The Express.
London, England, 1853-05-30 00:00:00

PENINSULAR AND ORIENTAL STEAM
NAVIOATION COMPANY.

The twenty-fifth half-, grit' meeting of the pro-
p, prieton was heel on Saturday at the company'. 1 111-cs,
L ennhall-street ; Sir J.ta. Ilernesoce, But., M.P., in
the chair.
3he nark* convening the meeting having been read by
the secretary, Mr. llama.
The CRAISM CI said, in meeting the shareholden on
entesioa, the direeton bed much pleasure in coogratts-
Leing them no the ceatinusace of the prosperous state of
the company's affairs and the exemption with which they
Awl ben f d front them casualties and disasters to
which AA concerns were from their very rintare inevatably
espeeed, however great the ear. and assaleity with whie:i
they might he earned on. If there were any alloy to the
intielsetion with which they trusted the report would be
nseived it arose from a cause which, in other respect:, was
a source of universal and airmailed congratulation ; he
miens the misled prosperity which the country now
enloyeal, and which, by occasioning increased employment
lot shipping, had nremarily augmented vary considerably
the ezpense of providing coals for their stations. But, as
these and other circumstances would be more exilieitly laid
helm the meeting in the report, be would not longer de-
tain throe from listening to it.
The SteIIZTANY then re ad the following report :
" The directors are enabled to state that the operations
of the company foe the six months ending 31st Muth last
are satisflltery, and the results would have warranted theta
in recommeudieg the usual dividend of tour per
mat. ; but man; to the late unprecedented end extraordi-
aary scarcity of shipping &aimed fur India and China,
which theeonseany have hitherto:depended upon fur the eon-
ve) race of cool: to their distant stations in the east, and the
consequent high prices what h hare to be paid for freight
to those stations, a very large ii.erease in the expenditure
of the company has been created. From the commence-
0. tot of the year to the present time, the freight of coals to
ledia and China has exceeded, by uremia's of 50 per cent.,
the priers paid during the corresponding period of last
year ; and although shipping is not quite so scarce as it
was, the rates of freight are still unusually high, atd there
is every prospect of a c. ntinuance of those prices for some
time to conic Taking these circumstances into considers-
ti al, and looking to the permanent interest of the clew
pany. the directors feel they would not be justified in re-
emmending a higher dividend than 3 per cent. for the half-
year. The directors think it right to inform the proprietor,
that after the great scarcity of shipping for the East had
become hut ton ape great, they felt it imperative upon them
todraw the attentiosof her Majesty's government to the
very critical position of the company as regarded the
reenter performance of the mail connect, arising out of
the nausea "Buds d to; and suggeete4 that a portion of the
mail service under the new and extended enntract, which
c 'lamented on the Ist of January hut, should be suspended
for one to twelve month., with a correspon lase reduction
of the mail money, in order to afford tines ear supplying
the distant depute of the company with coals from Austra-
lia, India, the Eastern Archipelago, and elsewhere. This step'
won considered necessary, not on account of the high prices
paid for coal. but by reason of the actual deficiency of ship-
pi e -slesinadle from this country. The gevernment,ho we v er,
emoted to comp:, with the suggestion of the director,
except upon conditions which were coosideled by them
elmee fatal to the interests of the company ; they therefore
determined on endeavouring to carry out in all inte pity
the whole of the contract; and the directors hope, that by
a continuance of their exertions in procuring the means of
conveyance for coals, and with well-timed arrangements,
the mail service, under the new contract, will he con-
darted with that regularity which has characterised the
best five moats of its operation. As a means of meeting
the difficulties referred to, as far as lay it. their power,
Sarticularly at the important stations of Hong-Kong and
ingapore, the directors decided at ones on purchasing
an iron screw steamer, since named the Rajah, of
600 tons and 60 horse power, for the express par-
pose of carrying coals from Labnan or other places, to
the depOts alluded to. This vessel is being fitted for
sea with all despatch, and will take her departure in the
course of a few days. The company's local agents have
eh, been instructed to spare no exertion is endeavouring to
engage vessels at their respective stations to proceed to the
coal-producing districts ; and the directors have the satin-
Reties of adding, that by the last overland mail the agent
Of the company at Hong Kong intimated that he had every
expectation of receiving a considerable quantity of good
steam coals from the island of Formosa, about 250 miles
distant from Hoeg Kong. The directors, pursuant to the
power granted to them to take up money on debenture to
the extent of 500,0001., as referred to in the last I re-
port, have now to announce that 2:113,0e0f. have been taken up
for three years, m 0125,0091. for five years, making together
383,000/. at 31 per cent. A large portion of this amount has
been invested, at a moderate rate of interest, uctil required to
pay the instalments on the new vessels in course of con-
struction. It is not contemplated to take up any further
sums on debenture at present ; but should it become neces-
sary to raise the remainder to meet these payments, due
notice thereof will be given to the proprietors.
" Tits COMPANY'S Fearr.—The Bengal, of 2,300 tons
lord 466 horse power, was despatched to Alexandria, on her
tiesetrip under the new mail contract, on the 20th of Feb
rusty less ; mei being the first of the large class of screw
ships building by the company, her performance was looked
upon with more than ordinary interest by the directors, and
they arc gratified in being able to report that the malt
by far exceeded the expectatiohs they had entertained.
Sion the list annual report the following vessels have
been launched, viz.:—The Cadiz, screw, 850 tone, and 220
hone power, now ready far sea. The Valetta, peddle
velar', :90 tons, and 400 horse power, will be ready foe me
in June. The Vectis, paddle wheel, 900 tons, and 400
honer power, will be ready for wain July. The Deno,
screw, 8-30 toss, and 220 horse power, will be ready for sea
is July. The Himalaya, screw, 3,600 tons, and 700 horse
power, will be ready for ma is September.
STORlSoles.—The commanders of the Singapore and
tralian line having reported the absolute necessity of •
coal husk at King George's Sound, and another at Ade-
laide. tar diricton lost no time in purchasing two suitable
vessels. Cs., the Lsrkings and the Orestes. The former
was despatched on the 21th March, and the latter, also on
her way cot, bas been contracted for, to be delivered at
Adelaide, by her late owners.
"To•ostr TUROCON Eo Ter.—The directors have every
MOOS to believe that the railway from Alexandria to
Cairo will be completed for the conveyance of passengers in
the Muse of the next ea months; and they confidently
hope that by that time the inconvenience of the
most imperfect part of the transit, namely, the
Mehmoudich Canal and Nile, will be entirely avoided.
The need actow the Desert has been latterly much
depraved, and the transit administration are adopting
moseeree fur supplying a superior description of carriage
than that at present in use, so that, fa the coulee of a short
time, this portion of the overland journey will be rea-
dmit smell more comfortable. The hotel arrangements
at Cairo aod guar having been repeatedly found to be de-
talent, the directors are now preparing to make such re-
presentations to the Egyptian government as, it is hoped,
will lead tome effectual removal of the evils complained of,
end t a provision of such extended accommodation as the
more frequent nod increasing transit of r,seopers requires.
The directors trust the period is not far distant when they
may be enabled to report the intention of the Egyptian
:um, at to trend the railway from Cairo to Sues; sad
es vi' y have engaged to submit to a reduction of 20,0001.
per sonatas of the mail money, payable under the new con-
tract, on the completion of a railway throughout from
Alexandria to Suez, they have reason to hope that the
British government will look upon the execution of such a
work as a matter of public interest.
81-NONTHLY MAIL SINVICZ TO AteTIIALIA.—The
fieet mail fur Australia, under the new contract, left
Southampton on the 4th of March last, and would start
from Singapore about the 16th of April. The steamer
with the first return mail would probably leave Sydney
about the 20th of May, and letters by her may be conse-
quently expiated here about the 4th of August next.
The experimental trips on this line, previous to the com-
mencement of the mail contract, of which the proprietors
were informed at the last meeting, have been attended
with sauelt expeses, but have resulted in the delivery in
Landes of letters front Melbourne In 63 days, which the
directors consider satisfactorily establishes the superiority
of the overland route as a means of postal communica-
tion with the Australian colonies.
" Div t uzsu.—The directors now recommend that a divi-
'deed of three per cent., clear of income tax, for the half-
year ending 31st March last, be declared, and be payable
m and after the 23rd of June."
Mr. J. C. Moania moved the adoption of the report.
Geacral M'Lzon briefly seconded the motion.
After some conversation the report was passed unani-
mously.
Mr. NEMOMI moved the declaration of a dividend at
the rate of three per cent. for the half year.
Mr. °soma, M.P., in seconding the motion, cengratu-
hated the meeting on the firwucas and discretion exhibited
by the directors in recommending it to the proprietors.
Then motion was then carried unanimously.
A Pooratgron wished to know whether the screw had
been found more economical than paddles.
Mr. ALLAN, managing director, said their experience
showed that there had been considerable economy in the
working of the screw. (Hear, hear.) In the' he believed
they directors would never build another paddle-wheel ves-
sel ; and it was probable that some of the existing paddle-
wheel vessels would be converted into screw vessel.. (Ileer.)
The proceedings terminated with a vote of thauke to the
chairman and the directors.

