The Sun.
London, England, 1863-11-03 00:00:00

N°. 22,262,

riE NATIONAL STEAM NAVIGATION
COMPANY (Limited).
Incorporated under " The Companies' Act, 1862," by which
the Liability of each Shareholder is limited to the amount of
his shares.

Capital £2,00 000, in 20,000 Shares of £lOO each,
with power to increase.
Deposit on Application, XI per Share; on Allotment, £1
per Share. Soon after Allotment a First Call of £3 per Share
will be made ; subsequent Calla are not to exceed £5 per
Share, and are not to be made at intervals of less than Three
Months from the date of pi for Calls.
It is not at present proposed to call up more than £5O per
Share.

DIRECTS.
Thomas Chilton, Esq (HoldernessOß and Chilton), Chairman of
the Shipowners' Association, Liverpool.
Robert Dirom, Esq. (Dirom, Davidson, and Co.), Director of
the National Bank of Liverpool.
Willi im James Fernie, E.q, (Fernie Brothers and Co.), Direc-
tor of the British and American Exchan7.,,e Banking Cor-
poration, Liverpool.
Thomas Bernard Uunsten, Esq
Liverpool. . (Gunston, Wilson, Co.), and C
Edward Lawrence, Esq. (Edward Lawrence and Co.), Direc-
tor of the British and Foreign Marine Insurance Company,
Liverpool.
Harvey Lewis, Esq., M.p., Director of the National Bank,
London.
Joseph Neale M'Renna, Esq., Director of the National Bank,
London.
Robert Maxwell Esq. (A., P , and R. Maxwell), Director of
the North British and Mercantile Insurance Company,
Liverpool.
Andrew Malcoimson, Esq. (J. and D. Malcolmson and Co.),
Liverpool.
Thomas Wilkinson Tetley, Esq. (Hollinshead, Tetley, and
Co.), Liverpool.
Mikjor Usborne, Esq. (Usborne and Sons), Director of the
National Bank, London.
Henry Threhall Wilson, Esq. (H. T. Wilson, and Chambers),
Deputy Chairman of the British and Foreign Marine In-
surance Company, Liverpool.

BANKERS.
Lon National Bank, Old Broad • street.
Ireland ...... The Branches of the National Bank.
Manchester ....The Bank of England.
Liverpool ....The National Bank of Liverpool.

BROKERS.
London J and J. Whitehead, 8, Moorgate-street.
Manchester.. -Thomas Warner, Esq., 9, Stamp-office Build-
ings, Cross-street.
Liverpool Thomas Tinley and Sons, 44, Brown's-
Dublin Edward logx, Esq., 51, Dame-street.

• SOLICITORS.
London Flux and Argles, 9, Mincing-lane.
Liverpool Fletcher and dull, 6, Cook-street.

SUPERINTENDING ENGINEER AND NAVAL ARCHITECT.
John Jordan, Esq., late Chief Surveyor to the
Underwriters' Registry of Iron a hips.
SECRETARY.
Joseph Treffry, Esq.
TEMPORARY OFFICES.
London 21, Throgmorton-street.
Liverpool Commercial-buildings, Water-street.
Nothing has been more remarkable, in connection with the
progress of Lancashire, than the rapid extension of the
Steam Trade of LiverpooL In the year 1852 the tonnage of
foreign steamers entered inwards at the Custom-house was
188,715 tons, while in 1862 it was 595,339, which, in the year
ending June, 1883, increased to 756,420 tons.
In tine earlier days of steam, and before t'ie recent improve-
ments for the economy of fuel had been introduced, steamers
could be employed with advantage only for the carrying of
mails and passengers, but latterly, owing to the improve-
ments in marine engines, economy of fuel and space has been
effected, thereby greatly reducing the working expenses, and
screw steamers have not only bean employed in all the near
trades for the conveyance of goods, with large profit to their
owners, but, owing to the advantages which they afford to
shippers, they have, in these trades, almost entirely displaced
sailing vessels.
For some years the carrying trade out of Liverpool has been
gradually undergoing a change. In the Amerman trade screw
steamero have taken the place of the once celebrated New
York liners, but as yet only as carriers of the highest class of
fine goous and passengers. Other descriptions of goods and
a large number of intermediate and steerage passengers be•ng
still conveyed by sailing vessels.
In the important branches of the American import trade,
viz., those of gram, flour, and provisions, the loss annually
sustained by heating during the protr cted voyages fre-
quently made by sailing vessels is so great, that the interest
of all engaged in these trades will be enlisted in favour of
any scheme for the extension of steam shipping to include
such freight, and there c n be no doubt but that the whole of
the enormous trade in these articles, which in Liverpool
alone amounts annually to 751),0e0 tons, will fad entirely into
the hands of steam comoanies.

