It was now placed beyond the possibility of a doubt that the cable would
be laid within the next year. More than this, it was determined not only
to lay a new cable between the two continents, but to fish up the cable
of 1865, splice it and continue it to Newfoundland, thus giving the
company two working lines.
It was necessary, however, to raise more capital, and in this effort Mr.
Field again put forth his restless and indomitable energies. As the
public confidence in the scheme had been effectually restored, it was
resolved to raise six hundred thousand pounds of new capital by the
issue of one 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. They at
once proceeded to issue these bonds, when they were informed by the
Attorney-General that the proceeding was contrary to law.
In this dilemma work on the new cable was at once stopped, and the money
which had been paid in returned to the subscribers.
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