The Express.
London, England, 1853-12-07 00:00:00

THE EXPRESS, WEDNESDAY EVENING, DECEMBER 7, 1853

PENINSULAR AND ORIENTAL STEAM
PACKET COMPANY.

Yesterday the annual meeting of the shareholders
of the above company was hold at the company's offices,
122, Lsadenhall•street.

them to make more bricks although they could get no
straw. They called ea the company to fall l their contract
or to pay the 36,00 W., and arbitrarily declined to enter iato
the inquiry. They did not always treat the com-
pany co cavalierly, but when they got fat, a serape
they ware very glad to call for their assistance. When
the company assisted them at Rangoon and the
Cape with their vessels, they received a letter
of thanks, bat there was an old saying, that "fair words
buttoned no parsnips." Really, the line the government
had taken was inexcusable, and, in his opinion, the matter
should not be allowed to remain where it was. Speaking
his own individual opinion, ha wished that the directors had
taken the Admiralty at their word, and at twee surren-
dered their contract, and then it could be 'sea whether two
or three gentlemen, sitting at their ease in Whitehall, could
organise so vest and complicated *service. It was said that
the company depended oa these contracts for its prosperity.
He should be sorry to think that it depended for its exist-
ence os a 'government whole endeavour was to !WOW
them down to the lowest farthing. (Hear, hear.) With
thee@ few words he begged to move the adoption of the
report.
Mr. Monate, H.E.1.5., seconded the resolution.
Mr. HINAPATIL joined in the censure of the Admiralty,
but seeing a balance of 800,0001. in favour of the company
from two items, he wished to know whether, after paying
a dividend of 8 per cent. for so many years, they had
realised that ear, and whether it was is their hands.
The CNAIIIIAN said they had realised it, and it was use-
fully employed. It would be perceived that the company
had laid out 300,0001. or 400,0001. upon new ships, without
calling upon the shareholders for any additional capital.
The report was then unanimously adopted.
Colonel BAONOLD moved, and Mr. MACRINZIE seconded,
the re•eltetion of Sir James Mathews and Mr. Hartley, as
directors, which was carried unanimously.
Mr. BAILTLiIr returned thanks.
The auditors were also re-elected without discussion.
Major Humor, in moving the adoption of a three per
cent. dividend for the half year, expressed his regret that
the directors, in requiring this sacrifice from the share-
holders, bad not made a little more sacrifice themselves.
Captain MaxwaLn mended the adoption of the dividend.
Mr. Wim.cox, M.P., begged to are the gallant pro-
prietor (Major Hislop) that the managing directory bad not
waitea for his hint to take the matter into their considera-
tion. Arrangements had some time since been made which
would effect a considerable reduction in their emoluments,
and before the next annual meeting a communication would
be made on that head, which he trusted would be satisfactory
to every proprietor.
The motion was then agreed to, and the proceedings ter.
miaated with a vote of thanks to the directors, which was
carried with acclamation.

la the absence of Sir James Matheson, thinness of the
company, the chair was tithes by Captain Tuoithrus, R.N.,
who opened the proceedings by calling oa the secretary to
reed the report.
' Mr. Rowan, the secretary, having first read the circular
altenshag the meeting, proeseded to read the report, of
Nib& Ihe Yawing are the most important portions
the shilleues of the year's operations exhibit the fel-
la*. tegeleat—Balance of net profita he the year ending
BM hmensfen, 1863, after provides out of the earnings
the mid wanes for wear and tear at 7* per cent., insur-
, anal eselsge eft risk at 4 per cent., add depreciation at 6
per cent, 62,4281. 1.. Bd.; and the balance of undivided
profits frogs the previous year, as per balance sheet,
16,1691.25. 3d.' leaving disposable for dividend, eta,
_for
the year, 78,6971. 9s. 11d. Deduct dividend for the hell-
year ending 31st March, 1853, 36,6851. 16s. ; there
41,9111.75. 11d. From which has to be deducted Ml=
year's dividend of 3 pet cent., now about to be egieesir
mended, and estimated to amount to 37,6001. A bake=
then remains, to meet contingencies, to be carried to the
next year's account, of 4,4111. 7s. IW.
