From Great Britain eventually the Company obtained an annual subsidy of 14,000_l._ sterling until the net profits of the Company should reach 6 per cent. per annum, on the whole capital of 350,000_l._ sterling, the grant to be then reduced to 10,000_l._ sterling per annum, for a period of twenty-five years; two of the largest steamships in the navy to lay the cable, and two steamers to aid them; and a careful examination of the soundings by vessels of the Royal Navy. From the United States the Company obtained an annual subsidy of $70,000 until the net profits yielded 6 per cent. per annum, then to be reduced to $50,000 per annum, for a period of twenty-five years, subject to termination of contract by Congress after ten years, on giving one year’s notice. The United States government also granted the steamship Arctic to make soundings, and steam-ships Niagara and Susquehanna to assist in laying the cable. A government steamer was also ordered to make further soundings on the coast of Newfoundland. Long ere the Company had been placed in possession of such beneficial rights, and obtained such a large amount of favour, Mr. Field, who threw every energy of body and mind into the work, and was entrusted by his brother directors with the general management of affairs, proceeded to carry out the engagements the Company had entered into with the local legislatures. It has been said that the greatest boons conferred on mankind have been due to men of one idea. If the laying of the Atlantic Cable be among these benefits, its consummation may certainly be attributed to the man who, having many ideas, devoted himself to work out one idea with a gentle force and a patient vigour which converted opposition and overcame indifference. Mr. Field may be likened either to the core, or to the external protection, of the Cable itself. At times he has been its active life; again he has been its iron-bound guardian. Let who will claim the merit of first having said the Atlantic Cable was possible, to Mr. Field is due the inalienable credit of having made it possible, and of giving to an abortive conception all the attributes of healthy existence. The first step in the great enterprise, now fairly inaugurated, was the connection of St. John’s with the telegraphic lines already in operation in Canada and the United States.