No. 5.

Mr. Osborn to Mr. Bayard.

No. 459.]

Sir: A decree granting a concession to the Central and South American Telegraph Company, to establish in the waters of the Argentine Republic one or more submarine telegraph cables, to connect the coast of this republic with that of Brazil, which I had the honor to submit on behalf of the company, has been signed by the President and Minister of the Interior, of which I have already informed Mr. Scrymser, the president of the company, by telegram.

Much delay was caused by the friends of the European line and a portion of the press here.

I have submitted a project of contract to carry into effect the concession to the minister, and as soon as the chief of telegraphic lines and the attorney-general of the Government have made their reports on the same, I will have a conference with the minister, when I hope to report progress, if not a final settlement of the matter, so far as I am authorized.

I have, &c.,

THOS. O. OSBORN.