The Sun.
London, England, 1865-10-26 00:00:00

Railway and Other Companies.

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 having read the notice convening
the meeting, the report, an abstract of which has
appeared in The Sun, was taken as read.
The CIIAIRMAN, in moving the adoption of the
report, said the directors had again the pleasure of
rendering an account of their stewardship. They
had not to record the loss of life or ship, or even of
property, except a small amount in the case of the
fire on board the Seine. This was a matter of thank-
fulness, and reflected great credit on their officers
and on the service generally. The half-yearly ac-
counts were made up nearly in the same form as
usual, and he believed they were more explanatory
than those of any other steam company. He then
adverted to the different items in the working ac-
ccounts for the past half-year. The item of coals
was increased by £4,647 as compared with the cor-
responding half of 1864. That arose chiefly from an
increase in the price of freights, and not from an in-
creased consumption. The item of wages showed a
decrease of £3,601, from a diminution of one of the
ships on thellonduras route; the item for provisions
showed an increase of £1,205, owing to having an
increased number of passengers ; the stores showed
an increase of £431; the general service and stations
an increase of £2,024, which was owing to a large
amount being spent on the St. Thomas-wharf and
premises ; the office expenses were £4BB less, and the
law expenses £2OO less, in consequence of the little
encouragement his learned friend Mr. Maynard gave
them to go to law. (Hear, hear.) With regard to
the receipts, the Government subsidy showed a de-
crease of £5,978 from the cessation of the service
on the Hondurasroute; the outward freights showed
a decrease of £20,500 ; the intercolonial freights a
decrease of £1,291 ; and the homeward freights of
£4,503. On the other hand, the outward passage
money showed an increase of £5,592 ; the inter-
colonial of £5,057 ; and the homeward passage
money of £6,620. The outward freight showed the
greatest reduction, which was mainly caused by a
diminution in the shipments of treasure from England
to Brazil, which in the corresponding half of 1864
were unusually large. This was caused by new
banks being formed at Brazil and Buenos Ayres.
There had been since the accounts were made up an
increase under that head, the last ship to Brazil
having taken out £200,D00. on account of the Bra-
zilian loan. Iri the item of homeward freight the
remittances of Li.? from California were much
lower than those in" ,orresponding period. That
arose to some extent frout the struggle between the
Northern and Southern people, on account of which
the treasure from the Pacific was sent to England,
the shippers fearing that it might be captured if it
went in an American bottom. Thus they got for the
time more of that business than their due, but the
managers were endeavouring to make such terms as
would induce the shippers to continue that route in
preference to sending by way of New York. All the
items under the head of passage-money exhibited
an increase, which he thought showed that the com-
pany's ships continued popular, in spite of the com-
petition to which they were exposed. The French
vessels had taken up some fresh serviceswhich might
affect the company's receipts to some extent, but as
the directors believed the more that opportunities
were given to the public to travel, the more they
would travel, he thought it probable they would not
suffer much from the competition, at the same time
their inducement would be greater to attend to the
comfort of the passengers and accommodation in
their ships. He believed they would have a good
feeder from the Panama, New Zealand, and Aus-
tralian Company's line, the ships of which, it was
expected, would commence running Panama to New
Zealand early next year. They hoped by means of
the friendly relations between the two companies to
make through rateswhich would be mutually advan-
tageous to both companies. (Hear, hear.) With
regard to the company's fleet, as it would consist
of 13 iron and only six wooden ships, including the
Panama, the £30,000 which the directors put aside
annually would to quite sufficient to meet any re-
pairs their ships might require. Iron ships were now
classed much higher than wooden ships, as A 1 for
20 years against A 1 for 12 years ; so they would
find that their iron ships would be efficient when the
contract expired. Their managers had arranged for
sonic of the company's ships calling at Madeira to
take out and bring home passengers. The Tamar
would take out a considerable number of invalids
next month. The amount standing to the credit
of the repair and renewal account was £30,000.
Since the end of the half-year the Trent had
been sold at a loss of £l4O, and the Magda-
lena at a loss of £5,178. The remaining old ship
was the Panama, which stood on the books at
£13,000, and after allowing fora similar loss there

