The Express.
London, England, 1863-10-12 00:00:00

THE GREAT SHIP COMPANY.-(THIS DAY.)

The adjourned special meeting of the share-
holders wan held at 1 o'clock, at the London Tavern, Mr.
BAADER in the chair, to receive and consider the apart of
the shareholders' committee of consultation, appointed at
the meeting of last Friday week.
Mr. W. Hawn, on behalf of the committee, presented
the following report:
"Report of the Committee appointed to inquire into the
affairs of the Great Ship Company, with power to call for
papers, and to enter, if possible, into preliminary en-
gagements, with a view of relieving the company from
It. embarrassments. and to report on Monday, Oct. 12.
"Your committee report that, having carefully considered
the statements of the chairman, that your present directors
had no plea er policy to propose, and that, unless the awn
of 30.031. was immediately raised, the ship most inevitably
be sold in fourteen days, they determined to direct their
attention : 1. To the exact financial state of the compeey.
2. To the state of the ship. 3. To the means of profitably
employing her ; and lastly, 4. To an inquiry into the
means of relieving the company from its financial difficulties.

"I. AS TO THE FINANCIAL [OIIITION OP THE COMPANY.
"The judgment obtained by Mr. Parry Brat demanded
attention, and the committee were pleased to find that the
alarm respecting it expressed by the chairman was =nicer-
wary. The circumstances relating to it were as follows : —Mr.
Perry supplied stores to the company, under • schedule of
prime, during 1859 and 1860, to the amount of 17,0001.
The directors paid 12,0001., and disputed the bedews on
the ground that the mites charged were higher than those
in the agreed schedule, and that • considerable portion were
either delivered without orders or not delivered= all. Mr.
Parry. in reply, alleged that orders were oftes gives
verbally by the then directors, and that he bed receipts
from the company's onions for everything chanted. He,
therefore, commenced an action in February, 1860, which
was set down for trial at Bristol, but was referred to
arbitration. No further proceedings were taken till June,
1863, when Mr. Perry revived proceedings, and the arbitrator
haring sat seven days, • compromise was affected, and •
eoeseot to judgment given for 5,3501., on certain terms.
This claim was then arranged by • mortgage on the
ship, on the condition that no lodgment should
be signed so long as the amount was insured. The
insurance was duly effected on the 22ard of September,
the previous policy expiring on the Gird ; but owing to the
abmoos from town of the secretary of the insurance office,
the policy could not be delivered at aloe, and Mr. Parry,
in consequence, alleged that the insurance was not effected,
and therefore he signed judgment against the company,
and the sheriff took posammou. Your committee are able
to report that the summate taken oat to set aside Mr.
Parry e judgment was adjourned by Yr. Justice Bylea
for the consideration of the court in November next,
so that ell pressor, on thin to:count is removed.
Besides this two notices have been served under the ' Wind-
'bump Act,' and one writ has been issued for 211., but as
the amounts are small, they do not appear to be causes of
much =slaty, and the committee feel sure they can be easily
arranged, if the shareholders approve the recommendations
they will submit to them. Besides these claims there
ere over-due bills amounting to 1,3651. • bills due this
month, for 7,348/. ; io November. 2,3x751.; end open
seeounts for 18,8504: making together, 30,1381,
There is also unpaid interest on the mortgage debt
of 700/.. which must be attended to at ones. and other items
of current exponditure, making the grow amount emoted to
cleat off all liabilities, except the mortgagee, in round
numbers, 33,0001. In order to prevent Me. Parry or any
other creditor f men taking proceedings injurious to the general
body of creditors, Messrs. Glyn, in the most friendly spirit,
have taken nob steps by petition to the court, which can
be withdrawn at a trifling cost, as will effectually protect
the interest of all from undue preference. The secretary
afforded your committee all the information in his power
respecting the general business of the company, but as
the books end papers are is Liverpool,. it has bees im-
possible for your committee to examine into the details of
expenditure, but from their inquiries they have so reason
to believe there is any irregularity or roisappropriatien of
the company's funds to discover. Mr. Yates explained fully
the positioo of the company with respect to the insurances
relating to the accident on the Montauk rock, with which
your committee is perfectly satisfied, and they do not coo-
eider any blame can be fairly imputed to your directors in
this respect. Mr. Yates assured the committee that the
books of the company won'd bear any inspection,
and that the accounts were in proper order. Year
committee having thus satisfied themselves as to
the financial state of the company, and that the
ettemeot of the chairman that • perempt err sale
was inevitable in fourteen days unless 30,0001. was
raised on or before Friday next, the 16th, was • mis-
ts= ; and having also as far as was in their power in
the absence of the books secertaised the liabilities of the
company, directed their attention
" 2. TO THE STATE OP THE SHIP.
" Without entering minutely into the details obtained
from the captain and your engineer, your committee are of
opinion, from the information afforded by both, that every
repair and alteration required to fit the ship for see may be
efficiently completed for • comparatively small sum ; the hull
of the ship is sound and seaworthy, and capable of perform-
ing. any duty assigned to her ; the engines are in good con-
dition, but the boilers want thorough overhauling. Your
committee cannot, however, pass from this part of the sub-
ject without expressing their muse of the engineering skill
and energy displayed by the captain io the repair of hie
ship after she sit uck upon the Montauk Rock. He sworn.
pl ished • work entirely novel in its kind—a great difficulty, end
requiring • combination of engiueering and nautical know-
-I:dge rarely touud in any one—much less in • seaman—in •
remarkable manner ; and it is only due to Captain Pates,
that hie exertions should be properly appreciated by the
shareholders marking most emphatically his fitness to com-
mend a ship which requires beyond the ordinary knowledge
of • seamen an inventive and constructive power to enable
him to meet surmisfully any emergency. To rivet
• plate 90 feet loog by 8 feet broad on the out-
side of a ship, nearly 30 feet under witer, would have do-
lled the skill of most officers or eugineers, yet this was
samessfully done under the direction of Captain Paton.
As particulars of this skilful act have not been brought
before the shareholders by your dirictors, your committee
think they should not be doing justice to so
valuable an officer did they not refer to it, and
impala their admiration of his ability. The cap-
tem expresses hie entire candidates in the ship—
speaks highly of her easy steering and general sea-going
qualities—hes given your committee several valuable sus-
geetions for 'roomiest improvements, and evinced so meek
interestin the ship, end in her future destiny, re to prow
to your committee that he is, so far as they aro competent
to judge. r imirably fitted to he her commander. Haring
thus o • all the information they required respecting
the financial po ;Won of the company, and the state of the
ship, your committee proceeded tolnquire
"3. INTO TER HEST MEANS Or PROFITABLY EMPLOYING
THE ONE, AND OF IMPROVING THE Cocomox or THE

