The result was signalled to the Terrible, which came down to us, and as she was bound to St John’s to take in coals to enable her to return to England, all who had business or friends in America prepared their dispatches for her boat. The wind and sea were rising, as if anxious to hurry us from the scene of the nine days’ struggle. The Great Eastern’s head was already turned westwards. All were prompt to leave the spot which soon would bear no mark of the night and day long labours—for the buoys which whirled up and down and round in the seaway would probably become waifs and strays on the ocean, and all that was left of the expedition for a time were the entries in log books—“Lat. 51° 24´ Long. 38° 59´; end of Cable down N. 50 W. 1¾ mile”—and such memories as animate men who, having witnessed brave fights with adverse fortune, are encouraged thereby to persevere, in the sure conviction that the good work will in the end be accomplished. It was wild and dark when Lieutenant Prowse set off to regain his ship. The flash of a gun from the Terrible to recall her cutter lighted up the gloom, and the glare of an answering blue light, burned by the boat, revealed for an instant the hull of the man-of-war on the heaving waters. There was a profound silence on board the Big Ship. She struggled against the helm for a moment as though she still yearned to pursue her course to the west, then bowed her head to the angry sea in admission of defeat, and moved slowly to meet the rising sun. The signal lanterns flashed from the Terrible, “Farewell!” The lights from our paddle-box pierced the night, “Good-by! Thank you,” in sad acknowledgment. Then each sped on her way in solitude and darkness.
The progress of the undertaking excited the utmost interest, not only in Great Britain, but over all the civilised world. Twice a day the telegraph at Foilhummerum spread to all parts of the earth a brief account of the doings of the Great Ship. Almost as soon as one of the unexpected impediments which marred the successful issue of the enterprise arose, the public were informed of it, and could mark on the map the spot where sailor, engineer, and electrician were engaged in their work on the bosom of the wide Atlantic ere their labours were over. The Great Eastern’s position could be traced on the chart, and the course of the Cable, in its unseen resting-place, could be followed from day to day. The “faults” caused more surprise perhaps on shore than on board, because those engaged in paying-out the Cable were re-assured by the certainty with which the faults were detected, and the comparative facility with which the Cable was taken up from the sea. Although the various delays which occurred produced some discouragement and uneasiness among those who had worked so hard and embarked so much in the grand project, the ease with which communication was restored as often as it was injured or interrupted by faults and dead earth, inspired confidence in the eventual success of the attempt. But only those actually witnesses of the wonderful facility with which the Cable was paid out felt the conviction that the Cable could be laid. The public only knew the general results, and did not appreciate properly the nature of the difficulties to which the frustration of their hopes was due. When the last fault occurred, the electricians at Valentia were left without any precise indications of the nature of the obstruction, or of the proceedings of those on board; but they actually calculated within a few fathoms the exact locality of the injury; and when the end of the Cable sank into the depths of the ocean, the practical wizards of Foilhummerum could tell where it was to be found, though they could not see and could not hear. When all communication ceased with the Great Eastern no uneasiness was excited, because a similar event had occurred before for many hours, and the ship spoke after all. But hour after hour passed away on leaden wings, and day followed day, and the needle was still, and the light moved not in the darkened chamber at Foilhummerum. It may be conceived with what solicitude the men, in whose watchfulness all the sleeping and waking world were interested, looked out for some sign of the revival of the current in the dull veins of the subtle mechanism.
The directors and shareholders of the two companies represented something more than the enormous stake they had put in the undertaking. Their feelings were shared by the mass of the people, and Her Majesty was animated by the same solicitude as her subjects. For there had been prophets of evil before the expedition sailed, and now their voices were raised again, and found credence among those who distrusted the magnificent ship which was then calmly breasting the billows of the Atlantic—the envy of her guardians—as well as among the class whose normal condition is despair of every scheme, good, useful, novel, or great. The newspapers began to admit speculations and argumentative letters into their columns, and although the original articles did not indicate any apprehension of a catastrophe, it was evident the public mind was becoming uneasy. The feeling increased. The correspondence augmented in volume, and, let it be said, in wildness of conjecture and unsoundness of premises and conclusions. Those who were inclined to believe that the Great Eastern had gone to the bottom were comforted by the reflection that the two men-of-war would save those who were on board. Had they known that the Sphinx had disappeared, and that the Great Eastern was much better able to help the Terrible, in a time of watery trouble, than the Terrible would be to aid her, they would have despaired indeed.
