The Sun.
London, England, 1853-10-01 00:00:00

paragraph of the report, which was the most im-
portant part of it, it would be for the meeting to say
whether what he had stated justified the recommendation
it contained. From the very nature of things, in a concern
so extensive as this, a great many expenses must be incurred
in the commencement, which would not be continuous, and
therefore there must appear a great deficiency in the earn-
ing. Any loss, therefore, which occurred in the firginstanaa
ought in fairness to be considered as preliminary expenses.
That at least was clear to his mind, for he did 'not think
that this loss should fall altogether on the 13arties who
had the boldness to start so great an undertaking. (Hear,
hear.) The sum, whatever it might be, should in his
opinion be carried to the account of the company, and
distributed 'ever a certain number of years,t o be fixed
on by the shai•eholdersithemselves. (Hear, hear.) He
never felt any doubt as to the propriety of adopting this
course. His only doubt was as to the precise time at
which it should be a4.4opted. He now believed that they
periodmight
ffioxr
wit a
radt theheh
o3plesdt
tohfo i.i.yriexitighDtencoe;beere.t agaFjo withoutromthat
a dividend, unless some occorre.n?e whichit was impossi-
ble for any man to foresee shoui,'l arise to prevent it.
But when he gave them that expect:lton for the future,
they must be aware that a great deol remained to be
done in order to attain that end. (Hear.) The expendi-
ture had to be narrowly watched—strict supervision had
to be exercised over the various officers of the Company,
and no means of checking needless outlay should be left
unftled. (Hear, hear.) All this would require not only
the strenuous exertions of the board, but of every person
connected the concern. (Hear, hear.) He might men-
tion that they received an account of the sale of the
Hellespont by auction in New South Wales for 20,5001.
that there was again on her account of 1,4001. besides a
sum of 2,5961: which had to be credited to the reserve
fund on her account—making altogether about 4,000/.
He 404 eeen,it remarked .in the, public press that the
'Panama- Ante 'had advantages over the routes by the
Cape of Good Hope and Cape Horn, and it was sup-
posed that this would give an advantage to new com-
panies over this company. But in answer to that, he
had to observe that if they found it more advanteNeious
to follow that route, they might do so. (Hear, hear.)
was no limit in their charter, if they found' the
Panama route to be more profitable than that by the Cap. e
of Good Hope, and they could take any route that they
liked. (Hear, hear.) It only now remained for him to
move that the report be received and adopted.
Mr. Carrington, Mr. Rose, and one or two other
shareholders having objected to the adoption of the re-
port in the absence of the accounts, the resolution was
limited to its reception, and not its adoption, and in that
sense it was unanimously agreed to.
The CHAIRMAN then stated what the substantial result
of the accounts would be, if in a state to be presented to
the meeting. From this statement it appeared that the
total loss since the commencement of the company was
35,0001., including 5,4691. interest paid to shareholders.
The SECRETARY then read what would substantially
be the position of the accounts if in a state to be presented
regularly to the meeting. The result was, that there
appeared on the debtor side of the profit and loss account
a sum of 39,9031. 16s. Bd., and on
,the creditor side a
sum of 36,284/. 14s. Bd.
Resolutions were then agreed to for dividing 4 per cent.
per annum for the half-year, in accordance with the re-
commendation in the report, and for altering the days of
holding the half-yearly meetings, with a view to greater
convenience as to the time for preparing the accounts.
After a vote of thangs to the Chairman the meeting
adjourned for 21 days, so as to have the accounts recti-
fied and presented.

The report, after stating that the progress of events
had gone far to' realise any favourable impression which
the statement of the last half year's report might have
made on the mindtx if the shareholders proceeded to say
"That induced by ,(Ihe present aspect of political affairs,
and the temptations which large shipments of gold like
that by the Harbinger may offer,' the board have deter-
mined to put a proper armament on board of each of the
ipompany's ships. The board have made a satisfactory
arrangement with the Patent Fuel Company, which is
to give as a penalty a eE utain quantity of fuel, to be de-
livered in equal proportions in the course of three years.
