The Sun.
London, England, 1858-11-02 00:00:00

The CHAIRMAN, in opening the proceedings, announced
that, in pursuance of a resolution of the court of directors,
passed on the 19th day of October, the Eastern Steam Navi-
gation Company was, on the 20th day of October last, duly
registered under the provisions of the Joint Stock Companies
Acts 1856 and 1857, as a limited company, under the name of
the Eastern Steam Navigation Company (limited), and that
the present meeting was held to consider the propriety of
dissolving the company, and the voluntary winding-up
of its affairs under the provisions of the Joint Stock
Companies Acts 1856 and 1857 ; and, if a resolution to
that effect were passed, then to appoint a liquidator
or liquidators under the said act to wind up the said com-
pany, and also to authorise the liquidator or liquidators so
appointed, in the event of his or their selling the ship be-
longing to the said company to a registered company called
" The Great Ship Company (Limited)," to receive in com-
pensation or part compensation for such sale shares in the
said " Great Ship Company (Limited)," for distribution
amongst the shareholders in the Eastern Steam Navigation
Company (Limited), and to enter into any other arrange-
ment whereby the shareholders in the Eastern Steam
Navigation Company (Limited) may, in lieu of
cash or shares, or in addition thereto, partici-
pate in the profits of, or receive any other benefit
from, the said Great Ship Company (Limited).
It was obvious from the unfinished state of the ship that
its purchase and completion could only be effected on terms
likely to be satisfactory through the instrumentality of a
new company, or an arrangement embracing a partial pay-
ment in shares, affording a preference on the issue of shares
to the proprietors of this company; and, with this consi-
deration in view, the directors and the committee of co-
operation, after a careful consideration of several proposals,
have arrived at the conclusion that the proposal of the Great
Ship Company Limited for the purchase of the vessel was
the only one which they could recommend for the adoption
of the proprietors. The principle of that proposal had al-
ready been communicated to the proprietors on behalf of the
promoters of the Great Ship Company Limited, and the di-
rectors were fortified in the opinion they had formed as to
this proposal by the fact of its having already received
the written approval of a large majority of the proprietors.
Several of the largest shareholders had already signified
their approval of the proposed company; and a provisional
board had been formed for carrying its object into effect.
It is proposed to exchange five shares in the new company
for two shares in the old company ; but at the same time
giving those of the existing shareholders who may wish to
retire, the option of doing so, and of receiving their pro-
portion of the divisible assets. The working of the pro-
posed plan may be thus illustrated :—A holder of ten
shares in the old company may avail himself of either of
the following options :—He may exchange his shares for
25 shares in the new company, fully paid up—or, for 100
shares, ss. paid, subject to calls to the extent of 15s. per
share, which would be his quota—or, for 50 shares, 10s.
paid, subject to calls to the extont of 10s. per share.
After a short discussion a resolution appointing T. Hope,
Esq., E. L. Betts, Esq., Samuel Beal, Esq., M.P., and Mr.
John Yates, liquidators, to wind up the old company was
agreed to unanimously.
The following resolution was agreed to :—" That the said
liquidations be authorised in the event of their selling the
ship to a registered company, called the Great Ship Com-
pany (Limited), to receive in compensation, or part com-
pensation, for such sale share in the said Great Ship
Company (Limited) for distribution among the share-
holders in the said Eastern Steam Naviga-
tion Company (Limited), and to enter into any
other arrangement whereby the shareholders in the
Eastern Steam Navigation Company (Limited) may, in lieu
of cash or shares in addition thereto, participate in the
profit:of or receive :any other benefit from the said Great
Ship Company (Limited)."
A vote of thanks to the Chairman terminated the pro-
ceedings.