The Sun. — 1858-08-11 (London, England)

THE GREAT EASTERN STEAMSHIP.  An extraordinary meeting of the proprietors in this company was held yesterday at the London Tavern to Nor the report of the directors and committee of co-operation with respect to the prospects of the undertaking. The chair was taken by Mr. Hope, who was supported by Mr. Henry  Berkeley, M.P., Sir Joseph Paxton, M.P., and other  directors.  ➢lr. YATES, the secretary, read the report in question,  which stated that the directors had met the committee of  co-operation on the 20th and 28th of July, and that, having discussed the various propositions referred to them, it was unanimously resolved to submit the following recommendation—that the Great Eastern steam-ship should be put up fur sale by public auction ; but that if any adequate sum were meantime offered by private contract power should be given the directors to accept such sum as they might think fit.  The CHAIRMAN said he would simply move the adoption  of the report just read, which was the unanimous conclusion of the directors and the committee of management. He would, however, remind the meeting that if it acquiesced in the proposal now made it would be tantamount to acquies . . ing in the sale of tke ship. Mr. TAYLOR said it appeared to him that the directors recommended the company to commit suicide. The preposition was absurd, as, if the ship were put up to public auction, the number of bidders must necessarily be so limited that the property would be sacrificed. He hoped the meeting would not entertain the proposition, as it would be far better for the proprietors to subscribe among themselves  . . •••• ...•.,,..-- to pay current expenses rather than have the property thrown away. It was possible that the Government might yet purchase the ship. (Hear, hear.) The CHAIRMAN said the recommendation of the committee was that the ship should be sold by auction, but that if, iu the interval, any reasonable offer was made to purchase• her, the directors should be authorised to accept it. If this proposition did not meet with the approval of the meeting he confessed that he did not know what else was to be done. There were debts on the ship, open accounts, and acceptances, which could not be long delayed, and it occurred to the board that possibly a better sum could be obtained for the ship while it was in the possession of the  eempany than in the hands of stranger. The board and the committee were of opinion that the best time to put the ship up for sale would be about the end of October, which would afford time for the shareholders or other parties to come forward. It was an unfortunate thing that the shares were held by large holders, who appeared in disposed to risk any further capital in the speculation, Appeals bad been made to them, and they would not, or could not, respond. There were debts pressing upon the board, and all he could say was, that 'if any shareholder could strike out a course to release them from their present dilemma, better than that of the united wisdom of the committee of co-operation, they would be very grateful to him.  Mr. TAYLOR inquired whether the proposition of Mr. Magnus (referred to at the last meeting) had received the consideration of the directors ? The