The Sun.
London, England, 1864-07-09 00:00:00

Peel River Land and Mineral Company.

Yesterday the ordinary half yearly general meet,
ing of proprietors was held at the offices in Moor-
gate-street-buildings—Mr Henry Hughes in the

chair.

The report, which was taken as read, after de=
scribing the operations of the period, proceeded :
" The chief cause that, it is feared, may possibly
militate against the revenue when the accounts ere
submitted at the annual general meeting, exists at
present in the difficulty of realising sufficient stock
in the colonies to meet the current expenses, and at
the same time leave the proceeds of the wool clips
free for a dividend; but on the other hand, whilst
sheep remain unsold, the property owned by the
company is increased, and may be counted on still
further to multiply. The wool already mentioned
as sold has realised satisfactory prices, and the pros•
pects are good for the portion still to come forward.
The land sales have been quite insignificant. The
gold licenses produced the sum of £338.108 for the
year ending Dec. 31, 1863. The cash in hand for
wool sold amounts to £13,211 13s, bat from the
causes before alluded to, the question arises as to
how far the colonial expenses to 30th inst. may be
met by further sales of stock ? In the face of the
last advices, which describe a heavy market, with
great difficulty in selling sheep, and bearing in
mind that in the absence of sales an expenditure
for 18 months will have to be met by the proceeds
of one clip of wool, the directors consider the more
prudent course will be to fix on a limited amount as
an interim dividend on account of the profits which
will be shown to have been realised when the ac-
counts are rendered at the next annual meeting.
For this reason the directors now recommend that
£9,000 be at present appropriated towards payment
of a dividend on account, and that the same be de-
clared at the rate of 19 per cent. free of income tax,
on the consolidated stock of the company, payable
on and after 15th July next.
The CHAIRMAN, in submitting the confirmatory Te-
solution, observed that the incidents referred to in the
report were of a mixed character, but they bad had
a satisfactory increase in lambing and a successful
clip. The general health of the flocks was good, and
notwithstanding that extraordinary floods had com-
mitted great devastation both in New South Wales
and in Queensland, this company had escaped with•
out any loss of importance either at the Peel River
or the Ellengowrie stations. Still, owing to the
extreme depression of the stock market, superin.
tendents had not been able to make the customary
sales of surplus stock. Owing to a long continuance
of wet weather the sheep were suffering from lame-
ness, which was likely to increase their casualties,
and the prevalence of scab in the neighbourllcod of
Peel River was a cause of considerable anxiety. it
was a matter of some grai;fieation that they could
poiut out so many favourable features, and as to the
drawbacks they were all more of a passive than an
active character, and even surposing their sup,:rin-
tenth nt should have been unz,ble to di*o.se of the
surplus stock before the 30th of June, the onl2,- con-
sequence would be that they would have so many
more sheep and cattle to sell when the state of the
stock market improved. No doubt the depression in
the market came inopportunely upon them just es
they were altering the period of closing the ac-
counts, and the result would tell the more unfavour•
ably seeing that they would have with diminished
sales to meet 18 months' expenditure which would
come into the year's returns. The usual clip of
wool had been successful both as to wcight of fleece
and price obtained, and should the remaining bales
brirg as high a price as those which had been al-
ready sold, the total produce from this source would
be over £20,000. Under all the circumstances, and
with such an extraordinary wet season, the rain
having fallen more or less continuously for three
weeks, he thought they might congratulate them-
selves that they had escaped so well. No new
purchases of land had been made for the rea-
sons stated in the report, and consequently no de-
bentures (as authorised at the last meeting) had
been issued. He might add that the directors would
not consider any purchase of land advisable unless
it paid the interest upon the debentures, and left
a balance of profit over. The maintenanee of the
customary dividend for the year would depend open
the 15,000 wether sheep they had reared for market,
upon the price obtained for them, and for the wool
still in hand, and also upon the present year's clip ;
but, under all the circumstances, he trusted they
would accept the proposed interim dividend as sa-
tisfactory. The assets of the company in this
country were—Cash in hand, £1,779 11s. Ild. ;
East India Railway debentures, £6,000 ; Victoria
Bonds, £3,741 10s. ; loan to London and West-
minster Bank, at 4 per cent., £12,000; loans upon
English government securities, at 5 per cent.,
£2,000 ; total, £25,521 ls. 11d.
Mr. EAGLE seconded the report, adding that the
explanation of the chairman that the expense of
18 months' operations was included in the year's
accounts in some measure lessened the sombre cha-
racter of the report. He hoped that the directors
would exercise caution in extending their opera-
tions,eneeast.d by
A SHAREHOLDER thought it
and suggested that any further capital re-
quired for land purchases should
be
t se
preference stock rather than by debentures.
A be well
for the directors.
to expend the balance of £251 hand
000 in
before they raised capital on debentures; but
whether they raised money debentures or by
t
ion by
preference stock was a q
The CHAIRMAN e
was absorbed by the
After some furthteradtievdithat £9,000 of the £25,000
dend'
conversation, the report was
adopted,
and thedividend as recommended, declared-
A vo
chairman and directors tend
minuted
inteo the
ss. te
ththanks
e business.

