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

MEETING THIS DAY.

The half-yearly general meeting of proprietors in this
company was held to-day at the London Tavern, Bishops-
gate-street, to receive a report from the Court of Direc-
tors, and for the general purpoPe3 of the company.
The meeting was made special, to coasider 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 co.npany's deed of settlement and act of Patlia-
meat, to raise such a sum or sums of money as may be
deemed nccessary to pay off the existing liabilities of the
company, and to complete and equip the Great Eastern
for sea, or to decide upon such other measures as may be
thought expedient.

The chair was taken at one o'clock by Mr. B. Hope.
After the routine business bad been terminated, the
following report was read by the secretary :
"At the adjourned general meeting of proprietors,
held en the 17th of April la=t, it will be remembered
that the directors were authorised to raise the suns of
220,0001. (including the sum of 100,0001. by debentures,
authorised by general meeting on the lit July, 1857), to
meet the liabilities of the company, and to finish and
equip the Great Eastern for sea. After much delibera-
tion, and having consulted the shareholders' committee
of co-operation, as 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 the necessity of admitting
their efforts proved ineffectual. Since the period referred
to an act of Parliament has been obtained by the com-
pany, whereby they are authorised to issue preference
shares, debentures, or other securities, to the extent
pointed out ty their charter of incorporation 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-
portant that immediate steps should be taken to meet
them. To creditors secured by mortgage upon the ship,
50,3501. ; creditors upon bills payable, open accounts,
and liabilities, estimated at 45,2161. Tote', 95,5661
Less assets consisting of cash and bills on hand, cal s on
arrear (including 16,000/. duo from Mr. Wythes), debris
of launch, timber, iron, &c. for sale estimated at 30,0001.
Amount to be provided for 65,566/. Under these circum-
stances two alternatives have suggested themselves to
the directors ; the one is, to endeavour to raise the re-
quisite amount of capita! by an issue of preference sharers
on terms more favourable than thets.a heretofore offered ;
the other is, to promote the formation of a new com-
pany, to whom the ship may be s )1(1, by a scheme which
shall irivolve the payment of a portion of the purchase
money in cash to meet the existing habi itiss, and the
remainder in paid-up shares of the proposed new corn-
pany ; and it will be for the meeting to determine which
alter native they prefer, and the measures they desire to
adopt for the purpose.
The CHAIRMAN, in moving toe adoption of the rep art,
said the directors had laid before the proprietors an exact
statement of the position of tke company, and he thought
the meeting ought not to separate without corning to
some definite result. He regretted that the directors
ha 1 failed in their endeavours to meet the txigencies of
the company, and that being se, it now became the duty
of the directors to ascertain the vie as of the stiarehol ler 9
under the present aspect of affairs. The hoard had
thought it possibls that the company might have received
aqsistanee from the Government, es there appeared to
be a national failing in favour cf the ship, and that she
should be completed as spee.lrly es possible. Under
these circumstances application bad Leen made to the
Goveriancnt to aid us in our endeavours. Sir J. Pax-
toe had kindly undertaken the task of ascertaining their
views en the subject.. He regretted, however, to in-
form the shareholders that the applictti7M hal bean un-
successful. He Coought it also his du•y to notice a re-
port which
Aw4i:11,4
been stated that the directors had given a dittinct pledge
ywatos generellythe-ship acirschuoirattetainife'ear go". e vlitsithacdf
that the ship It houll not pass into the hands of a fo-eign
power; uo such pledge was given, and theref sre there
was no foundation whatever fir the statement which
had appeared. It was the wish of the directors that the
ship should remain in the service of this country ;
but the ultimate fate of the vessel would be
governed by 'the result of this matting. - The direc-
tors did not intend to let any f:eling of national
pride enter into their future consilerationt,, but in their
efforts to resuscitate the unfortunate concern they would
be guided solely by the interests of the shareholders. In
moving the adoption of the report, be might say the
confidence of the directors in the scheme remained
unehtken.

Sir J. PAXTON said he had applied t) the Government
for a loan, secured upon the ship ; or, if they prasired
purchasing the vessel, they might have her at a fair
valuation. He regretted he had faile I. The following
was the letter he had received from the First Lord of
the Admiralty. The meeting would observe the Govern-
ment did not positively refuse to purchase the ship, they
only said " as at present advised"

" July 10, 1357.
" My Dear Sir Joseph,--I am sorry to inform
with reference to your apphottion, which you made to
me pi reonally, on behalf of the proprietors of the Great
Eastern steamship, that the Government are not dis-
posed, as at present advised, to accede to that appli-
cation.