All the while those on board engaged in their work—grappling and lifting, drifting and sailing—were enjoying themselves as far as the uncertainty attendant on their work would allow them, and were in a state of repose barely disturbed, as the time wore on, by surmises that people at home might begin to entertain doubts as to what had become of the expedition. Even these speculations would have had no agitating influence had the electricians on board communicated with the shore before they cut the end of the Cable on the last occasion. It would have surprised and amused officers and crew if they could have known that the vessel, which they were never tired of praising and admiring, was pronounced by eminent engineers to need strengthening; that she had sunk in the middle, or had fagged; or if they could have read confident assertions that the grand fabric in which they were so comfortably lodged and entertained and borne was unsafe and radically faulty; that good authorities had declared she was hogged. Undoubtedly there were grounds of anxiety, but none for anticipations and predictions of the worst. It would not be fair to omit to mention that in some instances the most correct and close conjectures were made concerning the position of the ship and the work in which she was engaged, as well as the causes of the long-continued silence. Several letters appeared, in which the writers tried, with singular justice of reasoning, to stem the current of alarm. The press generally abstained from any adverse speculations; but it was rather behind the public feeling in that respect. It cannot be denied that the news-agent who hailed the Great Eastern at Crookhaven with the words, “We did not know what to make of you. Many think you went down,” expressed the conviction of a great number of persons all over the kingdom, on the 17th August.
Early on the morning of that day the Great Eastern came in sight of land, and soon after 7 o’clock a.m. steamed into Crookhaven, to land a few passengers and to communicate with the telegraph station at that solitary and romantic spot. Ere noon the news of the safety of the ship relieved many an anxious thought, silenced many a tongue and pen, and dissipated many a gloomy apprehension. It may be said that the return of the Great Eastern was a subject of national rejoicing. Every newspaper in the kingdom contained articles on the topic. The narrative of the voyage, which was written on board, and sent to all the principal journals before the Great Eastern arrived at the Nore, so that the public were at once placed in possession of every fact connected with the proceedings, almost simultaneously, was read with the utmost avidity, and when the facts were known, all men concurred in the justice of the leading articles which, without exception of note, drew fresh hopes of success from the record of the causes which led to the interruption of the enterprise. The energy, skill, and resolution displayed in the attempt to recover the Cable were admitted and praised on all hands. But what most excited attention was the fact that the Cable had actually been hooked three times at a depth of two nautical miles, and carried up halfway to the top. The most sceptical were convinced when they became aware of the hard material evidence on that point. Next in point of interest perhaps was the conduct of the Great Eastern herself. A great revulsion of sentiment took place in favour of the vessel which had hitherto been unfortunate in her management, or in the conditions under which she had been tried.
Whilst the most profound ignorance respecting the fate of the Great Eastern prevailed, an Extraordinary General Meeting of the Atlantic Telegraph Company was held on 8th August, in pursuance of a notice issued on 24th July previous, to consider the expediency of converting into Consolidated Eight per Cent. Preferential Stock the Eight per Cent. Preferential Capital of the Atlantic Telegraph Company, consisting of 120,000 shares of 5l. each, and of converting into Ordinary Consolidated Stock the whole of the Ordinary Share Capital, consisting of 350 shares of the par value of 1000l., and 5,463 shares of the par value of 20l., and to issue either in ordinary stock or in shares the sum of 137,140l. of ordinary capital, authorised at the Extraordinary General Meeting of March 31st, 1864, and agreed to be issued in instalments fully paid up, to the contractors from time to time after the successful completion of their contract.
The directors also gave notice that they intended to seek authority from the shareholders to issue such amounts of new capital as may be required for the construction and laying of a second Atlantic Telegraph Cable under powers of their Act of Parliament, and to attach to such capital such privileges and such advantages and conditions as might be determined. The Right Hon. J. S. Wortley, chairman, who has exhibited unshaken confidence and untiring energy in the post he occupies, had a difficult task before him, but even then he could exhort his hearers to courage and perseverance. As he well said, “But there are two things from which we may derive considerable consolation. This great enterprise has been the subject of discussion in every civilised nation in the world. The eyes of science have been fixed upon it; and the acuteness of criticism has been brought to bear on it. We have had our detractors, and there have been sceptics; and what are the two main points on which they have founded their scepticism? One is, that the great depth of nearly three miles must bring extraordinary pressure on the Cable, must injure it by perforating the covering, and must in fact destroy the insulation. The other point was the impossibility, as they contended, of communicating intelligible signals through so great a length, or ‘leap’ as they term it, as 1,600 miles. But we had a scientific committee, who made experiments, and who assured themselves that there was nothing in either of those objections; and now we have in addition the much more practical and valuable proof of experience. What are the facts? Some days before the interruption of the messages the Great Eastern passed over the deepest portion of the ocean (with one slight exception) which we have to traverse between Europe and America. She passed safely over a depth of 2,400 fathoms, telegraphing perfect signals. This entirely disproves and refutes the first objection and doubt which existed in the minds of those sceptical gentlemen, because the Cable was laid in great depths, varying from 1,500 to 2000, fathoms, and even in 2,400 fathoms; and so far from the great pressure at that depth injuring the Cable, the Company’s signals appear from their telegrams to have improved every yard they went; and the signals through 2,400 fathoms of water were as perfect as, if not more perfect than, those at a less depth. That is in confirmation of the old Cable having worked at those depths. Then I say that our scientific committee, and those who said that the pressure would not have an injurious effect, have been fully borne out; and that the result has proved that, so far from injuring it, pressure improves the Cable. In spite of these facts, I see here a communication from a gentleman to one of the public journals only yesterday, in which he says, that looking at the pressure of a column of water equal to so many atmospheres, it must destroy the Cable; and he adds with confidence, that the Cable must be at the present moment a perfect wreck! And then he says that the Company never made experiments to satisfy themselves what this number of atmospheres would do to the Cable. He writes in perfect ignorance, that the scientific committee has the means afforded them by this Company of applying a weight of 6000lb. to the square inch; but after having proceeded to a certain extent with that experiment, and tried a very large amount of pressure, and finding that the Cable, so far from deteriorating, was improved by the compression of its elements, they thought it unnecessary to carry the experiments further. And now we have the result to corroborate their views.”
