The Sun.
London, England, 1856-08-13 00:00:00

Five ran.
STAND PLATE.

Madame Cliequot
Olympus

1

Twenty-three ran.

GENERAL SCREW STEAM SHIPPING
COMPANY—(.Chis Day).

PROPOSED DISSOLUTION OF THE COMPANY.
The 16th half-yearly meeting of the shareholders in this
undertaking was heel this afternoon, at the London
Tavern—Mr. R. Currie in the chair.
The report was r. ad by Mr. J. L. O'BEIRNE, the
secretary. It stated that the contract with the SociettS
Generale des Clippers Fran csis for the purchase and sale
of eight of the company's largest ships was duly exe-
cuted on 26th March last, and 25,0001., the amount of
deposit, bad been paid, but the purchasers having failed
to fulfil their engagement, the deposit was forfeited
under the terms of the contract, and bad become the
absolute property of this company. The report further
states :
" Since the avoidance of that contract, the Board have
had under their anxious consideration the question of the
employment or disposal of the Company's fleet ; and under
all the circumstances, they are of opinion that it is for the
interest of the shareholders that measures should now be
taken for dissolving the company, and realising their pro•
perty under the provisions of the deed of settlement ; and
if the proprietors now present concur in such a course they
propose to call two special meetings at au early day to give
effect to those views. To this important proposition the
directors invite the earnest and deliberate attention of the
proprietors.
The accounts and balance sheet show that the
transport service leaves a considerable balance to the credit
of the revenue account, after writing off all debts and lia-
bilities which stood on the books unclosed. The continental
trade does not show a large balance to credit of earnings
upon the working of the last half-year, but it has been as
productive as during the same season in 1855. The insur-
ance fund has been increased during the half-year by the
sum of 4,0001., and now stands at 49,775 3s. id. The re-
serve fund, which has received the addition of 20,1441. 7s.
86., amounts to 159,7681, 103.11 d. To dissolve the com-
pany it will be necessary to hold two extraordinary
general meetings. The first of those meetings will be
called at once, and should the shareholders then agree to
the resolution to dissolve the company, the second meeting
to confirm that resolution will be held with the least pos-
sible delay. So soon as the proprietors thus place them-
selves legally in liquidation, the directors will be enabled
to repay the capital of the company, as it shall from time
to time become liberated, and they will commence this re-
payment by returning Si. per share to the credit of capital
immediately after the shareholders have empowered them
to do so."
The CHAIRMAN said the most convenient course for
him to pursue would be to abstain from making any ex-
planatory remarks until after the shareholders had dis-
cussed the extraordinary proposition submitted to them
by the directors to dissolve the company, and he ac-
cordingly moved the reception and adoption of the re-
port.

The DEPIITY-CHAIR3fAN (Mr. Margetson) seconded
,he motion.

Mr. KNIGHT objected to the course proposed, which
was acquiesced in by the meeting, and consequently
The CIIAIRMAD entered at full length into the affairs of
the company. Referring to the contract with the French
company, he say' the directors were much surprised at
the nou-completion of the contract, which occurred only
a short period before the time for holding this meeting
He believed they possessed as fine a screw steam fleet
as any company in the world—(hear, hear)—and if the
directors recommended the dissolution of the company
rather than embark in another trade, it was not from
doubting the capabilities of the fleet, but from the im-
possibility of a joint•stock company such as this, and
managed by a board of directors, to contend with acute
men of business and the competition arising therefrom.
He took the chair of the board under the understanding
that he was to wound up the company, and not to con-
duct a trading company, and therefore he stood inde-
pendent of the board, and acted more as a shareholder
than a director. If the shareholders adopted the recom-
mendaticn of the directors they would do well, because
it would be impossible for them to successfully carry out
a trading concern. (Hear, hear.) The beard had now
150,000/. which they were ready to return to the
shareholders, and would have done so before this
had the terms of the deed permitted it, The
board was disposed to take a moderate offer for the fleet,
which would bring them " all home," and he should ob-
ject to any distribution of the money, such al by the
payment of dividend, before they decided on winding up
up the concern. If they determined on having a divi-
dend he should decline signing the warrants, and at the
same time they should remember that, if a dividend be
paid, a considerable sum must go to the Government in
the shape of income tax.
Mr. STEBBING considered the shareholders should be

paid a dividend out of the first year's earnings. He
moved the reception of the report, and that a dividend
of 1/. per share be paid to the shareholders. He objected
to them waiting five or six weeks, and then the uncer-

bainty of their receiving 3/. per share in return of capital.
The CHAIRMAN said that by the ternis of the deed the
company could wind up its affairs by the terms of the
deed without the interference of the Board of Trade
The repayment of the money by the time proposed was
certain.

After some further aiscussion, and there being no
seconder for the arnenilment, Mr. Stebbing withdrew it.
In answer to a question,
The CHAIRMAN said that the directors were unanimous
in their recommendation to wind up the concern.
The original motion for the reception and adoption of
the report was put to the meeting and carried nnani.
monsly.
The meeting shortly after terminated with a vote of
thanks to the Chairman.
The first special general meeting will be held not later
than Monday week, but seven days' notice of it will be
given.

THE WEATHER AND CROPS IN IRELAND.

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Daring the past week the w ete her in this district has
been most favourable to the ripening crops. We be-
t 'eve similar heat was not experienced here for the last
years, the thermometer on one day reaching 120, and
in the shade so high as 90 degrees. The wheat crop
promises to be both early and abundant. Of oats the
yield is expected to be very large. Already several
fields of flax have been pulled, those best able to judge
reporting favourably of the crop. Potatoes are abun-
dant, cheap, and free from disease. On the whole the
prospect is most cheering, and, under the blessing of
Providence, such as will restore plenty in the land.—
Armagh, Guardian.
We do not remember hotter weather than we have
hail since August set in. At the latter` end of July the
potato crop in many parts of this county assumed al 1
the appearance of the feraier blight—stalks and
leaves were blackened ; but, thanks be to Providence,
the disease did not increase, and it is now ascertained
that even those stalks which presented the appearance
of decay, are found to be perfectly sound. All the other
crops look well ; and there is every prospect of an early
and abundant harvest. On Wednesday night there was
the most vivid lightning we have seen in this locality,
which continued for several hours, accompanied by
thunder resembling the noise of a rolling barrel. Yes-
terday, between two and three o'clock, a terrific thunder.
storm broke over the town and vicinity, which continued
till about five o'clock, and great fears wersi entertained
for the safety of the potato crop, but we are happy to
state that it did no damage.— Balled/Amnon Herald.
The oppressive beat of the past week has not been
surpassed during half a century, although we find it re-
corded in the annual register for 1804 that the thermo-
meter rose to 110. On Thursday it registered 116 deg.
in the sun, and in the shade 90 deg. A gentleman who
has been a resident of the West Indies during a period of
20 years ieforms us that he never experienced more in-
tense heat within the tropics, or more discomfort from
its effects.—Carlow Sentinel.
The weather during the pest week has been unusu-
ally warm anu sultry, exceeding in intensity anything
experienced during many years past. On Thursday,
however, we had a change ; about four o'clock distant
thunder wes heard, and lasted two or three hours, dur-
ing which the flashes of the electric fluid were both
vivid and continuous. We have not heard of any ac-
cident having occurred. The progress of the crops is
most gratifyieg, and the harvest in this district pro-
mises to be abundant and early. Some slight appear-
ance of blight in the votato has been made the ground
of unioneded reports respecting the spread of the die-
ease. We believe, however, that the loss,
, if any, in the
potato crop will be trifling indeed,— Sligo Journal.