BACK REFLECTION
THE MAN HISTORY FORGOT (PART 2) BY STEWART ASH AND BILL BURNS
In 1857, James Stuart-Wortley had invested an unknown sum in the Atlantic Telegraph Co, and the failure of the attempt to lay the cable that year had cost the company £100,000 (almost a third of its capital). This may well have exacerbated the worsening of his pecuniary situation resulting from his riding accident. Within a year, the unrepairable breakdown of the temporarily successful 1858 cable left the company in an even more dire financial state, and Stuart-Wortley, perhaps by then in remission, evidently decided that he was in a position to do something about it and put out feelers to the Board. With a message relayed through the London firm of stockbrokers Foster & Braithwaite, he communicated his interest in an active role on the Board to the Company Secretary, George Saward (1821-73). As a number of the company’s directors, including John Pender, had resigned after the 1858 failure, and with Stuart-Wortley’s long-standing connections to many colleagues in high office, it is not surprising that Saward wrote to him on 30 September 1858 to offer a seat on the Board of the Atlantic Telegraph Co. He accepted the offer and immediately began working on raising finance for another attempt at laying the cable. He wrote to the Prime Minister, Edward George Geoffrey Smith-Stanley (1799-1869), 14th Earl of Derby, on behalf of the Atlantic Telegraph Co, with a proposal
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attempt to lay a new cable. Lord Derby replied on 8 November: ‘According to my promise, I brought before the Cabinet yesterday the subject of the Memorial of the Atlantic Telegraph Company; but I regret to have to inform you that my Colleagues were one-minded in their opinion that it was impossible to entertain the proposition…’ The proposal was quickly modified and re-submitted, but on 19 November Lord Derby replied as follows:
George Saward (1821-73)
‘I will bring before the Cabinet your renewed proposal in its modified shape; but I own my impression to be that there is a very strong feeling on the part of all my Colleagues against granting any more unconditional guarantees.’ Stuart-Wortley’s potential influence and efforts on behalf of the company were recognized at a meeting of the Shareholders on 15 December 1858, when he was appointed Chairman of the Board of the Atlantic Telegraph Co. The minutes state:
Edward George Geoffrey Smith-Stanley (1799-1869)
that the Government should continue its support of the company in a further
‘Mr. Gurney, M.P., having desired to vacate the office of Chairman of the Board, Mr. Stuart Wortley has acceded to the unanimous wish of the Directors that he would undertake that office, and Mr. Lampson has also consented to act as the Vice-Chairman.’