Tun GUARAXTII INSUsANCZ FOND.—.At the be
annual general muting of the company this fund ansessiel
to 201,6241. 14s. W. ; appropriation to ibis fund hem the
proprietors underwriting unentat, for the year ending 80th
Sept., 1853, 12,0001.; now amounts to 213,6241. 14s. ed.
DSPHICIATION FOND.-. 4% the last annual insainstiele
fund amounted to 260,0541 10s. 3d. ; add the usual pee
out. for depreciation on the floating propane he the
twelve mosths ending 30th September, 184 40,000 i.,
making 300,0641. 10a 3d.; deduct amount expended during
last year, fur extraordinary repairs and improvements to
several of the company's vessels, 37,0001. ; now amounts to
263.0541. 10.3 d.
Paoraiseoms' UNDIUMRITINO Acconser.—The ba-
lance to the credit of this account, as exhibited by the
accounts iodine 30th September, 1852, amounted to
29,0421. 1.. sd; deduct paid to proprietors as anderwritere,
in January, • 1863, 22,464 e 16e. ; leaving • balance oe
6,5471. oe. 6d. To which is to be sided the annual premium
on the estimated value of the floating property of the com-
pany, for the ordinary eve-risks for the year ending 30th
September, 1863, 32,0001. ; there remains, 38,501. 6. 6d.
Deduct amount curled to the inmost* fund to meet ex-
traordinary casualties, dtc., 12,0001. ;le balance remains, at
30th September, 1853; of 26.15471. 6.. 6d.
No casualties of importance having happened to the
company's fleet during the period embraced in this report,
the directors consider that a payment out of the premises
charged, of IL per old share, and 10s. per new share, may
be made to the proprietors early in the ensuing year, all oa
former occasions.
Having alluded at some length to the correspo
with the government, in consequence of the ty of
procuring coals for carrying on the postal service, and
which is explained in the devotion, the report states oa
this point that having failed in inducing the government
to relax the terms of the contract, the directors had deter-
mined on making the most strenuous exertions to carry it
out in its original form. In doing this they had been aided
by two circumstances: The first of these was the obtain-
ing, through means of the government of Batavia, a large
supply of coals, though at a very heavy cost, for the Singa-
pore and China stations, at a time when tonnage from Esg.
land fer those quarters could not be procured at an price.
The second was the unusually large exportation of specie
to India and China which hes taken place during the last
six months, in consequence of the extraordinary state of the
exchanges with thew countries.
STAYS or THE COMPANY'S FLZST.—The Eat prefixed
to the report exhibits the number, tonnage, poser of ma-
chinery, and ships employed, as well as those fitting out,
and in progress of construction, of the company's fleet. It
therefore appears to be only necessary for the directors to
state, that whether with regard to the improvement of the
older ships, or the arrangements of the new ones, no efforts
have been spared to combine in them every requisite for
superior speed, the comfortable accommodation of passen-
gers, capacity fur the carriage of goods, and economy in
their uavigation, and is three respects they venture to as-
sert, your fleet is not surpassed by any other ocean-going
vessels. In providing the large number of ship. comprised
in the list reietred to, the directors have not only had in
view the efficient execution of the egiviem in which the
company is already engaged, but to make timely arrauge.
meats for meeting the growing requirements of pats!, pas-
senger, and commercial intercourse in the East. This policy,
by placing the company in a position promptly to undertake
new and extended services, with more efficiency and
economy to the 'public than could be otherwise obtained,
hasenabled it hitherto to contend successfully agaioet
all the attempts Which have ham made to rival it.
After an allusion to the re-election of directors and audi-
tors, the report concludes with recommending that a
dividend of three per cent., clear of Income tax, for the
half-year ending 30th September last, be declared, and be
payable on and also the 23rd inst.
