The Directors, after careful investigation, therefore have determined not to relax in striving to bring to a successful issue the great work entrusted to their charge, but to press forward in the path of experience with increased vigilance and perseverance.
They have been encouraged in this view by the fair manner in which they have been met by the Contractors, with whom they have already entered into a contract for renewed operations.
Under this contract the Telegraph Construction and Maintenance Company undertake for the sum of 500,000_l._, which has been agreed on as the cost price, at once to commence the manufacture of and during 1866 to lay down, a new Cable 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 such cost.
The Contractors also undertake, 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 entirely believe--to recover and repair and complete in working order between Ireland and Newfoundland, the present broken Cable.
It will be seen that circumstances have thus enabled the Board to effect a very considerable economy in the Company's present operations.
It would no doubt have been a most gratifying circumstance if the recent accidents had not happened, and to the Directors this occurrence has been a grievous disappointment, but the circumstances surrounding the expedition and the increased confidence which, in spite of temporary discomfiture, has been given to the future of Deep-sea Cables, has enabled the Board to effect a new contract for the repair of the old Cable and for the submersion of a new one during 1866, on terms so satisfactory that if both these operations should succeed, the Company will actually be in possession of two efficient Cables for a less amount by 100,000_l._ than they would have been obliged to expend if the Cable of this year had been successful and the second Cable had been required to be purchased separately.