"I feel great rf gret, and I may say the came for my
colleagues, th,it any hing should impede the completion
and full trial of s.) interesting an experiment. But we
are disposed to think that if the experiment holds out
a fair prospect of success, the funds required, might be
raised in the usual manner from private sources ; and we
do not think we should be justified in applying so large
an amount of public moneyias would be required, under
either of the alternatives you submitted to me, to pro-
mote the objscts which you have in view, great as they
undoubtedly are.—l am, &a.,
"JOHN PAKINGTON.
"To Sir J. Paxton."

A SHAREHOLDER asked what was the actual amount
of money required to fit the ship for sea. He thought
they ought to prepare her for conveying the Atlantic
telegraph, as her assistance was surs to be required.
To sell the ship at the sacrifice they would have to make
would be madness.

The CHAIRMAN said the information required would
he found in the report of the 17 h of April lie.
A SHAREHOLDER asked how much money would be
required to send the ship to sea.

Mr. YATES said 60,0001. would enable the ship to go
a ♦oya;e, but without the saloon or other fittings.
A SHARI:MOLDER—Way SOL try to raise that amount
only ? _ _ _

The CHAIRMAN—After the report had been agreed
to then would be the proper time to agree to a proposi
Lion to complete the vessel.

The report waa then agree 3 to unaniny)u. If.

A discussion then ensued as ti the best means of
rescuing the company from its present condition and the
preparing the ship to receiving the Atlantic telegraph,
but ultimately, on the motion of Mr Morgan, seconded
by Mr. Blake, a committee, consisting of Mr. Dargan,
Mr. Bala, M P., Mr. Beattie, Mr. Morgan, and Alder-
man Rose, was added to the committee of cooperation
to consult with the directors in devising some plan for
the re-organization of the company or for the forming
of a new one to whom the ship might be sold.
Mr. Alderman ROSE suggested that the present
meeting be adjourned for three weeks, during which
time some moans to extricate the company from its
difficulty might be discovered.

The CIIAIRMA.N—There is no necessity for an adjourn-
ment. In the event of the committee coming to any
definite conclusion they could call a meeting i❑ giving
ten days' notice.

A SHAREHOLDER wished to knew if any direct offer
of the ship had bean male by the directors to Govern-
ment. _

Sir J. PAXTON said he had laid the whole
of the advantages of the ship prominently before the
Government. They bad the proposition under their
consideration for three weeks, and now their letter
did not say anything positive as to the purchase—
they say, "As at present advised." He had told them
that by the Great Eastern soldiers could be conveyed to
the Cape six times instead of four, but the Government
thought it would be unsafe to trust so many soldiers as
she would carry on board chip. lie defied any captain,
however, to sink the sh:p. She was built in $
a many
compartments that such a thing was imposible.
A SHAREHOLDER—.It has been stated that it was
wished to keep the ship in this country, but he should
like to know if any negotiations for her sale to a foreign
Power had taken place.
The CHAIRMAN--Nething of the kind has taken place.
A vote of confidence in the directors having been
agreed to, the proceedings terminated.

WINES. &C. (IRELAND), BILL.—A Government Bill
provides that after the Ist of Oct :ber ner; the hours for
opening and closing houses fur the fa, of beer or cider,
wine or spirits, by retail, within the policy district of
Dublin, &hall be 6 o'clock a.m., and 12 o'clock p.in. On
Sundays and holidays the time of opening will be 2
p.m., and that of closing 11 p.m. Unlawful Vppling
will be punisbtd by fines of 21., 51., af.d 201. (!or the
third offence), and constables are empo vered to enter
heerbouses, &c., at all times.
THE SCOTTISH BAP..-At a meeting of the Scottish
Bar on Saturday morning, Mr. James 11or.crieff, Lord•
Advocate of Scotland under the Aberdeen and Palmer•
aton Governments, and M.P. f. r the Ip-ith boroughs,
was unanimously chosen Dean cf the Faculty of Advo-
cates, in room of Mr. Inglis, new Lord Justice Clerk.
The nomination of Mr. Moncri, ff ens moved by Mr.
Graham Bell, who bad withdrawn in his favour, and
was seconded by Mr. R. Macfarlane.