The Sun.
London, England, 1860-01-12 00:00:00

THE GREAT SKIP COMP-ANY.

RESIGNATION OF THE DIRECTORS.
[The following appeared in our third edition of yesterday
evening :—]
A numerously attended meeting of the proprietors in the
Great Ship Company was held this day at the London
Tavern, Bishopsgate-street. The room selected for the
purpose was rather a small one, and long before the pro-
ceedings commenced it was crowded almost to suffocation.
As soon as Mr. Campbell, the chairman of the board of
directors, entered the room, a request was made that the
meeting should adjourn to the large room, but he said in
the room mentioned nobody could be heard.

The SECRETARY then read the advertisement con-
vening tho meeting, and a number of notices of motion
that had been given by several proprietors, the
majority of which Were to the effect that the present board
of directors did not possess the confidence of the proprie-
tors.

A scene of confusion hero ensued, owing to the crowded
state of the room, amidst which there were loud cries of
"Adjourn, adjourn," "It's been done on purpose," &c.
The request for adjournment, however, became so unani-
mous that the meeting ultimately adjourned to the large
room amidst loud cheers. A desperate rush was then made
by all present up stairs, a number of gentlemen carrying
the chairs with them.
Upon order being restored, the Secretary then read the
following report, amidst hisses, cheers, and cries of
" Shame" : _
" The whole coursa of events in connection with the
progress of the Great Eastern from the time of her leaving
her moorings at Deptford until her arrival in Southampton
water, is so well known from the able reports of the public,
press, that your directors consider any recapitulation per-
fectly unnecessary. The accounts as circulated among the
proprietors show the financial position of the company as
it actually stands, and the questions at issue with the con-
tractor being now under arbitration, your directors refrain
from allusion to the matters in dispute with Mr. J. Scott
Russell. The policy and the anxiety of your directors in
having the ship completed, and her qualities tested within
the earliest possible period, were fully explained to the
shareholders at a previous meeting. Although the
untoward accident and delays have not dimi-
nished the reliance of your directors on the ulti-
mate success and national importance of the Great
Eastern, they cann6t conceal from themselves that diver-
sity of opinion and much dissatisfaction exist among the
shareholders, over which your directors have no control,
and they have, therefore, unanimously come to the resolu-
tion, that it is due to you and to themselves, to place their
resignation in your hands, and they only retain office until
you appoint their successors. The auditors retire by virtue
of the provisions of the articles of association, and your
directors have resolved that a special meeting of the share-
holders shall be convened for Wednesday, the 25th inst.,
for the purpose of electing directors and auditors, and for
such other business as may occur. Owing to the un-
foreseen circumstances before referred to, your directors
have been obliged to exercise the borrowing powers
of the company to the extent of £lO,OOO en
mortgage of the ship, the loan of which sum has been ob-
tained from friendly sources, for six months, at the rate of
7i per cent. per annum, subject to a rebate, at the rate of
2 per cent., should the company elect to pay off the loan
before the expiration of that period. It will be seen, on
reference to the financial statement and balance-sheet, that
303,758 shares have been allotted ; so that if the balance of
the shares, 26,242 (to complete capital to £330,000) could
be placed, it would not be necessary to raise any large
amount to clear off the existing mortgage, and enable the
ship to be sent on her first mercantile voyage—bearing in
mind the fact, that there are stores on board the vessel of
every description, amply sufficient for an American trip.
It:wil4be for the shareholders to decide whether the present
mortgage shall be continued, or, if otherwise, how the re-
quisite amount shall be raised to pay it off, and to provide
what further funds may be wanted."
The CHAIRMAN in rising to move the adoption of the
report, said it might be expected that he would enter in de-
tail into the whole of the proceedings relative to the forma-
tion of the company, but such would occupy toe much time.
He thought it would be quite sufficient if he simply
moved that the report just read be received. (Cheers.)
The motion having been seconded,
Mr. W. iLtwEs said he was anxious to take the earliest
opportunity of addressing the proprietors, and he thought,

without forming any judgment upon the statements of
either Mr. Campbell or Mr. Magnus, the first duty of the
proprietors was to look to the future, not the past. (Loud
cries of " No, no," discuss the past.) After the statements
of both parties had been fully inquired into ; their next duty
would be to agree to a motion appointing a committee of
inquiry, which motion he intended to move as an amend-
ment to the report of the directors. The committee of in-
quiry that ho proposed would consist of five persons, three
to be a quorum, who would have to inquire into all things
connected with the past and future management of the
company. (Cheers, and cries of "no, no.") He thought
it was the duty of the proprietors to wait for the report of
that committee of inquiry before they proceeded to appoint
directors who would have such an amount of property
to deal with. (" Hear, hear," cries of " No," and con-
fusion.) After his motion had been carried, ho would
name the committee, who, among other things, would have
to inquire into all questions of sale, purchase, or charter of
the Great Ship, and to report to a meeting to be held upon
the 25th inst., to which day he proposed that the pro
sent meeting should adjourn. (" No, no," and confusio;
and loud calls of " Names, names.") It would be "compe-
tent for any other person present to propose other gentle-
men, but the ballot would determine which of the list pro-
posed was the best for all purposes.
Mr. TAYLOR rose to order. He had given notice of an
amendment in nearly similar terms, and he maintained it
was not competent for the speaker to move his amendment.
Mr. HAWES concluded by moving his amendment for
appointing a committee of investigation, and the adjourn-
ment of the meeting till the 25th inst. for their report.
(Cheers, and cries of "Name your committee.") The names
he would submit after the amendment had passed. (Con-

