The Express.
London, England, 1862-02-24 00:00:00

GREAT SHIP COMPANY.

The report of the board of directors, to be pre-
sented at the ordinary general meeting of the company on
Friday. At the time of the special general meeting in
November last the Great Eastern was at Milford Ansa,
and the interval since has been occupied in prepruirig the
new paddlewheels, after stern poet, and rudderahaft, so that
no delay should take place in completing the repairs. One
of the paddlewheels has already been fixed in place, and
the other is in a forward state. to their construction an
additional number of arms have been introduced, and the
efficiency of the diagonal braces improved. By these means
the general stiffness of the wheels will be very considerably
increased. The after stern post has been reconstructed, sod
is being fixed in place. To facilitate this operation, and to
reduce the time necessary for the ship to remain on the
gridiron, a cofferdam has been built, which encloses the
rudder of the ship ; the work can thereby be continued with.
out interruption at all states of the tide. It may be
well to remark that the after stern poet does not form
any material part of the hull ; its principal use is in
stiffening the heel or prolongation of the ship's
bottom beyond the screw, in which the rudder works.
The unsound portion of the rudder shaft, which gave way
during the gale, has been replaced with one of larger dimen-
sions, by which a considerable increase of strength will be
obtained, and a recurrence of a similar disaster prevented.
In the event, however of any fracture occurring, the pro-
portions of the new rudder shaft have been so disposed that
the second or lower steering apparatus will be available for
steering the ship ; this has already been fixed in place. The
internal fittings, boat, ir.c., have been repaired, and there
is no doubt that the cost of the works will not exceed the
amount estimated in November last. Every effort is Wag
made to complete the fining of the after stern post, so that
the ship may be floated by the next springs, if the tides
serve—otherwise, she cannot be removed from the gridiron
until the middle of the ensuing month. The proprietors
have been already informed that the hull of the ship was
perfect in every respect, and this has been further confirmed
by an examination made since she has been placed on
the gridiron. The bulkheads, doors, Ste., exhibit no in-
dication or trace of having undercoat' any strain.
The opinion of the committee appointed to inquire into the
causes which led to the return of the ship and into the
conduct of Captain Wallace is appended to the directors'
report. The directors have given much comidention to
the subject of the future employment of the ship. Over-
tures have been made to them for placing her ro the Indian
trade, but they consider that the financial position of the
company would not justify them in incurring the expense of
outfit for so long a voyage, anima there was a more decided
probability that the receipts would exceed the expenditure ;
they have therefore determined upon sending her again to
New York, with every confidence that she will command •
considerable share of the freight and passenger traffic during
the ensuing season, and that by a judicrons economy in
every department, this employment may be rendered remu-
nerative. The date of sailing will be advertised at the
earliest opportunity. The directors announce with great
regret that continued ill-health his compelled Mr. Samuel
Baker to relinquish the duties of chairman. He has cones-
quently resigned that office, but they rejoice that they still
have t. benefit of his 00-operation as • colleague fillthey
have subsequently elected Mr. William Barber to the
chair. The capital account has been charged with the
amount of verdict and costa given in favour of Mr. Russell
—the amount paid to Mr. Lungley in satisfaction of his
claim for extra work and the cost of alteration to the bear-
ing of the screw shift, the fitting of feed pumps to the
boilers of the paddle engines, sheathing the main
deck, Itc. all of which works were rendered ne.
emery i 2, defective constmetion in the first in-
stance an the requirement of the Board of Trade.
The action brought by Mr. Parry remains on the same
footing ell at the ordinary meeting last year. No steps have
been taken by him, beyond obtaining au extension of the
time for making the award uoder the reference to Ist of
June next. The working account for the year (exclusive
of the September voyage) exhibits an gamin of *apemen
over receipts of 1,6601. Is. The expenses comprise wages
during the alterations previously referred to, interest on
debentures, and other items, which would not have been
greater had the ship been constantly employed during the
whole year ; the receipts, on the other hand, are for two
voyages only, the first of which, to New York, was com-
menced, as the proprietors will remember, under the most
unfavourable circumstance.. The special account needs no
comment—further than apart from the actual pecuniary
loss resulting from the disaster, the directors deplore that
the company were thereby not only deprived of the oppor-
tunity of offering the ship for the transport of troops (a
/terra* which the experience of the Quebec voyage had
proved to be profitable) but also of employment in the Now
York trade, at a time when the rate of freight was most
remunerative. It will be necessary to make ansagesseAa
to meet the debenture loan falling due on the Slat May
although the directon do not anticipate difficulty in mew.
leg the debenture' or placing them elsewhere. A holism
of 6,670/. remains to be issued on account of the seemed
series of debentures, which amount it will be neosmary to
mise to defray the cost of coals, stores, he., for the next
voyage.