The Express.
London, England, 1852-12-06 00:00:00

, . •
THE EXPRESS, • MONDAY EVENING. DECEMBER 6, 1852.

PENINSULAR AND ORIENTAL STEAM
PACKET COMPANY.

---
The twelfth annual meeting of the above etimpen_y
wee held es Saturday last at the censpany's eases. 122
Lesdenkalleereet. The chair having been takes by Cape.
Tzolorrox, R.N., the Secretary, Mr. C. W. Howell pro-
ceeded to reed the following report :
'Tbe acesuats of the year's operatic'n exhibit the hi-
lowine results :—Balanee of net profits for the year loading
SOth September, 1662, after providing out of the eandage
the lethal reserves fur wear and tear, insurance against sea
risk, and dirt rsciation, 97,8701. 12s. 2d. ; add the balance
of undivided profits from the previous year, as per balance
sheet, 8,2441. 2.. Id. • leaviag disposable for dividend, ffe.,
fee the year, 106,1231. 14e. 3.1. Deduct dividend for the
half year ending 31st March, 1652, 43,9541. 12.., there
memos 62,1691. 21. 3d.; from which has to be deducted
the half-year's dividend of 4 per cent., now about to be
recommended, and estimated to amount to 46,0061., •
helium, then remain,, to meet contingencies, and to be car-
ried to the mat year's account, of 16,1691. 2a. 3d. The Oita-
rude. Inaneasee Fund now amounts to 201,624/.14..9d., and
the Depreciation Fund to 280,0411. 105.3 d. On the proprietors'
underwriting account, • balance remains, at 30th Septem-
ber, 1862, of 29,0121. ls. 54., out of which the directors
recommend • payment of one pound per old share, and a
proportionate amount for every new share, early in the
ensuing year, to each proprietor on the number of 'Agree
for which he may be entitled to the dividend now about to
be declared, which, it is estimated, will amount to 21,5001.,
having a balance to the credit of this account of about
6,5121. Is. 6d. to be carried to the neat year's account.
"EXTRUDED POSTAL SERTICR.—The new peetil service,
to be commenced in January of the ensuing year, under the
company's engagement with her hlojesty • government,
was stated in detail in tile feat half-yearly report of the di-
rectors. In order to Commence and maintain that service with
efficiency, as well as to make timely preparation for meet
ing the requirements of the progressive development or
Oriental traffic which may be confidently looked forward
to, the directors have considered it necessary that • large
addition to the company's fleet should be made.
" WATS AND Meares. —Looking to the excess of this
outlay beyond the mould of capital remaining to be called
up—to the large proportion of it which must be rompers-
tively unproductive until the ships are completed and in
service—to the feet, that some time must elapse before •
full development of traffic on the new lines ot ellnillaUniea-
tion can be reasonably expected—the directors have deemed
it expedient to avail themselves of the present favourable
state of the money market, and of the powers vested in them
by the Royal Charter of Incorporation and Deed of Set-
tlement, to take up, on debenture, for terms of
three and five years, such sums as they may find net:emery,
and to apply the same, in the ant lustance, to meet a part
of the shove-mentioned outlay. With this view, the direc-
tors have obtaiued a warrant of the Lords Commissioners of
the Treasury (which was requisite under the terms of the
charter) to take up money on debenture to the
extent of 400,0001., if required, over and above 100,0001.,
which was originally authorised by the charter.
