The Sun.
London, England, 1857-09-15 00:00:00

rbr Wbfitton

SUN OFFICE, Seven o'Clock.

DONCASTER RACES.—(This Day.)

(BY ELECTRIC TELEGRAPH.)
Fl rz wiLLIA NI STAKES.

Vedette
Princees Royal

3
Seven ran. Won by a head.

Lady Alice.

FILLY STAKES.

Chanoinesee
Ellerdale'b darn f

Silica

Six ran.
CHAMPAGNE STAKES
Sister to Ellington
Lord of Lorn
Hepatica

Seven ran.
GREAT YORKSHIRE HANDICAP.

IVArlock..

Tasmania ........ .... .

blelifisa

Eleven ran.
DONCASTER PLATE.

Oriand a

Augury
Miss Harkaway 3
Ten ran.
GLASGOW STAKES.

Lord of Lorn
Night Ranger

Four ran.
REVIVAL STAKES.
Dead Heat between Culcavy and New Brighton.
Intercidona third. Seven ran. Stakes divided. New

Brighton walked over.

LATEST BETTING.
ST. LEGER.
7to 4 agst Blink Bonny (taken)
2 to 1 agst Ignoramus (offered)
20 to 1 agst Imperieuse (taken)

NAVAL APPOINTMENTS.—(This Day).

The following appointments was made at the Admi•
ralty this afternoon :

Captains—J. C. Fitzgerald to be Superintendent of
Sheerness Dickyard, vice Tucker, protioted to flag; W.
J. S. Pullen to the Cyclops.

Lieutenants—E. Kelly to the Calcutta ; E. 11. Wil-
kineon to the Cyclops.

Master—Francis H. May to the Wellington.
Midsi,ipman—Robert D. R. Farquharson to the
Chesapeake.

Clerk—D tniel F. Hamilton to the Impregnable.

NORTH OF EUROPE STEAM
NAVIGATION COMPANY.

MEETING THIS DAY.

This afternoon the half-yearly general meeting of the
shareholiers in this company was held at the London
Tavern, Bishopsg,ate-street, for transacting the ordinary
business of the company ; after that it was made special,
for the purpose of reducing the number of the board of
directors to seven, and the number of directors neces•
sary to form a quorum to three.
Mr, C. Morrison, Chairman of the Board of Directors,
in the chair.

The report and statement of accounts showing a loss
upon the half.year, of 38,529/. ss. 61,, and a total loss
on the balance•sheet of 187,1671. le. 31., the particulars
of which have already been published in The Sun, were
taken as read.

The CllainiseN expressed his sorrow at a second time
having to appear before them to give a bad account of
their funds, for the spending of which the present board
was not answerable. The hon gentleman then referred
to the items of expenditure and the profit and loss ac-
counts, fully stated in the report, and said, in reference
to the liabilities of the Company, that the new
directors ba•l bad claims made on them which the com-
tnittee of co-operation bad not the slightest idea or sus-
picion of their Existence. So far as the directors could
now see the loss of capital was 179,006/. 3s. 5.1., and it
was impossible for the directors to give an opinion whe
ther e. r not the company could be pi rmanently continued.
It was impossible forthe directors to state the exact loss
because it would be impolitic for them to put any value on
the ships. A low value would be injurious to the company,
because it woul I on becoming known be the maximum
sum any ono would give for thorn, and were the directors
to put a high value on them and did not get it, if they
sold them they would be misleading the shareholders.
The directors thought the best plan was to write off a
depreciation of 5 per cent. per annum from their value.
In speakieg of the future he reminded the shareholders
that the directors had only been in office three months,
during which time they bad made great retrenchments,
and during that time the actual result had been a
profit, which must be consolatory to the shareholders to
know that no more of the money had been lost during
that time. It should, however, be borne in mind that
the period in which the profit bad been made was the
best part of the year. The directors had given the ques-
tien of winding up their serious consideration, but they
were unable to come to the determination of adopting
that course, and under the circumstances they thought
it would be better to continue the working of the com-
pany under the new system of management till the end
of the year, by which time they would have a better
opportunity of judging what had best be done, To
peremptorily wind up the concern and send 27 ships into
the ma►ket would have a prejudicial effect on their
value, and the directors had not courage to recommend
such a course. He thought it was better for them to
continue working till the end of the year, and in the
mean time probably some of the ships might be advan-
tageously disposed of. In conclusion he complained of
the conduct of two proprietors, members of the late
Committee of Co-operation, who bad unjustifiably
attacked the directors by letters in the news-
papers, adding Wet if the attacks were made in
that room, as they ought, with the shareholders
present, the directors would meet them, but that it was
impossible for them to do so in a newspaper controversy.
ne also condemned their conduct in depreciating the
value of the ships.

