The Express.
London, England, 1862-11-28 00:00:00

THE EXPRESS, FRIDAY EVENING, NOVEMBER 28, 1862.

her we home. (Cheers.) As regarded the other queetiow,
the ceptein went out with instructions to enter by Long
lakand Sound.

Kr: *EMBER thought the meeting ought not to
allow Wall to be diverted from the practical
question before it, namely, how to raise 100,0301.
(Rem, hear.) The prospects of the vase' were by
no means gloomy. She had already earned 45,0001.
in 111 days, and in a short time longer she
would have earned 20,000/. more. (Hear, hear.) He
should deeply regret the vessel's passing into other
hands. The Great Britain was once in an equally low con-
dition ; she was now exceedingly prosperous in her 18th
year. All they wanted in addition to the 60,0001. already
was the small sum of 40,0001.—a mere b
considering the recent earnings of the ship. (Cheer:rell.
Mr. OMR entirely concurred with the last speaker.
The Rev. Mr. Mammon took the same view, and er-
.Maisa wish know how many shares were held by Mr.
t ft to
uasell—(No, no)—adding that he believed it was
twenty shares.
Mr. Scorr RUMMELL deprecated the notion that he
had any wish to damage the vessel, which waa,
be remarked, his own child. They need be under no alarm
about her ; she was quite strong enough to be brought
home. When the vessel arrived in New York she had a
stronger bottom than the Warrior. She was, in fact,
built so as to be able to bear just mach an acci-
dent as had occurred. By returning home at once
she would have obtained the greatest triumph, showing
that, notwithstanding the injury done to the outer akin,
the inner one was quite sufficient. All the money advanced
to the board hitherto had been spent on repairs, not in
working the ship for trading purposes, and if
the course pursued hitherto should be persisted
in any further advance would issue in the same
moult. He then censured the board for their geoeral
management, observing that they knew nothing practically
of steam navigation, and had not entrusted their ship to
captains of the right kind.
The CHAIRMAN contended that Mr. Russell's remarks
were beside the question.
The Rev. Mr. NICHOL9ON begged to inform the meeting
that Mr. Remelt bad not held bus shares for three months,
and had, therefore, no right to speak. (Cheers.)
The meeting, on being appealed to, decided by a show of
hands that Mr. Russell should be heard.

Mr. SCOTT RUKSZLL hoped that in future the directors
would not appoint anyone captain who bad not large ex-
perience of steam vessels, and was not well acquainted
with the channels to be passed through. The two most
successful steamboat companies, the Peninsular and
Oriental Company and the Canard Company owed their
swear to persistence in that course of policy. Such
laminae' could not be managed properly by amateurs. The
board bad by their own personal ignorance and want of
management caused every accident that had occurred.
The CHAIMILN defended the board from the charges of
Mr. Russell. As regarded the late accident, he for one
would not have undertaken to order her home, when it was
reported that her inner skin was full of water, and that she
had sunk eve feet. (Hear' hear.) The immediate question
was, whether they should send out 5,0001. to bring the
ship home. The agents bad asked for that sum, and the
board had not got it. Moreover, a mortgage of 1,7501. was
due on the following day, and if it were not paid the vessel
would owe to be theirs.

Mr. PROWSa moved, as an amendment, that 8,000/. be
raised, not specifying any rate of interest.
The motion haring been seconded, la
Mr. PTLFINCEI moved, as a second amendment, that
50000/. be raised as a third mortgage at 12 per cent., repay-
able in three years.
After some discussion, the amendments were both with-
drawn.

It was afterwards resolved, "That the report now read
be received, and that the directors be authorised to borrow
any further sum or sums of money not exceeding 100,000/.,
at the rate of 10 per cent. per annum, and in such manner
as they shall think fit, but that no bonds shall be issued
below par.;

TRUST AND LOAN COMPANY OP UPPER
CANADA.-(THIS DAY.)

This day an extraordinary general meeting of
shareholders was held at the company r
s office*, Moo
street, for the purpose of declaring a dividend ; Mr. P.
BOUVIER!! in the

The report stated that the net profits of the half-year
ending the 30th of September amounted to 14,8621. 9e. fuL,
which, added to the balance of last year, gave an amount
available for dividend of 14.705/. 3s. I Id., out of which the
directors proy.sed to make a dividend at the rate of 84 per
cent. per annum, less income tax.
The CHAIRMAN, in moving the adoption of the report,
said that the most salient point of the report was that the
dividend was reduced from 84 to 84 per cent.,
but this arose from the fact that the directors
thought it prudent to retain at command a larger
sum than would otherwise have been necessary in cones-
queues of the state of things in America.
Mr. CHAPMAN seconded the report, which after a brief
discussion was adopted.