OTHER.
" In placing before the shareholders • future COMM which
your committee believe will reinstate the company and the
ship in public estimatioo, it will be necessary to refer to the
pest history of the company to show the object for which it
was formed, the means projected to carry it into effect,
the deviatioe therefrom, and the unfortunate results which
have bas caused thereby. The Great Eastern steam-
ship was dust-ned to convect our Eastern Empire, or our
Australian retold**, with the mother country, by means of
Wash so free from ordinary (Isogon, delays, and disagreeable
associatioes• rs to bring them, in proportion to their dis-
t-ace, as much nearer in point of time as steam aavietion
elreedy brought us nearer to America, sad to aersom•
pith this without calling at say intermediate ports to coal.
No one can doubt the importance of the reunite, nationally
end commercially, which would have followed the attai tiniest
of such an object. It was worthy of a great company, and
ought never to bare been lost sight of ; sod yet, with a ship
built for this special purpose, with India and the colonies
crying out for improved communication, Do attempt has yet
been made to realise it. It was stated by the &minima
that Mr. Bruners calculatiocia, both as regards speed and
coosumptios aimed, were as errgotous, that our ship was Not
fitt 1 for her original purpose, and that the design of the
inventors had been inverted. To both of these state.
meets your committee have directed their attention
,
and they understafid Bewail never contemplated
a higher speed than fourteen knots par hour. From
the first auuounoerueut of hi. plea is 1851, to his death,
them is not on record any higher estimate of her speed.
and from Captain Patoc your committee find that, with re-
does d boiler power she now steams 12i knots as her maxi-
mum seem" speed. Next as to fuel—Mr. Brawl's estimate
was from 240 to ',P9O tons per diem. nailer full steam, with a
reduction of roe-third fur an eastern verso. Whereas year
committee find that the maximum consumptioe has been 300
tons per diem, tote reclined by one-third for se Australian or
ladies voyage. Let us,then, apply thaw facts to the Austra-
lian or Indian voyages. At 11 knots an hoorahs would nisch
Melbourne in 45 days, or Calmat. in 43 days. The cols.
'emotion of coal would not—edvatitage beg taken of the
favourable trade winds aad the prevailing strong westerly
winds in high southern latitudes— emeed9,ooo tons, and