__
Mr. Able's letter was however read and the charges
therein contained answered by the Chairman, and in
reference to the earnings and losses of ono of the ships,
" Levant," mentioned in the letter, he said that as the
ship was now sold there could be no objection to state
her cost. He found that her entire cost to the company
was 5,9411., and she was sold lir 3,028/,, being a loss
on the company by the sale of 2,913!. By referring to
the books he found that the net profit of her earnings in
1855 was 12,320/., and in 1856 of 187!., making together
12,5071.; so that, having lost 2,9131. on her sale, she
had, on the other hand, netted for the shareholders, after
deducting that loss, 9,594/. He moved the reception
and adoption of the report.
Mr. YOUNG seconded the report.
Mr. 11. CRIDLAND asked the chairman whether ho was
prepared to state that the affairs of the company could
be carried on till the end of the year at a profit ?
The CHAIRMAN said that from the peculiar nature of
the company ha could not pretend to give a confident
opinion as to the result. All he could say was that to
the best of his judgment he thought it would be better
for the shareholders to continue the company three
months longer than wind-up at once.
Mr. NESBITT said that after the decision of the Vice-
Chancellor Kindereley relative to the Royal British
Bank in reference to the reception and adoption of a re-
port, binding the assenting parties to its contents it was
necessary they should act with caution. He expressed
an opinion that the company was only kept up to bring
traffic to the Victoria Docks, with which the chairmand
and Sir M, Peto were connected. He moved an amend
meat merit that the report should be referred back
.to. . h
in the statement of accounts, appended
nt
ea ,
rectors, with instructions to them to dltiegrueitso
the losses sustained by the
_erwntcompany i
ch the crormy--
ing on the trading operations 1
incurred. in operations
pdaisntyin7tafsrenomnsittietuotreigdinfarol
mobjectBsse.
No one seconding the amendment it could not be sub-
mitted to the meeting.
A. discussion then ensued as to the position of the corn-
peny in the course of which it was remarked that the
constitution of the board required alteration from the
majority of the members being in some way or other cen-
fleeted with Sir M. Pete, the originator of the company,
and also the late chairman, as well as their connection,
with hiin iu the Victoria Docks, &c.
miedntteahgafnieelsenagpddteoemssactioetainnttohe::mieds,eet,sfnartattatibstholegee;
company.
nehonemel‘guicpt:iphs•
a.
:nbrAyie:tnhitorailieis
ep: addressed,auof
lbltislhriseseceootdemf r
reinwtedllihi
taeiitnteeihtveione
hoeatfeeidt)
that the secretary and a director of the company
him relative to the debts,
&c., of the company,
m p any, m e
in a le,
nn -
versatinn he bad with them. In the first instance,
they told him that there was no borrowed money,
and afterwards that there was 15,000!, thtn
30,000/., and afterwards 45,000/. They also a'
first denied that the ships were mortgaged, and
afterwards sated that two of them were. He area
induced to make those statements to show how the hie
directors co-operated with the committee, and the poti-
ti,n be found himself in as one of the csrnmittee. 41.
also stated that an official document was -prepared i, r

the guidance of the committee, in which the ships were
valued at 33,000/. more tali- they cost. He
.said that
as Sir M. Peto got up the company he ought to take it
off the shareholders' hands ; and be added thatitlthough
the shareholders had been paid 9 and 10 per cent, the actual
rrofits had been cnly 9s. 6d. per cent. He askedlf the
late directors had returned the fees they had
,received
f. r atter dances.
Mr. BAGEITIAWE, ex-director, defended the conduct of
Sir M. Pato and the late dir. dors from the imputations
that been cast on them, and added that he firmly be.
liorad that Sir M. Peto had throughout been influencd
by the most honourable fednga.
A. lengthened discussion also took place relative tq
V I answer given by Sir. M. Peto and Mr. Coleman;
• accountant, to a deputation of shareholders who
warted on them in the early part of the year, that the
dividends had been righteously earned, and that there
eat nothing wrong. It was exolained as being in refer.
sacs to certain remarks in the Times at the time, .which
attributed conduct to this company similar to that of the
Royal British Bank, &c. Circumstances .bad since
shown that there was nothing wrong in this company of
a character similar to the company to whom referenfte
had been made.
Toe CHAIRMAN replied, in the course of which he said
Sr M. Peto had returned his fees, lean travelling ex-
penses, out of his own pocket. The Directors had ap--
plied to the Inland Revenue for the return of income.
tax paid in error on the last declaration of dividends.
The rep )rt was then received and adopted. • •
The meeting was then made special for confirming the
nomination of the present directors—viz., Mi. C. Morri-
son, chairman ; Mr. R. Young, deputy-chairman; 11r.
C. Capper, Mr. J. Lawrence, Mr. W. Smith, 4r. G.
Sparkes, and Mr. J. Yates, three of whom to be a
quorum.
A resolution to that effect was submitted to the meet-
ing and agreed to.
The meeting then separated.