The CHAIRMAN, in moving the adoption of the report,
said that the difficult circumstances in which the company
had found themselves dories the past year had been met
and overcome principally through the action of those parti-
cular circumstances. In the first place, they had received
an unexpected amity of coals from Batavis, which has been
alluded to in the report; secondly, they had been assisted
by the transmission of an unusual quantity of specie ;
and thirdly, they were indebted, under Providence, for
their uninterrupted success, to the courage, zeal, and
' intelligence exhibited by the commanders of their several
vessels. (Cheers.) Being of the naval profession himself,
he might, perhaps, be excused in has paying • tribute to
60 Emits of their captains who had conducted their ships
am& tho navigation of the year without the occurrence
els Ogle essualty. (Loud cheers.) Still the directors had
led anise anxious duty to perform as would be seen by
their osampeolonee with the Admiralty, which had been
pisced in he bode of the shareholders. The Admiralty by
requiring • bi-monthly trunk line, bad caused the necessity
M having 111,000 extra tons of coal in the depots in the
Mem seas, and that at a time when the price of coal was
Olissmosaly enhanced, through the advance of freightage
lt on the abstraction of vessels for the newly de-
taseeelise leads. (Hear, hear.) So great bad
iIINIA illeenteehr vessels he that trade, that recently
at maws OOP Of Om Dinah vessels, and he believed
ON Ilporldh shipp, had beim chartered for Melbourne.
Under WINO diemelows, the directors hail thought it
Witkite eillairellitrathistate witthbewherradodt. Wear,
hear.) Oa 41111111abook be would make
11612.
no tuber OP NE illi ale directors had not
shrank hen Ihe Mega et Ile shoodea, and the result THE LOSS OF THE 11144..._
of their imam was the repel whisk had just been read --•----
to tho uneehts. The goiellebsee perhaps forgot that
W earepon, fei hese yam ha faresieg establishment. In the absence of other informatioe respecting the
and depole et mat points la the Tostood which he first fats of the unfortunate Hull and Hamburg screw steamer
estsblisibort had eat 100,0011..., end dais& the banal Marshall, and of the 160 persons en hoard, the following
eposixpense was upwards of 70,0081. S
ii Sea she ow, the dopooitiou of Captain Gorgon,. sho mew of the bonne
tion of the oseapsay war
all the wealth of the great Chyllairallhealli net, under Woodhouse, with which the Marshall is salsreeed to have
several years, set up a della, weehlhaset, or undertake had a collision, will be of interest. Captain Odious says:
to keep up the ummusigalisa between Ingleed and her " I sailed fob Stockholm oa the 4th of November last
"kaki in am calms ewe. (11"4118110 He said %Met for Hull, with • cargo of iron, boson and deals. Moa-
b; seder that the ehodmiders might vet be " !righted from
heir inwitristr hi the idea of fresh speculations, to drive day the 28th, about 10 o'clock at night, when off the New-
dew hem ereeff Wish shop had se hap sad so honour. and floating light at the month of the Humber, we were
ably filled ien he isenbeips he hoped they owed hen be run into by a steamer, name unknown. We were all
✓ldisd IP= to noldad shirrs.. of 481111.61.11661. by mil spas deck at the time, having a light at our bowsprit,
at Ades and . Miss sash due came, the gem- end showisg two flash lights over Wstarboard side,
berrould beta he spike prepared, to argue the
essart and assermelallea of throe who travelled with The moment we sew the steamer stPliemehiel we halisti
them, sad Is realise that pukka tar whisk, he treated, her, and said she would be into us, but we received no
*risme* uhildatel7 ddliesi—Ont of being the great answer. We continued oar course with the exception of
w•dwwl 4 allommisals• between 1.• PO her em- varying half a point to the eastward, believing the steamer's
pies in the sees whethee la left or Msesalask. (Loud head to be north, and that by that means she would have
cheers.) Of osene, it was est te lie asses& bet that new
seasaakatisee wad be seal with our eras colonies, Bone clear of our vessel. We had no time to heave the ship
bat still he abbe they wield be She male line of comma- about, as the steamer would have run into our ports
ideation with the ails and thus jellify the EMU they had amidships ; and if we had squared the mainyard to wear,
adalmett from the chivalry of the sister ClValitli.-." Quin she would have run into our starboard midships. Not-
separabit." (Ebert _hear.) withstanding the precautions we took, and the indeli-
ble. W. Goons, 11. P., is sievieg the satin of the re-
port, congratulated the isersey on ens osagene of their POSTS of Ryser and crew to make thole is charge of
Oben and the abase et aommehisa daring she past year ; the steamer hear, the steamer ported her helm, and ram
bat the point of mint hipertomeh sod that le which he into us on the starboard side, striking between the
wished to allude, was she orewpsedeaeo Wish bad re- breast hooks, thereby starting the ship's stern, breaking
coney tabs plain between** direstore sod ties govern-
owa, H. woo ggnreolog,. shoorhas wwwpo.dwaos had been ovoid planks ;is the bow and the forecastle floor, besides
prieted'and dres ma the as when he starting the bows on both side., and otherwise shaking her
had first seen it is the Henn a ossamall SLd inspired very much. Her jibboom, jibs, forstopgallantniast, and
him with feelings of miklwedem Ulmer hoe) He he- all the rigging belonging thereto, WS al ended away,
Raved that in W ~ex the trametioas to wnica it re-1
and the vessel was quite unmanageable. Immediately after'
ferred the goverment lid sweeetsgped their true limits a..