Considering that when the new vessels shall be completed,
the company will possess • property of upwards of two mil-
lions sterling, unencumbered by any liabilities, except such
part of the above-stated sums as may be taken up oa de-
benture—that they have • guarantee insurance fund of
201,6241. 14s. 9d , to meet any extraordinary casualties to
their ships, which may exceed the ordiaary risks provided
fee by the premiums charged on the trade account, besides
a depreciation fund for maintaining the integrity of the
cesenpany's property—the directors felt confident that such
sums as they might require would be raised on advantageous
terms. This expectation has already been confirmed by en
offer, which they have accepted, of 100,0001. at the rate of 31
per cent. interest. With • view to the accommodation of
each proprietors as may desire to Invest is the company's
debentures, It is the intention of the directors to reserve a
part of such further sums as may he required, and to give
the preference of taking them up, at the above rate of In-
tim''', to such proprietors as may give notice of their desire
to avail themselves of that preference on or before the Ist
of January next. The directors feel confident that the pro-
prietors will rdesseise the policy of this measure, for pro-
tecting their interests in the most effectual manner, under
the circumstances palmed oat.
" STEM COIIIIOMRATIOS WITH ILESTRALIA.—In their
report the dimmed, stated that they were about to despatch
two new steam-dam the Chusan sad the Formosa,
to Australia, to make some experimental trips be-
tween Australia mil Siamese, with the view of ob-
taining the neweseary espetheee ter the tibiae or-
peisation of thee wow brew* et esmawaisatisa. They
have now the pismire to ammo the snivel a the ant
et those mesh, the Cllmen. *larpoem the led of
August lase theism,.....L.
With M Nethermese • being
the fret vessel whist Ciiiipel47peared there to sunset these
important colonies by steam semmaateallea with the
mother country. The event was bard W the esisaists
with the moat lively demeastrstiows of emiamMea.- And it
is also a gratifying raised= to the diseases, that this mem
piny, which was the thet te make years
ego. te the then gemmement. far the sensaimip
selles, ahead else be the Ism to piece • vessel is the pest-
*lS to glee meeting MIMI to that our mash desired sr I se
loop=tiamea asame.
Axes satzene se ttls Coartsv's Vaasma
tie um Nefaume Was.—The d banns have to ski an-
other ilailloOn to several faint ONO of the impereames of
your ethespeiso for warlike pee as well at fir improv-
ing the eseemmeleatiess and the estamerdal re-
sumes of we rem Oriental empire sad
41sweise.In
the atoms. a rosy 'tier mane ego* the ships
of the 'meal thee nen* angieged by Wien
gevenreeet for cesmassitterestir Cabals to the seat
of war hi Barmah, trews were earned to
Ranges., is
_an average mews of abut three days from
the isteas. Not mily ware the mammy enabled to
moist this important service, by mom of their thane
venelo, withent keterruption to the pastel service, but when
M lot bib ermpsap'e steels of ease had been ex-
Imeeled. by So solisa tunnels epee Ithrthsir steam ves-
sels at the sethemat of do war, thiseempssy were able,frent
their Meth, to supply UN lass of oasts M the Indian go-
versant, to assist in reseentieg the tot.
"Toss 110MLUI masiwAx.--Thin logertemt week is
yeopeating hwearally. It is emilhisatly earestalbat in
the mum onto lIIIMLing year le veal he eseaubeed hem
Memel& to the Nib, at Nsgbilleb, whieb will Imposede
the meet imetweeeisat part of the t teats ammo
Eg==l, that by the Canal.
e, Os. 8K11.1.-1118 Oben ship Braganca,
let* en the Ithebay and Chime Melts., having became
psi were, end the 'apnoea begs lag her in laths being
letinsated at • very high sem, Ole -ilharlses rem its it
better Islorsak up ass hall, ma NB maleriels at lima-
hag. _ has, Irma lee present
et the altsaiMt telly mewed by
the toms le her media is the Impeded= sad repair
flub The armless have she Foram sold the moue
dyes l arir sad Meseme, lately employed ea the
temiseb—the beset pails sale, the lava
geleganellt Thai tire weals bed be-
am *alumina& regeleetalate et the swiss,
mei elk Is a IMO Moo be
_mime by the ate ow
mew WIG Cab dal Dew% tate am mew la so aimisesd
Mats a easstrestlea, ea Itpemprigumameamiet primly*, sad
Milt ail the ant moat
.

