THE BOARD OP TRADE TELEGRAPH EXAMINATION. 37 and not subjected to any hindrances whatever. One word in forty must be allowed for the line, leaving 39 words as commercial. But, besides, in a day of twenty-four hours, at least one-sixth of the time must be allowed for administrative affairs, such for example as “ paid,” “ not paid,” “ repeat,” “ get answer,” “ don’t under- stand,” “ send letters,” “ write slower,” “ put on more battery,” &e., &c. There are many explanations that have to be sent over the line from time to time, during the day. A line that can transmit but 30 words per minute, I allow 2 for the line, leaving 28 commercial words. A line that can transmit but 20 words, I allow 3 for the line and 17 for commercial words; aline that can transmit but 10 words per minute, 1 allow 4 'for the line and 6 for commercial words; and a line that can transmit but 5 words per minute I do not estimate any commercial result, though a few intelligible signals might be received. The pre- ceding scale of manipulation is based upon observations and actual telegraphic experience extending over both hemispheres and many years of toil. On the northern route, cables of required commercial capacity can be laid and maintained. If a cable, capable of transmitting but 10 words per minute be laid, giving 6 commercially, the result will be 360 words per hour, 7200 per day, 360 messages of 20 words, which at 27. each will produce 7207. per day, or 224,6407. per annum; and deducting 20,0007. for expense of administration, there will be a nett income of 204,6407. A line capable of producing this result can be laid for a less sum than, the capital of the old Atlantic line, which was about 400,0007. But a line can be constructed on the northern route, that will produce 20 intelligible words per minute, giving 17 commercial words, and 1020 per hour, 20,400 per day, 1020 messages of 20 words each per day, which at 27. each will produce an annual income of 636,4807. If light cables can be made to subserve the purpose of ocean telegraphy, such as recommended by Lieut. Maury, the expendi- ture of the same amount of money as before mentioned, by means of an increased conduction, an income equal to 1,900,4407. per annum can be realised, and the cost of administration not mate- rially augmented. In electric telegraphy, as in all other commercial affairs, I have long since learned the impropriety of expending money upon speculative theory; and never to go beyond demonstrated practica- bilities. The capacity of every circuit that will be on tbe northern route is known by their equals in length, already operating in deep seas. We have nothing to experiment upon ; nothing to invent or discover.

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