The Express.
London, England, 1866-10-31 00:00:00

ROYAL MAIL STEAM NAVIGATION COMPANY.

(THIS DAY.)

A half-yearly meeting of the shareholders was
held at 1 o'clock, at the London Tavern, the Right Hon.
RUSSELL GUSHILY, Q.C., M.P., deputy chairman, pre-
The report,which was issued some time ago, having been
taken as read.

The CHAIKKAN moved i s adoption. After expressing
I- i regretat the absence of the chairman of the board,
C sptair. Mangles through indisposition, he refet:ed to
several items in the accounts. He congratulated the meet-
ing on the decrease in the expenditure for coals,
which he said did not arise merely from a reduction
of freight, 14,0001. being occasioned by a decrease of
6,000 tons in the consumption, while the speed of the ships
had not been at all diminished. As regarded the govern-
ment contract, he remarked that there was an increase of
4001. in the receipts under that head, using from a till-
ference in favour of the company as regarded penalties and
premiums. The decrease of 14,000/. on homeward freight
was one of the effects of the cessation of the American war,
as bearing on the amount of specie sent to this country.
The company had also suffered from competition with •
highly subsidised French line of steamers. It was im-
possible that they should not suffer from that cause, and
the only way in which they could meet such
rivalry was by making their service as popular as pos-
sible. He was happy to say that he had himself
found universal contentment among passengers, owing, no
doubt, to the exertions of the company's officers. In the
last six months there was an increased mileage of 6,000
miles in order to afford additional accommodation. Re-
duced rates arising from competition could not but lead
to temporary loss, but he believed they now knew the
worst of it. As regarded the new route across the
Isthmus of Panama, he thought it would prove very ad-
vantageous to the company. The manner in which the
work had been done by the New Zealand and Panama line
had given great satisfaction •o the passengers. The dis-
tance tan was no less than 6,000 miles, and the
Cum was kept within a few hours. As to repairs,
the expenditure of the next six months would
exceed that of the past six months ; but the
sum set aside for that purpose would be sufficient to
cover it. As io the insurance account, they were thank-
ful to Providence and to their captains that they were
enabled to divide a considerable sum out of it. In
that they reaped the advantage of having a set of
officers who had been gradually educated for their duties,
and he believed that a better set of officers did not exist.
He might add that after deducting the amount now to be
divided out of that fund, there would remain a balance of
200,0001., though 300,0001. had been taken.
Mr. EDEN COLvILK (a director) made some remarks con-
firmatory of the Chairman's statement with regard to the
advantages of the service from Panama to New Zealand ;
and in the course of them he said an official at the Colo-
nial-office, with whom he was conversing on the previous
day, observed that hecalculated that some despatches which
would leave to-morrow by the Tasmanian for Panama,
would reach New Zealand before some which left to go
by the Marseilles and Suez route on the 26th inst.
The report having being adopted, and a dividend of 3/.
per share, and a bonus of 21. per share having been declared,
the proceedings terminated in the usual manner.

WEATHER REPORT.-(THIS DAY.)

WEDNESDAY. OCTOBER 31, 8 LX.