The Express.
London, England, 1859-08-22 00:00:00

LONDON, MONDAY EVENING. AUGUST 22. 18$9.

02.3 Ar amp 0011,424 Y (LIMITILIn.

On Saturday lut a general meeting of the pro-
pfd's+ sae Dead at the London Tavern : Mr. R. J. R.
Catetimi b the Chair.

The °intimate, in opening the bombes of Use day, °b-
owed that they met nada very MAMA eircoortsness
from ars sada which they had mat daring the Wit It
years. They net now on the eve of havhig their ship reedy
for en '• ad the public appreciated, they had never done
bed-we, the bat that the ship was a reality ; that their ari-
sisal opeadattoa of her perfotmanois would be realised, sad
that the aadsrtakueg would biome, se they expected, 'great
conunarebil aucceea. (Cheers.) Ties director. had rsodvart
• handsome memorial from members of the limas of Coma-

mom confirmatory of view. [Mr. Campbell read the
doessemen, which bas ahead y appeared la the Lady Newel
Via paper weep headed by Lord Stanley, whoa speech on
board the slap they bad read ; and coming from a statesman
of his enlightened views and hie thorough knowledge of the
requirements of India, his atatement that the great ship wee
likely to supersede the overland route confirms the views and
expenatioue under which she was laid on the stocks. (Cheese.)
At, that time they were ached how they would fill the ship ?
To what market would they send her ? What market would
eleshot glut t Now, when they considered that 90,000 tons
of frdght wine tette monthly to simply the market which
she was kneaded tar, and that she could roily take 10,000
10* RUM eapposing she could make • voyage once a month,
they would me bow unfounded done objection, were.
(tem, hear.) Ties kgew that the hated ship that would
Uses ply to the extent of 5 or 10 per
rscerrifii always ell kgfore goods were put on board
Mher ships, end their am, Id economise time to the
Intent of 40 or 60 per sent. small quantity of silk that
could be brought by the steam pe in connexion with the
overland route commanded a freight of 401. or 501. per ton
from Chine, whilst the name goods he milling ships wife
ro bught fur V. or 31. per ton. Them facts would show
them at once how much economy of time was regarded in
commercial transition* at the present day. If 90,000 tone
per month were aunt to the Calcutta market sad advice' of
what was met emend Calcutta by the overland route
three months before, that was equal in its effect upon the
market to the retentions there; so they could never take
a fourth part of Iwillitwee knees tluougli the overland
route to be mat la the ordioary way. Glutting the
market by their freights was therefore an evident ab-
surdity. tHear, hese.) lard Palmerston, with several ofthe
cabinet canisters, had gone over the ship, and the noble lord
had expiessed his approval sad gratification. Two days after-
wards Lord Elgin and the Duke of Newcomb, went on hosed,
sad he believed they would be on board again that day.
(Hear.) They would recollect that et the lam rowaleg they
had neeived 80,000 'bares, to be placed when the ship wee
completed. That world represent their working owing • for
300,0001. that had been expended represented the antoeult of
the purchase from the old company and fit her for sea,
so that the 30,000 shares would represent bat the
working capital. Aa regarded the question of
that offered a tine opportunity to underwriters to make a
harvest from those who were gullible enough to pay it. For
himself, he wee a very large holder in the ship, and he did
not mean to insure, (Hear, hear.) He had unbounded
confideeos in her strength and durability. When she
had made her trial trip be believed the under-
write,. would offer to come to their own same. He would
sot Maim for his own part, but the meeting would do
as they pleased. The fire risk was Insured, but the marine
risk they proposed to take on themielver. He would now
provide the firm proposition, tt That the directors shall allot,
Wm*, and disposeof the shares in the capital of the company
amend to be reserved by the revolution of the 26th of Fe-
bruary, in such manner as they might think fit, select to
the articles of association, provided that they be offered to
the shareholders in the proportion of 1 Is 10 of the number
of their holdings." He would merely remark that when
they were patriotic and enterprising enough to sabonibe to
the undertaking, the ship was lying dead in the river, her
anginas were untried, and it was predicted that ohs weer
would be Burned. They bad seen her now on the eve of
completion; both her engines had Use tied, end they had
gone like clockwork on the first trial. Then bad been three
trials, and there would be another before she went to son
So far as had come under their observation everything had
been completed by the contractor in a eatlefectory manner,
and if anything should to • matter of deabt me to the entire
performance of his oontract when she &honld be reported
ready for see, it would be referred to the decision of Mr. Ma-
- clean and Mr. Fowler as arbitrator*, and Mr. Heehaw as
umpire, and they would Ma Men* after* that with
throe referees their interline would be peetemed. (Chien.)
Mr. JACIROX, M P., NM Wei the resolution.
Mr. RICHARDS wished to set a question relative to an
Misr of Mr. Lever, which bad appeared in the papa's, to
charter the ship, which had been declined by the directors,
but which bad teen renewed. He understood that Mr.
Lever offered 20,9001. for her firm voyage' and not only to
gay them that anuunt, but to eoal the vessel, and relieve the
company of all trouble and expense of commission. He
wished to know what the directors thought of that offer. He
did not know from what port Mr. Lever preened to 'end the
TAMA, bat it was to be a safe port. He laicize...nod it wee
d by the directors to mud her front Portland or Holy-
rd, they wore told tow that it was not proposed to
effect a tunas ineuranoe. Suppoeing she should leave Holy-
head, bow would the risks of the dangers and difileulties of
the Channel navigation be provided against? The trial trip
would, of counts, be made wits all the advantages of weather
and everything else. Before they sent her woes the Admit°
it was horseman that she ehould be Inoue&
The CHAIRMAN said the directors would not have been
jangled to accepting the first offer, as wee proved by the fact
that two or three others bad sines been made; and others
still more advantageous might fallow. The allotment of the
30,000 shame would bare the effeet not only of preventing
the noble ship leaving the ' in debt, but would also
enable the &monis to send her out with an ample working

