The Sun.
London, England, 1858-08-11 00:00:00

THE GREAT EASTERN STEAMSHIP.

An extraordinary meeting of the proprietors in this com-
pany was held yesterday at the London Tavern to Nor the
report of the directors and committee of co-operation with
respect to the prospects of the undertaking. The chair was
taken by Mr. Hope, who was supported by Mr. Henry

Berkeley, M.P., Sir Joseph Paxton, M.P., and other

directors.

➢lr. YATES, the secretary, read the report in question,

which stated that the directors had met the committee of

co-operation on the 20th and 28th of July, and that, having
discussed the various propositions referred to them, it was
unanimously resolved to submit the following recommenda-
tion—that the Great Eastern steam-ship should be put up
fur sale by public auction ; but that if any adequate sum
were meantime offered by private contract power should be
given the directors to accept such sum as they might think
fit.

The CHAIRMAN said he would simply move the adoption

of the report just read, which was the unanimous conclusion
of the directors and the committee of management. He
would, however, remind the meeting that if it acquiesced in
the proposal now made it would be tantamount to acquies-

. .
ing in the sale of tke ship.
Mr. TAYLOR said it appeared to him that the directors
recommended the company to commit suicide. The
preposition was absurd, as, if the ship were put up to
public auction, the number of bidders must necessarily be so
limited that the property would be sacrificed. He hoped the
meeting would not entertain the proposition, as it would be
far better for the proprietors to subscribe among themselves

. .
•••• ...•.,,..-- -
to pay current expenses rather than have the property
thrown away. It was possible that the Government might
yet purchase the ship. (Hear, hear.)
The CHAIRMAN said the recommendation of the com-
mittee was that the ship should be sold by auction, but that
if, iu the interval, any reasonable offer was made to purchase•
her, the directors should be authorised to accept it. If
this proposition did not meet with the approval of the
meeting he confessed that he did not know what else was
to be done. There were debts on the ship, open accounts,
and acceptances, which could not be long delayed, and it
occurred to the board that possibly a better sum could be
obtained for the ship while it was in the possession of the

eempany than in the hands of stranger. The board and
the committee were of opinion that the best time to put the
ship up for sale would be about the end of October, which
would afford time for the shareholders or other parties to
come forward. It was an unfortunate thing that the
shares were held by large holders, who appeared in-

disposed to risk any further capital in the speculation,
Appeals bad been made to them, and they would not, or
could not, respond. There were debts pressing upon the
board, and all he could say was, that 'if any shareholder
could strike out a course to release them from their present
dilemma, better than that of the united wisdom of the com-
mittee of co-operation, they would be very grateful to
him.

Mr. TAYLOR inquired whether the proposition of Mr.
Magnus (referred to at the last meeting) had received the
consideration of the directors ?
The CHAIRMAN—It was submitted to the board, and we
looked upon it as too absurd to be entertained. It amounted
to a proposition to sell the ship for £90,000.
A SHAREHOLDER—For £290,000.

The CHAIRMAN replied that the proposition in point of

fact only involved a sum of £90,000, as the £OO,OOO would
be required to fit up the ship. The £90,000 would only pay
their debts.

