"Mutually, and on equal terms we engage to exert ourselves for the purpose of forming a Company for establishing and working of electric telegraphic communication between Newfoundland and Ireland, such Company to be called the Atlantic Telegraph Company, or by such other name as the parties hereto shall jointly agree upon." [Illustration: Signatures, from top to bottom: John W. Brett, Charles T. Bright, Cyrus W. Field] [Illustration: John Watkins Brett (Projector). Charles Tilston Bright (Projector and Engineer). Cyrus West Field (Projector). FIG. 4.] Let us see now what the united efforts of these three "projectors" had before them. The ground had already been to some extent cleared by their individual exertions when working independently, as well as in other ways. Bright, and also Whitehouse, had already proved the possibility of signaling through such a length of insulated wire as that involved by an Atlantic line. The soundings that had been recently taken showed that the depth was only unfavorable in the sense of being something far--but uniformly--greater than that in which any cable had previously been submerged. Finally, the favorable nature of the landing rights secured by Field on the other side went a long way toward insuring against competition, apart from the actual permission. There yet remained, then, the necessity of obtaining (_a_) Government recognition, and, if possible, Government subsidies; (_b_) the confidence and pecuniary support of the moneyed mercantile class; besides which a suitable form of cable had to be designed and manufactured, as well as all the necessary apparatus for the laying of the same. As a result of considerable discussion, the two governments concerned eventually came to recognize the importance and feasibility of this undertaking for linking together the two great English-speaking nations, and the benefits it would confer upon humanity. Both the British and United States Governments gave a subsidy, in return for free transmission of their messages, with priority over others.[11] This, however, only jointly amounted to 8 per cent of the capital, and was payable only while the cable worked.[12] The Atlantic Telegraph Company was registered on October 20, 1856, and the £350,000 decided on as the necessary capital for the work was then sought and obtained in an absolutely unprecedented fashion. There was no promotion money, no prospectus was published, no advertisements, no brokers, and no commissions, neither was there at that time any board of directors or executive officers. The election of a board was reserved for a meeting of shareholders, to be held after allotment by the provisional committee, consisting of the subscribers to the Memorandum of Association. Any remuneration to the projectors was left wholly dependent on, and subsequent to, the shareholders' profits being over 10 per cent per annum, after which the projectors were to divide the surplus.