time being paid up thereon, in priority to any dividend or on any other capital of the Company, and shall also, in proportion to the amount for the time being paid up thereon, be entitled to participate equally with the other capital of the Company in any moneys applicable to dividend, which upon each declaration of dividend may remain after paying or providing for the said dividend of 12_l._ per cent. per annum, the preferential dividend of 8_l._ per cent. per annum payable on the consolidated 8 per cent. preferential stock of the Company, and a dividend at the rate of 4 per cent. per annum on the consolidated ordinary stock and ordinary shares of the Company.” In their Prospectus, the Directors stated that the Telegraph Construction and Maintenance Company, in consideration of the sum of 500,000_l._, which has been agreed on as the cost price of the Cable if paid for in cash, have already commenced the manufacture of the new Cable, to be laid down during 1866 between Ireland and Newfoundland. The contractors, if the said Cable be successful, but not otherwise, are to have in shares and cash a profit at the rate of 20 per cent. upon the cost. The contractors also undertake during 1866, without any further charge whatever, to go to sea with sufficient Cable, including that now left on board the Great Eastern, and all proper appliances and apparatus such as experience has shown to be necessary, and to use their best endeavours--in the success of which they express entire belief--to recover, repair, and complete in working order between Ireland and Newfoundland, the present broken Cable, which has been ascertained by recent careful electrical tests to be in perfect order throughout its entire length. It will be seen that circumstances have thus enabled the Board to effect a very considerable economy in the Company’s present operations, for in the event of success the Company will be in possession of two efficient Cables for a considerably less amount than would have been expended if the Cable of this year had been successfully laid, and another had been purchased separately. Subscriptions were invited for the sum of 600,000_l._, in 120,000 shares of 5_l._ each. This new capital will not only create fresh property, but probably resuscitate the old; and the experience of the present year shows that by these means the existing 8 per cent. Preference Stock will, in all probability, be again placed at par in the market before the sailing of the ship next year. These new Shares will accordingly be entitled to take precedence as to dividend over all the other existing stock of the Company, and to participate _pro ratá_ in all subsequent dividends, bonuses, or benefits, after 8 per cent. shall have been paid upon the second preference stock and 4 per cent. upon the ordinary stock.