ousand shares of five pounds each,
which should be preferential shares, entitled to a dividend of twelve
per cent, before the eight per cent, dividend to be paid on the former
preference shares, and the four per cent, on the ordinary stock. They at
once proceeded to issue these bonds, when they were informed by the
Attorney-General that the proceeding was contrary to law.

In this dilemma work on the new cable was at once stopped, and the money
which had been paid in returned to the subscribers. As Parliament was
not in session, and a new issue of stock could not be made by the
company without its authorization, and as to wait for this would be to
postpone the laying of the cable for another year, Mr. Field was now
advised by Mr. Daniel Gooch, M.P., that the only way out of the
difficulty was to organize a new company at once, which should assume
the work, issue its own shares, and raise its own capital. Eminent legal
gentlemen sustained Mr. Gooch in this opinion, and Mr. Field again set
to work to organize a new company, under the name of the "Anglo-American
Telegraph Company." The capital was fixed at six hundred thousand
pounds, Mr. Field taking ten thousand pounds. The whole amount was
raised in a short time, and the company "contracted with the Atlantic
Cable Company to manufacture and lay down a cable in the summer of 1866,
for doing which it is to be entitled to what virtually amounts to a
preference dividend of twenty-five per cent., as a first claim is
secured to them by the Atlantic Telegraph Company upon the revenue of
the cable or cables (after the working expenses have been provided for)
to the extent of one hundred and twenty-five thousand pounds per annum,
and the New York, Newfoundland, and London Telegraph Company undertake
to contribute from their revenue a further annual sum of twenty-five
thousand pounds, on condition that a cable shall be working during
1866."

Once more the furnaces glowed and the hammers rang in the manufacture of
the cable. Great improvements were made in the cable itself and in the
machinery for laying it, and the "Great Eastern" was thoroughly
overhauled. The cable was completed and put on board in June, and the
big ship left the Medway on the last of the month and proceeded to
Berehaven, in Ireland, where she took on her final stores of coal. This
done, she proceeded to Valentia, where she arrived on the seventh of
July.

The shore end was successfully laid and made fast to