leilhamiaa am ihniaine..—Tee ease The thew...els
urea Gummy plying la the mews seas, sad periselarly
le wed beheldaa, were expand tears& Meshy isehida.
W MI eeriest of Sae pods sad oath. heat he dream.
mane of the keel boanabi easel sal intiewellete
undies math libber pinions Ikea tbeahnieathe die
weleutted. ea wan heselatil 'he :Ohne hy sake-
=bra la eh immlej.—eall she i neaopsese et hose
hid aim IBM* Semaleat et heir fildild sae isettosa
lamb eassele hil hey hr ash et the value
of the Saadi atimele te be hashes& by he eon-
hem* The ilheelete herelbee hit it to be their
teethese so semesemestAidirreshiaa~~wparetare et
lasswetwo meapralle Gad et
L Leeks bah lees Obeid h Celeste% Bombs/. and
Teas L. era re heat le be *need Is Aew.lt . Di
Ibh anaapateat, eoliths we speed Ise seeds tied wale
mgrshe `ltsempa st bk sad amdemelie
in. eel to
eater latest dna that
peeeribed by dm hike et he Wei ohm.
" Landenusairea.—Theitamberet deatbseeseinimead
Wadi amoureeemetly happaia solaria ea estehlishassat es
hatotthisampay, sad its beiseaterse la whets lbe Übe-
=lbehte hal Oahe amedeed he wilder
atder mesh Tie,pr SO he liNamed ht.
ansteaose—em ased the thot, at be very
dissent tine, merg met
sear so keg. ribsese
asehole hee—lahral the iheeters
blare heir atleallea le is. mew et eaahlhari, rte
suara, eagimess, sat Whew, ballet, at
grehate=hebea heir Shoos well as to
.pd
mho op or hay
bab y this walk le eine the . thisaselesat view,
hi man is he seammeielha et
_popish,. at the
a
het halOpedy swede& Skeastem deielbelne le
ha he-
be ha tI; isailemellea gift ether
ft
Mated easeaseemajaseheseMea et the w Miles Lib sad
," the eldest et whisk is
ehleey to drat humehtekate great superannuation
allowsaats et he abelplea alluded to.
limmumrseedieseha.—Thiseemblielhem, la whisk
new et the pepleties love 'viand se ash faleeht.
aver/kg wry albilateelly, heat SOO alit bah. sow
sdaseied la it. • wipareto ripen of its jisagsses sad pre-
sent daft is laid ea the Wile sad will b. delighted with
this rpm be tbli isteneatisa peopieteet. The dine-
tear have sash pabileathabides ambled to stale that
the pretties fieldiseattag w+Shea et the hum end
ethos la the sewspeare servies—he la
hes ▪ a esebela poetise ler their imam la ere at ddb-red he istredahtes et he lemproith sYstem meal 60
hews of year vowAssaired with liberal wept sea pied
leatahat, have et attashawat to the
essehry's asseley, whielhawbiliblin hes tended_ greatly to
Mph, the stied bath et M esemes, is highly adrea-
wpm to the immesh gibe semphy.
DIVIDIWD.—The ilhoolare awsr reeeemad :that s
divicised of 4 per mat, hoer et beam tax. for the half
year
ea and shor Mmasa Sepewh in ee W"
be desisted, mad be pay-
ae Tied st

whet whilithr devesbuirsythelsis as oiospied ysetitho K the
debasing* lowa. both Ow MIRO sp ti
itheithasets at sow, sod toostelog•Wonst thr Ow sum t
Mr. HasarAmt said then woes theism wow= admit
as to Ow Woo that had bows pasted to thu Pubs oflglyt.
It wee said that they bed ailwassd 11111,11111., at • par that,
to bo issurad so the dossed the yaw of Asissadrio wed Ithe
pivots thetas' of Abbas Pasha and bit ass. H. withal to
know whether those newsues wan sowast ?
