The Sun.
London, England, 1858-11-19 00:00:00

morton-street. . .
Messrs. Price and Brown, 4, Change,:alley, Cornhill. •
Secretary—Mr. John Henry Yates.
The desire prevailing on all hands -that- the gyeat Eastern
steam ship should be set iri motion, and a feeling that the na-
tional charaerer for energy and perseverance would-suffer in
the estimatisn of the world if the completion of so splendid a
specimen of naval architecture and mechanical ingenuity were
to be further deferred, have led to the proposal of forming a
company for the purpose of purchasing, completing, and
sending her to sea. - . - •
Increased carrying poWer, with greatly accelerated speed,
and ability-to coal for an entire ,voyage, could only be effici-
ently secured by great size. To carry out this principle; which
has now obtained universal assent among practical • men, the
Great Eastern has been constructed, and has cost to the pre-
sent time about .f 640,000. To raise this sum,, the Eastern
Steam Navigation ,Company has -exhausted the power of mak-
ing calls on its shareholders, and has incurred a debt of about
£90,000„ The present proprietors are a comparatively small
body (about 300 in number), who are not inclined as a company
to increase their risk ; and although a large and influential
portion of them are willing to subscribe their fair quota to-
wards finishing the ship, there are legal difficulties which pre-
vent their doing so unless the ship be sold, consequently the
proprietors have determined upon taking that course.
To purchase the Great Eastern as she now lies, and with those
contracts completed which form part of the existing liability of
the old company, to fit her in all respects for sea as a first class
passenger ship, and to provide working capital, Z 130.000 would
be the utmost sum required, and this it is proposed to raise by
the issue of 330,000 shares of X 1 each, in a company with limited
liability,—called " The Great Ship Company,. Limited."
Calculating from this basis the cost per ton at which the
Great Eastern, ready in all respects for sea, would come into
the possession of the new Company is less than that of a first
class sailing vessel, and not much more than one-fourth that
of a first-class steamer ; while, in comparison with the latter
her working expenses will also be proportionably less. owing
to her immense size, which enables her to carry double the
proportionate tonnage, at nearly double the velocity.
Her chances of success in other respects may be estimated
by the fact that she will be able to carry her fuel for the
longest voyages, avoiding the delay and expense of coaling
at fbreign ports, and still have proportionably more room for
profitable cargo and a larger number of passengers than any
existing steamer. She will be fitted with all the appliances
this mechanical age has been able to devise for taking in her
fuel and cargo, and for discharging the latter with the greatest
rapidity, and will be supplied with comforts and conveniences
unattainable in a smaller vessel.
Her great length, while offering very little extra resistance
to the water, admits of the combination-of the screw and
paddle for the purpose of propulsion, from which a rate of
speed hitherto unexampled will be obtained ; for when it is
considered that every increase of size has always hitherto been
attended with increase of speed, and of proportionate carrying
power,- there is little fear that the computations of science
will iu this case fall short of their usual accuracy.
With a high rate of speed, the freedom from disturbing
motion her great length will give, and the enormous strength
of her construction, the Great Eastern cannot fail to obtain
the preference of travellers and emigrants, and secure the
freight of goods requiring speedy delivery ; although it is not
necessary she should carry her full complement of either to
arrive at an exceedingly profitable result upon the reduced
capital of the new company.
But apart from the considerations of profit which properly be-
long to all mercantile operations, there are others which invest
the successful prosecction of this undertaking with something
of national importance. It is hardly too much to say, that to no
other country could such a creation have been possible, and
certainly on no other could it confer such advantages. With
Colonies and. dependencies in every region where external
aggression may have unexpectedly to be resisted, or internal
commotion suppressed, the resources of the.empire would be
multiplied, and its power almost doubled, by the rapidity
with which they could by her aid be concentrated for every
emergency.
The progress made in negotiations for the purchase, and the
confidence placed in the Ship and in _this company, by the
proprietors of the Eastern Steani Navigation Company
(limited), may be gathered from the annexed resolutions una-
nimously passed at the Special General Meeting of their share-
holders, held at the London Tavern, on Tuesday, the 2d of
November, 1858. and from the fact that more than three-
fourths of that body have agreed to become shareholders in
this company, to the capital of which they have subscribed
largely, viz :
" Ist. That the Eastern Steam Navigation Company, Li-
mited, be, and the same is hereby dissolved, subjest to the
provisions of the Joint Stock Companies' Act, 1856-1557, and
that the said Company be wound up voluntarily, under the
provisions of the same act.'
"2nd. That Henry Thomas Hope, Esq., of 116, Piccadilly ;
Edward Ladd Betts, Esq., of Preston Hall, near Maidstone;
Samuel Beale, Esq., M.P., of Russell-square ; and John Yates,
Esq., of Snaresbrook, Essex., be, and they are hereby ap-
pointed liquidators under the said act, to wind up the said
Company.''
" ard. That the said liquidators be authorised, in the event
of their selling the ship belonging to the. said Company to a
certain Registered Companytailed the Great Ship Company,
Limited, to receive in compensation, or part compensation,
for such sale, shares in the said Great Ship Company, Limited,
for distribution amongst the shareholders in the said Eastern
Steam Navigation 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, or in addition thereto, participate in the profits of, or
receive any other benefit from, the said Great Ship Company,
Limited."

HENRY T. HOPE, Chairman.
An estimate of the first year's work of the "Great Eastern "
has been prepared, and the result is such as to leave, after
pi ying a dividend of 15 per cent., a large margin for contin-
gencies ; this calculation, which maybe obtained at the offices
of the company, is founded on statistics of existing traffic,
and only takes credit for 'a minimum amount of cargo and
passengers, without taking into account the traffic she would
of herself create, or the Government postal subsidies which
her speed must command.
On application for ten shares and upwards, a deposit of
2s. •M. per share will be required, and a further sum of ss. on
allotment; the remainder of the capital to be paid in three
calls at intervals of not less than two months.
On application for less than ten shares, the full amount of
£1 per share must be paid.
Forms of applications for shares may be obtained from the
Brokers, or at the Offices of the Company, as under.
Temporary Offices, 79, Lombard-street, E.C.
November, 1858.