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a.----RECOVERY OF THE OLD…

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a. RECOVERY OF THE OLD ATLANTI( CABLE.. The lost cable is found, and the recovery is almost as animated as the success of the new cable. The depths hare been made to give up their prey. There is an ex- treme satisfaction in finding any lost treasure, especially when it has cost labour, skill, knowledge, talent, perse- verance, and all the valuable and priceless expenditure of mind. Useless labour, is, our great vexation any disappointment is almost better than that. But now the Atlantic Telegraph comes triumphant out of all its troubles. There has been no waste. Every fraction of energy, care, eyework, and work of the brain will be utilized. There is abundance of employment for twc cables. The search assumed from the 10th of August the character of a most exciting hunt. On that day the cable was grappled and buoyed by the Albany, with the Terrible; but the chain broke, and the prize, when all but secured, slipped out of the capturers' hands. Oil the 12th the Great Eastern and the Medway reached the position. On the 15th, at midnight, the Great Eastern raised the cable 500 fathoms but lost it in buoying. On the 17th, at 2 o'clock in the morning, the Great Eastern again grappled it, and was just commencing the progress of bringing it on board, when the roughness of the sea snatched it away again, the boats being unable to operate. A third time the Great Eastern got hold of it-on the 19th and the Albany, too, got hold of it on the same day. A pause of some days then intervened, when the object of pursuit escaped all contact; but on the 26th the Medway grappled it, and raised it 1,000 fathoms and six hours afterwards the Albany raised it to the surface. On the 27th and the 29th partial captures took place, but the first great and effective seizure was reserved till the 1st of September, last Saturday, on which day the Great Eastern brought the bight on board. The next day the splice was completed, and a message was sent: Canning to Glass.—I have much pleasure in speaking to you through the 1865 cable." Monday's telegram was as follows :— Lat. 51. 34, W. D. R., long. 25. W. D. R. Total cable paid out at noon from splice, 155-6 miles; distance run 134 miles; slack, 13-55 per cent. Heart's Content distant 586. Blowing a gale from N.N.W., with rain tests perfect. All going on well." The following telegram was received from the Great Eastern, at 7.0 p.m. on Tuesday :— Canning to Glass. Ship's time, noon, lat. 31. 2. 26.; long., 41. 53. Total cable paid out, 254'9 miles; run, 226'8 miles. Heart's Content distant 492 2 miles. Weather fine; sea calm; tests perfect." The following telegram was received at 5.24 p.m. on Wednesday:— Canning tosGIass. Ship's time, noon. Lat. 50.11.20. N., long. 44.59 W. Total cable paid out from splice, 418.27 miles: total distance run from splice, 353.2 miles; total slack, per cent., 18.42. Heart's Content distant 368.2 miles. Tests perfect. All going on well. Weather fine; fresh breeze from N.W." The following telegram was received by Renter's Telegram Company (Limited), from the Anglo-Ame- rican Telegraph Company (Limited), on Saturday:- COLLETT, NEWFOUNDLAND, TO STEWART, LONDON. Saturday, 2 22 p.m.—The Great Eastern is off the mouth of the harbour." The following telegram was received by Reuter's Telegram Company (Limited), at 11 20 p.m., from Mr. R. A. Glass, managing director of the Telegraph Con- struction and Maintenance Company (Limited), Sept. 8: < VALENTIA, Sept. 8.—" Following received from Heart's Content, through the 1865 cable at 9 20 p.m. It is with the greatest pleasure I have now to re- port to you the successful completion of the Atlantic Cable of 1865. The announcement on Monday morning that the Atlantic cable of 1865 had been recovered was followed by a sudden rise in the shares of the companies asso- ciated with the undertaking. The last price of Anglo- American on Saturday was 11 on Monday morning they sold at II i, from which there was a slight reaction, and they closed at 13f, or 3f better than Saturday, and i below the best price of the day. In Atlantic Stock there was still more movement. Saturday's closing price was 62-1; on Monday morning they changed 2 11 hands at 90, then fell to 78f, rallied to 82, finally closing at 79t, or 17 per cent. higher than on Satur- day, and lOt per cent. below the highest price. The Eight per Cent. Preference closed at 4, which is f better, and the partly paid-up shares of the Telegraph Construction and Maintenance advanced Ii, leaving off at I dis. In connection with this subject it is said that a few days since insurances were effected at Lloyd's on the old Atlantic cable of 1865 at 55 guineas per cent., the policy setting forth" its successftlly being grappled, spliced, and continued to Heart's Content Bay, and 100 words transmitted both ways." The underwriters in some cases paid a loss of 70 per cent. on the shares, the original shareholders retaining their interest; and in some instances they paid a total loss, and received the shares. The following remarks on the use of the Atlantic Telegraph are from the Iron Trade Circular of