she can carry out 13 et 14,000 toss.* What-
ever may be the number of peeogen by the first
outward voyage, there an be little doubt that if she
accomplished these distances in 43 or 45 days. she will return
full at the highest rate of fares and freight, unaffected by
competition, so injurious to her oo the American line, and
economising expenditure in every way u compared with ordi.
nary shipping. In three years and a half the ship has made
only nine voyages to America instead of 28, as contemplated
by the late board of directors, at a nes loss of 126,6774
The voyages, or the time at sea, have occupied just
under 200 days out of the 1,275 she has been under ex-
penses. She has run in the same time 60,000 miles.
Three voyages to India or Australia—one-and-&-ball each
year—would give a little more than 70,000 miles, subject
to the expense only of six loadings and discharges, six set
of port and pilot due, six set of agencies, six coast and
harbour risks, instead of 18, and only two years' victual.
ling, wages, insurance, staff ermines. and interest in.
steed of three. There would be bat little competition in
the rates of passage and freight. Passengers and cargo
would be available to any extent, and the result, under
proper and efficient management, cannot for • moment be
doubted. This leads to the last heed of our inquiry :
"4. WHAT ARE THE BEST MEANS OF RELIEVING THE
COMPANY PROM ITS DIFFICULTIES.

"The gross outlay of the comp y, for the 34 years, hat
been 278,1591., the ship having been only 200 days at sea,
whereas, bad she been running on the Australian route, she
would, in the same time, have been above 450 days at sea,
and the expenses would have been much less except for noel,
se the absolute cost of accidents has been 75,0001., independ.
ently of the proportionate expenses of interest and manage.
mad, extra pay and victualling, which ought to be charged
to them. In the same time the gross receipts have been
153,000/. in 31 years ; whilst the receipts from five
Australian voyages would probably more than treble this
amount. The result of 31 years' working, thee, would be
an expenditure a little above 170,0001., with receipts of
800,0001., leaving a large margin to pay for extra coal, all
axed charges of management, interest, dividend, and repairs.
Your committee is aware that the 153,0301. includes
33,000/. received from visitors, but they believe a larger
amount would be rroeived from the eight-seen of Australia
or India. It appears, then, that by placing this ship on the
voyage for which she wee ioteoded, and with a low estimate
of the probable receipts, there will be en ample profit to
pay the shareholders ; bat this, your committee are aware.
does not supply the funds to carry this plan into effect,
At the meeting on Friday last, so hopeless did every.
thin; appear, that the ship sod company seemed to be drift-
ing into bankruptcy, with no alternative but that the ship
should be sold at once. It was assumed that the price likely
to be realised might perhaps pay the mortgagees and debt..
The shareholders, who have borne the burden of building
this magnificent ship, would by this process be thrown over-
board. Now, the sale of the ship implies its purchase by
some one—its purchase implies the provision of capital
o work her—it implies confidence in her somewhere,
whether in France, or Russia, or here. The sale of the
ship, now she is in difficulties. and before she has bens
fairly tried on the voyage for which she was intended, is,
in tact, inviting an enormous sacrifice, to avoid a subscription
by the present shareholders of 50,C33/. No one can be-
lieve that, at a sale by Mifflin), and in her pressed daie, the
ship will realise within 100,0001. of her real value. Your
committee, then, cannot believe that, to avoid raising
50,C::01., her owners will sacrifice double that sum, and throw
away, for the benefit of others, all the valuable experience
they have acquired. No one ought to have so much confi-
deoce in her as those who have spent so much in constructing
this finest specimen of naval architecture ever built, and it
is imporible to believe they will now lose her for want of a
small pro rata contribution, say of se. per shire, 2.. 6d. to
be paid at ogee, and the rest as required by nistalmente—
which subscription we recommend should rank with the pre-
ferenoe shareholders. To the shareholders, then, we
feeling insured, from facts in our possession, that 27:t:
thought desirable, the ship can in the first Matson be
chartered at a remunerative late to responsible persons, who
will provide the outfit, for twelve or twenty-fair months,
and thus relieve the company from all fixed a-
peman. Here then is our policy—here are our plans :
1. Economy at home. 2. Placing the ship on the beast
voyage, where there can be the least competition and the
highest receipts —the shareholders contributing what may be
required for the liquidation of the existing debts nil outfit,
which will be amply provided for by the suggested contri-
bution."
Mr. W. Mmes. having read the above report, moved
that it be adopted. '
Mr. Paowsz, a member of the committee, wooded the
motion.
Mr. Pansy made some remarks in reply to the alludoos
made to himself in the report of the committee, as regarded
the date of insurance.
Mr. G. OFFER, one of the insurance agents af the cam-
peaty, having risen at the request of the Chairman, said the
venal was actually insured on the 22nd. Although the
policy was of a subsequent date, it was stated in the body
of it that it took effect from the 22nd.
&SHAREHOLDER thought the best course for the future
would be to employ the vessel chiefly as a passenger ship.
Let her during the summer visit several of the principal
ports of Europe, and she would be crowded with passengers.
(Laughter.)
Mr. TAYLOR woof ("Woo that the ship had one desk too
much, and should be reduced in size preparatory to an
Indian voyage.
In reply to • question,
Mr. RICHARDSON, a member of the committee, said Cap-
tain Payton fully believed that the question of collision
with the Mary Jane would be decided in favour of the Great
Ship Ocinpany.
Mr. Scow r RUSSELL, as the builder of the ship, begged
distinctly to state that during her construction neither
he nor Mr. Brunel desired that she should per-
form more than fourteen knots an hour • and
her mean speed to arid from America bad ;men 14
and I.loth miles per hour. For long voyages her speed
might safely be estimated at 14 statute miles an hour.
[The meeting was proceeding when our report left.]

