The Story of the Atlantic Telegraph

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.