The Story of the Atlantic Telegraph

The next step was to raise the capital. After the most careful estimates, it was thought that a cable could be made and laid across the Atlantic for L350,000. This was a large sum to ask from a public slow to move, and that lends a dull ear to all new schemes. But armed with facts and figures, with maps and estimates, with the opinions of engineers and scientific men, they went to work, not only in London, but in other parts of the kingdom. Mr. Field, in company with Mr. Brett, made a visit to Liverpool and Manchester, to address their Chambers of Commerce. I have now before me the papers of those cities, with reports of the meetings held and the speeches made, which show the vigor with which they pushed their enterprise. This energy was rewarded with success. The result justified their confidence. In a few weeks the whole capital was subscribed. It had been divided into three hundred and fifty shares of a thousand pounds each. Of these, a hundred and one were taken in London, eighty-six in Liverpool, thirty-seven in Glasgow, twenty-eight in Manchester, and a few in other parts of England. The grandeur of the design attracted public attention, and some subscribed solely from a noble wish to take part in such a work. Among these were Mr. Thackeray and Lady Byron. Mr. Field subscribed L100,000, and Mr. Brett L25,000. But when the books were closed, it was found that they had more money subscribed than they required, so that in the final division of shares, there were allotted to Mr. Field eighty-eight, and to Mr. Brett twelve. Mr. Field's interest was thus one-fourth of the whole capital of the Company.