The ships employed in the Indian service have acquired
the confidence of the public, as is well exemplified by
the greater number of passengers—the shipments of
goods have increased—and France is beginning to avail
herself of the Indian line for the conveyance of her mer-
chandise, at the same time the expenditure of fuel has
been much reduced, the ships have after a first voyage
returned with their machinery in excellent order—the
voyages have been performed with a degree of punctu-
ality that leaves but little more to be expected, and, as
a natural result, the expenses have been considerably
diminished. The board's experience has caused improve-
ments in the 1,800 ton ships, which have economised
space—giving accommodation for a greater number of
passengers, and for additional cargo. The ventilation of
the cabins has also improved, which will be most accept-
able to passengers in a tropical climate. The continen-
tal services have, in the aggregate, been conducted with
their usual success. To relieve the vessels employed. n
ern AllKiiiiititatrivid. necessary repairs;ftliesboide4fliVe-f
lately purchased, at public auction, the Mar, an iron
vessel of 260 tons burden, and 80-horse power. She is
new running between London and Dunkirk. The in-
crease of business between London and the countries of
which Harlingen is the port, demands a larger vessel
than the Lord John Russell, and the board are about
to contract for a new ship; it has long been required by
the merchants engaged in the trade. The Sir Robert
Peel has been successfully employed on the South Afri-
can coast service ; her passengers and cargo have, in
fact, exceeded her means of accommodation. The board
have purchased the Natal, of 680 tons, and 100-horse
power, to complete this service, according to the con-
tract. She will proceed to her destination in the course
of next month. The departure of the Harbinger for
Port Philip and Sydney, was announced in the last re-
port. Her passage to. Port Philip in 69, and that of
the Hellespont in 75 days, was hailed with the highest
satisfaction in the colonies, and greatly tended to re-
move the repugnance which had sprung up in the public
mind, to steam communN:ation by the south. The Har-
binger's return vitt the sVape of Good Hope, instead of
Cape Horn, weakened the prestige which the outward
passage had won ; but, in A pecuniary sense, the results
of the voyage are satisfactory. She is to sail on the sth
proximo, on her second voyage to Port Philip and Syd-
ney. The Argo sailed on the Bth of May, and left St.
Vincent on the 23d of the same month, since which no

information of her progress has been received. The ships
of 2,500 tons are in a forward state. The Crcesus is
nearly ready for sea ; the Jason is receiving her machi-
nery ; and the Golden Fleece will be launched in a few
days. The Crce-us it is intended to dispatch in the first
week of December, and. the board hope the other two
will follow at intervals of two months. The first ship has
engines of 400-horse power, but the power of the second
and third is reduced. In order to maintain an alternate
monthly line, regularly and efficiently, and with due re-
gard to the public exigencies, four large ships will be
Last evening, Mr. Alderman Wire the new Sheriff for
required ; and as the Argo must be transferred to the
Indian line, for which she was originally intended, the London and Middlesex, gave his inauguration banquet
directors contemplate the purchase of another ship, at the London Tavern. About 170 gentlemen were pre-
sent, including Lord Dudley Coutts Stuart, M.P. ; the
Under such an arrangement, the Harbinger will be
Hon. and Rev. Henry Legge ; the Right Hon. the Cur-
considered as an auxiliary to either this or the Indian mail
sitor Baron ; the Lord Mayor Elect ; Mr. Masterman,
service. The reserve fund now amounts to 24,3861.
M.P. ; Mr. Chaplin, M.P. ; Mr. Swift, M.P ; Sir Wil-
2s. ld. Insurance Fund : With the exception of the
liars Henry Poland ; Sir ,Tohn Hansler ; Sir George
Argo, the whole of the company's vessels are now at
Hodgkinson ; Mr. Alderman Farebrother ; Alderman
their own risk ; a policy on her for 35,0001. expires on
Sir Chapman Marshall ; Mr. Alderman Humphrey ;
the 31st of December- The subscribed capital amounts
to 945,9801., of which 583,5631. is paid. The calls, the di- Mr. Alderman Hooper ; Alderman Sir James Duke,
Bart., M.P. ; Alderman Sir John Musgrove, Bart.
rectors are happy to state, have been met satisfactorily.
