The Sun.
London, England, 1857-06-19 00:00:00

NORM OF EUROPE STEAM NAVIOA- LANDING of F.
TION COMPANY.

Yesterday afternoon an extraordinary general meeting
of the sbarehalers in this undertaking was held at the
Lnndcn Tavern, Bishopgate-street, Sir S. M. Peto,
Bart , in the chair, fcr the purpose of receiving a• d con•
sidering the report of the Committee of Consultation, ap-
pointed at the annual general meeting, held on 26th
March la-t, together with a report of the board of
directcrA, and the accounts of the company, and of de-
ciding on and adopting such measures as may be deemed
expedient in reference thereto, and to the general affars
of the company.

The committee's report, which is a voluminous docu-
ment, is divided into tbree branches :-I.st, the present
position of the company ; 2d, the past history and
management of the company ; and 3d, the company's
future polily and prospects. The committee make the
f Rowing recommendations :

" The improvements in the management which the com-
mittee recommend, and which they coesider indispensable
to the company's success, are—That to promote the dispatch
of business, and to concentrate the responsibility, the
number of directors should be reduced to the smallest
number allowed by the deed of settlement, seven ; and
that, if possible there should always be two or three among
the number possessing a practical knowledge of commer-
cial shipping. That a maoa;er should be appointed, who
should give his whole time and services to the company,
nni who, under the authority asd supervision of the
board, should conduct and be responsible for the company's
business. The manager's remuneration to consist of a
moderate fixed sum per annum, and a per centage upon
the real profits after allowing both ft,r depreciation and in-
surance. That the secretary of the company should also
be the accountant; and should be responsible to the board
for keeping the a.•:counts in such a manner as will show the
true state of the company's affairs, and insure the directors
being made acquainted at short intervals with the net re-
sults of each branch of the company's business—the secre-
tary's department being thus independent of and a check
upon that of the manager. That, as the trade to the
northern ports is necessarily suspended for several months
of the year, every effort shoal a be made to obtain remu-
nerative employment for the ships engaged in it during
the season in which they would otherwise remain unpro-
ductive. The committee recommend that the practice of
the company being its own insurer, which has been acted
upon to a limited extent., and which hat resulted in an
accumulation of 4,550/. to the credit of the insurance fund
on the 31st December last, should be persevered in ; and
that, if it should not he thought prudent in the company's
present position to leave the ships entirely uninsured, a
risk should always be taken upon each, at least equal to
the amount of the insurance fund at the time. These re-
commendations are given as the result of consultation with
the board ; and the committee have the satisfaction of
lrnewing that the directors agree generally with them both
as to the future prospects of the trade, and the improve-
ments to be introduced into the management."

The CFIAIRMAN, having asked for a favourable hearing
for all who wished to address the meeting, called upon

Mr. C. MORRISON, the chairman of the committee,
who stated that he supposed the report would be taken
us read, and proceeded to state the course the committee
had taken in the inquiry in connection with the direc-
tors ; also explaining the position of Capt. Andrews, the
managing director, respecting which the committee's
labours were incomplete. He called attention to the
following paragraph in the committee's report :
" The committee have gone through the list of debts due
to the company, cash and bills, on the 31st December with
the secretary i • and from the information furnished by him,
consider that 4,3551. should be written off as an allowance
for probable loss under this head. If the accounts be re-
a ljusted according to the data furnished in the report, the
total deficiency will be increased to 136,0i3i. 17s. 4d.,
viz.:—

Net loss on the company's transactions from
the beginning, including dividend paid
last August £74,382 14 1
Proposed addition to depreciation fund 52,30G 3 3
Allowance for bad or doubtful debts 4,355 0 0
Allowance for repairs since December 5,00.) 0 0

£136,043 17 4
He thought that sum could not be taken as a real one,
and the question now was, in what position they really
were. After entering into details to show that it was
impossible to get at anything like an accurate estimate
of the position of the shareholders, he referred to the
recommendations of the committee given above, and asked
the meeting to confirm them, because the committee
believed that there was a reasonable prospect of a fair
profit if the company was economically conducted for
the future. He considered that to effectually work a
shipping oompany the smaller the number of directors
the better, hs it then fixed responsibility. He was op-
posed to a managing director into whose hands the whole
power might slip, but thought that the directors should
be divided into two bodies, as it were, one forming a
committee for the management of the boats, and the other
of general business. The first should be formed of men
practically acquainted with the management of steam
boats, with a manager under them, and the duties of
the other committee should be to watch over the
accounts, &c. The committee entered on these duties
as men who had lost a great part of their money, and
who wanted to know how they might save the re-
mainder ; they had therefore avoided all personalities,
and confined themselves to an enquiry into the dry
matters of fact connected with the company,
so as to prevent a repetition of past errors.
Much was said at a former meeting relative to the con-
duct of the directors, and he was bound to say that after
examining documents and papers inaccessible to share-
olders the committee bad coma to the resolution that
there was nothing affecting their integrity—presuming
that Capta'n Andrews' statements, which had yet to be
made in explanation of the charges male against him,
would be satisfactory. He concluded by moving the
reception and adoption of the report.
Colonel HARVEY seconded the motion. Tee committee
had fairly caught the spirit of the shareholders at the
former meeting, and had carried out their wishes in a

