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378
The Story of the Atlantic Telegraph
·
Henry M. Field
276
Next,
he
betook
himself
to
that
prince
of
English
capitalists,
Mr.
Thomas
Brassey,
who
heard
from
his
lips
for
the
first
time,
that
the
affairs
of
the
Atlantic
Telegraph
Company
had
suddenly
come
to
a
standstill.
At
this
he
was
much
surprised,
but
instantly
cheered
his
informer
by
saying:
"Don't
be
discouraged;
go
down
to
the
Company,
and
tell
them
to
go
ahead,
and
whatever
the
cost,
I
will
bear
one
tenth
of
the
whole."
Who
could
be
discouraged
with
such
a
Richard
the
Lion-hearted
to
cheer
him
on?
Meetings
were
called
of
the
Directors
of
both
the
Atlantic
Company
and
the
Telegraph
Construction
and
Maintenance
Company;
and
frequent
conferences
were
held
between
them.
The
result
was
the
formation
of
a
new
company
called
the
Anglo-American
Telegraph
Company,
with
a
capital
of
L600,000,
which
contracted
with
the
Atlantic
Company
to
manufacture
and
lay
down
a
cable
in
the
summer
of
1866,
for
doing
which
it
was
to
be
entitled
to
what
virtually
amounted
to
a
preference
dividend
of
twenty-five
per
cent:
as
a
first
claim
was
secured
to
them
by
the
latter
company
upon
the
revenue
of
the
cable
or
cables
(after
the
working
expenses
had
been
provided
for)
to
the
extent
of
L125,000
per
annum;
and
the
New-York,
Newfoundland,
and
London
Telegraph
Company
undertook
to
contribute
from
its
revenue
a
further
annual
sum
of
L25,000,
on
condition
that
a
cable
should
be
at
work
during
1866;
an
agreement
to
this
effect
having
been
signed
by
Mr.
Field,
subject
to
ratification
by
the
Company
in
New
York,
which
was
obtained
as
soon
as
the
steamer
could
cross
the
ocean
and
bring
back
the
reply.
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