The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1858-09-28 00:00:00

THE GREAT EASTERN STEAMSHIP.

All speculation with regard to the future of the Le.
viathen, so fox at least as the exertions of the promoters
of the project are coneerned, are now set at rest, as the
Company have resolved to recommend to the proprie.
tors •soheine which, in their opinion, embrace" the bed,
if not the only means of making the ship available.
The Directors of the HI/stern Steam Navigation re-
pudiate all oonnexion with a proposed Anglo-American
Company of which the public have heard something, but
which does not appear to have secured the support or
adhesion of any of the large shareholder' interested in
the original company. The project, which on the other
hand, is submitted with the approval of the board of
directors and shareholders committee of the Eastern
Steam Navigation Company, and which, in point of
feat, emanates from them, contemplates the formation
of • new company, to be celled the "Greet Steamship
Company, Limited," with a capital of £330,000, in
shares of £1 each. To purchase the Greet Eastern as
she now lies, and with those contracts completed which
form part of the existing liability of the old company,
to fit her in all respects for sea as • first clan passenger
"hip, and to provide ample working capittl, £330,000
would be the utmost sum required, and this it is pro.
posed to raise by the issue of 330,000 shares of RI each,
in a company with limited liability, to be tailed the
Great Steamship Company. Calculating from this basis,
the cost per ton at which the Great Eastern, ready in all
reaped,' for sea, would come into the possession of the
new company is lees than that of a first-class 'ailing vessel,
and not much more than one-fourth that of • first-class
steamer, while in comparison with the latter her work.
log expenses, from her immense sine, which enables her
to tarry double the proportionate tonnage at double the
velocity, will also be proportionately leu. Although
there can be no doubt that India and China, or Aus.
trails, where she would successfully compete with the
overland route, would afford the beat field for showing
the capabilities of the Greet Eastern, yet the impetus
which will be given to traffic and commerce by the
Atlantic Telegraph point' to the American trade for a
more immediate result. Her great length, while offer-
ing very little extra resistance to the water, admits of
the combination of the screw and paddle for the pur-
pose of propulsion, from which a rate of speed hitherto
unexampled will be obtained ; for when it is considered
that every increase of min has always hitherto been at-
tended with increased speed and proportionate carrying
power, there is little fear that the computations of
science will in this fall short of their usual mummy.
With a speed of 20 miles an hour, the freedom from die.
turbing motion her great length will give, and the enor-
mous strength of her construction, the Great Eastern
cannot fail to obtain the preference of travellers and emi-
grants, and secure the freight of goods requiring speedy
delivery, although it is not necessary she should carry
her full compliment of either to arrive at an exceedingly
profitable result upon the reduced capital of the new
company.
The proprietors intimate that their proposal is that
21. per share of the new capital should be paid upon ap-
plication, and a farther sum of 3a. on the immolation of
the contract for the purchase of the ship from the
Eastern Steam Navigation Company, and the remainder
In three calls of sa. each, at intervals of two months.
Should, however, the promoters of the new company fail
to purchase the ship, 1-10th of the deposit is to be
returned. It is further stated that a "large portion of
the capital Mei been subscribed by the shareholders of
the old company, who thus show their continued oonfi-
dance in the success of the undertaking." It is presumed
that the vessel, when finished, will be enabled to make
eight voyages within the year to Portland or New York,
and that, according to statistics of existing traffic, the
earnings of the ship, after deducting insurence, wear and
bear, and every possible contingency, will leave • balance
from whioli a dividend can be declared of 15 per cent.
The estimate of the ship's earnings, as now submitted,
is as follows, presuming that she makes eight voyages
out and home within the year :-200 first-class passen-
gers at £2l, £4,200; 400 second-class at £l5, 2,500 at
£27,700 (less dietary, £4,700) ; homeward, 900 pas-
sengers (less dietary) £11,500 ' • cargo 3,000 tone out and
2,000 home, at £3 and 305., £B,ooo—total £38,000.
From this there is to be deducted £8,330 for agency,
commission, loading, and unloading, making the receipts
per voyage £31,870, or for eight voyages £254,980. The
estimated expenditure for the eight voyages would be
£101,500, leaving • balance of £153,200. From this
there will remain to be deducted £lO,OOO for insurance,
£49,500 for wear and tear and depreciation at 15 per
cent.; management, £5,000; cantingenciee, £9,200 ;
leaving for dlvident at 15 percent., £49,500.
It is stated that the new project, the originator of
which is Mr. Campbell, one of the directors of the
Eastern Steam Navigation Company, ham received the
assent of the majority of the large shareholder', inclu-
ding the chairman, Mr. Hope, Sir Joseph Paxton, M.P.,
and others.

The whole of the new shores are to be offered to the
old holder., but should a sufficient number not be taken
up, which seems extremely
_probably, then they are to
be offered to the public. Propouds are also to be re-
ceived from the holders of original shares for shares in
the new company in exoess of those to which they might
be entitled in virtue of their old shares. The meeting to
confirm or reject this proposition will be held in the
course of three weeks from the present time.