The Express.
London, England, 1867-06-06 00:00:00

PENINSULAR AND ORIENTAL STEAM NA VI-

CATION COMPANY.

After our report left yesterday,
Sir P. COLAII'HorN considered that the 9i per cent.,
which was the average of the dividend they had received,
could be hardly said to be • good return on an investment
in • sea-going company which had great risks in connexion
with it. He thought the great blot in the company was
that it bad no depreciation fund. They wer•oontinually
eating their property, and in order to restore it to its
former position they must get new capitaL Until they
bad • depreciation fund they must be
not He
from bed to
worse until they ultimately came to not • . He thought
the shareholders had reason to complain o the fact that
no balance-sheet was presented, and he urged upon the
directors the desirability of publishing their ac-
counts in the ordinary way. He also felt ex-
ceedingly dissatisfied at the way in which the insur-
ance fund bad Is-en dealt with, and with regard to the
raising of new capital be thought it must have been clear
to the director,' at the time it was raised that there was a
balance on the wrong side of their accounts.
Mr. Jorcza echoed the hopes entertained by the chair-
man, and believed the cry of discontent came solely from
the nou-commercial shareholders. He disagreed with the
opinion expressed as to the advisability of giving their
account' to the world. With reference to the invitation
given by the government to the French company to send
tenders for the conveyance of English mails, he thought a
general outcry should be raised against such a proceeding,
• which he believed would act most prejudicially against the
commercial interests of this country.
One or two other proprietors shared in the feeling ex-
=eby Mr. Jones in reference to the conveyance of
ult mails by a foreign company, and considered the
company should enter their indignant pretest against any
proposal to that effect.
The CHAIRMAN, in replying to questions that had been
put, and to the observations that had been made, said thrall
coals of good quality and in sufficient quantity were supplied
at a cheaper rate than they at present paid, they would be
very happy to receive them. It was perfectly true that
the company had taken provisions by private contract, but
they challenged any person to prove that they had paid a
higher price or taken a worse article. The stores were of
the best possible description, and not to be equalled by any
other steamship fleet afloat. With regard to the eugges-
tion made in reference to the publication of the accounts,
he wished to say that the accounts were open to the inspec-
tion of shareholders a fortnight before the meeting. The
real deficiency was 153,9U0/., which included in-
surance and depreciation. It was not true that
the board had made four calls, knowing the state
of affairs, and thereby taken in the shareholders. He
told them last year that the new capital would be issued
as soon as the new charter could be obtained, in February,
and the board did not then anticipate not receiving a
dividend. The directors had all taken their shares and
paid upon them. The reserve fund, which was 410,00 W.,
was invested in the company's fleet, and if it had not been
utilised in that way they- must have called up an equal
amount of capital. The amount of business upon which
the loss had taken place was over 1,000.00 W. He con-
sidered it probable that another call would be made this
year.

Sir PATRICK COLQUHOUR ilarearicel a motion in favour
of the appointment of a committee of investigation, but
as it found no seconder, it fell to the ground, and the
the report was adopted.
A vote of thanks to the chairman terminated the pro-
ceedings.

THE GLASGOW AND Sou WESTERN AND MID-
LAND RAILWAY CONPANIEN.—A meeting of thc share-
holders of the Glasgow and South Western Railway was
held in Glasgow on Tuesday for the purpose of consider.
ing, in terms of the 'tending orders of parliament, the bill
introduced in the House of Commons for the amalgama-
tion of the company named with the Midland Company.
A motion approving of the bill was carried by 170 to 7
votes. A ecru tiny of the votes was asked and granted.
HEALTH RESTORED BY Dr BARRY'S FOOD TO THE
Stoaorm, nerves, lungs, and liver of old and young. curing
dyspepsia (indigestion`, constipation. diarrhcra, acidity, head-
ache, neuralgia, hysteria, palpitation, aleeplessness, debility,
wasting, couch, asthma, fevers, consumppttion, low spirits 60.000
annual =VA which had realated all ioal47oea, including that of
his Holiness the Pope.—Tina, at Ice lid. ; Ilb., is. 9d. ; lad x, 225. ;
24th, 400.—Dit Barn and Co., 77, Regent street. London also at
di, Onsomburehetreet ; 4, aisapside 63 sad ISO. Oxford.street ;
sad all grocers and aheaaisia—{Adesrasemeat