satisfactory manner.
Mr. ABLE dissented from the committee's report, on
the ground that it was not the duty of the committee
to introduce a paragraph into their report relative to
the personal honour and integrity of the directors. Mr.
Lawrence, who was one of the original projectors of
the undertaking, wished to introduce a paragraph
touching on the honour and character of the directors.
He (11r. Able) objected to it, and it was altered by
Mr. C. Morrison in such a way as it was hoped he would
bo able to subscribe to it ; but as be considered many
things in connection with the accounts had not been ex-
plained, as they ought to have been, he declinel to sign the
committee's report, believing it was the duty of the share-
holders only, to express their views on the conduct of
directors. What he particularly referred to relative to
the directors' conduct, was the declaration of a dividend
in August upon certain supposed representations of Cap-
tain Andrews, which were communicated by the chair-
man to Dlr. Coleman. Yet, immediately after, a call
was made on the shareholders. In October Mr. Cole-
man addressed a letter to Mr. Harvey, the secretary,
stating that the accounts were all wrong. That letter
did not appear on the minute book. A deputation in
February waited on the chairman, when he stated that
the affairs of the company were all right, and the conse-
quence was, up went the shares in the market. Imme-
diately after that another call was made, and as soon as
that was made up went the curtain, and then it was they
were made acquainted with the fact that the dividends
had not been legitimately paid.
Mr. GODSON complained of his being kept off the com-
mittee in consequence of his having disposed of most of
his shares, and his having lost 4801. on them, owing to
their fall in the market, arising from the bad Manage-
ment of the company. He proceeded to enter on extra-
neous matters, when he was called to order. He alluded
to the value of the company's ships, and said that
Messrs. Young and Yates had valued the Princess
Royal at 6,000/.
Mr. YATES and Mr. Your both protested against the
statement of the hon. gentleman, and charged bun with
stating what he knew to be untrue.
Mr. GODSON said that he did not consider that the
report represented the exact loss of the company.
Alter some further discussion,
The CHAIRMAN at some length addressed the meeting,
replying to the various charges that had been made
against the directors, contending that when the direc-
tors declared the dividends they believed they were
paying them out of the legitimate earnings of the
ships.
The report of the committee having been received,
and it having been arranged for the present directors to
retire, Mr. Morrison, Mr. Young, and Mr. Yates,
kae
t
the special request of the proprietors, agreed to ta
seats at the board, leaving the other vacancies to be
filled up hereafter.
Sir M. PETO, at the conclusion of the proceedings,
entered into an explanation of the manner in which the
directors and himself were misled by Captain Andrews,
and, while assuming the chief responsibility, he asserted
that the mistake arose from his having entered into an
undertaking the management of which be did not
understand. With respect to the letter alluded to,
he received it when be came to London in October, and,
having consulted Mr. Coleman, his impression was that
any loss incurred in the first would be compensated by
the returns of the last half-year. Deeply as be re-
gretted the result of this investigation, it could not be
attributed altogether to neglect, since he bad usually
seen Capt. Andrews, who was a very sanguine man,
three days a-week, and had obtained regularly the par-
ticulars of the freight of each vessel and the estirsated
expenditure. His own personal holding of 20,0001. in
the company had been increased to 60,0001. ; and Capt.
Andrews, who originally was the proprietor of 100
shares, bad augmented his interest. Captain Atdrewe
would, be hoped, however, recover, and be able to enter
into details to throw light upon what had happened.
Feeling, however, that in the discharge of their duties,
they bad not been sufficiently cautious, he (Sir S. M.
Peto) and his colleagues in the direction would returt
the tees which bad been appropriated to them.
A special vote of thanks was passed to the committee,
and a vote of thanks was also accorded to Sir S. M.
Peto for his explanation.
The meeting then separated.

at NEW YO.

