"Second. That when the cable is laid and in working order, we shall receive for our time, services, and profit twenty per cent on the actual cost of the line, in shares of the Company, deliverable to us, in twelve equal monthly instalments, at the end of each successive month whereat the cable shall be found in working order. "We are so confident that this enterprise can be successfully carried out, that we will make a cash subscription for a sum of twenty-five thousand pounds sterling in the ordinary capital of the Company, and pay the calls on the same when made by the Company. "Annexed we beg to hand you, for your guidance, a list of all the submarine telegraph cables manufactured and laid by our firm since we commenced this branch of our business, the whole mileage of which, with the exception of the short one between Liverpool and Holyhead, which has been taken up, is at this time in perfect and successful working order. The cable that we had the honor to contract for and lay down for the French Government, connecting France with Algeria, is submerged in water of nearly equal depths to any we should have to encounter between Ireland and Newfoundland. "You will permit us to suggest that the shore ends of the Atlantic Cable should be composed of very heavy wires, as from our experience the only accidents that have arisen to any of the cables that we have laid have been caused by ships' anchors, and none of those laid out of anchorage ground have ever cost one shilling for repairs. "The cable that we would suggest for the Atlantic will be an improvement on all those yet manufactured, and we firmly believe will be imperishable when once laid. "We remain, sir, yours faithfully, "Glass, Elliot & Co."