The Sun.
London, England, 1858-07-21 00:00:00

EASTERLY S2'E;AM NAVIIATLO
COMPA A Y.

[The followsnet appeared le part of our impression of yes-
terday] :
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 Irons the Court of Direc-
tors, and f or the general purposes of the company.
The meeting was made special, to cossider the present
state of the company's aff'dre, 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 Parlia-
ment, to raise such a sum or sums of money as may be
deemed necessary to pay off the existing liabilities of the
company, and to complete and equip the Great Eastern
for sea, or to decide upon suck other measures as may be
thought expedient.
The chair was taken at one o'clock by Mr. B. Hope.
,:Alter the routine business had been terminated, the
folio wing report was read by the secretary
At the adjourned general meeting of proprietors,
held on the 17th of April last, it will i'e remembered
that the directors were authorised to raise the eurn of
220,0001. (including the sum of 100,0001. by debut!' tires,
authorised by general meeting on the Ist 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 gloat expe-
rience, a scheme was determined upon fur raising the
requisite amount of capital by terminable annui-
ties, which were, in the first instance, cffered to the ori-
ginal proprietors in the company, a few only of whom
responded, and fer 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-
pany, whereby they are authorised to issue preference
_shares, debentures, or other securities, to the extent
pointed out by 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. Tots', 95,566/
Lees assets consisting of cash and bills on hand, cars on
arrear (including 16,0001. due from Me. Wythea), elebrh;
of launch, timber, iron, &o. for sale estimated at 30,0001.
Amount to be provided for 05,5661 tinder these chance
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 these 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 the purchase
money in cash to meet the existing liabilties, and -the
remainder in paid-up shares of the proposed new cora-
lpany ; 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 CLIAIRM&N, in moving the adoption of the report,
said the directors had laid before the proprietors an meet
statement of the position of the company, and he thought
the meeting ought not to separate without coming to
some definite result. He regretted that the directors
had failed in their endeavours to meet the exigencies of
the company, and that being so, it now became the duty
of the directors to ascertain the views of the shareholders
under the present aspect of affairs. The board hod
thought it possible that the company might have received
assistance from the Government, as there appeared to
be a national feeling in favour of the ship, and that she
should be completed as speedily as possible. Under
these circumstances application had been made to the
Government to aid us in our endeavours. Sir J. Pax-
tot. had kindly undertaken the task of ascertaining their
views on the subject. He regretted, however, to in .
form the shareholders that the application had teen un-
successful. He thought it also his duty to notice a re-
port which was generally circulated after the visit of
her Majesty to the ship a short time ago. It had
been stated that the directors had given a distinct pledge
that the ship should not pass into the bands of a foreign
power ; no such pledge was given, and therefore there
was no foundation whatever for 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 meeting. The direc-
tors did not intend to let any feeling of national
pride enter into their future considerations, 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, he might say the
confidence of the directors in the scheme remained

unshaken.
Sir J. PAXTON said he had applied t 3 the Government
for a loan, secured upon the ship ; or, if they preferred
purchasing the vessel, they might have her at a fair
valuation.• lie regretted he had failed. The fdlowing
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,—l am sorry to inform you,
with reference to your application, which you made to
me personally, 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 regret, and I may say the same for my
colleagues, that anything should impede the completion
and full trial of so interesting an experiment. But we
are di2posed 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 money as would he required, under
either of the alternatives you submitted to me, to pro-
mote the objects which you have in view, great as they
undoubtedly are.—l am, &c,,
"JOAN PAKINGTON.
" To Sir J. Paxton."

A SILIIIEHOLDER 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 wal:air 3 to be required.
To sell tho ship at the ettui trice they would have to make
would be madness.

The Cffmr.mxx said the information required won

be found in the report of the 17,h of April last.

A SAAREHOLDER 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 Toyage, but without the saloon or other fittings.
A SHAREHOLDER—Why not 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-
-1 tion to complete the vessel.
The report was then agreed to unaninvm lf.
A discussion then ensued as t.) the best means of
rescuing the company from its present condition and
preparing the ship to receiving the Atlantic telegraph,
bnt ultimately, on the motion of Mr Morgan, seconded
by Mr. Blake, a committee, consisting of Mr. Dargan,
Mr. Bilde, M.P., Mr. Beattie, Mr. Morgan, and Alder-
man Rose, was added to the committee of so•operation
to consult with the directors in devising some plan for
the re-organiz ttion 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 means to extricate the company from its
difficulty might be discovered.
The CHAIRMAN—There is no necessity for an adjourn-

ment. In the event of the committee coming to any
definite conclusion they could call a meeting on giving
ten days' notice.
A SHAREHOLDER wished to know if any direct offer
of the ship had been 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 weeki,,, 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 a-ye instead of four, but the Govern-
mint thought it unsafe to trust so many soldiers as
she would carry ou board ship. Ile defied any captain,
however, to sink the ship. She was built in so many
compartments that such a thing was impossible.
A SHAREHOLDER—It has been stated that it was
wished to keep the ship in this country, but I should
like to know if any negotiations for her sale to a foreign
Power had taken place.
The CHAIRMAN—Nothing of the kind has taken place.
A vote of confidence in the directors having been
agreed to, the proceedings terminated.

COIJRSE OF EXCHANGE.—YE,TERDAY•
AmstordAm,,, ~, ~,, ~...• 11 15 ki Gib-;altar .... • • ~. ••••• • • • -..
Ditto, three months.. 11 17,.Y 'Leghorn ..........,... 29 .7„
Rotterdam ............ 11 1 I j.,1 Geooa
y.
.2
kntwerp .............. 25 37g, Ililan ...........„::: 25 47
Brussels ..............13 7
.. Palermo .... ' ,
.... 124%
Napleb ••••••••••• • 4ll'k
Altona •••• .. •• •• •• •• ••
raT18•• •• •• •• so •• •• •• is• 25 10 MCS81118( •,. • foe 124%
Do. three months .. • • 25 3T!, I Lisbon ...... .... ho
Marseilles .............. 35 'Oporto ......... .. ' • •'. s„i
Bourdeaux ............ .. iltlo Janeiro.. '
.... • • ....
Franhfort-on-Maine • ... 1181 A Buenos Ayres ....
Berlin ................ .. New York ,G 0 day:: .
si. •• •—•
ght
Vienna ..........•• .. .. 10 28 Philadelphia .. —
Trieste.... •• es •• •• •• o• 10 29 PMCES •
OF BULLION, PFB cz:
Petersburg .....• .. •• .. 353 Foreign (1010 In liars £3 17 9
Madrid ..........,,... 4914 Portugal Gold Coin
.................49Cadiz• 491 Ifexican Dollars
Barcelona •• ...• •• .... •., New Dollars ...... 0 0 0
wino.. • ..... •. •• ...! .. sllver iu Dm ..,,,„, 0 0 0