On October 12, an Extraordinary General Meeting of the Atlantic Telegraph Company was held, at which the Chairman, the Right Hon. J. S. Wortley, proposed a Resolution rescinding those passed at the General Meeting in August. He reminded them the Capital was originally issued in 1000l. shares. After that an additional amount of capital was raised in 20l. shares; and after the first failure a further capital of 600,000l. in 5l. shares, and an 8 per cent. preference, was raised. Under these circumstances they succeeded in raising the necessary sum enabling them to send out the last expedition, and they now proposed that notwithstanding that guarantee of 8 per cent. to issue a new preferential capital at the rate of 12 per cent. They had negotiated with the same contractors who had hitherto had charge of laying the Cable, and they were willing for the sum of 500,000l. to take out a sufficient quantity of Cable, together with that which was left in the ship amounting to about 1000 miles, and in the first place to go across and lay a new Cable, and then to come back and pick up the old one, splice it, and continue it to Newfoundland. He might say at once, that not only the contractors, but all who were engaged in the undertaking, were represented there that day, as well as the able staff of scientific men to whom they were so much indebted upon the last expedition, and he said in their presence that they all had extreme confidence that they would not only be able to lay the new Cable but to pick up the old one, mend it, and relay it. It was proposed that in addition to the 500,000l. there should, if the Cable was successfully laid, be a contingent profit to the contractor, which would be paid in money. It was apprehended that the additional 100,000l. asked for would be quite sufficient to meet any contingency that might arise. The formal Resolutions rescinding those passed at the meeting in August last were carried unanimously; and it was Resolved, “That the Capital of the Company be increased to an amount not exceeding 2,000,000l., by the creation and issue of not exceeding 160,000 new shares of 5l. each, and that such new shares shall bear and be entitled to a preferential dividend at the rate of 12l. per cent. per annum on the amount for the time being paid up thereon, in priority to any dividend or on any other capital of the Company, and shall also, in proportion to the amount for the time being paid up thereon, be entitled to participate equally with the other capital of the Company in any moneys applicable to dividend, which upon each declaration of dividend may remain after paying or providing for the said dividend of 12l. per cent. per annum, the preferential dividend of 8l. per cent. per annum payable on the consolidated 8 per cent. preferential stock of the Company, and a dividend at the rate of 4 per cent. per annum on the consolidated ordinary stock and ordinary shares of the Company.”
In their Prospectus, the Directors stated that the Telegraph Construction and Maintenance Company, in consideration of the sum of 500,000l., which has been agreed on as the cost price of the Cable if paid for in cash, have already commenced the manufacture of the new Cable, to be laid down during 1866 between Ireland and Newfoundland. The contractors, if the said Cable be successful, but not otherwise, are to have in shares and cash a profit at the rate of 20 per cent. upon the cost. The contractors also undertake during 1866, without any further charge whatever, to go to sea with sufficient Cable, including that now left on board the Great Eastern, and all proper appliances and apparatus such as experience has shown to be necessary, and to use their best endeavours—in the success of which they express entire belief—to recover, repair, and complete in working order between Ireland and Newfoundland, the present broken Cable, which has been ascertained by recent careful electrical tests to be in perfect order throughout its entire length. It will be seen that circumstances have thus enabled the Board to effect a very considerable economy in the Company’s present operations, for in the event of success the Company will be in possession of two efficient Cables for a considerably less amount than would have been expended if the Cable of this year had been successfully laid, and another had been purchased separately. Subscriptions were invited for the sum of 600,000l., in 120,000 shares of 5l. each.
This new capital will not only create fresh property, but probably resuscitate the old; and the experience of the present year shows that by these means the existing 8 per cent. Preference Stock will, in all probability, be again placed at par in the market before the sailing of the ship next year.