Anglo-American Telegraph Company
In the 1850s the United States supplied about three-quarters of Britain's cotton imports, more than 2 million bales per year; and as a cotton merchant Pender well understood the importance of transatlantic communication; he made his first fortune trading cotton. He was one of the 345 original investors who each risked a thousand pounds in the Transatlantic Cable in 1858, and when the Atlantic Telegraph Company was ruined by the loss of the 1865 cable he formed the Anglo-American Telegraph Company to continue the work, but it was not until he had given his personal guarantee for a quarter of a million pounds that the makers would undertake the manufacture of a new cable. In the end he was justified, and telegraphic communication with America became a commercial success.
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