The Sun.
London, England, 1853-05-30 00:00:00

PENINSULAR AND ORIENTAL STEAM

COMPANY.

The dividend declared at the half-yearly meeting of
the Peninsular and Oriental Steam Company held on
Suturday, was 3 per cent., and the report and accounts
were unanimously adopted. It was explained that the
reduction in the rate of distribution had been occasioned
by the increased expenditure for the freightage of coals
to their stations in the East, and that, although present
earnings justified a higher dividend, the directors con-
sidered it prudent to limit the amount as stated. Having
preViously reduced the rates for passengers and goods,
the board were not desirous of returning to the old tariff,
believing that in struggling with the difficulty thus tem-
porarily presented they would be able to show th• pub-
lic that it was their interest to support the company.
With regard to the conveyance of mails to Australia,
the managers, it is stated, have lately laid before Govern-
ment a plan through which, by their rdete, the time of
transmission may be reduced to 57 days. Nothing official
has transpired relative to the future arrangements for
the service between Bombay and Suez, conducted by the'
East India Comany, but complaints continue to be
made as to the manner in which it is performed. The
loan to the Pasha of Egypt, represented by debentures
amounting to 300,0001., is in regular course of liquida-
tion. The portion that became due last March has been
discharged with punctuality, the money having been
remitted before the date of payment ; remittances are
already being made for the second portion of debentures,
payable in October; and the remainder will be liquidated
in March, 1854. The whole of these explanations
having been received as satisfactory, the usual compli,
mentary votes were passed. Annexed is an abstract of
the report :
" The directors are enabled to state that the operations
of the company for the six months ending the 31st of
March last are satisfactory, and the result would have war-
ranted them is recommending the usual dividend of 4 per
cent. ; but owing to the late unprecedented and extraordi-
nary scarcity of shipping ;destined for India and China, a
large increase in the expenditure of the company has been
created.

" From the commencement of the year to the present
time, the freight of coals to India and China has exceeded,
by upwards of 50 per cent., the prices paid during the cor-
responding period• of last year ; and, although shipping is
not quite so scarce as it was, the rates of freight are still
unusually high, and there is every prospect of a continuance
of those prices for some time to come. Taking these. cir-
cumstances into consideration, and looking to the perma-
nent interests of the company, the directors feel they would
not be justified in recommending a higher dividend than 3
per cent. for the half-year. As a means of meeting the diffi-
culties referred to, particularly at the important stations
of tiong Kong and Singapore, they decided on purchasing
an iron-screw steamer, since named the Rajah, of 600 tone
and 60-horse power, for the express purpose of carrying coals
from Labuan, or other places, to depots alluded to. This
vessel is being fitted for sea with all dispatch, and will take
her departure in the course of a few days. The company's
local agents have also been instructed to spare no exertion
in endeavouring to engage vessels at their respective' stations
to proceed to the coal-producing districts ; and .ky the last
overland mail the agent of the company at Kong Kong in-
timated that he had every expectation of receiving a con-
siderable quantity of good steam coals from. the Island of
Formosa.
" The directors, pursuant to the power granted to them
to take up money on debenture to the extent of 500,0001.,
have now to announce that 258,0001.. have been taken up
for three years, and 125,0001. for five years; making for
gether 383,0001., at 3i. per cent. A large portion of this
amount has been invested, at a moderate rate of interest,
until required to pay the instalments on the new vessels in
course of construction.

"The Bengal, of. 2,300 tons and 460 horse power, was
despatched to Alexandria, on her first trip under the new
mail contract, on the 20th of February last • and being the
first of the large class of screw ships building by the com-
pany, her performance was looked upon with more than
ordinary interest by the directors, and they are gratified
in being able to report that the result has far exceeded the
expectations they had entertained. Since the last annual
report the following vessels have been launched, viz., the
Cadiz, screw, 850 tons, and 220-horse power, now ready
for sea ; the Valetta, paddlewheel, 900 tons, and 400-horse
power, will be ready for sea in June ; the Tectis, paddle-
wheel, 900 tons, and 400-horse power, wilThe ready for sea
in July ; the Douro, screw, 850 tons and 220-horse power,
will be ready for sea in July; the Himaylaya, screw, 3,600
tons, and 700-horse power, will be ready for sea in Sep-
tember. The commanders on the Singapore and•Austra-
ban line having reported the 'necessity of a coal hulk at
King George's Sound, and another at Adelaide, the direc-
tors lost no time in purchasing two suitable vessels, viz.,
the Larkins and the Orestes.
" With regard. to the transit throtigh Egypt, the direc-
tors have every reason to believe that the railway from
Alexandria to• Cairo will be completed for the'conveyance
of passengers in the course of the next six months. The
road across the Desert has been' latterly much improved,
and the Transit Administration are adopting measures for
supplying a superior description of carriage to that at pre-
sent in use. Extended accommodation necessary to the
more frequent and increasing transit of passengers viill
also, it is believed, be provided. The directors trust the
period is not far distant when they may be enabled to re-
port the intention of the Egyptian Government to extend
the railway froth Cairo to Suez ; and as they hale engaged
to submit to a reduction of 20,0001. per annum of the mail
money payable under the new contract on the completion
of a railway throughout from Alexandria to Suez, 'they
have reason to hope that the British Government will loot
upon the execution of such a work as a matter of public
interest.
" The first mail for Australia under the new contract,
left Southampton on the 4th of March last, and would
start from Singapore about the 16th of April. The steamer
with the first return mail would probably leave Sydney
about the 20th of May, and letters by her may consequently
be expected here about the 4th of August next. The ex-
perimental trips on this line, previous to the commence-
ment of the mail contract, have been attended with much
expense, but have resulted in the delivery in London of
letters from Melbourne in 62 days."
The following is the steam-fleet of the company :
Bengal, for the Southampton and Alexandria service, 2,300

tons, 500-horse power, screw.

