The Express.
London, England, 1847-12-09 00:00:00

:It court.

Viscount Villiers hid an interview with the Right
Hon. E. Strutt yesterday.—Lord Kinnair' d and Sir E. B ul wer
Lytton had an interview yesterday with the right bon. gen-
tleman at the office of the Commissioners of Railways in the
Board of Trade.

The Host. F. Scott, M.P., and Mr. A. Boyd, trans-
wed InvMess yesterday at the Colontal.office.
Lord J. Russell was better yesterday.
Sir W. Clay transacted business at the Board of
Trade p.sterday.
Despatches were receivedyesterday at the Colonial-
ones from the governors of the West India colonies.

PENINSULAR AND ORIENTAL STEAM I
NAVIGATION COMPANY.
Yesterday the seventh annual meeting of propri-
etors of the above company was held at the chief office, St.
Mary As,. Sir J. Pine took the chair, u Sr J. Campbell,
late deputythairraan, declined officiating.
Bir J. Putts, in taking the chair, expressed his regret at
the refusal of Sir J. Campbell to act, but promised to fill his
*ale to the beet of his ability.—Sir J. Cam, sett stated that
before the ekes of the proceedings he would give his reasons
In having daginra the chair.
The Fneretory, Mr. Howarz, proceeded to read the 14th
hslt-yearly repeat, which stated that :
At the kat helt-yearly ems It was eletied that the dirderes at
ded am neeengleted Weds AIMS ta dr mans el tles
the
=blregeteedthe additiond need et 1144101., yid* emir the
of sloeds of the treeteary, the emdriden are now Who.
tbellerebeuld a special pang sesellbg aid be dot wpm
deleedir la father of the fletede. TS le7 elm* beaderarry to
debt des retuone why this ddletieldel demi, yr ad Ibilowed
fp; the Mete of the money neestrOrt rare rare orbital
eel le the beard thebuilding Furter, et ebeeddeddietbed to any
=rfo vow aim ed metre the
igkel r referred le, erldwq muddiwe ed le regart, this, u ed.
la Or ye mot period, se en* erldNenel NOM hes beta Nisi ea,
dediaith ea the w I hill. Nan il darall. helabr,
WI; and Excloo. wlll, It b aperi. b. modeled without eaten
fir wry Friar 11.
Se ewer= et lb' ariew la or mien dee hare, ea
i,
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andor
=wens& 01* trek Yrs. id Or
sal tae err eesaerse 11 Od
es by arm of
Orr lies rei ersra War ereset la dr dtrlt
ims esslergierd. b yr ="46.1 4keria
dr Wbelled Is Meat:g
beeOr et
ars Wl4da. m, NUMMI Oak 10 reel* re WWI the
rids thorag, =IMO isle riaris Or seeerr ar Or of sup-
=dumb ined the ell= lesern et a Erre re-
war me ses ins ral
die* raja Was itt&Yes at • dlerremsital le KW Wee
Her heed earebe a mar Ewe seers ref. er
Iresred err* etrbei. re saareey, ma the reed=
her =redid al Ibrerseerm.
'llee easepar bee Is *Ma be err di* idle et Wee lese.
sr 11,48 hem pewee edleerry.ter reprised stabiribig dr
Wiry et re twe am Mord le; rd ararprerte re bre
adds be emir wet le Li, sift bed ow. one 'Ammo ow,
sis le aleribas Or erear's relibreet la tbreperr re le
Ole' It la Or bryseier isd erreat rain am rib dr dine-
am or roe ery be • arsere, i yids newt. Thee see,
al dr wereWl= lbss ker lark Ira War Or eori-
ander 4 re based, wait we mere et Irl WWI. of rd.
