The Sun.
London, England, 1866-05-08 00:00:00

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Ithe £50,000 preference stock. The ship would first
lay the new cable from Ireland to Newfoundland as
she went out, which, if successful, would entitle
them to £25,000 stock, and on her return would lay
the remainder of the first cable; so that if they should
be able to lay and complete the two cables success-
fully, they would have the £50,000 preference stock
for the first cable, and the £25,000 stock for the
second cable, which would of itself make a very large
dividend. Under the new charter they were in re-
ceipt of £l,OOO a month, out of which they proposed
toappropriate £6,000 for a dividend at the rate of 12
per cent. per annum, by whieh they would be placed
in the position, as Great Eastern shareholders, of
having got one dividend out of the great ship, He
would be glad to answer any questions that might
be asked.

Mr. BARBER seconded the motion for the adep,
tion of the report.
In reply to a question it was stated that the three_
tors did not intend to issue further shares during the
time the ship was chartered, as they had no use for
additional capital. There was some probability that
a third cable would be laid, -if the two others were
successful. In the two years they would receive
£40,000 for the use of the ship, and if successful,
the other contingent advantages.
Mr. PYFINCII thought they had better reserve all
the money to fit out the ship for the American trade
after the cables were laid. He thought that a much
larger sum than £20,000 a year should have been
obtained for the use of the ship.

Mr. ROBINSON read the new charter for the ship,
which gave an option to the charterers, after laying
the two cables, on giving 28 days' notice to keep the
charter in force 12 calendar months longer ; and in
the case of the successful laying of another cable,
the Ship Company were to receive £lO per mile for
each mile of cable laid.

The Rev. Mr. NICHOISON was much surprised that
any one should be dissatisfied with what had been
done by the directors. He congratulated the share-
holders on the arrangement. They were greatly
indebted to the direetors for advancing money to
pay the deposit for the purchase of the ship,
and for all they had since done, and they all ought
to feel very thankful to them forgetting the favour.
able terms they had got for the company.
Mr. THORPE considered that if the present ar-
rangements were carried out successfully the ex-
isting shareholders would get back 15s, in the pound,
leaving the Great Ship to stand in their books at a
cost of ss. in the pound. He proposed that all shares
in arrear should be forfeited.

The CHAIRMAN, in reply to various questions, said
that if they had asked for a large sum for the use of
the ship, they would not have got it. The capital
for making the cable had been got with great diffi-
culty. The directors had done the best they could
for the company under the circumstances, and if the
operations were successful, the contingent advan-
tages might be worth from 05;000 to £lOO,OOO.
The report and statement of accounts were una-
nimously adopted. The directors were requested to
consider the propriety of forfeiting theunpaidshares
forthwith ; Mr. Gooch, the retiring director, was
re-elected ; Messrs. Banner and Son were reap-
pointed auditors : and the directors were authorised
to pay an interim dividend of 8 per cent. in July
next. A vote of thanks to the chairman concluded
the proceedings.