The Sun.
London, England, 1864-10-27 00:00:00

ROYAL MAIL STEAM PACKET.

The half-yearly general meeting of this company was held
yesterday at the London Tavern; Captain Mangles in the
chair.
The Secretary, Mr J. M. Lloyd, having read the notice
convening the meeting, the report, an abstract of which has
appeared in The Sun, was taken as read.
The CHAIRMAN, in moving its adoption, said the con-
tinued success and progress of the company were such that
it would not be necessary for him to trespass on their time
at any great length. This was part'cularly desirable in the
present state of matters, and in that view he thought the
shareholders would agree with him. They had had no mishap
during the period under consideration, the receipts were
favourable, the expenditure was not greater than they ex 4
pected, and the ships had kept their time both at home and
abroad. (Hear, hear.) There was no occasion to detain them
for any length of time, as their report and accounts were so
clear and explicit ; but as there might be some new share-
holders present who were not so well up in their affairs as
others he there saw before him, who attended their meetings
regularly, and were very useful shareholders, it might be
necessary for him to enter into a few details. The greater
part of the report was occupied with explanations of the
accounts. It showed that the statement of receipts was sa.
tisfactory, and when they looked at the expenses they were
not more than could be expected under the circumstances.
There was a reduction in one item of £5,800, but other items
were in excess of what they were at the corresponding pe-
riod. It was stated in the report that in consequence of the
increased receipts from freight and passage money the defi-
ciency on the credit side of the working account was less
than might have been expected. Those who attended the
last meeting would recollect he had stated that he hoped a
sufficiency of traffic would be obtained by the company to
make up for the reduction in the subsidy. That expectation
had been to a certain extent realised. The reduction in the
subsidy amounted to £25,000 for the past half year, so that
owing to the excess of expenditure on the one hand and the
decrease in the total receipts of the working account the sune
plus fell short of that for the corresponding six months of
1803 by £14,024. He thought, as their ordinary receiptafor
goods and passengers on working showed a steady increase,
that their loss on the reduction of the contract money or sub-
sidy would in a short time bo more than compensated.
They would very soon have as good a surplus on working
account as they had before they commenced working uuder
the reduced subsidy. The directors and managers looked
with considerable anxiety to the item of " coals, freight,
and all charges," which amounted in the past half year to
£95,559. They could not drive the ships at the requisite
speed without a largo consumption of coal. The increase
in that item arose from an increase of freight; they were
obliged to take up freights at the current rate. This in-
crease amounted to £1,895, but at the same time there had
been a saving on the consumption of coals of £2,474, leav-
ing the actual increase in that item £2,421 on working
account. He thought that showed the great care and super-
vision exercised in respect of the expenditure incurred in
keeling up the rate of speed they had to maintain. The
amount at the credit of the repair and renewal account
must vary from time to time, being sometimes more and
sometimes less, as it would be impossible at the end of each
half year to exactly meet the money they had set aside for
the purpose. They had a balance in favour of the company
on that account for the same half of 1863 of £6,404, but at
the end of the past half year it was only £126. It was right
to call their attention to that account, as they had to put
new boilers and superheating steam apparatus in the Atrato
at an expense of £25,000, and he was happy to say the only
other heavy repair they would have for sours time would be
that of the Tasmania. They would soon see that the small
balance they had at present in their favour in that account
would be increased. They must not suppose, from what ho
had stated, that the Atrato had been an expensive ship.
She had been ten years in their service, and had only cost
them about £5,000 a•year. If they looked at the sums they
had heretofore put by for repairs and renewals they would
not consider that excessive. Ho hoped in the next year
their expenses under this head would be light. The next
paragraph related to the general reserve fund, in which
there was a credit of £36,000, and, as truly stated in the re-
port, it was for the purpose of meeting the losses on old
ships, and intended for the Magdalena, Trent, Thames, and
Clyde. He would not include the Teviot as that loss had
already been paid cif, those four old ships ware still in their
service. He would leave the Parana out of that estimate, as
she was of great value, and when done with as a steamer
would make a good sailing ship, The four old ships men.
tioned stood on the company's books at a reduced cost of
£37,000, while they had a reserve of £3G,COO to meet any
loss on them, and they would sell for £l,OOO or £5,000 at
least when they were done with them, so they would see the
company was in a perfectly safe position. The state of their

insurance fund was very satisfactory; there was a balance
in their favour of £2-0,180, but thera was a charge
against it of ,i 6,581 for the Spanish ship that had been
run down, and there were also the expenses of getting off
the Wye when ashore at the Island of Nevis. The whole
expense of getting her off and repairs would not exceed
£2,500. Ile thought great credit was due to 111 r Cameron

