The Sun.
London, England, 1858-07-20 00:00:00

MEETING THIS DAY.

The lia'f-yearly general meeting of proprietors in this
company was held to-day at the London Tavern, Bishops-
gate-stt get, to receive a repot t from the Court of Direc-
tors, and for the geberal purposes of the company.
Tee meeting was made spncird, to consider the present
state of the company's affairs, and to empower the
directors, by all or any of the ways and means authorised
by the company's deed of settlement and act of Patlia-
-meet, to raise such a krUM or sums of money as may be
deemed nec:sitry to pay off the existing liabili•ies of the
company, and to complete and equip the Great Eastern
for sea, or to decide upon suck other measures as may be
theught expedient.
The chair was taken at one o'clock.
After the routine business had been terminated, the
follo:ving report was read by the secretary :

"At the adjourned general meeting-of proprietors,
held en the 17,h of April le*t, it will be remembered
that the directors were authorised to raise the SUM of
220,0001. (including the sum of 100,0001. by debentures,
authorised by general meeting on the Ist July, 1857), to
meet the liabilities cf the company, and to finish. and
equip the Great Esstern for sea. Atter much delibera-
tion, and having consulted the shareholders' committee
of co-operation, a well as other persons of great expe-
rience, a scheme was determined upon for raising the
requisite amount of capital by terminable annui-
ties, which were, in the first instance, offered to the ori-
ginal proprietors in the company, a few only of whom
responded, and for a very limited amount ; the remainder
was then offered to the public with no better success, and
the directors regret being under thenecessity of admitting
their efforts proved ineffectual. Since the period referred
to an act of Parliament has been obtained by the com
pony, whereby they are authorised to issue preference
shares, debentures, or other securities, to the extent
pointed out by their charter of inc.:irpora.tion and deed
of settlement, upon such terms as the proprietors at a
general meeting may determine. The following is a
summary of the debts and liabilities of the company,
some of which have become pressing, and it is im-
poitant that immediate steps should be taken to meet
them. To creditors secured by mortgage upon the ship,
50,3501. ; credit trs upon bills payable, open account
and liabithies, estimated at 45,2161. Total, 95,566
Less assets cott'sisting of cash and hills- on hand, cal s

arrest (including 13,0001, due from 4r; Wytiaes), debris
of launch, timber, iron, &e. for sale estimated at 30,0001.
Amount to be provided for 65,5661. Under these circuin,
stances two alternatives have suggested themselves to
the directors; the one is, to endeavour to raise the re-

quisite amount of capital by an issue of preference shares
on terms more favourable than those heretofore offered ;
the other, is, to promote the formation of a new com-
pany, to whom the ship may be sold, by a scheme which
shall involve the payment of a portion of tbe purchase
money in cash to meet the existing liabi ities, and the
remainder in paid-up shares of the proposed new com-
pany ; and it will be for the meeting to determine which
alternative they prefer, and the measures they desire to
adopt for the purpose."

THE CITY BANK.

MEETING THIS DAY.

The fifth general meeting of the shareholders of the
City Bank was held this day at the London Tavern,
Bishopsgate-street—the Right Hon. Sir Robert Caiden,
M.P. (Lord Mayor), the chairman of the board of
directors, in the chair. The report was received, and a
dividend of 5 per cont. and a bonus of 151. p2r share
was declared, payable on the 20th haat., free of income
tax,- The chairman, in answer to a qaesticn as to the
position of the bank with the fi.m of Skeen and Free-
man, stated that the extent of loss could not exceed from
6001 to 7001.

COMMERCIAL BANK OF LONDON.

MEETING THIS DAY.

At the meeting of the Commercial Bank of London
held this day, the following report was passed unani-
mously

"The balance-sheet for t he half-year ending 30th Juno
list, which the directors have now to place hef.re the
shareholders, shows a net profit (including 2.304/. is. Bd.
undivided on the 31st Dec., 1857), of 14,0191. 84. after
deducting all expenses, and making provision fur bad and
doubtful debts. The directors have therefore determined
to declare a dividend at the rate of Gl. per cent. per an-
num, payable on and after the 24 Auguet next. The
sum of 3,627/. 193. 9d. is required for rebate on current
bilk not yet due, and there will then remain 1,3911. Bs,
to be carried forward to the next half-year."

GUNBOATS.

TO THE EDITOR :OF THE SUN.