Ripon, for the Southampton and Alexandria service, 1,600
tons, 450-horse power, paddle-wheel.
Indus, for the Southampton and Alexandria service, 1,700
tons, 450-horse power, paddle-wheel.
Sultan, for the Malta and Marseilles service, 1,100 tons,
400-horse power, paddle-wheel.
Exixine, for the Malta and Marseilles service, 1,100 tons,
440-horse power, paddle-wheel.
Bentinck, for the Suez and Calcutta service, 1,800 tons,
520-horse power, paddle-wheel.
Hindostan, for the Suez'and !Calcutta service, 1,800 tons,
520-horse power, paddle-wheel.
Precursor, for the Suez and Calcutta service, 1,600 tons,
500-horse power' paddle-wheel.
Oriental, for the Suez and Calcutta service, 1,600 tons,
500-horse power, paddle-wheel.
Bombay, for the Suez and Calcutta service, 1,200 tons,
280-horse power, screw.
Madras, for the Suez and Calcutta service, 1,200 tons,
280-horse power, screw.
Singapore, for the Bombay and China service, 1,300 tons,
500-horse power, paddle-wheel.
Ganges, for the Bombay and China service, 1,300 tons,
500-horse power, paddle-wheel.
Malta, for the Bombay and China service, 1,250 tons,
450-horse power, paddle-wheel.
Pekin, for the Bombay and lina service, • 1,200 tons,
430-horse power, paddle-wheel.
Pottinger, for the Bombay and China service, 1,300 tons,
450-horse power, paddle-wheel.
Achilles, for the Bombay, and China service, 1,000 tons;
420-horse power, paddle-wheel.
Erin, for the Calcutta and China service, 850 tons,
280-horse power, paddle-wheel.
LadyMaiyWood, for the Calcutta and China service, 650 tons,
260-horse power, paddle-wheel.
Formosa, for the' Calcutta and China service, 800 tons,
220-horse power, screw.
Chusan, for the Singapore and Sydney service, 750 tons,
100-horse power, screw.
Shanghai, for the Singapore and Sydney service, 700 tons,
100-horse power, screw.
Canton, for the Canton local service, 400 tons, 150-horse
power, paddle-wheel.
HaddingtOn, for the Constantinople and Peninsular service,
1,500 tons, 500-horse power, paddle-wheel.
Tagus, for the Constantinople and Peninsular service, 900
tons, 280-horse power, paddle-wheel.
Iberia, for the Constantinople and Peninsular service,. 600
tons, 200-horse power, paddle-wheel.
Madrid, for the Constantinople and Peninsular service, 500
tons, 160-horse power, paddle-wheel.

VESSELS BUILDING.
Himalaya, at Blackwall, 3,600 tons, 700-horse power, screw
Simla, at the Clyde 2,400 '„ 600 „
If
Nubia, at Liverpool 2,200 „ 450 „
Candia, at Blackwall 2,200 „ 450 „
Pera, at Liverpool 2,200 „ 450 „
Colombo, at the Clyde 1,800 „ 450 „
If
Vectis, at Cowes
900 „ 400 „ paddlewhee
Valetta, at Blackwall 9OO „ 400 „
Cadiz, at the Clyde B5O „ 220 „
Douro, at the Clyde B5O „ 220 „
Tartar, at Cowes 450 ~ 150 „ paddlewheel
Rajah, at Blackwall.., €oo 60 „ screw

•TORE SHIPS.

Zenobia, at Suez' 900 tons.
Port William, at Hongkong, 1,800 tons.
Santa Anna, at Gibraltar, 1,500 tons.
Ariadne, at Alexandria, 900 tons.
Lar'ins, at King George's Sound, 1,000 tons.
Orestes, at Adelaide, 900 tons..
• Total, 57,950. tons ; 14,350-horse power.

screw.

SHIPPING IN'TELIIGENCE.

CUSTOM-HOUSE, MAY 28.
ENTERED INWARDS.—The Galeed, from St. TJbes ;
Vitus, Kioge ; Palmyra, Barbadoes ; Concordia, Emden ;
Christiane, Nykjobing ; Dublin, Trinidad ; Hornby, St.
Vincent's ; Lydia, Ceylon ; Maria Christina, Cadiz ; Rat-
cliff, Calcutta ; Europe, Charente ; Eliza, Rouen ; Arab,
Fayal ; Clenpatra, Demerara ; Laura, Nevis ; Cuthbert,
Sydney ; Ranger, St. Petersburgh ; James, Antigua.
ENTERED OUTWARDS FOR LOADlNG.—Thed'erdignera
for Cuba ; "Albrecnt, Konigsberg ; Argus, Terceira; Ingle-
wood, Sydney ; Hornby, Barbadoes and St. Vinont ;
Propontis, Cape of Good Hope, Mauritius, Ceylon, Ma-
dras, and Calcutta ; Queen of the Isles, Algos Bay ; Maria
Christina, Santander ; Victory, Calcutta.

CLEARED OUTWARDS, WITH CARGO.—The Nuevo
Leon, for Trinidad ; Queen of the Isles, Algoa Bay ;
Sassone, Syra ; Athens, Smyrna ; Antina, Hamburgh ;
Agatha, Lisbon ; Devonshire, New York ; Geschwister,
Hambuagh ; James, New York ; Petra, Bilboa ; Leila,
Gibraltar and Cadiz ; Carmin, Cadiz and Malaga ; Lord
Hardinge, Bombay ; Grecian, Jamaic4,.