The Express.
London, England, 1863-10-03 00:00:00

THE OPJAT SHIP COMPANY.

Mow our repoctlett yesterday,
Mr. Wiwei opmeeted that the OMlaitteeshoold being
oat all the elements of the purchase, and should put them-
selves in commoakatice with the gummed, for be had a
straw °envie/40e that if the sap were bought by Mr.
Smith, of the City of Loudon, for the Emperor of the
French, this conatry would have to go to an expense of tea
millicos in fortifloatioas. A ship that could brag 10,000
troops at once across the Channel was not to be anaerod at.
Mr. Tonne asked how it was that Mr. Parry who had
only •• woad audgsge, had got possession of the ship?
The Ostathedi replied that it was • legal technicality
which he could not understood. The directoss bad managed
the ship to the bast of their ability, and they had earned
out the policy of the shareholders. Mr. Hawes said they
had [assessed the designs of the projectors. He did net
like to disparity *sir property. bat henna* tall them that
the ship horsed had averted tbe design of her Priestdr&
He behoved Mr. Brawl had so idea that she would consume
myth* like the quaatity of cosh that she did consume,
sad Mr. limed anticipated a meth piste speed than had
ever borne got out of her. ("No.) A shareholder had
spokes of a spar deck, bat he was not aware that the ship
had use. The directors adopted the policy of the share
holdsse aad put her an the New York trade, and but for
her strikeng on the rock off Montauk point there would
hove boon a great profit. The directors were not to blame
for her striking on that rock. Until the ship struck on
the rock they did not know that it existed.
With regard to seeding the ship to Australia, deco he had
been • nisaber of the board then had not bad the means
of ending her there, but they had beat in that date that
the slightest accident upset them. That bad &terminal
him to Ueda his resignatioe, sad if the committee were
formed, be hoped the board would give them every said.
sea, bat he could sot do so with the authority of ahaiemas
of the oinipaay.
Mx. J. itICKLIMION said, repraenting 7,000 shares, be
believed it was the general opinion that they should sot
here • sale of the dup, bet rather that they should have
a small °attribution from the shareholders, in order to put
them oat of their difficulties. He asked whether it was not
worth while to make a lad effort to save such a vessel as
this. He behoved that both the preferential and ordinary
shareholders would willingly °attribute 2... 6d. a share,
which would ruse 55,000/., rather than let the ship be sold.
Before,_whee they were in a thillculty_they raised 100,0001.
Br. TAYLOR observed that if Mr. Blair's amendment was
tarried the matter would go into Chancery, and be put it to
the Memoirist ism whether it was not their duty to assist
Mr. Hawes rather than persevere with their own propped.
The Her. Mr. NICHOLoOIf thought that before they agreed
to Mr. Hawse's motion they ought to think idiot chem.
there was of releog the mosey. They were told that they
had an • fornhr cousins raised 100,0004 He took Dearly
3,000'. of that, and it took seven weeks to raise 19,0001.
They were thee in a better position thou they were sow,
and he canted to know how they were to raise 30,0001. iv
four days, which would be all the time they would have
after the adjoarned meeting. He had lost 11,01.01. by his
connexion with this company. If they were to raise the
money, sod the ship were worked, it would only be worked
for the Wasik ol the bondholders.

Mr. Wawa observed that whoa the Great Britain Iris
on the American trade her proprietors loot by her ; but she
wee worked to great pro& when she was put on the Aus-
tralian trade. lie had several letters from shareholders who
were willisg to contribute one or two shillings • sluice is
order to clear off the mean% liabilities.
Mr. Hawse asked the directors whether they had any
plan or policy ; and if they had, to Mete it.
The CHAIRMAN (after consulting with his colleagues for a
short time) said, as the directors had stated in their report,
and as he stated in Wm opening speech, they had no plan to
propose. if the money to posy off the pressing debt., could
be found, they might then be is a posttioa to propose some
plan or policy. He should sot oppose the appulotoseot of
committee, bet be could sot recommend it. If Mr. Hama
saw his way clear to get them oat of their &fruity kip
should have hi. support; but from pest experience he did
Dot thank the appointment at a committee would have that
effort.