would remain about £20,000 to the credit of that
account, which sum could be divided if they pleased,
as the purpose for which the fund was created would
be at an end. The insurance fund showed a balance
of £243,382 in favour of the company. He then re-
ferred to the presentation by the directors of a tes-

timonial or gratuity to Capt. Revett and those under
his command for their exertions in extinguishing afire
that occurred on board the Seine on the 13th of
August last, a few hours after leaving St. Thomas.
He read letters from the Postmaster-General and the
naval agent approving their conduct, and testifying
to the perfect discipline that prevailed on board the
ship. He (the chairman) trusted, after reading those
letters, that the proprietors would sanction the £6OO
expended for that purpose. He then explained that
the dividend he had to propose was not obtained
either from the subsidy or the freight and passage-
money, but, as some people supposed, chiefly from
being their own insurers. He stated that from the
commencement to the present time they had only
paid their shareholders an average dividend of
3s. 6d., and he thought that was by no means an
unreasonable amount for capital embarked in such a
business. On Dec. 31, 1862, their investments and

loans amounted to £368,539, since which they had
paid £297,862 for new ships, and the surplus was
now £368,294, or only £2OO less. There still re-
mained £30,000 to pay in order to complete the
company's fleet. The company had actually made
£254,449 by being their own underwriters. The
large dividend was attributable to the care and good
fortune which had attended the company. He con-
cluded by moving that the report be adopted, and
that a dividend of £4 per share, and a bonus of £2
per share from the insurance fund, be declared free
of income-tax, payable on the 28th inst.
Mr. TUFNELL, a director, seconded the motion,
and it was carried unanimously.
On the motion of Mr. TAYLOR, seconded by Dr.
RI c HIRDSON, a resolution was unaimously passed,
declaring the proprietors' approval of the conduct of
Captain Revett, the officers, and crew, and the ad-
mirable discipline maintained on board the Seine on
the 15th of August last.

On the motion of Mr. BARNET; seconded by Mr.
.31MPSON, the best thanks of the meeting were voted
to Mr. J. Maynard for the legal services he had
rendered to the company, and the sum of 1,000
guineas was placed at the disposal of the directors
for the puchase of a suitable testimonial to Mr.
Maynard, the highly esteemed adviser of the com-
pany.

The proceedings concluded with a vote of thanks
to the chairman and directors for the able and suc-
cessful manner in which the affairs of the company
had been conducted.

SMYRNA AND CASSABA.
The half-yearly meeting of this company was held
yesterday, at the offices, Adelaide-place, London-
bridge ; Mr. Larking in the chair.
The report stated that the line was opened to
Bournaltat and 3fenemen (23 miles) on the 96th of
July last. Since the opening the traffic has been
highly satisfactory. The traffic bad steadily in-
creased, showing that it resulted from the wants of
the district and the growing appreciation of railway
communication.

The CHAIRMAN, in moving the adoption of the
report, said the progress of the works proceeded in
a most satisfactory manner. Mr. Price had left for
Smyrna, and he intended to remain there until the
op
opening of the line. One portion of the line, 18
miles in length, was expected to be open that day,

making about two-thirds of the whole length. There
were very few instances on record of a line being
completed in so short a time. Communications from
Smyrna informed him tlaat the line was lcoked upon
with very great favour.
Mr. QUILTER said the line would be about 63
miles in length, and in 18 months it would be com-
pleted. The traffic on the portion of the line opened
was double the estimate, and there were encourag-
ing prospects.
Mr. GILPIN, M.P., seconded the motion for the
adoption of the report, which was agreed to, and a
vote of thanks to the chairman concluded the pro-
ceedings.