LONDON GAZETTE—(This Evening.)

WAR-OFFICE, SEPT. 12.

The Queen has been graciously pleased togive orders for
the appointment of Rear-Admiral the Hon. H. Koppel,
C. 8., to be an Ordinary Member of the Military Division
of the Second Class, or Knights Cammanders of the Most
Honourable Order of the Bath; and of Commodore the
Hon. C. G. J, B. Elliot, R.N., to be an Ordinary Metisther
of the Military Division of the Third Class, or Companions
of the said Most Honourable Order.

FOREIGN.OFFICE,'SErr. 2.
The Queen has been pleased to approveof Mr. Albertino
Antonio Vieira to be Consul in British Guiana for his Ma-
jesty the King of Portugal and the Aigarves.
!COMMISSION SIGNED BY THE QUEEN..
Bedfordshire Regiment of Militia—George Toseland,
Gent., to be Adjutant; Adam Merrie, Gent., to be Quar.
termaster.

OMMISSIONS SIGNED BY LORD LIEUTENANTS.
Bedfordshire Regiment of Militia—Edward Joseph
Boultbee, Gent., to be Ensign, vice Welbore Ms, pro-
moted.

21 Regiment of the Duke of Lancaster's Own Militia.—
Llmbert Jobn Robert Disney, Gent., to be Ensign, vire
Sothern, de( e tsed.
7th Regiment of Roynl Royal Lancashire Militia—G, o.
Davison Bland, Fol., to be Captain, •vico Cnnamingkpro-
mated.

Dumfries, Roxburgh, and Selkirkahire Regiment of
Militia—David Cross Mitchell, E q., to be Lieutenant,
vice Noake, resigned ; John James Johnstone Thornton,
Esq., to be Lieutenant, vice Barretto, resigned.

NOTICE TO MARINERS.
IRELAND—WEST COAST.
Arran Islands' Lights.
The Port of Dublin Corporation hereby give notice that
two new lighthouses have been erected on the Arran Is-
lands, off the west coast of the county of Galway, from
which lights will be exhibited during the night of the Ist
of December, 1857, and thenceforth will be lighted every
night from sunset to sunrise.
Specifications given of the position and appearance of the
Lights, by Mr. Halpin, superintendent of Lighthouses-
Arran Islands North Lighthouse is built on Rock
Hand, the outermost of the chain, in lat. 53 deg. 8 min.
55 sec. N. and long. deg. 51 min. 30 sec. west of Green-
wich, bearing from Slyne Head South Light, S. b E. 1
E., distant 20 nautical miles ; from Skird Rocks, S. b
E., distant 81 miles, from Loophead, N.E., b N., distant
36 m lea.
This light will be a revolving light, of the natural ap-
pearance, giving a bright flash once in every three minutes,
and will be visible from seaward between the bearings of
W.N.W., round by the westward to N. W. by N. The
illuminating apparatus is catadioptric of the first order ~its
focal point 115 feet over the mean level of the sea, and in
clear weather the light should be visible at a distance of
16 miles.
The tower is circular, of gray stone colour, 101 feet in
height from base to summit; the top below the lantern
sash will be painted red, also two horizontal belts will be
coloured reel, on the tower.
Arran Islands South Lighthouse is erected on the south-
western point of Inisheer, the most southern of the islan is,
in lat. 53 deg. 2 miu. 40 sec. N., and long. 9 deg. 31 min.
30 sec. W., it bears from Blackhead. W., S. distant
11; miles ; from Finnis Rock, (off S.E. point of Inisbeor,
W. b N 1 N., distant 11 miles; from Loophead, N.E.
E. distant 33 miles.
The toe e- is circular, of gray stone colour below the
pre jesting gallery, and is 112 feet in height from its base
to the top of the dome.
From and after the date of exhibition of the new
lights, the old light herote f .re on the summit of Tnish-
more, or the Great Island, will b i discontinued, and
the lantern aid top of the old lighthouse tower will 1,3
rem ,ved.
Bearingi are magnetic, var. (at the Arran Islands in
1837) 27 t dog. W.
By order, W. LEES, Secretary.
Ballast Office, Dublin, Aug. 27, 1857.