THE pErsowEns PROM THE ALABAMA.—Tha four
officers of the Alabama, who landed at Cherbourg
as prisoners on parole, surrendered themselves on board
the Kearsarge, when that vessel left the port. Advices
from Cherbourg state that the Kearsarge has been replaced
in the roadsted by the Federal corvette Sacramento. The
latter is built on the same model as the Kearsage, and,
like her, is armed with very large pivot guns. After having
taken on board coals and provisions, the Sacramento is to
go in quest of Confederate vessels cruising on the coasts of
Europe. Capt. Semmes left Southampton on Thursday for
London, en a visit to Mr Mason, the C3uf, dera;e envoy.
Capt. Semmes is much better in health, bnt be still fis
acutely the loss of his ship.

[AnvEntisEmENT.]-11elloway's Ointment and Pills,—
Instant Relief.—Sores which are daily extending, ulcers
which are hourly deepening, may be arrested in their tor-
turing progress, and induced to take on healthy action by
applying this healing ointment and taking these purifying
pills. It soothes all distempers of, and extracts all morbid
humours, from the skin. Old ulcers of the legs, inflam-
mations caused by varicose veins, and cramps of the lower
limbs, can sensibly be eased and shortly cured by Hollo-
way's never-failing ointment, which represses excessive,
and stimulates sluggish vascular and nervous action. In
constitutions breaking down under piles, fistulas, and other
similarly painful maladies, a - few applications of this cooling
ointment will give comfort, and a persistence in its use will
effect a cure,

"V. MOSES AND S O N'S
_ALA • LONDON HOUSES,
154, 155, 150, 157, Minories ; 83, 84, 85, 86, 87, 88, 89, Aldgfate ;
506, 507, 508, New Ortord—atreet ; 1,2, 3, Bart-street;
137, 138, Tottenham-court-road ; 288, Euston-road

EMOSES AND SON'S
• COUNTRY ESTABLISHMENT,
• Bridge-street, Bradford, Yorkshire.

--E74 MOSES AND SON'S
r • stabiishments are closed every Friday evening at
sunset until tiaturday evening at sunset, when business is re-
sumed un,it li o'clock.
A 1 articles are marked the lowest prices in plain figures.
Any article nut appr,,ved of wilt be exchanged, or the money
re' urned.
List of Prices with Rules for Self-measurement, Fashion
Card, and our new pamphlet, •" The Tercentenary ; or, The
Three Hundredth Birthday of William Shakspeare," gratis
and post free.

COALS.—The LILLESHALL COMPANY'S
COALS.
Direct from their own Collieries.
Marquis'. 238. per ton. I Double.. 208. per ton.
- ** :222. „ 1 Deep . .21s
Top ......... • „
Well screened and delivered within five miles 01 their De-
pots, Westbourne Park-road, W., and .17, South Wharf,
Paddington, w., and Maiden-lane, N.
Best Coke .......... lss. per chaldron.
Terms cash.
JOHN SCOTT, Sole Agent

TIE
, THIRD EDITION OF " THE SUN,"
c belt hadtairr; the Latest SFORTLNG INTELLIGENCE,
.41
- '''n=ll" tvening of
,„, (I° GLEINTIE, NEIV9 AGENT,
'lO. 4, Connaught-terrace, Hyde-park.

The Weather—sun Office, Ally 9, 1864.

THEIMOMETEB.
This day at Two o'clock ..... 60
...............
Barometer-30.05.
WIND—N.W.; moderate breeze and fine.

HIGII WATER AT LONDON BRIDGE.
Tats De '.--morning, 54. 16:n.—Aftemoott, sh. 35m.
1.6.1t0un0w.-Moriliug, SA. 50m.—Aftornoon, 611. iom.

1141F''' 44i4