Since 1858, what was a mere experiment had become a practical reality. The Gutta Percha Company had prepared no less than forty-four submarine Cables, enclosing 9000 miles of conducting wire, which were in daily use, and not one of which had required to be repaired, except at the shore end, where they were exposed to ships’ anchors. At the meeting in New York, Mr. Field read a letter from Glass, Elliot, & Co., in which they offered to undertake to lay the Cable between Ireland and Newfoundland on the most liberal conditions. The terms which they proposed were,--First, that all actual disbursements for work and material should be recouped each week: secondly, that when the Cable was in full working order, 20 per cent. on the actual profits of the Company should be paid in shares to be delivered monthly, while at the same time they offered to subscribe £25,000 towards the ordinary capital of the Company. The English Government also agreed to guarantee interest on the capital at 8 per cent., during the operation and working of the Cable, and to grant a yearly subsidy of £14,000. Mr. Field further directed the attention of the meeting to the line to San Francisco (a single State), as evidence of what business might be expected. The estimated power of the Cable was a minimum of 12 and a maximum of 18 words per minute. If it were to be worked for sixteen hours per day for 300 days in each year, at a charge of 2_s._ 6_d._ per word, the income would amount to £413,000 a year, which would be a return of 40 per cent. upon a single Cable. After the failure of the last Cable a Commission of Inquiry, consisting of nine members, had sat for two years, and, by their report, afforded valuable information. The British Government had also dispatched surveying expeditions, which reported most favourably as to Newfoundland. In reference to the objection, that in case of war the Cable would be under the sole control of the English Government, it was to be remembered that it would be laid under treaty stipulations. After a lengthened discussion on various matters connected with the project, it was proposed by Mr. A. Low, and unanimously resolved, “That, in the opinion of this meeting, a Cable can, in the present state of telegraphic science, be laid between Newfoundland and Ireland with almost absolute certainty of success, and will when laid prove the greatest benefit to the people of the two hemispheres, and also profitable to the shareholders. It is, therefore, recommended to the public to aid the undertaking.” [Illustration: R. M. Bryson, lith from a drawing by R. Dudley London, Day & Sons, Limited, Lith. H.M.S. “AGAMEMNON” LAYING THE ATLANTIC TELEGRAPH CABLE IN 1858. A WHALE CROSSES THE LINE.] [Illustration: R. M. Bryson, lith from a drawing by R. Dudley London, Day & Sons, Limited, Lith. COILING THE CABLE IN THE LARGE TANKS AT THE WORKS AT GREENWICH.]