THE SALE OF THE ‘GREAT EASTERN’ STEAMSHIP.

Hawke's Bay Times, Volume III, Issue 175, 20 May 1864, Page 5 (Supplement)

THE SALE OF THE ‘GREAT EASTERN’ STEAMSHIP.

[From flic European Times , February 26.] On flic 17th, according to advertisement, a peremptory and unreserved sale of “the renowned paddle and screw steamship ‘Great Eastern’” took place at the Cotton Saleroom, Exchange, Liverpool. Tlio room was crowded. The auctioneer was Mr. Joseph Cunard, of the firm of Cunard, W ilson and Co., Upper Parliament-street, Liverpool. The sale was by order of the mortgagees, who had fixed a reserve price of £130,000 on the occasion of the first attempted sale on January 11. 'Jin's time there was no reserve. The conditions of sale were as before, viz., a deposit of 10 per cent, and the balance in cash on the completion of the bill of sale, which was to be made out within fourteen days. It was added, however, that if the purchaser should make any objection which the vendor could not remove, the vendor should be at liberty to rescind the contract and return the deposit. Printed inventories of the fittings and furniture of the big ship, which filled thirty-three octavo pages, were handed about the room, and it was understood that all would bo sold in one lot, except the additional cabin stores. On the first bench in front of the auctioneer, were seated Mr. \V. Harbor, the chairman of the Great Ship Company, Captain Paton, and Mr. Yates, the secretary ot the newly-formed Great Eastern Steamship Company (Limited). Mr. Cunard said;—To the greatest mercantile community in the world we offer the greatest ship that ever was, and probably that ever will be. (A laugh.) We shall be glad if you will save time by bidding briskly. We shall take bids of £l,ooo—not less. Bogin at what sum you like. It is a positive sale, without restrictions, and without reserve. Mr. Yates ; £20,000. Mr. Cunard ; The spars are worth more than that, £2U,GOO for a ship that cost £900,000! (Laughter.) Are you really in earnest beginning at that small figure ? Understand that she must be sold. Wo are bound to knock her down. The title will be made to the satisfaction of the purchaser, and any claims will be discharged to the sellers out of the proceeds. In the meantime the money will lie in the Bank of,Liverpool, to be re-

turned if the title is not male complete. £25,000 was bid. After some inquiry it was ascertained that the bidder was .Mr. John Rie A gentleman communicated with Mr. Kae privately on behalf of the Auctioneer, and asked if he would give the deposit. Mr. Kao, however, as wo were informed, declined to give the deposit, nor would ho consent that one should bo paid. The auctioneer, therefore, reverted to the first bid of £20,000. Mr. Cunard; £20,000 only is bid for this great ship. This is an unconditional sale, and if i don’t get a higher bid I must knock her down at this. Once, twice, third, and last time at £30,000. ■ Mr. P. M’Gee! Guineas. (Laughter.) Mr. Cunard; £21,000. Mr. Yates: £32,000. Mr. Cunard; Now shall I say guineas ? (Laughter.) No advance upon £22,000. Mr. M’Gee! You said you would take a nod or a wink - Mr. Cunard, Yes. Mr. M’Qee ; I’m winking. (Laughter and applause.) Mr. Cunard; Order, order ; £23,000 is offered. Mr. Yates: £25,000. Mr. Cunard : Going at £25,000. After some delay, during which no bid was offered, and neither nod or wink seen, the auctioneer brought down his hammer, and the great ship was sold for £25,000. The result caused a buzz of excitement in the crowded room, and there were one or two exclamations ofShame,’’ which were followed by a call of the name of the buyer. The auctioneer announced that it was the Great Eastern Steamship Company (Limited.) At the close of the sale, Mr. Kae preferred a claim to the vessel, on the ground that he had bid the knock down price. Put as Mr. Kae refused to make a deposit, the auctioneer advised by his solicitor, Mr. Gill, declined to entertain the claim. The new company that has become owner of the silip had, before the sale, purchased bonds of the Great Ship Company amounting to £70,000: so that the actual cost of the vessel to the new company, after receiving the dividends on the bonds purchased will be about £BO,OOO. Mr. Kae, who is a ship owner, of James-street, Liverpool, has intimated his intention of taking legal proceedings in support of his claim, lie states that he did not actually refuse the deposit, but only requested time to arrange respecting it, and that he subsequently called at the Rank of Liverpool with the money but that the bank having officially closed, the clerks declined to receive it. On the other hand, the auctioneer, Mr. Cunard, declared that he acted strictly withm the prescribed conditions, anil that Mr. Kao lias no claim which can be legally intertained.