Ord
Ilee=serrr wiled le lilt errs rear of tbe legt
fall air sir Ile Ira urea* hi India,
Sia.rwsly,MTS Ley. Orr ark bed they
bus Tea =sib le Et=bie reet rid bre
verrerled 6 re • imam;
bat It wiest be beer NW. tre. Orbs dr Ire erred the
area i lb, sr sa midi •
we_smills dll=slVoMebet Or radar verb
br re air we rt be errylelid. risk brag saw
tbs..= re imams se tine& is WM "gab vita.reiner
re rite( re rib it Ilasereleiretb et
re prepares be Or • relies iee be& reeleed he Ye
moimere ma eseee bar lberlde pr la is Aida et be
erriatanir lbey Aida le Oder rib • welliNilled 'Ne-
dra* dr dr peerre Ire bra rade le met dr de.
puled= et enseer.srl** el remble Elie amp liy se-
billetaw=terb Imolai soder' elder rib art
✓e
anti ea et se wry Irma be. di►
ler rdtbeirearis ebtrarar et Ile esseeder—llbrabi la the ba.
Is=ear la • Nallded Wad Ors ft lb" gemsassl. ellantag
red Or bereft* arared or emir et Orlydrsale
arra dirt w• id
lAN tor or dr bar err It sr
men* rub • dear re on arer
rib a rebus Wm eleilleriarra. Sit Ile Iltlldt II re-
bard Witaryobe lespelreis my ery ea lbe wirrd ewe
a /0111111•110=11. VIM& 111 101111.11.11
at raga Wee
pros etre espial be per re arras Ism wader
ureiberia re wed* at Wog fires it bar re raised
ebraddye.
The bred Ise is Or be aserurars borer daisy
reear Odes vas Met Myer Ire, by Ile earres ot
rad .saferry, stir Wiser reemol mkt to
Mot de Oak la ape..me 01•1161 tea Sat pet es MO et the
laid of Ike air bit. Ur Wirer ries re Terri
marker wry se a serer= as Ireepred .."4,,,,,,x,.. Wee,
▪ arrtol at dattsloot tbor I It le pribrie. Sid re
arreeressilybereimedeirratarabereis orailyos Ow
=iere awl mar re ilelegor "spider at lbe arlesalart
ss.u.:xde the asWies Is bearay. Mew dig so der
i ler de dell% It brae abootottly lommostry to
'warm ft al Ibmbogilll66.l It mob I,===ost2
amid talon kr sod as settstary
riled re bad se rale bet le parr" Or rei.
riled rib* etrarevereset rig be sessmity. The dimeerie
rat is der di were at o=l:44=f lAN air her
IMMO Oils rat was ast
Lame burbler or* Is berrarerers repedialtllly et
allr et re= drembilles brag eitelider raw rourreat
fee its erweraes of rim borer is. MI. WNW,
Old 11.1 MAIO 11l lis VINO readre bre roe* to
dir air el mei arbor es rearm Orr seer ye ar-
ia may eue ear • were. Web eil armee •
arra et WA le IWAS air rwrily fir leme sedirdos
viesiii us= aut dir=thdralills 14.110=,,,y
INIMIPMED err by Or zeal' rib lbersi
Se direr= bar sew* war% Or es raiser re 8111•11111
Ix re tures =WY air 14 OA. WS, ire le to
add al
pit eel re. dr sir or 113,9361. IL M. Oat pooldlo its
41101Psilit mad nide% rid end la end. irl rare smear
et be ee peeper Oat of We swede et 111,111112.
.prierW- lobe arie for be "ibredilbs
Lindrelsee. leddattedi meant of reser air =LW
aria dr Meer read be diriledar ar err kw de-
la Viiirt la ;ler Spar ottlegkiiipel a rebut
pm MI Se "bormse be, IWO( Ina et re less el it ar
reMr, es wed us of the Wows volovuoti
go= Prubirdik".l re M
is.. eat, be tad ow limit wllb • ark et
i as
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ire wIl
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Medlar= eased Sit re drifted be re mere be
Ere awl
(wig era pr grow by now &aerie drama al
4W amt. ime Is tit MO Ss des sir lat Ore.
tar. lad wide Ida carte drat MAW • beirmereet et
re le sod *a arra Or Se bet melee merle, try erred
by wider wise bre warred it with 166 lostpoots balks
bee las prank red le err to wiy porter Ire ray de to
bier IS
am se rid of Vie bred el dreier alai le ear tr.