their agent at St Thomas, for the prompt despatch of one
of the company's steamers to her assistance, and great
credit was also due to the energetic exertions of the officers
and men of the Tyne in getting off the Wye with so little
damage and at so small an expense to the company, He
then adverted to the great delay in completing the four new
iron ships ordered for the company. They had suffered
considerable inconvenience from the shipbuilders not having
&livered the ships, but fortunately the company's ships had
been able to keep their time. The Postmaster could see
that the directors were not to blame for the delay, and that
they had done al! they could to secure the early delivery of
those new chips for the service. A few days ago they had
received notice from the Pest-office that they wished to give
up the Honduras route. This service involved steaming
15,846 miles, for which the comprny received £3,886; they
undertook it at the wish of the Government, and they would
relinquish it as requested. That service would be no loss
to the company. They had the Derwont on the route, and
if the merchants of Honduras wanted any service under-
taken which would pay the company they would do it for
them. The report mentioned that the state of the accounts
enabled the directors to recommend that a dividend of £3 per
share out of the ordinary profits and a bonus of £2 per share
from the insurance fund be declared free of income-tax.
With regard to the insurance fund he thought it right to
pay a tribute to Captain Abbott, who had recently died in
their service. He had been altogether 19 years in their
service, and during 17i years of that time ho had been in
command of seven of the company's ships, and had never
touched the ground or injured a ship the whole time. (Hear
hear.) It was due to the late Capt. Abbott to state the high
opinion the directors entertained of the services of that gen-
tleman. lie believed they had several officers in their ser-
vice equally careral. He concluded by moving the adoption
of the report and statement of accounts.
Admiral Winsii seconded the motien.
In reply to questions it was stated that shipbuilders gene-
rally would take any amount of orders, whether they could
execute them or not in the time specified. Their managers
got the utmost amount of penalties they eould for delay,
but there was a limit to penalties. The contracts were made
so that it should bo for the interest of the contractors to
complete the orders properly, and in every case by the time
specified. There were ample funds in hand to pay for the
now ships when they were delivered,

The report was then unanimously adopted; and the pro-
ceedings concluded with a vote of thanks to the chairman
and directors.

ENNISKILLEN, BUNDORAN, AND SLIGO.
The report of the directors states that under the energetic
action of Messrs Brassey and Field the construction of the
line was in rapid progress. Idr Field, on a late visit, ex-
pressed his catfidence in being able to open the line to Bun-
doran early in the ensuing summer. The agreement of this
company with the directors of the Irish North-Western
Railway Company for working the line would be immedi-
ately brought before the proprietors for ratification. The
directors, alive to the great want of hotel and house ac-
commodation at Bundoran, were happy to say the chair-
man had given a site for an hotel, the plans of which were
in the hands of an eminent architect, and a considerable
sum had been sutscribed. The tourists' requirements
would also be provided for by an hotel on the west bank of
Lough Erne. The directors had taken measures to keep
alive the powers under their Act for tho extension of the
line from Bundoran to Sligo, Lord Palmerston instantly
appreciating the vast benefit to the district, and the bona
fide nature of the undertaking, had given more than nine
miles of the land required for the railway, as well as a
large pecuniary subscription; and the directors had re-
ceived the support of other proprietors, thus enabling them
to promise an early contract for this important portion of
the project. The capital account showed that £100,054 had
been received, and £158,532 expended, leaving a balance of
£1,492.

At the recent sale of the stock and furniture of
the Cafe de Foy, in the Palais-Royal, a dispute arose as to
whether the famous swallow painted on the ceiling by Carlo
Vernet belonged to the landlord or the outgoing tenant. The
former claimed it as a fixture, and obtained an injunction
from a judge in Chambers to prevent its removal until the
right of property should he decided in duo oourse of law.
THE EMPEROR'S DUG.—M. Louis Bertrand, well
known in the French sporting world, has addressed
to the l'rance the following particulars respecting the fine
dog which is the travelling companion of the Emperor of
Russia :—" This animal is not of the Newfoundland breed,
as stated, but a fine jet black setter of large size and beau-
tiful form, with long silky hair. His name is Milrod, and
he is of the same breed as Black Elko, one of the spaniels
which I last spring prevnled to tho Egyp!inn Prince,
llalim Pocha. Milrod was at ono time an excellent shoot-
ing dog, but since his promotion to the rank of favourite,
he rarely does any work, except it may bo occasionally to
act as a retriever, and fetch any head of game his master
may have shot. lie is excessively gentle and the insepa-
rable companion of the Emperor, following him through-
out the palace, and even into his c tbinet. At night he
always lies at the door of his master's chamber. The
Emperor generally feeds the dog himself, and never any-
one but bis personal aide-de-;:amp to give him any' food
whatever,"