The decks of the steamer were black with a met-
ley crowd, which seemed packed together almost as
tight as the live, yet slightly darker freight of
slavers. The dresses of the passengers were unique, -
consisting of loose, dark-coloured pants, dirty flan-.
nel shirts, straw bats, Kossuth hats and caps, with=
Out coats, neckerchief, or vest. Such, at least, was
the wearing apparel of nearly all of the passengers
on the hurricane deck. Their looks, unshaven,
dark, apparently dirty faces, neglected hair-4r,-
deed, their whole appearance well accorded wits
their habiliments. Some had a valise and a rolled
up blanket thrown over their shoulders or in their
hands. On the stern of the main deck were tike
first cabin passengers. Their appearance was much.
better than that of those above describsd. When
the steamer had hauled round so as to nearly touch
the lower side of the pier a knowing one pointed
his finger to a black-bearded, well-built man, wear-
ing a wide-awake ICessuth hat, and said, " That is
Gen. Henningsen." A murmur ran through the
crowd, and every eye was straine 1. to see the hero
of Granada. One who had " been 0 the wets"
proposed three cheers for Gen. Henningsen, but
the crowd had not seen their man, or fearing, per-
haps, a sell, made but a dull, though half ludicrous
response. This drew a sligfit bow from Gene at
Hetiniugsen ; and the passengers standing before
him stepped back, so as to leave him standing pre-
minently before the multitude, who then imme-
diately gave the General three hearty cheers awl
repeat el the number in tigers. Henningsen bowed.
politely in respr nse. The crowd then cried out,
" Hurrah for General Henningsen," "Bear built
out," " Carry him on your shoulders," "Make
way for the General, &c. The steam-boat touched
the wharf, and before the gang plank could be
pulled inti the boat dozens were leaping on to it,
climbing up the wheels, and in every way seeking
ingress to the boat, even to the peril of their 1 yes.
To describe the confusion, the crowding, surging,
stepping on toes, dragging trunks, hallooing of coins
inands, jabbering of passengers, and the reckless
head:bong plunging and insolent officiouenesSof
the cab-drivers would be impossible. The voices of
Americans, Irish, Spaniards, and Germans were ill
heard commingled, grating and crashing together.
It was impossible to stand still ; it was impossible
to move from your place. Every person disregarded
everybody else, and tried only to look out for num-
ber one. The respectful questions of reporters
were entirely disregarded ; it they asked a man who
looked like a Filibuster brave a question, he looked
at them suspiciously, and deigned not a reply.
General Henningsen left the boat immediately on
her landing, and the other passengers began to pour
out ; cab after cab was filled, but still the stream
flowed on in an undiminished current. The passen-
gers issued forth with trunks, boxes, bundles, car-
pet-bags, and every imaginable etcetera—a stranger
looking mew than issued from the belly of the
wooden horse so fatal to Priam's power. General
Henningsen was immediately on landing sur-
rounded by the crowd of his old comrades and en-
thusiastic admirers, and a general shaking of hands
and friendly interchange of greetings took place,
which caused detention before the carriages which.
had been provided could be reached. A.
barouche and four and several carriages
were soon filled with the General and his more
immediate friends, and amid the cheers of the mul-
titude the party drove off through Broadway to the
St. Nicholas, attracting all along the route the at-
tention and wonder of pedestrians. With the scent
of true soldiers the party soon reached the saloon,
where a few minutes sufficed for the punishment of
some good liquor, and, re-invigorated thereby, the
company resumed their seats in the carriages, and.
drove to the house of Gen. Henningsen in Twelfth
street. Word had been sent to Mrs. Henning4en
that she might expect her husband; and as the car-
riage drove up she stood waiting to receive him.
That the greeting was cordial and that the movements
usual under such circumstances would be observed
on this occasion the company did not doubt ; and.
after allowing a reasonable length of time for Mrs.
Henningsen to recover from the natural emotion
on so pleasant a meeting, they entered the house
and were cordially greeted by her. Among the
intimate friends of Gen. Henningsen and the Nica-
raguan cause present, were Gen. Wheat, Captain
Frank Anderson, General Caztreau, Gon. Green,
Thomas Francis Meagher, and others. After a.
brief greeting of the General and cordial congratu-
lation of his lady the visitors retired, leaving the
hero of "grim visaged war" in the peaceful enjoy-
ment of domestic felicity. Though bearing evident
traces of the fatigue of his six months' campaign,
the General looks hale and hearty, and well able
to add new laurels to those which he has so nobly
won. —New York Herald.