• Extract from the Report of Dinsetors, 1861: "By a
computation of her speed as now established, she would
aorompliah the voyage to Australia and India within 40
days, upon a ratio of oosiaumptioo of code for below that
of other steamships."

WEATHER REPORT.-(THIS DAY.)

MONDAY, 00101 It, II LL

LIL D. W. IVIY. Q. LN. ILL
--..
Nabs .. ...... .121%10 LILL 6 I 111 o 0.13 8
Aberdeen ..... 19.63 67 L S 10 r 0.111 1
Leltlt 20.47 61 8.1. 2 16 0 —1 S
Shields 29.61116 N.W. 2 16 m —1 4
Scarborough 29.6.10 fk&W. 1 16 e 6.1614
Greencastle 29.3062 8.7.. 6 14 c 0.76' 8
Galway
Valenti& 128.8601 &L 7I .0 r Oil I
Queenstown —19.94 63: 8. 10 J 16 o tlar T
fAverpoel 129.9'82, Z. 8.1 3 , 16 0 tit 5
Nobtlesa p.st's4 L.B.R. 3 ' 18 c 1.75 5
Pandwohe 'h3.3l ..31 &&& 4 1 18 e 1..6 6
Pismo@ .
Brest
L'Oriest 59.4165 8. 6 14 0 1.40 7
Rochefort
Plymouth , 93.40 55' L 9.6 10 12 b 1.85 4
Weymouth '20.42 66 8. 6 29 6 10.00 4
Portsmouth 19160 SAW. 5 20 e , 118 '
- 4
Loudon 129.53 53' S. 3 50 c 10.61
Dover 129.57 51 R. 6 16 el, 1.110 4
Yarmouth it9 57 91: S. S 16 6 10.81 4
Kellgolend y 9.8055 E.S.E. .. 10 2l . 3

PitoIMUM
TMINDAT. o• Mitt WIDIFISDAT.
W &W. to N.W. and Nons-husT. E.N.E. to N.N.W., is
EN.E. to N.. grout: gals with Men
to a gale, squally, squalla
with am In plasma.
B.M.W. to N.W. and WM? COAST& N.N.E. to W.N.W.,
N.E. a gale, a !malls. s,rong, squally, some
raln sod hall. showers.
B.M.W. W.N.W. and SonaCoAsTs. W. to N., strong,
N., s
gate, rainy, squally, showers.
squalls.
LS.I to iiii.W. sad ISOLTM-Zagr. &W. to N.W. and
W.N.W., • gale, N.E. strong to •
stillally. gale.
Drum ou all coast' this Monday; morning.
North.Esed.thithness to Lincoln. West= Doss to Cast-
Doveru sod Blacty Coasts. Southsgest,-Stesit of
to Lincolnshire and liedgolan.l.

