The Express.
London, England, 1852-09-30 00:00:00

GENERAL SCREW STEAM COMPANY.

Yesterday, the general half-yearly meeting of
shareholder• tn this company was held at the London Tavern,
hlr. J. U. Hum in the cluir.

The Sseact A ItY read the following report
The directors, in submitting to the proprieters a report
of their proceedings, tog. ther with the accounts for the
half-year ending on the 30th June last, desire to renew
their expression of confide nee in the aucceodul issue of the
cateaded undertakings into which the company have en-
tered; and are gratified to be able to state that the trade
with the French and Dutch cca.stssuadily maintained itself,
while the mail contract service to the Cape of Good llope
increased its t-afile, during the period embraced di this ea
port. At the hat had-yearly meeting, attentien was di-
rected, amongst other matters, to certain changes which
were, in the opinion of the directors, desirable for the
interests of the composts in their contemplated enlarged
operation.. The directors having sub,equently matured
their vies. on the subject submitted them in a aeries of
propositions for eonsidtration at an eztraordiliary general
meeting, specially convened for that purpose in May I eat,
when they were unanimously adopted, and the board pro-
ceeded to carry them into t floc,. They have now the plea-
sure of informing the proprietors that • supplemental
charter has been granted by her Majesty, which empowers
the cempany to raise capital in shares of 201. each, to issue
five 201. shares proportionaWy in lies of the pleaeut 1001.
share, end to borrow any sum nut exceeding one-fourth of
the paid-up capital. The deed necessary to give effect to
the provisions of the supplemental charter, and to your re-
solutions, has been drawn, and is • few days wiil be ready
for signature, after which the new shares will bi issued.
The directors heartily congratulate the proprietors on the
completion of these measures. After the meeting in May,
and when an application to the crown for a supplemental
therter had been made, the directors invited submnptions for
the capital still n quired for the parpo,es of the company, and
they have now the s distention tomtits that the shares which
they resolved to issue were forthwith taken up by parties
whose position brings weight to the company. The board
have also to mention, that having considered it due to the
existing shareholders to give them the opportunity of ac-
cepting a certain proportion of the new stock to be jutted,
the privilege was largely taken advantage of. The sub-
stribeil capital is now 76d,0001., an amount sufficient for the
present puniness of the company. To extend and consoli-
date the interests of the company the directors applied for,
and have obtained a contract for not less than seven years
un satisfactory terms, from her Majesty's government, fur a
mail service between Cape Town and the principal esttle.
meets as far as Port Natal. The Sir Robert Peel has
arrived at the Cape to commence this nervier, and
she will be joined, as early as possible, by the
Bosphorus. The directors have also the gratifica-
tion to announce that the new and extended
service to India yid the Mauritius was opemel by the Queen
of the South in June last, followed by the Harbinger,
Lady Jocelyn, and Indiana. The pmprieters may well be
proud of these noble ships, which have commanded the un-
qualified admiration of the naval and mercantiic world, and
of the public at large. The Calcutta, Mauritius, Hydaspes,
and the Argo will sail in succession, and doubtlns prove
equal to those which have preceded them. In new enter-
prises public confidence is in general but slowly secured : it
will, tncrefore, be speeally encouraging to the proprietors
to learn that this Indian service has opened favourably ;
each succeeding ship has taken an increased number of pas-
senger*, whilst the next ship, the Calcutta, has already a
larger number engaged than any of her predecessors. Thal
directors are happy so add that the advice, from the foreign
agencies are also full of promise. In requesting the
attention of the proprietors to the accounts Red balance-
sheet now presented to them, the directors hove to state
that the nett sum of 3,4021. Us lOil. has been placed to the
credit of the reserve luud, which now amounts to 16,9451'
2s to., while the insurance fund has been increased by
2,1511, and amounts to 6,7331. 2e. In et nclusion, the di-
rectors recommend that a dividend at the rate of 6 per
cent. per annum be paid for the half-year ending the 30th
of Juno last, free of income-tax."
The ledger working account exhibited receipts to the
amount of 62,6641. 6e., and disbursements to the amount of
44,0161., leaving a balance of 7,6481. The pr fit sod lose
account showed receipts amounting to 11,9761. 7s. 10d., and
expenditure to the amount of 10,4671. 13a. thl., leaving •
balance of 1,6061.145. 2d.