fusion.)
'I he amendment having teen seconded,
The Rev. Mr. NICHOLSON said he wished to move as an
amendment to that, " That the report just read be received
and that the resignation of all the directors—(Confusion).
The CHAIRMAN said the rev. gentleman was out of
order.
Mr. NICHOLSON—The objection of the chairman is a
side-wind, to stifle inquiry. (Uproar, and cries of
" Taylor, Taylor.")
Mr. TAYLOR said when he heard of the resignation of
the directors, he thought a bright prospect had began to
dawn on their affairs. (Cheers.) He looked upon the com-
mittee proposed as a clap-trap, in order that the resignation
of the directors might not be received. It was a curious
coincidence, but he thought the 'names Mr. Hawes would
propose were those of gentlemen to whom the board of di-
rectors had no objection. (Confusion.) That they very
nearly corresponded with those who had been
transmitted to Mr. Alderman Hodson, of Birming-
ham—(great confusion)—by the directors, as a committee
mrith himself (Mr. Alderman Hodson) to investigate the
position of the company. (Hisses and confusion.)
Mr. Alderman HODSON explained that he had been in
correspondence with the directors, but as to a knowledge of
any gentleman proposed to act with him he had not the
slightest acquaintance. The names of gentlemen mentioned
in the communication were Mr. Miles, -Mr. Hope, Mr.
Baker, and his own. (The explanation of the proprietor
calmed the meeting to a certain extent, but on his resuming
his seat there were loud cries of " Hawes, Hawes," "Names,
names.")
Mr. HAWES said he had no objection to mention the
names of his eommittee. They were Alderman Rose,
Alderman Hodson, Mr. Baker (one of the directors of the
old company), Mr. Hope, and his own (Laughter, and
cries of " oh, oh.")
Mr. NienoLsex—How many hive the directors nomi-
nated ?
Mr. HAWES—None.
A long and personal discussion then ensued, in which the.
Rev. Mr. Nicholson, Mr. Baker, Mr. Sheridan, Mr.
Abel, and several other persons took part, no less than
six speakers addressing the proprietors at one time. At
length
Mr. RussaLL said the meeting had been assembled for
two hours, and had done literally nothing. Behind the
directors was a party fighting at the board, while at the table
the directors were fighting against their opponent*, and be-
tween the two the proprietors were being sacrificed. (Cries
of "Hear, hear," and confusion.)
Mr. MARKHAM said he believed the great ship would
ultimately turn out a great success, and ho regretted that
the present meeting was being made a bear-garden, which
could possibly do no good, but would most certainly damage
their property.
Another scene of indescribable confusion took place,
:amidst which loud cries arose for Mr. Magnus.
Mr. MAGNUS said the question before the meeting was
whether the meeting would accept the directors' report
ecntaining their resignation, and whether they would, in ad-
dition, appoint a committee to investigate the company's
affairs. Ho did hope Mr. Hawes would make his amend •
meat into a substantive motion, because, in the event of
not (mpg so the present board would still coutiaus for 091110

time longer directors. When the proposition to resign
originated at the board, the directors for the first time were
unanimous in its favour. He hoped under such circum-
stances Mr. Hawes would consent to do as he requested.
Mr. HAwES declined to accede to the request of the last
speaker.

Mr. JACKSON urged the meeting to accept the report,
and thereby the resignation of the present board. Of course
the retiring directors would hare to hold office until their
successors were appointed.

A PROPRIETOR had no objection to the directors retiring
but he objected to their doing so until the report of a com-
mittee of investigation had been received. They ought to
hold office as a duty to themselves until the report he
alluded to had been given in. The board was on its trial,
and he did hope the meeting would not allow the directors
to retire as they proposed. (Loud cheers.)
Another scene of confusion ensued, in the midst of which
the Secretary proceeded to put the amendment, and declared
it negatived.
Mr. HAwES demanded a poll.
Mr. JACKSON cautioned the meeting as to the use of the
proxies they at present hold, as he thought something was
intended which was not at present clear.

Mr. LLOYD, tho legal advisor of the company, after a
great deal of confusion, attempted to explain the use to be
made of the proxies. A section of the meeting objecting to
receive any opinion from any person not a share-
holder of the company, a loud call was made for Mr. Le-
verson, the solicitor of the company, to explain the point. ;
Mr. LEVERSON, after some difficulty, told the meeting
that the proxies issued could be used upon this and every
other question to be submitted to this or any other adjourned
meeting. The opinion of Mr. Lloyd, who advised the
board, was that the present meeting must adjourn, in order
that a poll might be taken.
Mr. MAGNUS, jumping on the table, said if the chairman
vacated his seat he would take it, in order that the other
business of the meeting might be transacted.
Some of the shareholders then commenced quarrelling,
during which the terms "no gentleman," " coward,"
" sneak," "scoundrel," and " dirty blackguard," were
freely made use of.
A SHAREHOLDER proposed that the poll be taken im-
mediately.
After a scene of confusion that baffles description, it was
decided to open the poll immediately on Mr. Hawes's
amendment, and, after taking votes till five o'clock, to close
and re-open again at ten to-morrow morning, finally clos-
ing at four o'clock.
The meeting then adjourned until Tuesday next.

COUNTRY .MARKETS,