The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-20
The Steamship Great Eastern.
II PROSPECTS OF THE sHARgHoLDKRs--rO VIII

from the London Chronicle, July 81
propretors Of the Or 90, Eastern building al MN WALL
~ held ct the London Tavern-Mr Hope, the Oh air
m Of the Board Of Directors in the chair.
l Yates the Secretary, read the following report OF
= Court Of Directors 10 the propretors
-Four directors having, recently the 10th Of Febru.
last at the sixth annual general meeting OF propro
lcs, laid before you narrative Of their proceedings
down 10 that PERIOD they have now comparatively bat
ne further % add The works in every department are
nanre viii admit. The ship 10 now substantially CON-
paed 10 the hull, and although the launching will be
unsvotably deferred 70 somewhat later period in the
Summer your directors anticipated In their last
port there exs doubt OF Its successful accomplish
b. favorable to me operation and provided the fune for
Me purpose forthcoming Inc most favorable season for
.asisg sial Drip 20 Portland Uned statss could 3 10
uy difficult, ahosa adding largely As cost, 20 complete
e 'hp BY at time ne ne Favorable period vol occur in
non. nav S%ss s sna p-., s .SSs i T.
boogh at the half yearly meetings Is not necessary
~ The compsny's constitution 70 enter into any
4eaih statement Of accounts the present state Of tbs
company operations makes desirs ole 70 submit out.
me of lis financial position and requirements nov
scertained data which directors believe may be
rened en- that the cost Of the chip and engines will be
sbo eco oo account Of which there has been already
% nv, Sssnos Gao a SS ,Sor" arc o. o an.y
urear cstmsted good and ch In hand co., oo leaving
balance TO be provided Of about COZ ,l62.
The gross cost OF the ship including he Of the
Umpany, may be taken approximately rs follows VIZ -
animated coat OF tb ,, as above. ESQ 900
1U8t management, ONCE cxpenres, interest 70
shAseholders, SooVo
Tc.i...................................eo5o,O 600
Add for all osher contingencies per cent on The
estimated Coz, Of 1000
ero-, COS, Of ship. ecsl 900
from The above sum the following Items have 10
be deducted, viz -
nsrosn ON ior fei cd shares and interest OF money
made, f6 103; money paid on shares Tor cited,
x63 102; money paid on further shares TO Tor
INT, eS'sOo
Nmsed cost ship remaining proprctors. s597 ,iss
D. the soreeoine statement viii be that the amoun
required over and ab,ve the estimated TO be recev
ID o. calls in 6s amounts 70 the Of f67 l62
- vh,oh ada f3 coo a above for ali possible coutngen
DE- thus making In the whole Coz, 1o2 This sum your
directors recommend should be raised by debentures and
hat this meeting should auth orze the exercise OF the Dor
rov,re pop ers OF company extent Of not exceed
ng one hundred thousand pounds, which sum uil cover
ne peceary Working capital FOR n s IN ,Sn win ~
hvor Of the debenre holders and TO secure further by
policies Of insurance TO be effected for at least double NE
amount Ia proposed 10 borrow. In order 70 make this
charge a. little burdensome possible the debenturcs
win be offered In the first instance 10 the shareholders
poe srrssp ,bs, aimee the last meeting very large por
ton OF them has been got In Negotiations with the autho
rites Of the Grand Trunk Railway Company o, Canada Tor
The trial trips preceedins satisfactorily and your drec
tss feel confident that vii be made remuneraive 70 this
company.
rhe following Is Mr.. Brunei, the engineers, report
Is DrEp srpxrr, wErxysruH, June 20, 1887.
EAeruar SrnAn NAVIGATION OoNrAyy-
GurrsxrS-You are well acquainted with the present
sao OF the ship, and need hardly enter into any deta
statement on the subject The hull completed and ready
- cat with the exception OF the poet and the work
Immediately connected with this and r the compleos Of
which wait 70 put the and shAft In place,
both Of which are ready, and lying alongside The fran
ing Of the stern and stern post although attended with
diBcules has proved more tedious work Than had
been anticipated, but Ia nearly brought 10 close
Our principal superintendent In this department OF the
work Mr. Hepworth, however, consds rs that may pro-
S"by require I the end Of next month 70 com ulese Il y
his time launching ways may be made ready, and tho
min nav be In condition 70 be launched on the following
sprine hdes should Il be deemed advisable Such OF the
Internal hunas ordered by the directors have
been proceeded with The skyshu, companions, stair
cascs, 80, OF the forward compartment are nearly
vesdv 10 az In place; with these be fixed
The upper deck which, ahording shelter 70 the
work underneath will admit Of the laying the decks
Of he saloons and OF the oners work Tor which the
Seras delivered being proceeded vi'n-nn work has
required 10 complete the boiler chmnes and venuiafors
which PASS through and interfere Nth the saoons AZ
regards machinery the boilers are all In place ana tne
saean pipes and other details OF those OF tne paddle en-
engine delayed only by the want Of the second crank
shs, which has been manufactured at the Thames iron
Wosks, formerly messrs Mares, which n, nosever'
neaxy finished, and sufficiently 10 prove It's soundness
month. In The paddle engines Otherwise complete 80
pious OF delay has occurrede second cranh snau
he's proved unsound am taking steps 10 ascertain the
bst and quickest mode OF supplying the dehc sncy, but
do not think possible, under The most favorable crcum
sAnoes this can be done under four months and until nv
shan IL replaced, Of the paddle engine cannot be
completed. am, gentlemen, your obedient servant,
10 TIE Director. Of the Eastern steam Napis.ucn Co.
me CHAIRsar then addressed the meeting upon the
tpued favorable position Of the company. Although they
might feel somewhat disappointed that the launching Of
The ship should be deferred stu be ibopebt hat looking