from 28 Pall Mall to the House of Commons, of which he is a member. Before we reached the House he expressed his willingness to do so to an equal amount. A few days after that it was thought there would be a great advantage arising out of the fusion of the Gutta-percha Company and Messrs. Glass, Elliott & Co. into a public telegraph construction and maintenance company, who would in that form be able, with advantages to themselves, to help forward the Atlantic telegraph. Mr. Pender then entered into it heart and soul, and we have now a list of eminent capitalists in the United Kingdom pledged to carry out that enterprise in the very best manner. I therefore feel we are deeply indebted to Mr. Brassey and Mr. Pender for the energetic way in which this matter has been taken up by them, and I am truly glad to see the Telegraph Construction and Maintenance Company established with the object and power of carrying forward the extension of telegraphic communication in all parts of the world. "The _Great Eastern_ Ship Company have acted in the most liberal manner towards us, inasmuch as at present they are truly engaged in a labor of love. From this day to the 31st of December, 1865, we are to have the use of that magnificent vessel; and, if the cable be not successfully laid, we shall not have to pay a single shilling for the use of her. Should it be successful, we are then to hand to the directors of the _Great Eastern_ Ship Company £50,000 in shares. In all my business experience I have never known any offer more honorable. I wish to say that those of you who last honored me with your company at dinner in this house will recollect that on that occasion I proposed the health of Mr. George Peabody and his worthy partner, Mr. Morgan, and the latter replied to the sentiment. I had stated in the course of my remarks preliminary to the toast that when I called upon him in 1856 he gave the name of his house as subscribers for £10,000 of the company's stock. In reply to the toast, Mr. Morgan spoke of that £10,000 as lost money, but promised a further subscription, nevertheless, towards carrying out a new cable, and I am happy to say that yesterday he redeemed his promise. That statement that he lost his money is not strictly accurate. It is not lost. He knows where the cable is and can go and get it. The money has been sown, and the plant is already out of the ground, and is now growing up splendidly. It will soon be in flower--I mean at a premium--and then there will be in the office of Messrs. George Peabody & Co. more rejoicing over that £10,000 which was lost and is found than over any £99,000 of their profits that were never in danger. When I invited Mr. Morgan here this evening, he consented to come upon the express condition that he