The first e bject of thi- Compa,ky is to place on the New
York station a fleet of screw steamers from Liverpool and
London, of large size and great capacity, which will be able
to carry almost, if not quite, as cheap as sailing vessels,
whilst at the same time, from the regularity of their passages,
they will command a full share of the steam trade, and the
Directors also intend sending steamers to the American
Cotton Ports when the war is brought to an end and the
trade re-opened, and have also under their consiceration the
wants of the Brazil and other trades.

In organising this Company the Directors believe that it
will not enter into undue competition with the existing lines.
The Cunard Line is a subsidised company, carrying the
mails and passengers with fast and expensive steamers.
The Inman Line has not übsid y, but nevertheless has been
most succes,ful, and it now employs eleven vessels, having
commenced its operations with two steamers, the City of
Glasgow and City of Manchester. The steamships of the
Inman Line are, however, of greater proportionate horse-
power than those projected by this Company, which will be
sailed at much le- s cost, and will be constructed to consume
a comparatively solidi amount of coal; at the same time of
such capacity that, in addition to a large cargo of merchan
dise and passengers, they will be able to carry sufficient fuel
for their voyagt,s both out and home, and so avoid the ex-
pense and delay incurred by coaling abroad.
In order that the objects of this Company may not be even
partially antic pated, and that the stations may at once be
occupied, provisional arrangements have been made whereby
three new steamers, of the description indicated, and in all
respects stutable tor the service, have been secured, and con-
tracts have been entered into for the balding of others of about
3,500 tons earth, and it is proposed to commence with a fort-
nightly service each way, to be increased to weekly railings
as soon as the vessels can be got ready. The ports of depar-
ture shall be Liverpool for the weekly line, aril London to
the extent the metropolitan trade may require.
The ships will be built under the inspection of Mr. John
Jordan—late Chief Surveyor to the Underwriter's Registry
of Iron Ships,—whose services as Inspecting Engineer and
Naval Architect the Directors have secured to th s Company.
The success which has attended the formation of well-
managed steam companies has been very marked. That of
Cunard and Inman Company is well known. Ihe Pacific
Steam Navigation Company, whose shares,£so paid, are sell-
ing at £7B per share, has out 1 profits given to its share-
holders new paid-up shares exceeding the amount of the ori-
ginal capital, and pays a regular dividend of 10 per cent. on
the increased issue, carrying over at each annual meeting an
almost equal sum, while many private steamship owners,
with similar descriptions of vessels, but much smaller than
those this Cc napaay intend to possess, have reaped like
results.

The Directors have, therefore, every reason to anticipate a
very great success to the undertaking. They are not en-
tering upon an experiment, but are providing for this Com-
pany a similar description of vessel, but of larger size, than
those which have proved so remunerative to severe, well-
known private firms engaged in the Mediterranean and other
trades, and have thus the advantage of toe experience so
acquired, which proves that what is needed, under efficient
management, to ensure profitable results, are large ships,
with moderate but sufficient horse-power and great carrying
capacity.
The introduction of the limited liability principle has en-
abled undertakings of great magnitude like the present to be
carried out by joint-stock companies, which may embrace the
co-operation of shippers anus of others interested, instead of
by private capitalists as heretofore; the result being that
the supporters of this line will become interested in its suc-
cess, and participate in the profits which they assist to earn.
Applications for shares may be addressed in the annexed
form to the Directors, and copies of the prospectus may be
obtained at the Temporary Offices of the Company, or at the
offices of the Brokers and Solicitors, but no application will
be considered unless a deposit of Li per share on the number
of shares applied for has been paid.

FORM OF APPLICATION FOR SHARES.
To be retained by the Bankers.
To the Directors of the National Steam Navigation Company
(Limited!.
Gentlemen,—Having paid to your Bankers the sum of
, being a deposit of £1 per share on shares in
the above Company, I hereby request that you will allot me
that number, and I agree to become a member of the Com-
pany in respect of such shares, or in respect of any less num-
ber you may allot me ; and to execute the Ar►icles of Associa-
tion when required ; and I request that my name may be
placed on the Register of Members for the shares so allotted.
Name in full
Residence
Profession or Business

Date