Mr. Axuaasom .=Mined to the assowdor of the report
that say Method mosey the samposy Might re-
quire by way of Ism vivid be altendi ia the first
instants to Wm peoprieton, who woad get the
prefers/sae on the same terms that might be offered
by other sayStaliets. With respect to the lose, the sum lent
Ito Abbas riche was 100,0001. at 8 per eenL, which they
borrowed at 31. (Hear, bear.) Ile thought they would
not require more than 200,0001. more on debentures,
and what with the discount they would get from eon-
tractors, and the surplus of interest on the Parka's loan, he
eipected they would obtain the money wanted by the com-
pany without any interest at ell. (Cheers.) With respect
to that loan the circumstance, were shortly these :—The
Aultan being in want of money, applied to the Pacha to pay
his yearly tribute, which was abut 285,0001., in advance.
The Pacha was very desirous of accommodating the Sultan,
but basing had to lay out one million in satisfying claims
which had been brought before the Sultan by other
branches of the family of Mehemet Ali, and with
railway expenses beside', he was not in a condition to
make the required advanoe. He applied to the nom-
natty, offering so security the customs dues of Alex-
andria, about 400,0001. a year, and also his own and
his son's private fortune, betides the payment of this com-
pany for transit of passengers across the desert, about
40,0u01. or 50,0001. a year. Under those circumstances, the
company, feeling obliged for the great facilities the Paths
had afforded them, thought it would be good policy to
accommodate him. They had, therefore, advanced him
nearly a hundred thousand pounds, and the effect of their
act had been to induce bankers and other capitalists to
come forward with the remainder. As a proof of the
opinion the directors had of the security, he might mention
that two of his colleague*. Meson. Willcox and &duets had
each advanced 2,00 W. of the money out of their own private
resources. (" Hear, hear," and cheers.)
Mr. II it was quite satisfied with the explanation.
Colonel Lloonotn said he had great knowledge of Ma-
homedans' and would advise the company to have nothing
to do with loans to them. The slightest revolution would
destroy their security, and the whole of the Ul.mah were
against tramostisas of this Mai.
Mr. immune espiirml that the loan was for one year
only, and that the gothessasot of Egypt had always been
distinguished for its punctuality.
Mr.Lewits mid he knew as much of the Mahomedans as
the gallant colonel, and ores perfectly convinced of their
honour and integrity, and looked upon the security as en-
tirely satisfactory.
Mr. Wt•Lcox. would mention, as a proof of the estima-
tion in which the loan was held, that Mr. R. Stevenson, the
contractor of the Isthmus Railway, had applied for 30,0001.,
and could only get 20,0001. (Hear, bear.)
Dr. BRATTII Mid that the report which had been pre-
sented so them that day could not fail to be accounted very
caisfactory.
The report was agreed to, as was also a nmolutloa, de-
claring • dividend of 4 per cent. for the half year.
On the motion of thanks of the chairman and dieeetors,
Sir By ILTON MAO AAAAAA said be understood that
wooden steanien had been reported against by the Admi-
ralty, and as it was not impossible that they might have to
take out letters of marque for their vowels, he trusted that
th would be Atte act in that capacity.
The Cm AIRMAN said thesalhtnt admiral might rest assured
the vessels would not run away, and would be able to catch
anything that attempted to run away from them.
Thanks were then unanimously voted to the chairman
and directors, and the proceedings terminated.

Mr. R*aaa~tt GOOLDasened the adoption of the report,
and in premed his satisfaction that the communication with
Australia was about to be perfected. (Hear. hear.) When
he aune to the head et eentidase It struck him that their
worthy secretary had made a skittle in putting theta in
the plural number, se oily we, and that of the slightest
actors, had occurred. (Cheer.) He trusted that the
company would persevere in the construction of iron
aldpe, sad that they would receive the fall benefit
of the tmatesaplated changes in the maritime law.
He approved of whet the direeton had done in
promoting the welfare of officers and men, and felt mire
that while they pursued that coarse, they would never
want good crews or efficient commanden. (Cheers.)
Major 01,ortaLo seconded the adoption of the report, and