The Sun.
London, England, 1860-10-08 00:00:00

RAILWAYS.

Cash. Account.
Orleans 1368 75 .. 1372 50
Northern 9BO .. 980
New ditto
• • —.—
Lyons and Mediterranean 920 .. 920
Geneva .. 362 50 .. 362 50
Southern 505 .. 507 50
Western
Eastern
Sardinian 397 50 .. 392 50
Austrian
Lombard

THE GREAT EASTERN.

There is very little probability of the Great
Eastern making another voyage during the present
year, and it is certain she will not be in position to
sail, as was officially announced shortly after her
return from America, for New York on the 17th of
the present month. Captain Vine Hall, Mr. Thos.
Bold, the manager; and Mr. M•Lennan, the en-
gineer, have been discharged, and but for the pre-
sence of Mr. Davies, the mate, and about a dozen
men, the Great Ship might be called the " aban-
doned." The officers of the shipping department
of the Board of Trade have, it is stated, withdrawn
or suspended the certificate to the ship. Finding
it impossible to get the vessel ready for sea without
a much larger expenditure of capital, the directors
last week invited some of the largest shareholders
to a conference, to consider what course was the best
to be taken under the circumstances. The state-
ment made was to the effect that a further sum of
£28,000 would be required to be expended
before the ship was again fit for a voyage ; that this
outlay was necessary for the purpose of laying
down a new deck, for providing warming apparatus
—for the ship has not a single stove in any of the
cabins—and for repairing the stern-post, screw-
shaft, and bearings, and some other defects in the
engines. It was also stated that the arbitrators
had awarded £lB,OOO to Mr. Scott Russell, but the
directors had been advised to resist the payment on
the ground that the award included various sums for
matters which were not mentioned in the order of
reference. There were also various other liabilities
outstanding, and it was intimated that the voyage
to America has resulted in a considerable loss.
Under these circumstances it was considered ad-
visable to reduce all the current expenses of the
ship to the lowest possible scale, and to lay
the ship up for the present. In accordance
with this resolution, the captain, engineer, and
manager, as we have already stated, have been
discharged, and a full statement of the affairs of the
company is shortly to be laid before the proprietors.
It is but six months since an additional sum .of
£lOO,OOO was raised as preference capital, carrying
171 per cent. dividend. The last call of 2s. 6d.
per share is now in course of being made, but the
liabilities, it is stated, exceed the sum to be raised
by this instalment. Of the £lOO,OOO subscribed,
£40,000 with interest was required to pay off the
mortgage before the ship could leave Southampton ;
upwards of £30,000 was expended in the contracts
for getting the ship ready for sea. There were
some pressing liabilities to be discharged, and there
are some claims which are still pending in arbitra-
tion. Over and above this preference stock there
is the further demand of £28,000 for getting the
ship ready for sea, and the disputed claim of Mr.
Scott Russell. Nothing has yet transpired as to
the mode by which the directors expect to be able
to raise additional capital; but it appears highly
possible that another generation of shareholders
will yet be appealed to.—Observer.