Mesat of the roes Ors arm; et the rider seri
et rams et ar. re robed dreg la viable was
le re le emir ire be wry lat ire arable.
W berm eti; bersied ambit war tut rare wise
bresel rake ler dry wild be Mew added *areas
=delis sweep perm es re ire err*
in worm reereal le bit ast yet bar Ir►
rim re amber el arm le lie lers Is INdle las Mr
Mid aralrar. WNW WM It sward erne be be Meer
et re obi. Warr le *arm of the terra, ire' et Os de.
pddd*irre Me earrendel able; des soda
Ira be slessa=aprep apes
riri et Os parrot damp erm lien
iedlee.
Se low et Or redrybassk mak*" lot Ws deo &no-
te Anil p odd au- racy Osumi* pm, es wed arbe two
sulres, re ieeedeler re rid yr le Id ed abet,, dm
worksoL Ili WOW 41114lins by bear lb
lidat. MOM Ileww. LII., sai the err% Si ii* T. 1
ail Sere's Orr. Iles. raw sir re Irma globs
rirdieled, miss, emalog le re brae etre deed, try see *re.
irk riser re err waggly zeommal dist polhosa to
pm. litiNo.
Nejoreenawn weed, mod amether dorehoidt r seeemied,
• dr mike that the report be atieomL

Goa. Bathos was sorry that he could not mom in the
Vatad the report. He most say that a ascot metre'
itneellefectory document it bad never be We let to
Won te. In the Beat New he aunt remark that, attreed
to huger repel% thwe Ira shwa bees amitifire&risiest
the din art mmegleg itnetem et the
, is the ionised the ampway. non wee mains like that ia
akszotesent dewe emat. He wooll bare ranueat that the 93d
of the ileed eiramieneam be tread to the amt. (The
article, which ems them geedr was in lobelia* that the
directors should Er=ssitelLeral mieefimi reports of
the receipts and kr Om twelve
months previous, legs with the paistsit= amoral eon-
, dition of the eises .) He stashed that the repeat did not
I contain this in
The CH AIRM•N said that the isibematiou required was in
another document, which he was ready to hand to the gal-
lant proprietor.
Gen. Bathos resumed. He saw in the report allusion to
the formation of branch lines in India. He believed it was
the fie,it er,,wietors had beard ail* matter. He should
r. like to know if it had been ascertained whether them branch
hoes were likely to be remunerative. It would appear that
four branches were contemplated, requiring at least 100,00 W.
additional capital. They were not informed where these new
lines would go to, being merely told that the object was
to enable the company to carry passengers at a
moderate rate. It appeared to him that more in-
formation was necessary on this point. If they
were to depend on the European passengers travelling coast-
wise (in India), the profit would be small, and he did not
know whether native passenger traffic was contemplated. A
smart trade in opium might, indeed, be carried on, but the
report gave no information. The report then stated that
the passenger fares had been reduced 10 per oent. He
wished to know whether this reduction affected allpassen-
gers, or merely cadets ? (" Hear, hear," and interruption ;
several shareholders expressed their wishes that the speaker
would condense his observations as much as possible.) He
wished also for fuller information under the heads postage
and carrying the mail. He next came to the profit and loas
account, to the credit of which he found the sum of
116,9561. Is. 6d. He saw that the directors proposed out of
this to divide 8 per cent., and to appropriate 7 per cent. to
the depreciation and insurance funds. He should like to
know whether any separate account was kept of the depre
ciation fund, where it was deposited, and to what purposes
it was applied ? The next question he had to ask hod refer-
ence to the insurance fund, 108,6891. 91. 4d., to which
the directors proposed to add 15,0001. from the profit and
loss account. He wished distinctly to understand whether a
separate deposit of this was kept in a particular place, and
whether it was accumulating at compound interest. Then I
it would be satisfactory to know where the ships were in-
sured, whether at Lloyd's. (Question, question.) He asked
for the publication of accounts, but he was answered that
such publication would not be convenient. (No, no.) Well,
expedient ; it was all the same. (No, no, and laughter.)