Mr. TAYLOR then read the proposition of Mr. Magnus
and said that, in his opinion, the vessel would not fetch
.£50,000 by public auction, whereas, if money could be
raised to send the vessel to sea, she might yet earn large
profits. He had been informed that four ships trading
between Panama and Fraser River (calling at San
Francisco), had earned a net profit of a million sterling.
Here was a profitable trade in which the ship could be
employed if she were once ready to go to sea. (Hear, hear.)
A SHAREHOLDER suggested that, if the directors and
shareholders were to meet together on the common ground
of partners in a great undertaking, they might be able to de-
vise means of extricating the company from its present diffi-
culties. The proposition of Mr. Magnus, and tbat of Mr.
Guedalla had both some good features, and it was possible
that if all parties could come together, the funds might be
got to finish and equip the ship. (Hear, hear.)
Mr. BAKER (a director) observed that the impression on
his mind was that the board had already done all in their
power. They had failed, and it would be unfair of them to
hold back from honest creditors the money that was due to
them. If they could not pay their debts they were bound
as honest men to sell the ship. (Hear, hear.) He had also
the conviction that if the vessel were offered for bona fide
sale, there was too much spirit and national feeling in the
country to allow it to be sold for a song, and that amongst the
30,000,000 of people iu the United Kingdom 250,000 could
be got to subscribe £t each to purchase the ship. The sum
of £250,000 was all that was now required to purchase a
tonnage of 25,000.
Mr. TAYLOR inquired whether It might not be well to
appoint a committee to consider the terms proposed by Mr.
Magnus? (Hear, hear.)
The CHAIRMAN said Mr. Magnus had offered no terms
whatever; all be had asked was, that a month might be
given him to do that which the shareholders could do them-
selves.
Sir JOSEPH PAXTON put it to the meeting whether it
was likely that they would ever see a single farthing of their
money if the proposition of Mr. Magnus were carried out.
The proposition of Mr. Magnus was in point of fact to give
10 per cent. to any new company, and to divide with the
old shareholders any surplus that might remain after paying
8 per cent. insurance, and setting aside a certain sum for
wear and tear. He looked upon such a proposition as per-
fectly absurd.
A PROPRIETOR said the company was precisely in the
position of a man who had commenced building a house
which be had not the means to finish. The only alternative
was then to sell, unless indeed they could get some one to
lease the ship.
The Rev. Mr. NicuoLsoar said that the company were I
not precisely in the position of the man who commenced
building a house which he had not the money to finish, as
he could mortgage the house and thus obtain the means to
finish it. (Hear, hear.) It appeared to him that the
directors had not used all the powers which the &ct of Par-
liament gave them to extricate the company from its diffi-
culties. (Hear, hear.) Indeed a friend of his bad been
informed 14,other day by one of the officials on board the
ship that Met Hope (the chairman) was " nibbling at it."
He was, he believed, one of the largest shareholders in the
undertaking, and he would certainly apply to the Court of
Chancery for an injunction to restrain the directors from
selling the ship by public auction. (Hear, hear.)
The CHAIRMAN—With regard to the accusation of my
"nibbling at the ship," I can only say it is a perfect
delusion, as, I assure you, I am quite willing to sacrifice
every shilling I have in the concern, provided I may never
hear her name again, for she has been a perfect tomcat to
me for the last three or four years. I have sacrificed time,
melees', peace of mind, in fact, everything that a man can
sacrifice for this concern, and the only thing I have to
blame myself for is that I have not made the rev. gentleman
pay up the calls on his shares, which he has not done up to
this moment. (Hear, bear.)
The Rev. Mr. NICHOLSON said that he had not paid the
two or three hundred pounds in dispute between him and
the directors simply because the company owed him more
than he owed therm.
After a good deal of discussion, in the course of which
several suggestions were thrown out for raising the money,
Mr. GUEDALLA asked whether a sufficient sutu might
not be raised on mortgage to satisfy the more pressing
creditors.
The CHAIRMAN—We cannot borrow more than we have
already borrowed. If £40,000 could be cot in the course of
a week or so we might be able to hold matters over.
Mr. BEATTIE (one of the members of the committee of
co-operation) said that one of the schemes submitted to them
was to transfer the ship to a new company, on payment of
the debts now due upon her, and then to raise the addi-
tional sums, upon the most economical estimate, to fit the
ship for sea.
A PROPRIETOR suggested whether it might not be better
to pass a resolution, empowering the directors to sell the
ship in the month of October next, in the event of their not
being able to get any parties to lease her.
The CHAIRMAN said that with the exception of the
leasing powers the proposition of the bon. proprietor was
precisely similar to that made by the board.
This report was then received with two dissentients.
On the question that it be adopted, another animated de-
bate ensued, when
The CHAIRMAN sa'd that Mr. Freshfield, the solicitor
to the company, had drawn up a resolution which might
meet with the general concurrence of the meeting. It was
to this effect—" That the d'rectors be and are hereby
authorised to receive proposals for the private purchase or
oharter of the ship, and that in the event of f.ilure, they be
authorised to advertise her for sale by public auction, and
that mean time builds be raised by mortgage nr preference
shares on such terms as the directors should think fit, and
that no sale be concluded without the consent of the share-
holders."
Mr. TAYLOR strongly protested against the words, " sale
by public auction," and instanced the case of the Screw
S
te am-ship Company, which advertised its vessels for sale
at a reserved price of £lB per ton, and could not get a single
offer. (Hear, hear.) He moved, as an amendment, that
the words " sale by public auction" be struck out of the re-
solution.
The amendment having been seconded, was put from the
o.air, but negatived by 22 to 7.
The original resolution was then carried.
A suggestion hawing been made, that the committee of
co-operation should be requested to act in coucert with the
directors, in carrying out the resolution, it wts reappointed
accordingly, and, after a vote of thanks to the chairman, the
proceedings terminated.

LORD BROUGHAM.—The Carlisle Journal thus
describes the workmanlike style in which Lord Broughom
went through his dutits iu cutting the Ii st sod of the Eden
Valley Railway a few days ago :—" Lord Brougham re-
ceived from the brawny navvy who stood beside him a neat
spade, with which he cut the first sod, and threw it into a
handsome mahogany barrow, which had been previded for
the occasion. His lordship then, with a vigour as remark.
able as it was characteristic, wheeled the barrow along some
planks that had been laid for a distance of some ten or
a dozen yards, emptied its contents, and then, in a truly
navvy-like manner, turned his back, and pulled the barrow
to the point whence he sin! ted. During the operation, the
most deafening cheers resounded from every part of the
dal.. His lordship appeared to be much amused with his
own performance."
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