The Express.
London, England, 1862-04-15 00:00:00

ROYAL MAIL STEAM PACKET COMPANY.

The report of the directors to be submitted to
the peers' meeting tomorrow states, that a comparison of
the working account now presented with that of 1860, will
show that while the receipts from freight and passage-
money exhibit • considerable increase, the working expeoess
have been less by the sum of 5,1291. 181. 6d., although, as
stated in last report, they include several charges on account
of the Avon and Pampa, which ships were chartered
during the year, and have contributed largely to the gross
revenue. The only item of expense which exhibits any
material increase upon the corresponding charge for 1860, is
that of "general service and stations," and this is accounted
for mainly by the necessity of hiring a Yowl to eery
on the service betweeu Rio de Juno° and the River
Plate, during the temporary withdrawal of the Mersey
in consequence of an accident to her machinery.
The directors have deemed it right, under existing circum-
stances, and to cover loss from sale of ships, to make •
reserve similar to that appropriated in 1859, viz. :—One per
cent. on the value of the company's remaining fleet, in
order to meet such losses, and the sum of 13.9361. Bs. 8.1.
has been accordingly transferred to the credit of the general
reserve fund. The repair and renewal account shows a
balance of 6,3191. 19s. 10d., in favour of the company. The
general reserve fund, after charging the loss sustained by
the sale of the Eagle and Medway, exhibits, in consequence
of the additional sum transferred from the profit and loss
account, a balance also in favour of the company of
4,8291. Os. 2d. The Medway and the Dee having been
withdrawn, as no longer fit for employment in the mail
service, were sold, the former in August and the
latter in January last. A sale was effected also
a few weeks ago of the Prince, at St. Thome.
The directors advert with satisfaction to the fact that they
were enabled, when called upon by her Majesty's govern.
meut on a sudden emergency connected with the recent
threatened disturbance with the United States of North
America, to place, without delay, at the disposal of go-
vernment for the transport service, two of the company's
steamer', viz., the Magdalena and Parana. These vessels,
which are admirably adapted for such employment, were
engaged in the conveyance of troops to North America,
and performed the service in a manner which elicited ex-
pressions of the most satisfactory character from the officers
to command of the regiments embarked, and the Lords
Commissioners of the Admiralty werepleased to sigaify their
approval of the conduct of the company's captains in
currying out the duties entrusted to them on that occasion.
The reports which have reached this country of gold dis-
coveries' in British Columbia Lave attracted great attention,
and the tide of emigration that has been consequently in-
duced is likely to be attended with • considerable accession
to the conipauy's traffic in that direction, • large number
of passengers fur that colony having already proceeded by
several of the late steamen from Southampton. This un-
expected amino of revenue will tend in tome measure, it is
hoped, to compensate for the lass that must result from the
competition which haa been commenced by a French line
of steamers between St. Nazaire and Mexico, calling at Mar-
tinique and St. Jago de Cuba intermediately, and subsidised
at a rate per mile of more than double that remised by this
company. The company's contract fur the West Indies
and South American mail services becomes, from the com-
mencement of 1863, determinable after twelve months by
notice from the Postmuter-Genend. His lordship has in-
timated the intention of the government to serve on the
company that notice on the Ist of January next.
In conclusion, the directors recommend that the usual divi-
dend he declared of 2/. per share. free of income tax, and
that the mains be made payable by warrants to be issued on
the 38th instant. The balance which will remain, after
payment of the dividend out of the sum to the credit of the
profit acid loss account, will be 15,3391.3 e. 9d., but pending
the litigation arising out of the arrangements with the
European and Australian Company, the directors do not
deem it prudent to dispose of that amount.