The Express.
London, England, 1853-09-17 00:00:00

SOUTH EASTERN AND CONTINENTAL STEAM

PACKET COMPANY.

Yesterday the half-yearly general meeting of the
shasehnlders of this company took place at the Bridge-
house Hotel, London-bridge. The meeting was also sum-
moned specially for authorising the trawler by the South
Eastern and Continental Steam Packet Company of their
vessels, furniture, tackle, and other effects, to the South
Eastern Railway Company, under the provisions of " the
South Eastern Railwoy (Canterbury and Whitstable and
Steam Packet) Act, 1853;" also for authorising contracts
and ge ments between the two companies for such
transfer; also fur determining as to the consideration ac-
cording to the provisions of the said act fur such transfer ;
and also for authorising the B nod of Directors, from time
to time, to do all such things as they think expedient fur
giving full effect to the res dutions of the meeting.
The CHAINMAN (Mr. James McGregor, M.l'.), read the
following report:
"The accounts of the South Eastern and Continental
Strata Packet Company now submitted to the proprietor.,
show the gross earnings of tho half-year ending 31st July
Ilast, to have been 20,1521 lb. 6.1. The eemparison of pas-
sertgen conveyed is as f /Howe :—Helf-year ending July Slst
hist, front Folkestone to Boulogne, 14,20'2; Boulogne to
Folkestone, 13,173; total, 27,375. The number in the cor-
responding period of 1852 baying been 12/..98 end 11,912, re-
spectively ; total, 24,402, showtng an increase in 1853 of 1,694
one way, and 1,261 the other; together, 2,955. Between
Dover and Calais the number in the loot half-year was
5,395 one way, end 5,79.3 the other; total, 11,109 enema
in the corresponding half-) ear of 1852, 2,859 mid 2.001;
total, 4,863, giving an increase both ways of 6,231.
The total increase of passengers conveyed by the
company during the half-ye. r is 9,192. The work-
ing cap.:nets have hems 6,591/. ss. 3d.; the cat
of repairs end renewals, 4,9771 9s. Id. ; harbour dues,
1,7201 So., and 2,224!. 13s. 4d. hes bet n paid fur insurance ;
leaving a balance of profit on the ball-year of
4,96.11. 15s. 10d. This sum, with the balance brought from
tee previous half- year's aceJunt (1,1361. 2s. 2d ), places
6,1011. 18.. at the disposal of the pr..prietors, which would
allow of a dividend at the rate of 5 per cent. per annum,
free of income tax, and leaves balance of 3,2401 6.. The
directors, however, strongly urge upon the proprietors the
expediency of adopting toe recommendations contrasted in
the report of the directors pr served at th i I..st general
meeting of this company, held on the 19th of March, and
which were approve.' at the spe.ial meeting of this com-
pany held on 21st June, which were yesterday adopted
at the special general meeting of the proprie-
tors of the Soutt Eastern Railway : —That the sum
of 99,4064, being the velustios made on the 6th
December, 1852, by the surveyors appointed by the
committee of Lloyds'. of the eight steam ships belonging to
South Eastern and Continental Steam Packet Company,
via., Toe Prineeas Mary, Prows Maude, Queen of the
Belgians, Queen of tile French,
.Prince Ernest, Princess
Clementine, Princess 'feline, and Lord Warden, be the
price at w Lich the steam ships and other pr perty included
in the report and valuation be taken over from the South
Eastern and Continental Steam Packet Company. That,
to facilitate the settlement between the two companies, the
working of the steamships tram the Ist August, 1852, to
the 31st January, 18.33, shall be considered to be on account
of the Steam Packet Company, and that the sum of 99,4061.,
and the amount of the valuation of the plant and stores on
shore on the 31st January, 1853, shell bear interest at the
rate of 4 per cent., from the Ist of February, 1853, until
the 4th day of November next. That the proprietors of the
Steam Packet Cowpony shell, on the 4th day of Novelette
neat, have the option of b. ing paid in ea b, or receiving in lieu
therefore a debenture of the South-Eastern Railway Com-
pany at five years' date, being 41. per cent. interest per an-
annum, and at the end of the five years the Steam Packet
proprietors shall Lave the option either of receiving pay-
ment of that debenture, or of inquiring the amount thereof
to be converted into ordinary shares or exchanged f r the
ordinary stock of the S .uth. Eastern Railway Company at
par, of which requirement three month.' notice
in writing shall be given expiring prior to, or
at the termination of the five years. If the pro-
prietors are pleased to adopt this report, the di-
rectors will propose T. solutions in conformity, and also for
the payment of a dividend at the rate of 5 per cent. per
=NUM, for the half-year ending 31st July last. the
balance of profit to the 31st January last undispoeed of
amounted to 1,1361. 2.. Id. ; if to this be added interest at
4 per cent. on 99,4061.. the value of the ship, and
7,3231. 3 91, the valuation of store' and plant fur the half-
year, Ram the 31st Jauulry to the 31st July, the dividend
at the rate et 5 per cent. per annum, free of income tax,
may be paid, and a Leanee will remain of 4271. 17s; and
on the settlement between the two companies, on the 4:h
of November next, further interest at the este of 5 per
cent. per annum, from the first of August to that date,
which will include the 4 per cent. from the railway com-
pany, payable to the proprietors of this company. The
settlement on the terms proposed wiil enable the proprietors
to receive in cash, or in the bonds of the South Eastern
Company, somewhat above 121. for each share in the South
Eastern and Continental Steam Packet Company."
The HUN. GENTLEMAN, in moving that this report he
adopted, observed that its subject matter had been so fully
brought under the notice of the proprietors at the general
meeting in March and the special meeting in June that it
was unnecessary for him to add anything to the recom-
mendations it contained. It was certain that the directors
had been enabled to carry through the operations of the
two companies—the railway company and the steam-packet
company—in their r. letion. as they had hitherto existed
only in consequence of the confidence reposed in them by
the proprietors; and as every transaction between the two
companies required some arbitrament to be exercised in
dividing fairly between them the profit gained, it was im-
possible that without that unanimous confidence, which he
felt proud to say the directors had up to the present time
enjoyed, their duties could have been satisfactorily per-
formed. lie had only further to observe that, as one of
their co-proprietors end as one of the founders of the steam-
packet company he ventured humbly to reiterate the re-
commendations coutained in the report of the lest general
meeting.
The resolution adapting the report having been seconded
by one of the other directors was put and carried unani-
mously.
A resolution authorising the payment of the proposed
dividend, and others confirming the sale of the vessels and
stores to the railway company on the terms proposed were
then passed, and the chairman having announced in reply
to questions put by a proprietor that it would be necessary
to hold a special meeting before the 4th of November to
dissolve the company, and that the sum to be paid by the
railway company would rive about 104 a share to these
proprietors who might prefer to take cub—the usual vote
of thanks was passed to the chairman, and the meeting
terminated.

TIIE EXPRESS. SATURDAY EVENING, SEPTEMBER 17, 1853.