capital
Mr. JACKSON said it woo obvious that before going to
ma the ship should be provisioned mad coaled, mid the tame
of the rseerved shares would enable them to do this. If
they did not issue them, the only alternative would be to
'Eat a mortgage upon the ship, which could be done for
60,0001. If toey liked, but which he hoped they would not I
consent to do; for be it remembered that the directors them-
pelves were involved in no repponsibility for debt as directors.
He would nor, for one, think of neortga&g or inuring the
ship, when he found the undeewrione -Wted tram live to
fifty guinws per cent. for a month's operation. None of
them asked keas than fire guineas per amt., which was as
mono that would soun mop up Mt. Lava's money, sap.
poelog ttre directors thought proper to accept his offer.
Mr. RICHARDS would move es an amendment—. That
beim the rmobation was passed authorising the bane of
these 30,000 shame, the letter of Mr. lever be road."
Me. TATLOIIIOCoOded the amendment.
Mr. JACKSON said the effect of this would be to previmt

their recog the money.
Mr. HICHARDS-4t certainly Is en extraordinaly thing
that the directors state they are without reeponsibility, and
yet they will do everything themselves. Mr. Lever is ready
to charter this ship end pay doves reedy cash, and yet no
exploited.* of why it is not accepted to gives to the there-
holders.
Mr. JACKSON said the offer of Mr. Lever was • conditional
our, that the ship should go a speed of lei bole per hour. The
question wee, were they is a position to gametes that rate
of speed ? If act, they could not eittattaia the oder. Mom
ova., the directors had not had time to amide, the offer, ea
the loiter from Mr. Lover bad only bete received at adz
o'clock ea the previous evening, mud Dot sees by the
directors till that morning. It coed act be expected that
the directors could decide eo importaat • matter off bend.
(Hear.) They ought to be wholly tudepeadett of Mr. Lever,
or say other contractor, and the bee If they issttd these
shares they would not only be in bat have •
considerable balsam in their heads: .)
After acme diecussion the moseclinant wee rejected by •

large . majority.
Mr. MAONI.7B (one of the directors) then rose to propose
anther amendment, in support of which he read a long
written paper. He 'aid be wished to call attention to metiers
of the greatest importance to tee interests of the company,
and which he desired to have investigated before they agreed
to two. the ao,coo reservist shares, end seed the ship to see
uninsured. Such en investigation would, be believed, esta-
blish two facts, via, diet with proper management the ship
might be with little or no delay fully equipped and rent to
sea in as efficient condition, without further increase of
capitol, and that an insurance, by the adoption of
etatmaiple plan, which he bad prepared, might be
without tend& or ditfionity, and almost
without expense. The shareholders would recollect thet
be had a belga there in originating the present company
sad wearing its eetabliehment. Fran the commencemeet
lee had been a member oT the board et directors, bet he was
to bring Ms_ views before the shareholdms, bemuse
Ihs had refused to istertsla 'stele charges whbili
he had relined meetly senset the lISIVAfite, end there-
fore he had no hope that his views would meet with a
favourable ceesidendien bob kb colleagues. The sub-
jects he desired to he lametigated stem out of the existing
contracts of the company, *very one of which had been
entered into without toe teat of competition, public
or privets, and the present management of the company'.
&film. When the new compsey wee formed the anxious
desire of ail perk, wee to avoid the errors that had led to
the failure of the old one; mid for their goidance, on the
vital question of contrive, they consulted Mr. Brunel, who ad-
dressed to the board a report. (Mr. Magnus read the report
referred to. It was dated the 28th December last; and the
embosser.* of it wee that the works should be kt upon
tolliractet's contracts for well defined gene sums, which be
thought would apply to at least 90 per cent. of the whole.
That, acting upon this view, he bad epee-ideation prepared
fee the old company, in which everything, except the cost-
pletien of the engines and the fitting up, In stoves anti ship's
furniture, was included. Several offers had base received to
entreat for the works under there spreificatious, sworn
other. one from Mr. J. Scott Resnik which wee not in the
torte required, end one from Urns. Wigrese and Lucas,
A sold* was aridly sea. Thip ammo did Dee sabarlally differ,