The CHAIRMAN, in moving the adoption of the report
and 'mounts, and declaring a dividend of 6 per cent. per
annum on the half-year, said that he must congratulate the
shareholders that this capital referred to in the report bad
been obtained. (Hear, Mar.) Locking at the position in
which the company stood twelve months ego, and that
which it occupied now, it was a source of pride and satis-
faction, that in that period they hat been able to raise the
company to a condition in which it could be compared with
the greatest maritime corporations alloat. (Hear, hear.)
It was gratifying that they got the supplementaty charter
which would greatly improve their property. The 1001.
shares were a difficulty to many. That was now removed.
It would enable them to make changes in the deed which
would facilitate the working of the company ; end by it
they also obtained the Weiler of making bye-laws. These
were of themselves great an substantial advantage
all would delight in. With regard to what he inntellml
their political history since last March, he had te
them that when they got the extension of the mail uestrieet
to India, a question arose as to the bringing beck the mails,
and the director had made a very advantageous heirgein
for sending three of their small vessels for this
They obtained the contract for the conveyenee Si the mails
from the Cape to Port Natal and the intermediate Maims.
They took this step because they did not think It right that I
say other company should come in and trench upon ground
which they emisidered dine own, and which the
were determined to hold molest all °omen. (Hear, hear.)
This contract ran for the same period as the Indian con-
tract. Looking to the coatings' of &mope, he was glad
to be able to inform them that, es eempared with the cor-
responding half use last year, every ens of them services
had improved. (Hear, hear.) That to Harlingen had in-
creased, that to Rotterdam very muck so. That to Dan-
kirk had not improved up to the present period, and
they resolved the other day to remove one of their ships
from it. When that became known to the directors of the
Northern of France Railway they gemmed their regret.
Your directors replied that the? could not maintain an un-
profitsble trade, and that the directors of the railway must
step in if they wished to have the sane amount of inter-
course carried cc, and he was now glad to tell them that
an arrangement had been made, beginning from the Ist of
September last, by which an allowance was to be made to
them on every voyage made to Dunkirk, and this would
give the company • fair relent ou the ships they had trading
there. (Hear, hear) The directors bad some to
the conclusion—not without due and mature con-
sideration—to remove the station for the Indian shipping
to Southampton. This would give them more room, and
obviate the danger to which their mewls were exposed on
the river. They bad made arrangements on this head with
the Southampton Dock Company and the South Western
Railway Company which would prove highly advantageous
to the interests of this company. He believed that this
would be a gain nominally to the company, and intrinsi-
cally
be had no doubt that they would be considerable
gainers by the arrangement. (Hear, hear.) They got
half an acre of ground from the Southampton Dock Cons-
pany for a niers song, on which they would build stores and
workshops, which would be • great advantage in point of
economy. In addition to ell this, that company gave them
a dry dock. He might therefore congratulate the share-
holders on this change likewise. They had taken a pine
of ground in Cannon-street, on which they intended to '
build their future offices, which would afford them I
greater room for the transaction of the more enlarged bu.i- 1,1
nem which he trusted future successful ventures would
bring them. (Hear, hear.) Ile intended to pro•
pow • resolution to enema one passed in 1840,
the purport of which was that they should insure
two-thirch: of their ships by the public, reserving the
remaining one-third to thi =selves. In the present position
of the iximpany IC did hot seem desirable that that ratio
should be continued. On the smaller ships of 7,0001. or
8,0001. the company took she risk of something like 2.6004.,
whilst on the larger vessels they involved themaelvea to the
amount of 20,0001. It seemed to the !Nerd that they should
take a certain awn on each of the ships whither that was
the whole risk or not, but that on the whole they should pre-
serve the principle of not exceeding one-third themselves
till the Insurance fund, which amounted to 6,7001, should
have extended. They proposed to increase the risk in pro-
portion as the insurance hind increased, till such time as
they should become their own insurers. (Haar.) 'there
was also a sum of 1,8681. for the risk of collisions, so that in
point of fact they bad 8.6001. as an insurance rued. The
reserve fund of 16,94-51. was folly ample to meet