The Sun.
London, England, 1865-12-20 00:00:00

INDIAN CARRYING.

The annual general meeting of this company was '
held yesterday, at the offices, New Broad-street ;
Sir Macdonald Stephenson in the chair.
Mr. W. Thompson, 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 CHAIRMAN said the remark of a shareholder
at a recent meeting of one of the great steam corn-
panies was, " Your reports are always apologetic."
This observation might, with some truth, be applied
to the present report ; but if the apology was for
nothing worse than recommending the limitation of
the dividend to 6 per cent.; and that, after a half
year of unprecedented drawbacks, he ventured to
hope that the good sense of the proprietary would
outweigh their importance to realise those large
profits which were originally anticipated, and which
the directors still confidently expected, upon the
grounds referred to in the report. Bombay and
Madras were no longer drags upon the revenues in
Bengal and the North-West Provinces. Improved
management had been attended with improved re-
sults, and it was a subject of reasonable gratification
to be able to state that several of the new agencies
were already remunerative, and that the tried effi-
ciency of the company's managers at all the Pre-
sidencies justified the expectation that the earnings
of the current half-year would be materially in-
creased, while the expenses were diminished propor-
tionally. They must bear in mind that the creation
of a large establishment extending its ramifications
over the whole of India, subject to the unavoidable
difficulties of employing .a considerable proportion
of native agency, and with the means of communi-
cation in the interior so imperfect as they were in
many parts, was not the work of a day, but to be
effectual required that the necessary amount of time,
patience, and perseverance should be steadily be-
stowed upon it, while the capital employed was in
reality the smallest and least important element,
considered with reference to the magnitude of the
operations when the company should be in full work.
The great establishment of the " Pickfords" of this
country took many years to attain its present high
position, and it had been the object of the directors
by pursuing a course similar to that which had been
successful at home, to obtain the same results in
India. In their endeavours the directors had to
acknowledge the friendly aid they had received from
Messrs Baxendale in this country, as well as from
the officers of the Government, and those of the
railway companies in India. If the shareholders
considered that a gradual and steady increase of
business, with a corresponding reduction of charges,
progressive appreciation on the part of the public,
the confidence of the Government, as evinced by its
extended employment of the company, and from the
outset a 6 per cent. dividend, were indications of
satisfactory progress, the Indian Carrying Company
need only continue in the path which had been pur-
sued uniformly, to enable it to occupy its place
among the most sound and substantial undertakings
of the day. (Bear.) 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 tax) for the half
year ending the 30th of June last, payable on the
sth of January next.
Mr. J. WALKER seconded the motion.
A shareholder said, if the Bombay portion of the
undertaking involved a loss it would be better to
give it up, and only carry on the portions which
yielded a profit.
The CHAIRMAN said the directors had carefully