Luxe Await or =a Rr.h.crtor.—A Florentine
lawyer, M. Achille Gemersilli, has contributed his slam
within the last few days, to this species of literature, by •
volume entitled " gpiatoLtrio Politico Tosicano," being •
collection of letters cud other documeots serving to illus-
trate the history of Tuscany at the period of the Gray&
Ducal restoration. and subsequently to that evict—the
writers being the Pope, the Kiog of Naples, the Gaud Duke.
the Grand Duchess, the Cardinal Ammon', Davidoff.
Genera] de Laugier, Guerrami, Salvagnoli. Gioberti. !Moth,
Masten/11i, and various others of scarcely less celebrity. It
might be supposed that the names of the writers were suffi-
cient guarantees foe a good deal that would serve to illus-
trate the period, clear up certain doubtful points. mid, at
all emote, give some amusiog glimpses of the inner life of
those who wrote in all the fearlessness of familiar hirer-
s:sou:en In all these we are lamentably disappoisted. The
letters have not, except in one instants, even the small
merit of individualising the writer, and the prosy lucu-
bration' of l'rioce Demidoff might be easily takes
for the dreary loyalty of 11. Beldaeseroni. Tim
one exception iv that of the Greed Duchess of Timmy,
who mites with a total forgetfulness of punctuation, and •
hearty contempt for Grammar. Iu tier intemperate haste
to hurl some harsh vulgarism at an opponent, die narrated
by no comma nor colon ; and she slangs her enemies with a
vigour that is not to be diluted by iirtliivnipby ; sod with
all these she is perhaps the only writer of the number who
advances • new or a strikiog thought, or eviooce even a sha-
dow of political foresight. All her solecisms in grammar,
and all her violations of construction are, however, infioitely
preferable to the gross outrages . good Mate, the puerile
affectations, and the school-theme common-places which
occur amongst the other writers. Imagine • general—the
general-io-chief of the Grand Duke', army—a man entrusted
with the teak of eateries the monarchy and replacing
his
prince on the throes, eommencing one of his letters
with the following profound observatiou :—" Royal
Bighoem,—Life is a road bi set with roses and
thorns." He wrote. too. at • very eveotful marmot His
prince was in exile, while he himself, placed at the head of
a oonsiderable force, had moved down to a much-disturbed
district, near Pietas Sante, to repress the iosurrectiosarl
weeniest in that direction. and sustain the hopes of Uwe
wbo yet bell to the House of Lorraism—MAtamis‘s
Magazine for October.

r

LATEST SPORTING INTELLIGENCE

IBT ELtCThIC ITLIGILLPIL)
NEWMARKET MEETING.-(THIS DAY.)

SWEEPSTAKES OF 20 SOVS.
Walloon .„
Peignoir ...

6 rau.

ENTRY FOR 501. PLATE (FIRST CLASS). T.Y.C.
Lucky Star, Crytbia, Young RaOd„ OaryophyUns, Mist
Farah c, No Name, Templar, Guerilla, Los&n, Rothschild,
Hypatia, Oakapple, and Miss Whip f. AU are here.
ENTRY FOR 501. PLATE (SECOND CLASS). T.Y.C.
Mesa. General Lookstrset, Signalmen. Roeder t.
lles Whip 1, Talmo, Ramrod, Neolyte, Anniacton, ut-
ter c, and Maid of Radiant AU are hare.
HANDICAP SWEEPSTAKES OF 10 SOPS. T.Y.C.
AP 83 7 Age et lb
itrdale
k.lphia
3 7 1 Waterkelple 3 7
Cameo
Dirt Cheap
Attract:lea 2 6 .. 2 7
11.1srartithe Coatroom, 2 6
All are hera.

Queen Lily colt.

SOVS. Lad bail of Ab.M.
nouns are ben.
ICAP PLATE. Cannwitolt

Age lb
Gone 4 720
4
Fitz Eve 5 7 0
Tons& I 6 12
LJttle Dick 6 6 9
Ennwon 6 6 6
tUet*i Look Shan
4 612