The Express.
London, England, 1858-10-29 00:00:00

THE GREAT EASTERN.

The project for the remiscitation of the unfortunate
Eastern Steam Navigation Company, and for the com-
pletion and equipment of the Great Eastern. is at
lengthformally launched. The property of the Eastern
Steam Company is to be merged in the " Great Ship
Company (limited)," the shareholders in the former
receiving for every 201. now held 21. 101. in the
capital of the latter. In this proposal the shareholders
have already signified an almost general acqui-
escence. The 330,0001., at which the capital of the
new company is fixed, is estimated to be sufficient
for all purposes, inclusive of the allotment to which
the Eastern Steam shareholders are entitled in right
of their existing shares. The directors of the new
undertaking are Messrs. Win. John Beale, R. J. R.
Campbell, 14. P., Wm. Bergen, Herbert Ingram,
M.P., Win. Jackson, M.P., and the Hon. F. H. F.
Berkeley, M.P. As the prospectus passes general
interest we append it :
Tits desire prevailing on all hands that the Great Eastern
stamen-ship should be set in motion, and a feeling that the
astional character for energy and pereeverence would offer
it the estimation of the world, if the completion of so
splendid a specimen of naval architecture end mechanical
ingenuity were to be further deferred, have led to the pro-
posal of forming • company for the purpose of purchasing,
completing, end reading her to sea. Increased carrying
power, with greater aooelerated speed and ability to coal for
an attire voyage, could only be efficiently secured by great
size. To carry out this principle, which has DOW obtained
11111WWIIII WSW among practital men, the Great Eastern
ba• been constructed, and bas cost to the present time about
640,0001. To raise this mun, the Eastern Steam Navigation
Compaoy hes exhausted the power of making cells on its
shareholders, and has incurred • debt of acne 90,0001.
The mem, proprietors are • comparatively Noah body
(about 300 in number), who are not inclined as • company
to hareem their risk ; end although a large and influential
portico of them ere willing to subscribe their fair quota
towards finishing the ship, there are legal difllauldee which
prevent their doing so, unless the ship be sold muse-
queerly the proprietors have delierreised upon taking that
course. To purchase the Great Eastern DO she now lies,
and with those mitredta completed which form part of the
exietlng liability of the old company, to fit her in all respects
tar ea as • first-clams passenger ship, by the whir of next
year, and to provide ample working capital, 330,0001. would
be the utmost sum required, and this it is proposed to raise
by the issue of 330,000 shares of 11. each in a company with
limited llalility—oalled the " Great Ship Company
(Limited)." Calculating from this bade, the cost per ton at
which the Gnat Eastern, ready in all respect. for sea, would
some lido the pomseauon of the new company is leas than
that of a first sea Nailing vessel, and not much more then
ene•fourth that of • gret•Cißell steamer; while in comparison
with the latter, her working expenses will also be proper-
tkeshly less, owing to her immense sire, which eashise her
to carry double the proporti, mate tonnage at nearly double
the velocity. Het chasm of encores in other to may
be estimated by the feet that she will babas to cony her fuel
for the longest voyages, avoiding the delay and expense of
coaling at foreign ports, and still have proportionately more
room for profitable outgo and • Ismer number of passengers
then any existing steamer. She will be tined with all the
appliances this mechanical age has been able to devise for
taking in her fuel and cargo, and for climbs:gine the latter
with the priest rapidity, and will be supplied with combed
and cormadmicen unattainable in a:smaller vessel. Her groat
leagth, while dialog very &tie extra resistance to the w-ativs
admitscitheineshinstlimee theseserwand pada lefortheptteptni
of propnlsk4llrosturbielt semen Mon hitheete
will be itil• tlir Pim it is ansidared thatimen"ary"e.
omens of dee hes 'okays blitherb One sainded with Inman
elapsed sad it envying power, with
h little
liar that the al adenes will in this can full
exs4 short of thdr econney. With • spud to
seen Owen, mins an hoer, the fresh= Mona
meths her greet length will Om earl the 1•01111101111
of ler illosioden, the Gress Bram mere ha es
the of needless and enignate, mad gesso '
et pods requirmg gad, dleihreer; sithee:ba.
sit necessary she should entry bra NI complement of
le wive at se missedleply peeleolis result spin the
NOW of the new esmpsny. Bee pent lant the sonliimay
line of pelt white properly *km •• s/I nsessedlis awn.
nem these see ones wine knot the snoessital pressen-
Mon of this oadaniing with sonasiadeg of sationed ispon-
amis. It is hardly tee mask to say net to no other moony
amid such a monks ban born posailile, and rertainly on no
other amid it new nal edvasteges. With colonies end
Meambincive in .wry sorlis ThminflOwnal •=lo.=
lan to be rabasd, or
mods. the sowieren of the Meek"
be its power aimed deellik by weeill
lie
rein/fry with which they could by her yid be oe=
kr oinroncy. Although easre con las no
lea* art Australia, lion ahe Pond seemestaly
eingels oda the onriand roam will agenenally nand she
beet gild he the Greet pastern, yet present sir
=,the Ameba tads for a more knesdicat=r
an eginde of her first year's melt les brig needi,
is which it is pranmsel that shs wot.ld mks eight vamps to
Portland or New Tat, end the result is each as to leave,
nog peyng • ended of 16 per met, • Inge merge' ter
coulagvaidse ;We esinktion, met,
• he emal
anon of the ennanny, k founded os statistics of
Pie, and only lobo me& tor a minimum amount 04'
sad within tithing into account the belle
weak ef hrWf creel% or the government postal anbdellso
which hr spool saw command. On application for 10
dams end upwards, a deposit of 2s. lid. per share will be rbe
Ord, and a baler am of k. on shot:eon ; the remainder
et theospital to be paid in three mils at intervals clan lies
lira two menthe. Oa andlosellen for lose thus 10 shins,
the tall scoot of 11. per limn mai be paid.

The documents now eirealated comprise likewise
a private address to the Eastern Steam shareholders
ftom Mr. John Yates, the secretary, who expresses
his "unabated confidence in the undertaking," con-
gratulates the shareholders upon the " probability
of an early aocomplishosent" of their great ot#estv
arpriones hie regret that the unsatisfactory state
his health will not admit of his taking any part In
the administration of the affairs of the new company,
bat offers to continue his services in the winding up
et the old ens.