Comsszcz wrrir Boyer.—A letter from liltx-
endim t i the MI states that there has just arrived there as
his way to Europe, an envoy of Prince Aloiflea-S.tid-Ben-
Kaive, ruler of Lytanyar, an important country at the en-
trance of the Peridan Oulf, and at present a commercial
sewn of mosiderable importune.
[Advertisement.] HOLLOWAY'S PILLS AGAIN
tU'Ia.CIOI:9 IS seams • areas Co., or knaexanas.—Eatrset of •
letter tram Mr. W. &Moot
_36, digest-raid. Salford, de:eel Aped
It,To ProMemirway. Eir,—l have been troubled foe
at ma isNell• with rheumatic palm in ail my dots, and have tried
tsueythteg I e silt! her or think of without any good &tact ; at last I
way metaled to try your Oboe few dopes of which relieved
woad belay, I had Welted the staond box I was quite well, and am
mow is the enjoyment of sound health. Mr. Whittaker. dragebit, of
this plan wiU cheerfully verity tht statement"— Nola., all (dug-
'AL, and of Profes•or Holloway's Estab:kihrnent, 244, strand, London.
.
kA.tvertisementi— FIFTY THOUSAND CURLS
versos., 11 emote by Liar's ILITALIXT• Aaaaica
Coat vv n.11:—•• Fifty years' ladmoiliable agony trona dyaperala,
t‘Tou-nura, asthma, cough, onstlpatios, flatulency swum, ask-
rev at the enmesh, and vqrsithars, have hoes tunovedby Du Berry's
sod Lent fnr,d." —Maria Jolly. WqrtlAm, floe, n-ur Duo. Norfolk
C ire No. 7104 drlstinia : town the Night Has. lb. LOCI Stuart d.
Rclb:—" I have derived comma/rattle tomtit :tom your two', az 1
*Wong* e
h..,dam at bevies. eo:d la
similar% •l at Rai II lb., at :Is. Super-rerned quality, 10
at MIL ; • Ita, at Ms.; the 10 Us. sad If lb. ontseses tree dewier.
by lame De lianas made*. 11, NegeMvsleMil.Abe