Mr. "Alderman Hunter; the Right Hon. T. Stuart
The directors recommended the shareholders to carry
Wortley, M.P., Recorder of London ; Mr. Alderman
any balance which may appear on the 31st of Decem-
ber next, at the debit of profit and loss, to an account Moon ; Mr. Alderman Fmnis ; Mr. Alderman Law-
in suspense, to be liquidated as preliminary expenses, rents ; Alderman Sir R. W. Carden ; Mr. Alderman
Carter; Mr. Alderman Cubitt, M.P. ; Mr. Alderman
in the confident hope that they will enjoy the means of
Muggeridge ; Sir John Key, Bart., Chamberlain of
providing a regular and continuous dividend from the
London ; Mr. Serjeant Merewether ; Mr. Clarkson ;
Ist of January following." Mr. Bodkin, Mr. J. E. Parry, Mr. W. F. Delane, Rev.
The CHAIRMAN, after expressing his regret that they Dr. Mortimer, Rev. J. Briant, Rev. T. Moon, Rev. J.
were not able to present the balance-sheet and accounts Davis, Mr. Henry Pownall, Dr. Bowring, Mr. Ham-
for the half-year in consequence he believed of a clerical mask, Mr. AV. Evans,lMr. Jeremiah Pilcher, Mr. John
error, which did not make a difference of more than 21., Laurie, Mr. R. W. Kennard, Mr. Charles Hill, Mr. J.
proceeded to say that the present position of the corn- Hill, Mr. Donald Nicoll, Mr. Thomas Cottereli, Mr.
pany fully bore out the expectation formed by the direc- Commissioner Harvey, Mr. J. Dillon, Captain Drake,
tors at the last meeting with respect to the increase of Mr. Samuel Morley, Mr. J. D. Brown, Mr. Kennersley,
freight and passengers. Indeed it had been fulfilled in Mr. C. Pearson, Mr. Lambert Jones, the Master War-
a greater degree than they could reasonably have calcu- dens and Court of Assistants of the Girdlers' Company,
lated upon, and he would give some figures in support the Master Wardens and Court of Assistants of the Inn-
of that statement. First, with regard to the gross holders' Company, Mr. Deputy Watkins, Mr. Deputy
amount of freights (If the several ships. The amount of Obbard, Mr. Bennoch, Mr. Bunning, Mr. Ford Hale,
freight in the Queen of the South's first voyage was Mr. John Wood, Mr. Undersheriff Anderton, Mr.
3,0271., in her second voyage it was 5,087/. ; Lady Channan, Mr. Henry Child, Mr. James, Mr. Phi en
Jocelyn's first voyage 3,6191., second 4,647/. ; Indiana's Mr. Travers Wire, Mr. George Goldsmith, Mr. Charles
first voyage 3,7451., second 5,885/. ; Calcutta's first Drug, Mr. Bulkeley, Mr. F. Adam Catty, &c., &c.
5,306/. The account of her second voyage had not been Mr. Alderman and Sheriff WIRE presided, and the
received. Mauritius first voyage 5,5571., Hydaspes usual loyal toasts having been disposed of,
4,777/. There was a falling off in the amount of freight The CHAIRMAN proposed " The Health of the Lord
of the last vessel, but she left in the depth of winter and Mayor," who, he said, intended to have been present,
in unfavourable circumstances. The summary of pas- but the state of his health prevented him, he not having
senger traffic showed the following results :—The Queen quite recovered from his late accident. Since he had
earned in her first voyage 5,3751,, in her second 12,000/. ; been in office his lordship had done nothing to forfeit the
Lady Jocelyn's first 4,6691., second 10,8591. ; Indiana's esteem of his fellow-citizens, and when he retired into
first 8,2491. ; Calcutta, 9,2661. ; Mauritius, 11,2081. private life he would have the reflection Olathe had done
The Hydaspes, which only went to the Mauritius and his duty and sustained the dignity of his high office.
back, earned 5,469/. (Hear, hear.) The number of Mr. Deputy BENNOCH acknowledged the toast.
passengers conveyed was as follows :-97 in the Queen, The CHAIRMAN then proposed " The Health of the
109 in the Lady Jocelyn, 161 in the Indiana, 149 in the Cursitor Baron," who, whatever might be the shadow
Calcutta, 200 in the Mauritius, and 242 in the Queen's of coining events, whether that which was called reform
second voyage. (Hear, hear.) He would now take the by- some, change by others, and innovations by others,
increase in one port alone—that of Madras, for instance. was proposed, would, ho was sure, as he always had
Their first ship had no passengers. The passage money done, maintain the rights and privileges of the City.