in placing themselves in en attitude of hostility to the COst• the cement, I hailed the steamer, and begged of them ft
pany. He had always understood that the true position of stay by us, as I was apprehensive the ship would go down,
a government is such a matter was, to be trustees between as she was heavily laden. I received • reply from the
the public and the contractors, to see that neither was steamer assenting they would do so. The steamer, on get-
viethatewl by the other. (Hear, hear.) 'n ate ewe° they this clear from our wreck, got round into our starboard
had aot done so, but had endeavoured to victimise the con-
tractors. They had acted no woos„, in the case quarter, sad is a very short period again sew into collision
the West India and Caused Company, but in this case, with us by none' into the starboard side of our stern,
when the directors made a fair and moderate request ter carrying away the rudder, starting the stern post, breaking
inquiry as to whether there was • possibility of obtaining the wheel standard, and otherwise cutting the ship nearly
cods te fulfil the contract, the govermseut met them with down to the water's edge. Before this *Obi collision I
a fiat refusal, adopted the motto of "No surrender," and hailed the persons on beard the steamer to reverse her es-
had thus, in his opinion, permed a line of conduct which gines, but I received no answer: It was almost imme- ,
was wholly unworthy of a government. (Hear, hear.) He diately afterwards that the accident Mowed. I again '
was not going at length through that correspondence, but begged they would not leave its, as I expected nothing bat
be might remark of it that, oa the part of the directors, it that our camel must go down. I received, however, en
wee characterised by moderation and fairness while en the answer, and the instant the steamer got dear, she bore away
other side was too macho( that sic volo, sic flaw style which in a southerly direction. Oae of my apprentices, named RobL
was unfortunately too cognises with poems in authority. Burns, fell through the aperture male by the steamer
The government had given Dorman for thiirconduct except is oar stern, and was unfortunately drowned, al-
such as were selected from the special report, and although though every attempt was made to save him. The night
he had great personal respect for the gentlemen who had was extremely dark and hazy, and the wind increasing
prepared that report, he mangey that • more illogical, in- from south-west to south to a gale. The steamer remained
conclusive set of regions he had never read than those upon in sight but a very few minutes—l was unable to get a
which it was founded. (Hear, hear.) The object of sight of her afterwards On both occasions when she ran
inquiry was to ascertain whether it was possible for the into us, I inquired al times for her name, bet received I
directors to fulfil the contract, thou gentlemen declaring no answer. She was a screw-steamer, with painted ports, I
that it could not ec done for want of tonnage. In oily to and a bust-head figurethead."—A description which exactly
this, the Admiralty admitted the rise in freights, and the answers to that of the Marshall. Captain Oatgens with
difficulty in procuring tonnage; but they did not gee in much difficulty, and by the aid of a Mauer succeeded in
these facts any reason for altering the coloreds which bad reaching Hull.
been so lately entered into. Now, if these reasons were not Hopes woe entertained that some of the passengers of I
sufficient, what would be so ? They added that the no the Marshall might have been picked up by the coasters 1
might possibly have been greater than had bon antic', which almost hourly pass the spot where the steamer went '
paled, but that it was of the mum of contracts that eon- down, hut the time that has intervened since her loss with.
tractors should incur risks of that description. What! out any each gratifying intelligence being received, leaves
was it of the emcee of a contract that the contractors little doubt, but that the whole must have perished, Os
should do impossibilities ? (Hew, bear.) Why, a court reference to Lloyd's Register of Shipping, we find that that
Lf2sity would in a moment decide spine sna a hypo- steamer was an iron vessel of 260 tons, and was built at
The Admiralty treated the owspas they the Shields in 1846, and had recently undergone some repairs
Of 'apt had of old trotted the Iltyptleas, ailed on at that port.