The Sun.
London, England, 1859-08-20 00:00:00

SPECIAL GENERAL MEETING.-TIIIS DAY.

A special general meeting of the shareholders in this
company was held this day at the London Tavern to autho-
rise tho issue of 30,000 shares in the capital of the com-
pany, held in reserve by order of the general meeting on
the 25th of February, and also to consider the propriety of
insuring the ship.

The chair was taken by R. J. R. Campbell, Esq.
The CHAIRMAN, in opening the business of the meeting,
congratulated the proprietors on the altered circumstances

to that which formerly characterised their proceedings.
The ship was most complete, and the general opinion of
the noblemen, members of the House of Commons, and
others who assembled on her deck a few days ago was
that the state of the ship was one of the greatest efforts of
genius and success. The speech of Lord Stanley was calcu-
lated to raise the highest hopes, and the statement
of that nobleman, that the Great Eastern would
eventually supersede the overland route, would
confirm the idea that was entertained when she
was first laid down on the stocks. (Hear, hear.) It
had also been stated that the Great Eastern would glut the
different markets of the world, but such prognostications he
looked upon as perfectly visionary. Lord Palmerston, Lord
Elgin, and the Duke of Newcastle had visited the ship, and
had all expressed their highest approbation of all that had
been done. At the last meeting, held in February last,
30,000 shares were reserved for issue, and the directors had
called the present meeting to agree to the issuing of those
shares, which the directors proposed to offer to the share-
holders, in the proportion of one to every ten shares at pre-
sent held. The £30,000 so raised would constitute the
working capital of the company. As regards the in-
surance of the ship, he for one did not intend
to insure, as he felt the ship was strong enough
to pay and to encounter every risk. (Hear, hear, and
cheers.) The directors had taken every precaution against
fire risks, and the shareholders must now decide as to the
marine risks. The resolution he had to submit to the
meeting was as follows :

" That the directors shall allot, issue, and dispose of the
shares in the capital of the company ordered to be reserved
by the resolution passed at the meeting held on the 25th of
February last, in such manner as they may think fit, sub-
ject to the regulations of the articles of association, pro-
vided that they shall be offered to the present shareholders
in the first instance in the proportion of 1 in 10 in the
holding."
Mr. JACKSON seconded the motion.

Mr. RICHARDS wished to ask a question with respect to
Mr. Lever's renewed offer to charter the ship. He should
like to know whether Mr. Lever's second offer was to be
read to the proprietors present ? He thought the offer a
very good one. He should also like to know the rate at
which a marine insurance could be effected. He thought
they should insure the ship, without the sum was so enor-
mous as to utterly preclude such being done. He should
like to hear the letter read before there was any extending
of shares.

The CHAIRMAN said this was no extension of shares. He
thought the proprietors would support the directors in their
declining to read the letter. It was true there had been a
second offer, but it was more than likely a fourth or fifth
offer might be made. The directors did not intend the ship
to leave the river incomplete. The ship was not in debt,
and it was the firm determination of the directors to keep
her free from every inconvenience. (Hear, hear.)
Mr. RICHARDS then moved, as an amendment, " That,
before the resolution was agreed to, the letter of Mr. Lever
offering to charter the ship be read.
Mr. JecxsoN—The offer of Mr. Lever was conditional.
Mr. RICHARDS—Fourteen knots an hour, I believe.
Mr. JACKSON said it was so, and the fact of itself
was quite sufficient for refusing to read Mr.
Lever's letter. Of course it would receive the
deepest consideration of the board before it was rejected,
and the determination of the directors was to be indepen-
dent of all contractors. The adoption of the amendment
would place the company entirely in their hands. (Hear,
hear.)

A PROPRIETOR—Will a meeting be called before the
offer is accepted or rejected ?
The CHAlRMAN—Certainly not.
A PROPRIETOR suggested the adjournment of the meet-
ing to allow time to consider the offer of Mr. Lever.
The CHAIRMAN said the proprietors must abide by the
decision of the directors. If they thought the directors in-
competent to manage their affairs---.(No, no.) They
were in a very bad condition. Mr. Lever might in-
crease his offer by 10 or 15 thousand pounds, and he
had no doubt some of that gentleman's friends were
present and hoped they were. The right course to pursue
was to get their own money—(hear, hear)—and then work
Mr. Lever. (Hear, hear.)

Mr. JACKSON—Or anybody else. (Hear, hear.)
Alderman ROSE said the amendment was quite out of
form, and could not be put, as it was perfectly inconsistent
with the business for which the meeting was called.
Mr. BAKE seconded the amendment.
The CHAIRMAN then put the ameniment, when there
was only two hands held up for it.
On the CHAIRMAN proceeding to put the original resolu-

tion,
Mr. MAGNUS proceeded to read a long statement, and
concluded by moving the following amendment to the
original resolution :—" That a committee be appointed to
inquire and report whether it was expedient to issue the
30,000 reserved shares of the company, and if so, upon what
terms. Whether it was expedient to send the ship to sea
uninsured, and also that the committee have the power to
investigate so much of the management of the company's
affairs may in their opinion affect these two questions."
After a long discussion, the amendment of Mr. Magnus
was rejected by a large majority, and the original resolu-
tion was agreed to unanimously.
A resolution against insuring the ship at present having
been agreed to, _ .

The proceedings terminated with a vote of thanks to the
chairpan.