The Sun.
London, England, 1860-10-17 00:00:00

THE GREAT SHIP COMPANY (LIMIT. D).

The following report from the directors to the
shareholders of the Great Ship Company (Limited)
has just been issued :

"it was the intention of your directors, on the
return of the Great Eastern from America, to sub-
mit to you a resume of their proceedings from the
commencement of their duties. The consignees at
New York have remitted £14,000, but have not
yet furnished the accounts. Your directors think,
however, that the time has arrived at which it is
due to the proprietors to lay before them all the
information they possess. Your directors having
in March last succeeded in raising the additional
capital of £lOO,OOO, authorised by the general
meeting of proprietors on the 6th of that month,
proceeded immediately to pay off the mortgage debt
of £40,000, and interest thereon £1,454 14s. 10d.
They commenced the work required by the Board
of Trade to make good certain portions of the de-
fective work performed under the contract of Mr.
Scott Russell, and also that arising from the
lamentable accident of Sept. 9, 1859, and various
requirements insisted upon before a certificate
from the Board of Trade could be obtained. This
threw upon your directors a responsibility far ex-
ceeding their calculations in respect of time and
expenditure of money. They were induced by
statements of gentlemen to whom they deferred,
as best acquainted with American affairs, to
urge with the greatest possible expedition the
equipment of the ship, so as to arrive at New
York within the month of July. The results
in America were not so satisfactory as your
directors themselves expected, and were far below
what common report seemed to countenance. So
much distrust had been excited in the public mind
by the disastrous accident before referred to, that
until the merits of the ship could be proved by a
transatlantic voyage, few persons were willing to
embark, Your directors had prepared accommoda-
tion for large numbers, but only 42 passengers were
taken on the outward, and 68 on the homeward
voyage. One hundred and ninety thousand persons
visited the ship in America. In the absence of the
American accounts, an accurate statement cannot
be submitted to you, but it is estimated that the
trial voyage to America and back has been effected
out of the monies received from passengers and
visitors, without trenching on the capital of the
company ; and that, notwithstanding many draw-
backs, your directors may congratulate you that
the qualities of the ship have been fairly proved
without accident. It should not, however, be con-
cealed that the expenses on board have been greater
than they anticipated, and that for future voyages
considerable reductions could be effected. Your
directors must painfully draw your attention to the
fact. that heavy outstanding claims not contracted
by the present board still remain unsettled, and
that a most unexpected one of £lB,OOO presents it-
self in the award of the arbitrators, in the suit
against Mr. J. Scott Russell. This suit, as you
are aware, was in progress when the present
board of directors assumed office, and they were led
by their professional advisers to entertain a strong
belief that the company would receive a consi-
derable sum as compensation for deficiencies and
defects in the work done. Much has been re-
paired at great expense and inconvenience, in con-
sequence of the necessary haste in preparing the
ship for sea in June last. But the arbitrators have
not, in the opinion of your directors, giv.en due
weight to many serious considerations. They have
also entertained some questions not submitted in
the case. Your directors are advised that the award
cannot be legally maintained, and have appealed
against it. Legal proceedings had been taken
against the company during the administration of
the former directors, upon a claim of Mr. Parry for
£5,876 6s. 4d. Your directors resist this claim.
"On the arrival of the ship from America, your
directors at once determined to prepare the vessel
for sea, so that by another voyage the growing con-
fidence in her powers might be fully established,
before they encountered the permanent outlay ne-
cessary to make good all the deficiencies and defects
of work contracted for byPir. Russell. They had
before the first voyage, by caulking, varnishing,
and other temporary expedients, made the decks
partially tight for a short period, they hoped to do
so again sufficiently to make another voyage, before
they incurred the large cost of entirely new decks.
They also expected to satisfy the Board of Trade
in respect of the bearing of the screw shaft, and to
effect other work required for a second voyage, in
time for sailing in the present month of October.
But it was necessary to examine' clean, and coat
the ship's bottom. The South Wales Railway
Company had at great cost to themselves laid
down a gridiron at Milford Haven, the only one
existing in the United Kingdom where this
work could have been done. The tides did
not admit of beaching the ship until the 16th
September. She is now there, her bottom cleaned
and coated with Mclnnes' patent process. The
surveyors a the Board of Trade have inspected her.
Your directors received the 464 report on the
27th September, and they now present 'to you the
following extract :
" The screw shaft has worn itself down in its
bed 0 the extent of four inches at the outer end,
the gun metal bearings of two inches in thickness,
stripped with lignum vitae, being worn entirely
through, and the iron-wrought blocks supporting
them being also worn down to the extent of two
inches. These metal hushes must therefore be re-
newed, and it is strongly recommended that the
bearing surface should at the same time be largely
increased, so as to avoid a recurrence of this exces-
sive wear. The Giffard's patent injectors fitted to
the paddle boilers have proved insufficient to supply
them with feed, partly from their being too small,
and partly from the nnceetainty attending their
operation. It is believed that 00 much of the per-
manent work of feeding the boilers is thus thrown
upon the donkey engines, which should be used
merely as auxiliaries, mere especially as the donkeys
of they paddle engines have not proved very effec-
tive. It seems desirable, therefore; that feed pumps
of the ordinary construction should be fitted to the
paddles engines, in place of the injectors. The new
feed pumps fitted to the screw engines are reported
to have doe their work well. Supports or guides