Messrs. George Ryland and Co.:— The advantage or the mischief which may accrue to commercial interests on either side from the completion of the Atlantic cable will. to a very great extent, be governed by the manner in which the transmission of news by it is regulated. It will not do to rely upon the information of the newspapers only—supplied as it is from one source, the Associated Press"—a body not entirely free from suspicion of intermeddling with news for stock exchange purposes; neither is it desirable that private messages (of public importance, be it understood) should forestall or supplement these dispatches. What is required, and what must be obtained, is the publica- tion of as many despatches as possible, from numerous and various quarters. Cannot a kind of "Telegraph Lloyds" be instituted by a subscription of some five hundred merchants, who, from their own corres- pondents, can make sure of plain, clear, and com- plete intelligence of all matters, general or otherwise, affecting commercial interests, and few occurrences indeed are there by which commercial interests are not influenced ? Divide the expense amongst so many firms, more or less, and it will not be felt. One house could only afford three words on corn, but three or four hundred could telegraph a full column of markets. Thus should we have the Press Association telegrams checked, just as the Times and other papers found it necessary to check the Reuter intelligence under the old system. It is a childish mistake," says the New York Commercial Chronicle, to suppose the multiplication of telegrams diminishes the demand for any one telegram out of the number. On the contrary, such is the nature of this species of news, that of all possible news it most demands verification. The man who has received a telegram of importance is not the less, but the more anxious on that account, to see all other telegrams which may have been received in-reference to the same subject. And every central and responsible publication of telegrams from Europe will tend at once to increase the importance and the accuracy of all other similar publi- cations." The Railway News remarks that the new cable has beenlaid and the old one has now been recovered, the Anglo-American Company, which was established to act simply as the agems of the original Atlantic Tele- graph Company, will be dissolved, and the property will vest in the original proprietors. By the terms of the arrangement the Atlantic Telegraph Company reserved the rk' ht of terminating the agreement with the Anglo- American at any time before Jan. 1, 1869, on giving three months' notice to that effect, by payment to the company of zCI,200,000, or dcfcblc the amount of its capital, the Anglo-American reserving to itself, in the event of being thus paid off, of taking payment of one-half of the amount in the ordinary Atlantic Telegraph shares at par instead of cash. At present, the Anglo-American dividend of 25 per cent. out of the earning of even the single line is secured, and with both lines at work, and with a reduction of 50 per cent. on the tariff of charges, the revenue of the company will be very considerably in excess, not only of the 25 per cent. reserved for the Anglo-American, but of the amount required to pay the dividends of 8 and 4 per cent. on all the descriptions of original Atlantic Telegraph stock; and if the figures given in the Times are accurate, there will be a very large surplus for division, after all these payments between the old and new companies. No good can possibly result from keeping up two distinct com- panies the public will be gainers by the unity of action and management which would be secured by having the telegraph in the hands of one company. The share- holders of the new company will be amply compensated by receiving back double the amount of their capital with any dividends they may earn before the arrange- ment is can-led out, and the original shareholders, who have borne the burden of so many delays during the last nine years, will receive, as is their due, the w'iole of the profits resulting from the working of the tele- graphic communication which they have been the means of establishing. By the issue of 8 per cent. debentures or pfefercnce stock, the Atlantic Telegraph Company would be enabled to pay off the old company, and secure for themselves an additional 9 per cent. of dividend on X600,000 of their capital. The Times, alluding to the successful completion of this enterprise, remarks how much the shareholders may be congratulated on this may be guessed from the fact that their present line, which is steadily increasing in its returns, is already earning money at the rate of 1900,000 a year. No one will grudge them their profits, for no one can deny them the credit which is due to their unflinching determination in the face of years of loss and failure. If there be any one individual to whom more than another the chief credit of the enterprise be- longs, it is certainly Mr. Glass. On him have mainly fallen the labour and the loss, and to him is due the honour of success.

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THE RAG TRADE.

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