through 2000 miles of wire, at the rate of 210, 241, and 270 per minute. There was still a matter of the last importance to be determined. Was the state of the bed of the Atlantic really such as to warrant the conclusion that a wire 2000 miles long could be deposited and remain there without injury? Mr. Field, in order to ascertain this fact, obtained from the government of America the assistance of Lieut. Berryman, U.S.N., in the steam-ship Arctic, who succeeded, in July, 1856, in taking soundings across the Atlantic at distances varying from 30 to 50 miles, and, by means of scoops, or quills, bringing up specimens of the bottom, which, upon microscopic examination, proved to be composed of fine shells and sand. As capital was needed for the execution of the enterprise which the confidence of moneyed men in the United States did not induce them to supply, and as it was desirable to enlist the support of the capitalists of Great Britain, Mr. Field was now authorised to form a company, with branches in both countries. Having secured the services of Mr. Brett, Mr. (now Sir C.) Bright, Mr. Woodhouse, and others, on the 1st of November, 1856, as Vice-President of the New York, Newfoundland, and London Telegraph Company, he issued an elaborate, able, and argumentative circular in London, headed, “Atlantic Telegraph,” and made a tour through the great towns, addressing meetings in support of the project. On the 6th of November, 1856, the prospectus was issued, with a nominal capital of 350,000_l._, represented by 350 shares of 1000_l._ each, and within one month the entire of the capital had been subscribed for, and the first instalment of 70.000_l._ paid up. One hundred and six shares were taken in London, eighty-eight in the United States, eighty-six in Liverpool, thirty-seven in Glasgow, and the remainder in other parts of England. Mr. Field stood as subscriber of 88,000_l._, and represented all America. But it was not only from the public of Great Britain the project met encouragement. Ere the new company was formed, Mr. Field (13th September, 1855) addressed Lord Clarendon, requesting aid, and protection and privileges, and on the 20th November received a reply from the Secretary to the Treasury, engaging to furnish ships for soundings, and to consider favourably any request for help in laying the Cable, to pay 14,000_l._ (4 per cent. on capital) as remuneration for Government messages, till the net profits were 6 per cent., when the payment was to become 10,000_l._ for twenty-five years, and the Royal assent was given to the Act of Incorporation of the Company July 27th, 1857.