The Express.
London, England, 1866-06-01 00:00:00

THE PENINSULAR AND ORIENTAL STEAM
NAVIGATION COMPANY.

The following is the report to be laid before the
proprietors of the above company at the half-yearly meet-
ing on the sth :
" London, May 31, 1866.—Gentlemen,—The report vow
submitted to you relates only to the first half of the com-
pany's financial year, which commences on the Ist of Oc-
tober ; and the half-yearly meetings are held, as most of
you are aware, for the purpose only of declaring a divi-
dend in anticipation of the result of the operations of the
whole twelve months, the accounts for which are
submitted at the annual meetings in December.
The Company's Fleet.—Prefixed to the report will be
found, as usual, a tabular statement of the tonnage,
horse-power, and present stations of the company's ships
the pnncipal changes it exhibits, as compared with that
last issued, being explained as follows :—lt was
stated in the annual report of 1864 that the di-
rectors had disposed of the Columbian in part payment
of the new ship Mongolia. Since that time,
however, Messrs. Scott and Co., of Greenock, have com-
pletely repaired the hull of the Columbian, and having
also agreed to fit the vessel with new and more powerful
machinery, the board have entered into an agreement for
the re-purchase of this vessel on favourable terms, and her
name thus re-appears on the list. Looking to the necessity
of maintaining the company's fleet in a thoroughly efficient
condition, as well for the execution of the postal services
as to meet the increasing requirements of commercial
traffic, the directors have purchased the undermentioned
vessels since the date of the last annual report, namely
the Avoca, 1,284 tons, builder's measurement, 250 h.p. ;
the Malacca, 1,700 tons, builder's measurement, 300 h.p.
the Sunda, 1,700 tons, builder's measurement, 300 h.p.
The first of Messrs. Denny Brothers, of Dumbarton ; and
the two last of Messrs. Richardson and Co., of Hartle-
pool • all these vessels are in a forward state, and will ho
completed in about two months. The steam-tug Saada,
built for the Aden station, has been completed, and
left for her destination on the 19th instant.
The repairs and refit of the China and Ceylon
have been completed, and both vessels have bees brought
into active service sgaiu with very satisfactory results.
The Candia is receiving new boilers and a thorough refit at
Calcutta, and the Nubia was to enter upon active service
on the 20th inst., after undergoing similar repairs at Bolo-
bay. Loss of the Jeildo.—'The directors greatly regret
having to report the loss of the Jeddo from striking
on the Choul Kader reef, near Bombay, cm
the evening of the 2iid of February last. The
company's superintendent has been able to remove much
valuable property from the wreck ; hut this misfortune
will probably create a charge of not less than 60,0001. on
the underwriting account for the year. The circum-
stances of the case have been officially investigated at
Bombay, under the provisions of the Merchant Shipping
Act, and the directorsaresorryto add that the commander,
who had served the company well for sixteen years, has
been found in default for neglecting the use of the lead.
Select committee of the House of Commons and the mail
services.—ln the early part of the present session of par-
liament, a select committee of the House of Commons was
appointed on the motion of R. W. Crawford, Esq., For
the purpose of inquiring into the practical working. of the
present systems of telegraphic and postal communications
between this country and the Feat Indies.' As the com-
mittee are still sitting, the directors are only able to state
that they have readily responded to every request pro-
ceeding from its members for information relative to the
operations of the company : and that they have taken the
opportunity of submitting evidence tending to correct
many erroneous impressions which had obtained cur-
rency on points relating to the proper execution of the
mail services, and otherwise affecting the interests of
the proprietors. The mail services remain as last reported,
with the exception of that between Suez and
Mauritius, which terminated, pursuant to the notice
given by the company, as explained in the last report,
with the steamer which left England on the 20th May.
The forthcoming report of the parliamentary committee
will probably contain recommendations for considerable
changes in the existing lines, and the directors will be
ready, as on former occasions, to undertake public services
on terms based on an equitable consideration of the claims
of the community, and the interests of the shareholders.
Call on the new shams.--The purchase of the vessels re-
ferred to above has rendered the call of an instalment of
sf. on the new shares necessary ; and as the ruling rates of
interest are unfavourable for the issue of debentures, it is
not improbable that a further call may be required towards
the end of the year. The company's present rate for
debentures is 5 per rent. per annum, and proprietors or
I others wishing to invest in this way may obtain particulars
at the offices. The operations of the half year have been
on the whole satisfactory, and the revenue account compares
advantageously with the corresponding period of the preced-
ing financial year ; but owing to thehigh and increasing price
of coals, the general rise of wages both on shore and afloat,
and the advance in other important item, of expenditure,
the directors are unable on the present occasion to recom-
mend any addition to the usual half-yearly dividend of 3i
per cent., free of income tax. The warrants for this divi-
dend will be payable on and after the 25th of June."