Mr. !Lungs asked if the chairman was determined on
remitting, as that would place them to •u awkward
pontoon.
The Clumsier said he would rennin in his position
until t►ey found some one to 611 his place.
Mr. Itswitti, in answer to Mr. .N ichobon, said if the
committee were appotutad be hoped to he ads to show
that with better luau...gement they could produce better
results. They bad a great machine which had been OW-
ployal on work for which it was not calculated. In fact
they bed been eraployiag an elephant so do a doukey's
work. (Cheers ad leinOter.) What they wanted to do
was to pat the asphalt& whore ate would du an elephant's
work. _ .

The ►mendment wee then put, but only four or bye beads
were held up for it, mod the chsirman declared it was lost.
The enema Motion was then put., sad corned with two
disseatieala. . . .

The following gentlemen were than appointed the coin.
mittee :—llleanre. Freabody, Thomas Brawny, Ford, John
Bailer of Liverpool, Orsm, W. Hawes, Rinhardsoe,
Nfolodeas, sod Jam* Robinson, wits power to add to
Moir atuobor.
The main thae aaparatol

OBTOTAZ PAL/01. Oa it Borti.uto
FaiDAY, OCT. 2.—Adtalioloom as payment, 2,143 ; ditto by
omen Mara. 4071; wool, 3,215.

The first general meeting of the proprietors of
this undertaking was held yesterday 'l4 Exeter- hall ; Mr.
J. Bin is the chair. The repot slated that • contract bad
been entered into with Mews. Peter 1111111 Alexander Thorn
for the building for 73,0001., and the works would that day
be oommeneedL The whole of the shares had not been sub-
merited for, but the directors, having made every Image-
moot for the compleUse of the huddle*, hoped that the
torobiolot would Os very shortly taken up. The Chairman,
in minim the adoptioa of the report, said that the hotel
bed hem projected ia the spring of lad year, sod if the
directors were liable to any blame it was for a want of rudi-
ment tautioa, whisk had mused the delay which bad taken
Pam. The work would, however, be prooseded with as
speedily as possible, as it was absolutely necessary that
oempay paying ea 'Merest of 5 per amt to the shareholders
should proceed with its work without delay. When they
first came forward before the public only • small number of
the Ames were taken op. He (theohaineen) bed vialted the
filtriek Hitherto, for the purpose of setertainizg the mum
al the shares not being taken, when the bad forted that
=would not take up shares in at betel which was
on one aide by Hayman-street, and on soother
by Wyatt-street. It was therefore deemed oeceeirry to
abide • frontage in the Wand, which had been done,
and he had ao doubt that their builang would prove o
• meet profitable character. After the new frontage bad
been Yaw he was glad to suite that the @Wee had
be may freely taken up. They bad entered into • con-
tinue with Norm Peter and Alexander Thorn for the build.
lag, who had offered to take 42,000 f. out of the 73,0001.,
the amend at the ereetmet, la deireatans. The board felt
Wand to steep that offer, and the works would be com-
mended today by laying the fouodatioa.stoos at Lyon's-inn.
The fist 10, of the etialeacit money was to be paid in
mak sad the mooed 10,0001. in debentures, and so on,
natil the debt was paid. The budding was in a mad favour-
able peeition, as the Charing-caves Hotel would act as a
peat Mow to it conolnded by stating that the direc-
. tors bad all voluntarily increased their number of shares
from 10 to 100. Mr. Magnus seconded the motion, coo.
Araks( the renarks which had faller from the chairman,
observing that d this were made • reedits-chime hotel it
would prove, he bad no doubt, a most sucosedul under-
taking. The retiring director, having been re-elected,
several aleseatiens wise made is the wimples of association,
with • view be the bettor nianagement of the company.
The roikbig diresenrs and other sinners having been re-
divided, the proprietors adjoureild to Lyon's-inn, where
the of bp* fouselatieit dine was performed
by Mr.