The Sun.
London, England, 1868-02-11 00:00:00

GREAT EASTERN STEAMSHIP (LIMITED).

The report of the directors states that at the last
ordinary meeting of the company they reported the
terms of an arrangement which had been made for
the employment of the Great Eastern during 1867
in passenger service between France and the United
States. The charterer was bound to provide new
screw boilers, and generally to outfit the ship for
passenger service at his own cost—the Telegraph
c
Construction Company contributing £20,000
towards the expense of reinstatement. The charterer
was further bound to pay the working expenses and
insurance, in addition tofreight at the rateof £l,OOO
per month. A French con3PanY7 with a capital of
£lOO,OOO, was subsequently formed to acquire the
charterer's interest in the charter. The refitment of
the ship was proceeded with, and so far completed
as to enable her to sail from Liverpool for New
York on the 26th of March last. Owing, however,
as the directors are informed, to the cost of rein-
statement far exceeding the calculations made, and
the:insufficiency of its capital, the French company
found themselves in financial difficulty, and aban-
doned the enterprise on the termination of the first
voyage. The charterers duly paid the first two
monthly instalments of the hire of the ship, but
failed in their engagements to pay the wages, in-
surance, and other disbursements of voyage. The
directors had no alternative but to pay such of the
amounts as the ship was legally liable for, and the
payments so made, together with £lO,OOO of freight
still due, and harbour wages, amount of £21,461,
for which this company will claim on the estate of
the charterers. The directors regret to report that
suits have been instituted in the Court of Admiralty,
and that the ship has been arrested by some of the
crew (who refused to accept the settlement offered
by this company), by Messrs. George Forrester and
Co., and by others employed by the charterers in
fitting the ship for their service. With regard to
the wages claim, the directors have paid £1,500 into
court, believing that sum sufficient to cover the
legal liability of the ship, but with respect to the
other claims the directors have declined to enter-
tain them at all, and, acting under legal advice,
will resist them to the utmost. For obvious reasons,
the directors refrain from entering more fully into
the subject of these claims, but they add that they
are advised by the highest legal authority that the
ship is not liable, and they have the greatest confi-
dence in being able to resist them successfully
The question of the future employment of the ship'
has given the directors much anxious consideration,
and they regret that they are not able to report any
satisfactory arrangement. They trust, however,
that with the general revival of trade, profitable
employment may be obtained either in the passen-
ger trade or in the submersion of telegraph cables,
for either of which services the superiority of the
Great Eastern over any other vessel afloat cannot
be questioned.

CALEDONIAN,

The directors of this company state, in a circular
to the proprietors, that a strong desire having been
expressed or. the part of many influential share-
holders that the principle on whieh the company's
accounts are in future to be made up should now
be settled, and the accounts which have formed the
subject of so much discussion finally disposed of, in-
stead of leaving these matters to be discussed and
settled by the new Board, the directors think it de-
sirable that the shareholders themselves should have
an opportunity of expressing their views upon the
subject. The directors therefore suggest, as the most
expedient course, at the special general meeting of
the company, to be held on the 13th inst., in Glas-
gow, that the following recommendations of the
Board be adopted :
"1. That effect be given to the recommenda-
tions of the Committee of Inquiry, ' that to the
extent of the deficiency applicable to the period
prior to the 31st of July, 1865, the amount be
charged to tapital.
" 2. That trout the Premium fund there should
be deducted all additional balances otttstanding at
the 31st of July, 1867 (including the estimated de:
preciation of Port PittrhilE eteattiboats), amounting
in all to £57,222 9s. 3d., leaving the balance of
£36,919 lls. 9d., which will still remain at the credit
of premium fund, to be applied in terms of the ori-
ginal arrangement with the shareholders.
" 3. That the accounts of the two years from the
31st of July, 1865, to the 31st of July, 1867, be not
further disturbed.

" 4. That the course recommended by Mr. Hawk-
shaw and concurred in by the Committee of Inquiry
be adopted from and after the Ist of February,
when the currpnt half year commenced ; and that
accordingly no charge be placed to the capital ac-
count for renewals or reconstruction, increase to
rolling stock, stations! or sidings, sayp such as shall

" 6. If the questions in regard to the accounts for
bygone half years be disposed of, the reconstructed
Board will be able to give their undivided attention
to the further development of the traffic, its econo-
mical working, and to the carrying out of the im-
portant agreement which has been entered into with
the North British Railway Company.

" 7. Your directors have further to state that the
names appearing in the report of the committee as
the gentlemen who are to form the Board as recon-
stituted have not been selected by the existing Cale-
donian Board, who had previously come to an un-
derstanding to the effect that the six gentlemen
who should retire from the direction should be
determined by ballot among themselves, which
course the directors still consider to be the most
expedient.

"8. The Board, as presently constituted, consists
of two members from England, six from Glasgow
and neighbourhood, onesi st fobro motnh Edinburgh, diin nemb
committeeubregrhf, r ootnmee
bEfernorgem:
Dundee, and four from other parts of the country.
asy
f
proposedcon
Thecon rdstßitouated, will
Eng-
land, nine from Glasgow and neighbourhood, two
from Edinburgh and neighbourhood, one from
Dundee, and one from the remainder of the Cale-
donian system.
"9. Your directors are of opinion that the inte-
rests of the shareholders generally might have been
better represented had the selection been made more
general, and had it embraced shareholders resident
in other parts of this company's extended under-
taking, together with a fair representation of the
large section of shareholders resident in England.
" 10. In order that shareholders who may find it
inconvenient to be present at the meeting on the
13th inst. may have an opportunity of expressing
their opinion on the important questions now under
consideration, the directors have resolved to issue
proxies, which will be used in support of the views
hereinbefore expressed, unless shareholders, in re-
turning them, give instructions to the contrary."