SIB,—In looking over the leading article of the Times
of yesterday, I find our gunboats are again in a dilemma.
Such being the case, a few words reepec ing them and
their antecedents may not be out of place. It appears
that when the allied forces arrived at the mouph of
the River P.-:iho (or, as it is •ca'lsd) in the Gulf f
Pecheli, two of the French gun-boats crossed the bar,
whilst the two English despa.ch gun-boats stuck fast.
This appears quite incomprehensible, as we were given
to understand that the e despatch gun-boats (as they are
called) were supposed .te be able to ascend any river,
but when we learn that they draw from 12 to 15 feet
water we are not surprised at their sticking, and thus
giving to the French a temporary victory. of which they
will be sure to aval themselves,. It is a well-
known fact that the gun-boats attached to the
navies of Russia, Denmark, and Holland, draw
only
.five feet water, whereas the' first batch of gun-
boats sent out to the Baltic by us drew twelve f ,et
water, the second lot from seven to eight feet, and the
third lot &x feet ; and I believe not one of the 200 gun-
boats in our service draw less than' six feet. TAN is the
main cause why the expedition .3 under Admirals Lyons;
Napier, and Dundas failed so lamentably, because they
could not get over the shoals which eurround Crore:,tell, ;
and had the last powerful ,x n guile which was
fitting oak bcf i; e
pace, it would have failed also,
how eituiliar causes, where, in all probability, they
would have etruelt upon the shoals and become an easy
prey to a powerful enemy, fully prepared with an equal,
or, in fact, a greater number of gunboats drawing less
than five feet water, and fitted with two screw pro-
pellers—a plan introduced, I believe, by Messrs. G.
Rennie and Sons, previous to the war; whereas our
gunboats have only one propell-r.
To this important arrangement of the ecrew I am
desirous of drawing the attention of these in the right
place, as gunboats so arrranged draw less water
and travel at a greater speed, end had we a few of such
beats no,/ in the Chinese waters they "would speedily
set la the war. A short time ago I 'had the pleasure of
inspecting a number of gunboats built by Messrs. G.
Rennie and SOII3 for the East India Company, which
are intended for the shallow rivers of India. They are
fitted with two propellers placed near each side of the
rudder, and so arranged that they are not liab!e to get
damaged in case of lying aground. Their draught of water
(in full trim) is 2 feet 6 inches astern and 2 feet at the bow At
—this is with sailors, marines, ammupition, and coals for °'lB6:
a four days cruise. On the fore-deck they carry a long
____
18-pounder, which can be worked in any position. The
fore part of the boat is so constructed that the gun can
be brought to bear on any object ebise under the !saw.
Each propePer is worked by a separate engine, which a
enables the boat to be turned in its own length ; and in
case Gf coaling into close quarters this arrangement is
would be found of immense advantage. Should the 9
rudder get un,hipped, the boat would still be
navigable, as in case of accident to one screw the other 52 is still available. lam informed that Mr. Ronnie re- 6
cently tried how soon the propellers could be taken off 4
and eepleced with others, the boat at the time being
of sat and under steam. Th's was done in 20 minutes.' 5
lam convinced of the advantages that would be de- 6
rived from the introduction of this class of gunboat into 9
48
her Majesty's navy, more especially if fitted with at
least four of Colonel sir Charles,Shatv's patent revolving 14
rifles, each of which fires 20 shots par minute a distance 7
of 750 yards, and as there are four batteries they would 2'
discharge 80 shots per minute. This •is in addition 18
to the guu on the fore deck. If such gunboats were es
i
on the river Feiho, at the present time, we should 242
have been spared the annoyacel of knowing the French 2
had taken the lead of us. In fact the War would have to
been at an end, as the speed travel at, 9 knots
they 28
per hour, and the guns, with the men they carry, would,
before now, have brought John Chinaman to his senses ; 65
besides wl.ich a great number of them could be got
19
ready in a short time.
What is the Government about that they do not hvs.il 28 6
themselves of such valuable engines of war ? lam sure -
that Sir C. Napier would not have to' complain of our 17
gunboats being looked up in a creek at Hasler, as is the 2
case with the greater part of our present war machines. 56
INVESTIGATOR. 17
3, Cavendish-grove, Wandsworth-road, 52
7
July 14, 1858. 14

A WHALE OFF .11EVAGISSEY.—A large whale has
been seen for some nays in succession during the past
fromw e ek
6aob
toou titowfeoemt
aleslencgiftbA.levAatlistn siteYo% supposed to be
the fi,h would
throw itself completely out of the water, so that many
persona were able to get a full sight of it.
SAD DISASTER AND Loss or LIFE IN ZETLAND.—
five
hoer ill fated m en,
men belonged to having about 30
A sad accident is reported from Yell—the loss of a had
obropahtawnis bitletied reretewhgonf .
the village of Sellofirth. The missing sloop at the Faroe
fishing is now given up for lost. Fifteen or sixteen men
have pNiehed her, and have left nine widows and 33
children, A boat from North Maine, which was raie,s-
ing, has fortunately returned safe..—Joloz. o'Grout
Journal.

'rut SOOTTISH BAR.—At a meeting of the Scottish
Bar on Saturday morning, Mr. James Moncrieff. Lord•
Advocate of Scotland under 'Jae Aberdeen and Pzelttter•
ston Governments, and M.P. for the Leith boroughs,
was unanimously chosen Dean cf the Faculty of Advo-
cates, in room of Mr. Inglis; new Lord Justice Clerk.
The nomination of Mr. Menctieff was moved by Mr.
Graham Bell, who had withdrawn in his favour, and
was seconded by Mr. IL Macfarlane.