e New York, Newfoundland and London Telegraph Company.
The act of incorporation of this company was passed in 1854, and gave them, amongst other privileges, the exclusive right for fifty years of landing cables on the shores of Newfoundland and Labrador, without any conditions as to the time within which this right was to be exercised.
This exclusive right of landing cables on the coasts of Newfoundland and Labrador was transferred in 1856 to the projectors of the Atlantic Telegraph Company upLabrador was transferred in 1856 to the projectors of the Atlantic Telegraph Company upon the condition that it should be exercised before 1862.
The Company obtained from the British Government in 1856, as well as from the American Government, a grant of £14,000, conditional upon success, and pledged themselves that the first attempt to lay the cable should be made in 1857.
It is believed that the disasters of the company are traceable to this pledge.
The cable was hastily constructed in order to be ready in time, and without the aid of carefully-devised experiments.