A SHAREHOLDER: Is the gallant proprietor going to
make any motion ? (Hear, hear.)
Gen. Bathos, in conclusion, said ho did not mean to
make any motion ; he merely wished for en answer to the
questions he had put. He did not see why the accounts
should not be published, as were the Royal West India
Mail and other companies'.
The CHAIRS N said that the accounts were open to the
inspection of the shareholders. If it was the wish of the
court that they should be published, the directors had no
obiection. (No, to.)
Sir JOHN CAXPEELL mid that the COWES now adopted was
similar to that taken at former annual meetings. The di-
rectors did not publish the accounts lest their so doing
might be prejudicial to the interests of the shareholders, but
they were open to the inspection of the proprietors. (Hear.)
Mr. CARLETON (one of the managing directors) said that
the board were unanimous in rejoicing that all these ques-
tions had been put, as they were desirous of affording the
proprietors on all occasions every information in their power.
he first l oint on which information had been called for was
that conoerningffie branch lines.
Mr. DENT—Which branch lines ? The proprietors have
never been consulted respecting them.
Mr. CARLETON said that if the directors had thought the
giving of information on this point would be advantageous
to the company, it would have been given; but there were
questions connected with those lines which they did not
think it politic to make public. There were competitors,
and therefore it had not been thought expedient specifically
to name the branch lines. He could only say that
the branch lines were contemplated with a view
of feeding the trunk lines, such as Southampton
and Alexandria, Sues and Calcutta, &c. With re-
spect to the reduction in fares, he had to state that it
affected not only cadets, but all other passengers. The re-
duction had given great satisfaction, and would be extended
if it could be done consistently with the interests of the com-
pany. (Hear.)
Mr. Dater : What is the charge for cadets ? Mr. Carleton:
1051. • it was formerly 1401.—Mr. Dent : Mr. Greene's ships
take thera for 701.—The Chairman : I will find ships to do it
at 501. . . . . .

Mr. CARLIKON Another reduction not alluded to in the
report was in the passage money from Ceylon to Calcutta,
which had been reduced from one-third to one-half, thus
offering a great advantage to officers whose health required
a change of climate. The next point on which explanation
was sand was postage as a source of revenue connected with
goods and passengers. It was thought in an influential
quarter that the postage should be sufficient for the convey-
ance of letters between England and India. Aa to the
RUM of the directors not being in the report,
they were in all the printed bill,. With reference to the
question of insurance, the vast& were insured at Lloyd's,
and the plan wee, to insure two-thirds of the property, lea.-
ing one-third on risk, the balance saved going to the growth
of the insurance fund. As to the accounts, they had left
than to the auditors, with whom the book-keeper was put
opensnunication, and they were thus open to the inspec-
tion of the shareholders. This had been the course since
_ . . .

Ciamseal Bwoos and other proprietors admitted that
dug had always received every amistanar in examining the
sesonate. .

With respect to the slims credited to the insurance
and depredation accounts, they were in bonds, in sash, and
azabeigeer•bilh, and part, 13,6001., had bees invaded in the
areetion of the new premises.
Mr. DINT r Do the new premises belong*, the emputy ?
Mr. Ca:rumor( : Tee, to the CORlpilly, SS d4eNmo pay-
ing 1,0001. a year rent out of their eseamhakm. The -
tilde upon which the directors had acted was to psuriie for
the building of any new vessel required by the is eta ship,
out of the insurance and depreciation funds. They had done
so, on the Ices of the Great Liverpool, building a new ship
at an expense of 68,0001., without trenching on the capital of
the company.
Mr. Daisy wished for a statement of the amount of remit-
mention given to the managing directors.
