THE ROYAL NAVY.

Taranaki Daily News, Volume XXXXV, Issue 184, 6 August 1903, Page 3

THE ROYAL NAVY.

KKBBRVKD KKROHANT OBUISBR3. AGREEMENT WITH THE GUN ABO COMPANY. KB PRESS ASSOCIATION. Received 5,10.35 p.m. Lohdon, August 5. The terms of the agreement recently completed between the Government and the Ounard Company are published. The Company receives a subsidy of £150,000 yearly for twenty years, and ft loan of £2,600,000 at 2| per cent Interest in consideration of build in? two steamers, having a sp?ed of 24| knots, the Company to remain a Bullish Company and he mainly manned and officered by British. The flaet is to be at the Government's disposal in the event of war. In retarn for a weekly fast Atlantic service the Company receives an additional subsidy of £68,000. BXTENBIVK FLBRT MAECEUYBES. Received e. 0.50 a.m. London, August 5. | Expensive fleet mnneeavres begin today in which 26 first cl ss battleships end 43 of the newest and most powerful cruisers will be engaged. Admiral Sir O. H. Domvillp, commanding a powerful squadron stationed at Lagos, will seek to prevent a weaker British fleet under Vice-Admiral Sir A. K. Wilson, from relieving a second British squadron which is repairing at Madeira, the object, when a junction is effected, being to bring Admiral Domville into action. Independent of these manoeuvres torp°do craft operations will b* carried out in St. George's Channel, 130 vessels being engaged.