water. The hawse-pipes and stem of the ship will be guarded to prevent the Cable from being injured. A guard will be placed round the screw to prevent the Cable and buoy-rope fouling.

D.

STATEMENT OF KNOTS RUN AND CABLE PAYED-OUT PER DAY.

_Sunday, July 23._--Left Berehaven at 1·45 a.m. Passed Skelligs at 8·0 a.m.; bore away N.W., and came up with Caroline at 8·30 a.m., about 25 miles N.W. of Valencia. 10·30 a.m., End got out of afterhold. 11·0 a.m., Terrible and Sphinx came alongside. 12·35 p.m., Caroline got up end of shore-end Cable. 12·45 p.m., passed end of deep-sea Cable to Caroline over stern-sheave of Great Eastern. 5·20 p.m., splice finished on board Caroline, and bight of Cable slipped. 6·50 p.m., took hands on board from Caroline. 8·0 p.m., paddle and screw engines started.

+-----------------------+---------+---------+--------- Date.| Made Good. | Lat. N. | Long. W.| Distance 12 +---------------+-------+ | | from Noon.| Course. | Dist. | Obs. | Obs. | Valencia -----+---------------+-------+---------+---------+--------- July | | | ° ´ ´´| ° ´ ´´| 23 | Splice to Shore end. | 51 50 0| 11 2 20| 24½ 24 |}Picking up Cable { | 52 2 30| 12 17 30| 73·1 25 |} { | 51 58 0| 12 11 0| 68·5 26 | N. 79., 20. W.| 111·5 | 52 18 42| 15 10 0| 180 27 | N. 81., 30. W.| 142·5 | 52 34 30| 19 0 30| 320·8 28 | N. 86., 30. W.| 155·5 | 52 45 0| 23 15 45| 476·4 29 | S. 87., 40. W.| 160·0 | 52 38 30| 27 40 0| 636·4 30 | S. 70., 0. W.| 24 | 52 30 30| 28 17 0| 659·6 31 | S. 81., 0. W.| 134 | 52 9 20| 31 53 0| 793 Aug. | | | | | 1 | S. 83., 45. W.| 155 | 51 52 30| 36 3 30| 948 |{S. 76., 25. W.| 115·4}| | | 2 |{Returned 2 miles }| 51 25 0| 39 1 0| 1063·4 |{before Cable broke }| | | | | | DR. | | 3 | -- | -- | 51 36 0| 38 27 0| -- | | | OBS. | | 4 | -- | -- | 51 34 30| 37 54 0| -- 5 | -- | -- | 51 25 0| 38 36 0| -- | -- | -- | OBS. | | 6 | -- | -- | 51 25 0| 38 20 0| -- 7 | -- | -- | 51 29 30| 39 4 30| -- 8 | -- | -- | 51 28 0| 38 56 0| -- 9 | -- | -- | 51 29 30| 39 6 0| -- 10 | -- | -- | 51 26 0| 38 59 0| -- 11 | -- | -- | 51 24 0| 38 59 0| D.R. -----+---------------+-------+---------+---------+---------

+---------+------+---------------------------------- Date.| Miles | Slack| Heart’s Content. 12 | payed- | per +--------------+------------------- Noon.| out. | Cent.| Bearing. | Distance. -----+---------+------+--------------+------------------- July | | | ° | 23 | 27·00 | -- | N. 80., W.| 1638·5 24 | 84·791| 15·99| -- | -- 25 | 74·591| 8·89| -- | 1596·5 26 | 191·96 | 6·64| N. 24., 21 W.| 1485 27 | 357·55 | 11·45| N. 87., 39 W.| 1344·2 28 | 531·57 | 11·16| S. 88., 35 W.| 1188·6 29 | 707·36 | 11·15| S. 84., 54 W.| 1028·6 30 | 745·0 | 12·94| S. 84., 48 W.| 1005·4 31 | 903·0 | 15·13| S. 82., 20 W.| 871·9 Aug. | | | | 1 | 1081·55 | 14·09| S. 78., 22 W.| 717·1 | | | | 2 | 1186·0 | 11·56| S. 76., 17 W.| 603·6 | | | | | | | | 3 | -- | -- | -- | -- | | | | 4 | -- | -- | End of Cable.| S. 76., W., 44 M. 5 | -- | -- | “ “ | W. (true) 15 M. | | | | 6 | -- | -- | “ “ | W. “ 26 M. 7 | -- | -- | “ “ | S. 23., E., 5 M. 8 | -- | -- | No. 2 Buoy | W.S.W., 3 M. 9 | -- | -- | “ “ | S. 38, 6 or 7 M. 10 | -- | -- | End of Cable| S. 56, W., 2 M. 11 | -- | -- | “ “ | N. 50, W. 1¾ M. -----+---------+------+--------------+-------------------

TEMPERATURE OF THE SEA-WATER.

+------+--------- Date. | Time.| Degrees. -----------+------+--------- 1865. | | July 26th | Noon.| 59 “ 27th | “ | 65 “ 28th | “ | 56 “ 29th | “ | 55 “ 30th | “ | 53 “ 31st | “ | 56 August 1st | “ | 59 “ 2nd | “ | 59 “ 3rd | “ | 54 “ 4th | “ | 55 “ 5th | “ | 55 “ 6th | “ | 55 “ 7th | “ | 54 “ 8th | “ | 59 “ 9th | “ | 55 “ 10th | “ | 57 “ 11th | “ | 57 “ 12th | “ | 54 -----------+------+---------

S. CANNNG.

E.

THE FOLLOWING IS A TABLE OF THE CABLES ALREADY LAID IN THE SEAS AND OCEANS OF THE WORLD.