In this offer the contractors assumed a very large risk. They now went a step further, and in the contingency of the capital not being raised otherwise, they offered _to take it all themselves_--to lay the line at their own risk, and to be paid only in the stock of the Company, which, of course, must depend for its value on the success of the next expedition. It was finally resolved to raise six hundred thousand pounds of new capital by the issue of a hundred and twenty thousand shares of five pounds each, which should be preferential shares, entitled to a dividend of twelve per cent. before the eight per cent. dividend to be paid on the former preference shares, and the four per cent. on the ordinary stock. This was offering a substantial inducement to the public to take part in the enterprise, and it was thought with reason that this fresh issue of stock, though it increased the capital of the Company, yet as it was all to be employed in forwarding the great work, would not only create new property, but give value to the old. The proposal of the manufacturers was therefore at once accepted by the Directors, and the work was instantly begun. Thus hopeful was the state of affairs when Mr. Field returned to America in September. But he was never easy to be long out of sight of his beloved cable, and so three months after he went back to England, reaching London on the twenty-fourth of December. He came at just the right moment, for the Atlantic Telegraph was once more in extremity. Only two days before the Attorney-General of England had given a written opinion that the Company _had no legal right_ to issue new twelve per cent. preference shares, and that such issue could only be authorized by an express act of Parliament. This was a fatal decree to the Company. It was the more unexpected, as, before offering the twelve per cent. capital, they had been fortified by the opinions of several eminent lawyers and solicitors in favor of the legality of their proceedings. It invalidated not only what they were going to do, but what they had done already. Hence, as the effect of this decision, all the works were stopped, and the money which had been paid in was returned to the subscribers. This was a new dilemma, out of which it was not easy to find a way of relief. Parliament was not in session, Lords and Commons being away in the country keeping the Christmas holidays. Even if it had been, the time for applying to it had passed, as a notice of any private bill to be introduced must be given before the thirtieth of November, which was gone a month ago. To wait for an act of Parliament, therefore, would inevitably postpone the laying of the cable for another year. So disheartening was the prospect at the close of 1865. But they had seen dark days before, and were not to give it up without a new effort. Happily, the cause had strong friends to stand by it even in this crisis of suspended animation.