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

RAILWAY BILLS.

Yesterday, in the House of Commons Committee,
Group 1, the Edgware, Highgate, and London, the
Great Northern (Potters' Bar, &c.), and the Barnet
Bills stood over. The East London (Eastern Exten-
sion), being unpposed, was referred to the Chairman
of Committees. The Hounslow and Metropolitan
was proceeded with and adjourned, and the pre-
amble of the North Metropolitan was proved. In
Group 10 the preamble of the Fleetwood, Preston,
and West Riding Junction was proved. The Hey-
sham Pier (Railways), being unopposed, was re-
ferred to the Chairman of Committees ; and the
Shrewsbury and North Wales (Meifod Valley Ex-
tension, &c.) was proceeded with and adjourned. In
Group 15, in the case of the Great Yarmouth Fish-
wharves and Tramways, the preamble was proved.
In the case of the Great Yarmouth Haven, Port, and
Rivers the clauses were settled ; and the preamble
of the Louth and Lincoln was proved. In Group
16 the Great Western Bill was postponed until Fri-
day ; and the Bute Docks, Cardiff, Bill was pro-
ceeded with and adjourned.

GREAT EASTERN STEAMSHIP (LIMITED).
The
ordinary general meeting of this company
was held yesterday at the London Tavern ; Mr. D.
Gooch,
M.P., in the chair.
The report was taken as read.
The CHAIRMAN, in moving the adoption of the
report and statement of accounts, said the directors
regretted being so late in holding the meeting, but
completed.
the delay had enabled them to say that the new
cclhiaarrtteerr
iad iolftieship had b
been
seal
he thought, a very favourable one for their corn-
bed by ront h parties,on'pl eted'
and was, The
pany. It secured them £20,000 a year for the use
of the ship, whether the laying the cable should
prove
successful or not, but having been on
ofon board r
a
the ship last year, and having seen the whole '
t the
operations in laying the cable, it had very
increased his confidence, and he thoughtgreatly
quite
Possible with proper tackle to raise up
it
the cable already laid. the end of
They raised
about a mile last year, bat the
inade-
quate, broke. However, the tackle, being
time provided with pro ship would go out next
doubt they would be er
tackle, and he had no
fully and able to raise the cable success-
complete 't i , -which would entitle them to

1...tv
the £50,000 preference stock.
lay the new cable froth Ireland . -fo a
she went out, which, if successft/I—, wo 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
to appropriate £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. lie
would be glad to answer any questions that might
be asked.

Mr. BARBER seconded the motion for the adop-
tion of the report.

In reply to a question it was stated that the direc-
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, awl 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. Ile 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 chaster 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 mouths 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. NICHOLSON was much surprised that
idamony lndeeorbns
ye shouldot
nh e
the bae directors.
r: da i sn gs ae
Htmi see fin congratulatedetd wTi thh y what
we
rtheh ad
gd
ebb.
:et:
leyn.
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 1-h '
. e 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 £75,000 to £lOO,OOO.

The report and statement of accounts were una-
nimously adopted. The directors were requested to

consider the propriety of forfeiting theunpaid shares
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.