Mr. W =vox, M.P., said the hon. proprietor should here
given notice of his question. The accounts wore open to him
allitl.finwr said that without economy in the management,
**company would not receive the support of government
Or the public
Mr. ANDERSON, M.P., as one of the managing directors,
was willing to give every explanation. The company had
its basis in the Peninsular Company, formed principallylc by
Mr. Willcox and himself. They had then an
amalgamation with the City of Dublin Company, represented
by which brought them 300,0001. worth of
property in ships. He would remind the court that at the
time, he and Mr. Willcox gave up their private business,
which was considerable, and that Mr. Carleton relinquished
the post of managing director in an established and flourish-
ing company. It was arranged that their remuneration
should be first 24 per cent. out of the poet receipts, and 6
per cent. out of the nett profits, out of which they were to
pay all expenses of the London establishment. This arrange.
meat was made with a view of identifying their intermit'
with those of the company.
Mr. Dater.—l approve of this
Mr. ANDIONON.—Now the MINIM of
those emoluments
had bees wan talked of, but op to 1816 it had only averaged
1,8601. pee eon for each wassilagg Mentor. Then In
1846 h2imbireseiteded, in the hie et a tramadous opposi-
tion, in the government esnmen for India and
Shaw en totem of 180,0001., the prides were increased
es
amok as to raise the average el annual remuneration to
es& managing dingier bathe stun af2,8501.—n0 doubt • very
bonds reniantmWien, but the dine contemplated
scar swim out of It which wield be of adnatage to the
em pay; wad WM% it shoal* be reaelhatod that 4,000
dor% ere sJillh el the whole aphid, were held by their
own ponemel esamosiene egad Inaba. With such a stake
they was set the hot likely panne to look narrowly after
the Weans of the ocumma. Re wield also remind the
meetisgs that, not baba yang saga, it was necessary
they theedi take steppe kigisg up a strong and efficient
ezesaliva IhspWIIII wino tending to a reduction of
=pima. Rs dhl bet
siabis from any notion that the
sae to of the directors were too large he
Ilelibledi=7,llllo IS entitled to those emoluments
manta
IS say 6v kis addends. (Hear hear.)
Mr. 11111
know,
if an increase of capital
was andemplated, whim the proprietors ware likely to be
celled apes to contribute T—Mr. Casturrom said that no-
thingeimeld be done in that way without a special general
Olga Maxwni.t moved that Sr J. Pixie, Capt. R.
les
_linens, and Mears. Melvill and Hunter, auditors,
be irebed. After a somewhat lengthened discussion the
.aim was unanimously agreed to.
Najaf STRAITS moved the thanks of the court to the
board of directors.
Sir J. CANPEELL thought this the fitting moment to ex-
plain the cause of his retirement from the deputy chairman-
ship. The hon. baronet entered into a somewhat lengthened
explanation, the substance of whisk woe, that on the death of
Yr. P. M. Stewart, their late chairman, he (Sir J. Campbell)
had thought that, after his long and SIMEON services, the
vacant chair should have been offered to him The first in-
timation, however, which he received, was OR the dab of
month, when two of his oo es one sad told bin that
overturn had been made to la
d6tlagsiied end
mambo of parliament. In this mater steps led been
%hew to etiperoode him, without say emsithentlea he his
His colleagues bad not some to comult Ida, but
is him what bad been done to hie prejndies. (Hear,
box) He had considered this conduct so disoosrbsow, that
list sonsultation with his beet MUM* he concluded that
the only sense left for him wee le reign the deputy chair-
manshi
MU p.T a discussion, in the NOM of width the &radon
=LI dichimed any labs/ea at a/fading Sir J.
bbd sU . stated their bider to hoe beat that he
did /Tab oehetka, theses won wi•l is. ne report
end the reseludea fizteg • /Mead el per oat per
annum woe also agreed to.
Mr. Wuxcox said that the fogy temealning badness was
=
what had been the amapfars trameatiewe with
Waitron In 18411, that gentleman had the
took moo do draft with &beet 18 or 20 pereagen a
mouth. It was quite clear that I * could not carry en the