in the Queen for Madras, alone, was, 1681. By the Mr. BANKES, in returning thanks, said the office of
n cond ship it was 6811. ; by the third, 1,239/. ; fourth, sheriff had been relieved from some of the most painful
slB2Ol. ; fifth, 2,0411. ; and by the Queen, on her second duties tbnt were formerly attached to it, but that very
voyage, 2,793/. (Hear, hear.) These figures, he alteration threw an additional burden on them. There
thought, fully justified the expectations formed by the could not be a more imposing sight than to see the
directors at the last meeting. (Hear, hear,) He would sheriffs in the House of Commons demanding as a right
now turn to the other side of the account—the expendi- to present petitions from the City for the redress of grie-
ture. The Queen, in her first voyage, expended 4,684 vances ; and he trusted that the rights and privileges of
tons of fuel, in her second voyage, when her machinery the City, which had been in use for six hundred years
would lies maintained. In conclusion, he proposed the
was in more perfect order, only 3,314 tons, being a
saving of 1,370 tons. (Hear.) The Lady Evelyn in her health of the sheriffs, and more especially that of Mr.
first voyage, expended 4,605 tons, in her second 3,520, Wire.
being a difference of 1,085 tons. The Indiana ex- The CHAIRMAN, in responding to the toast, said he
pended 2,436 in her first voyage, 1,686 in her second ; trusted lie should discharge the duties of his office
but this was not for the entire out and home voyage. with the aprobatiou of his fellow-citizens, and that he
The Calcutta expended 2,841 in her first, and 1,230 should transmit it to those who succeeded him unimpaired
a
tons in her second voyage. The Indiana arrived here and unimpeached. Permit him to ask them to drink to
two days ago, and the entire expenditure for the second the health of the Lord Mayor elect, who had come into
voyage was under 3,000 tons. (Hear, hear.) It was office with an anxious desire to fulfil all its duties, not to
very satisfactory that whilst this great reduction in omit its hospitalities, not to forget its rights, not to shrink
the consumption of fuel was effected, the ships
from its responsibilities, not to leave neglected anything
were able to maintain their time of arrival just as well
which belonged to the office of Lord Mayor of this great
as when a greater quantity was consumed. (Hear.) At city.
The LORD MAYOR ELECT (Mr. Alderman Sidney)
r
first they had necessarily inexperienced servants. They ,
could not immediately and at once get men who had the said his friend Mr. Alderman Wire, had depicted a
experience to manage ships which were made oho with character which he (Mr. Alderman Sidney) did not pos-
e oke of tnit sess. He could not promise perfection, but he would
tuality of their arrivals. They were due on the return do his best to fulfil the duties of the office which would
voyage, at Plymouth, on the 26th of the month. Now shortly devolve upon him ; and he should aim at his
the Harbinger arrived on the 25th, the Indiana on the acts being characterised by common sense. He ad-
26th, the Bosphorous on time 28th, the Mauritius on the mired the wisdom of our ancestors, and those privileges
Indiana, on her second voyage, o
25th, the Queen on the 27th, Lady
on the 2 JocelynBth. (Hear.) on then 6th, which had beeen transmitted from generale, to genera-
tion for six centuries he trusted would be safe in keep-
They were due in Calcutta on the 28th of the month, in g.
He trusted that whatever change might come over
and the arrivals were—the Harbinger on the 27th, Lady
th e spirit of their dream, no change in the hospitality of
Jocelyn 26th, Queen, on her second voyage, on the 25th ;
the office would be allowed.
Indiana, on her second voyage, 25th ; Calcutta 29th. The CHAIRMAN next proposed " The Aldermen of the
(Cheers.) The directors were of opinion that not only
City of London," coupled with the name of a man who
should punctuality in the time of arrival be maintained, never did an unjust thing, or said an unkind word—Sir
but that the expenditure of fuel must be reduced, by
Chapman Marshall. (Cheers.)
some means or other, to 3,000 tons. They conse- 0 is,
oir k.,HATMAN MARSHALL briefly responded to the
quently issued, in August, an order to all the officers, toast.
