The Sun.
London, England, 1863-10-06 00:00:00

INDIAN CARRYING.

The third ordinary meeting of this company was
held yesterday at the London Tavern, Sir Macdonald
Stephenson in the chair.

Mr. W. Thomson, the secretary, read the notice
convening the meeting. The report stated that the
operations of the past year had, on the whole, been
attended with a satisfactory result. 0 wing altogether
to the injudicious proceedings of the late manager
at Bombay a loss had been sustained on the working
in that Presidency, but the directors had more
than ever reason to believe that under the change
made in the local management a profitable
course of business would be opened. Mr. Bates, the
Madras manager, whose operations had shown
great ability and had been attended with signal
success, had been directed to visit Bombay for the
purpose of assisting by his advice in the reorgani-
sation of the company's business there. The business
in the Madras Presidency had shown a steady
improvement from the commencement. The reports
received from the manager at Calcutta continued
most encouraging as to the prospects of the company.
The result of the few months' operations, although
the accounts did not show a profit, was satisfactory.
As soon as the system was brought into operation
the receipts rose from £9B in the month of January,
to £1,431 in the month of February. The expense
which had been incurred in the hire of carts was
now being diminished by the substitution of the
company's own vehicles. The Bengal Government
being about to discontinue their bullock trains,
had notified their readiness to enter into contracts
for the work hitherto done by them, and a tender
on the part of the company had accordingly been
sent in. It was well understood that the Govern-
ment would, on favourable terms, make over
to the parties contracting the plant necessary
for carrying on the work. The revenue ac-
count showed a balance of profit of £2,008, of which
the directors recommend that £750 should be ap-
propriated to the payment of a dividend for the
half-year ending the 30th of June last, at the rate
of 6 per cent. per annum. The capital account
showed that £25,000 had been received, and £13,610
expended, leaving a balance of £11,390. The re-
venue account for the year ending June 30 showed
that £24,405 had been received, and £22,397 ex-
pended, leaving a balance of £2,008.
The CHAIRMAN said that a dividend earned from
revenue of 3 per cent. for the half-year would fur-
nish the best commentary upon the text of the re-
port. The company's operations had been but
recently undertaken, and the usual incidents had
occurred—partial success and partial failure, the
former of a nature to afford grounds to hope for its
continuance and increase, the latter being suffici-
ently explained by the want of judgment in a par-
ticular agency which had since been re-modelled.
The principles on which the company had proceeded,
of endeavouring to act with rather than against ex-
isting associations had been appreciated, and enabled
the directors to secure the good will and co-opera-
tion of others engaged in the same pursuit. They had
proceeded cautiously, and were enabled, notwith-
standing losses from causes they had no reason to
anticipate, to recommend a dividend upon the re.
salt of the half year's working. The company had
advantages over other parties in India of capital
and systematic organisation, with officers specially
trained in the great carrying establishment of this
country, and selected for their high qualifications.
Those gentlemen had, as a body, fully justified the
expectations of the board, and the shareholders
might rely upon their interest being safe in their
hands. He concluded by moving that the report
and accounts be approved and adopted, and that a
dividend be declared at the rate of 6 per cent. per
annum, free of income tar, for the half-year ending
the 30th June, payable on and after the 19th inst.:
Mr. W. HARTRIDGE seconded the motion, and it
was carried unanimously.
On the motion of Captain J. A. ANGUS, seconded
by the Rev. H. WALDRON, Mr. J. E. Coleman and
Mr, G. Engstrom, the retiring auditors, were re-
elected, with an allowance of 10 guineas each.
The proceeding concluded with a vote of thanks
to the chairman and directors.