requiring them to use the sailing powers of the vessels The CHAIRMAN then gave " The Members of the City '
whenever they could do so with advantage. The con of London." One of them, he said, was distinguished
sequence was that instead of sailing only ten days as in
the first voyage they sailed forty days in the next, thus in rank, and his name, and that of his family, was inthi-
mately blended with all that was great and good in
it:
economising the fuel, whilst time was equally well kept. advocacy of civil and religious liberty. Another in
.1
(Hear.) The Indiana, as already stated, reduced the
and
quantity of her fuel under 3,000 tons. A reward was been the representative of the city for a long timet,o a
his honesty and integrity had recommended him
___.
given to the officers in proportion to the quantity of fuel b on .'"l'
all
saved, but these officers knew nothing of their intention confidence of his fellow-citizens. AltliTigernisn,
points they might not agree with Mr. Ale t
And then there
with relation to these rewards. They had therefore to
tho city, and
hope that the estimate of 3,000 tons for the entire voy- agreed in his honour and uprightness.
was Sir James Duke, who was bred inwas
desirous of
age would not be exceeded. (Hear.) With respect to
anu tne ap-
'received from the
their, e Lecting
the continental service the position of the company was ileb tl
as favourable as any former half year. They were go- swelrivoinghahviisngfelimowad-ceitilzriesnso.wn foliunodne
ing to put on a better ship than the Lord John Russell,
to meet time wishes of the traders to Harlington, and it whon had k
hpiemopales tallideemrmaarkn,oafsthmeairyoarp,parodaas if rbY.r,
probation of his Sovereign,oighted him when
interest
would be necessary to send a larger vessel than the Sir
Robert Peel to meet the reqiirements of the postal and! baron e tage uPounAhNinilnwseturning
Sheriff, and conferredhonehehwerasedLitaorrYd
Adliagynoitry. of the
thanks said he should
trading service on the coast of Africa. The Australian
al
wlNalyr.sApirAosairsn the commercial anddotirnagdyisno
service commenced satisfactorily. It was the wish and
promote
e to be the mainstay of the county
Cape of the directors that the vessels should return by which he
conceivedeuAN next gave " Lord Dudley Stuart,
to
untry.
Cape Horn, instead of the Cape of Good Hope ; but in The and
the colonies it unhappily became a question between the
the noble lord had •
i naiki thatl:t b tehde 0n e
exert
colonists and the captain of the Harbinger by which the ions
Metropolitan Members," and in
made in behalf of the
route she should return home. Not duly considering_exiles
time
from Poland and Hungary,
the toast, said he
were desirous to carry out
the spirit of his instructions, he foolishly consenteio Lord D. STUART in acknowledgingw
return via the Cape of Good Hope, and the consequencesF.o_
reforms in conformity with T
was such as might have been expected—she ni"(-!e,,ad .1,,,7 the sirit of the age, but he
s, II in without destroying their
voyage. The captain of the Argo, however, 1i he twr lai ss
happy
d tha at ot
this
privileges.
titular instructions as to the object of them: pecuniary The next toast
would no doubt return by Cape Horn,
owcvert•
satis,ac.
1 London and tli was the " Prosperity of the City of
result of the Harbinger's voyage was,mnade up, but they sponded to b me commerce thereof," which was re-
tory. The accounts were not yet
-therna,s to the results The CHAIRys r. Dillon.
had information enough to satisfy.
ht mention that they lin, ~ •IAN then gave " The health of Dr. Bow-
forire/log
that particular voyage.
70/. the conveyance of ,s, to whose services in the cause of commercial re-
ofform, and
received from government 9
each letter. They brought ,. as consul in China, he paid a passing corn-
for e 3 raiment, letters, at the rate of 2d. ewspapers, which was more i ,
90 000 n
70,000 letters and ,
o_deo„ with the colonies in : "r. &WRING in returning thanks, said a year in
than the whole correisi ri
Pareholders would join with the Europe was worth a cycle in Cathay. He then spoke
1844. He hoped the s,;ition for giving out of the iiisr.r - of time great respect paid to education in China, and said
,1,, PrOPO.
directors in ~ at the rate of 4 per cent. per annum he saw 9,000 persons of all ages come to Canton to be
acme fund a bonfus
1 ear to those shareholders who had a , examined in literary acquirements, and they were ac-
for the past ban! (Hors.)
With regard to to the " companied by 50,000 of their friends. Only 72 could
claim to divide d k last gain prizes, and these were sent to Pekin, and would be

SHERIFFS' INAUGURATION DINNER.