The Sun.
London, England, 1854-10-13 00:00:00

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_ROYAL MAIL STEAM- ,COMPANY.

The dividend declared yesterday- al': a meeting of the
roym Mail Steam Company st as ast the rate of 21.
per share free from income-tax, and the report was,
after some discussion, •adopted- The points brought
under consideration were, the alleged inefficiency of
management,-the -large outlay necessary to render the
Parana a serviceable vesca, the circumstances attendinir
the payment of the last dividend, and the connexion of
the engineering superintendent with the coal cent-
Pastors. The whole of These questions were entered
into at length, and the; dissentient proprietors sug-
gests I that it would be deSireble to introduce into
the direction parties practically acquainted with
shiptuilding and engineer;ng. to cheek excessive
expenditure. In answer to the general charges, it
was stated that the dividends hitherto declared, and
the precautions devised:, in arranging the Govern-
ment contracts, proved. the exercise of sound discretion.
With regard to the last dividend, no reservation what-
ever had been made respecting 'the position in which the
finances of the company ware placed, and the result bad
justified the directors in recommending the payment.
In connexion with the aliegatiom concerning the Parana,
'it was ad mitted that defects in original construction have
entailed increased expense, but it is yet hoped that she will
become a valuable adjunct to the fleet. Although a dif-
ference of opinion may exist with respect to the number
of vessels employed, the enlargement of the service neces-
sitates a provision for casualties, especially at distant
stations. The assistance of the engineering superintendent
it is stated has been found ofgreat benefit to the company,
and the whole of the works in that department are con-
sidered to have been conducted with economy. With
regard to a connexion between that functionary and the
coal contractors, first, in the shape of a pecuniary ad-
vance, and ultirn.etely as taking-s share in the colliery,
it was mentioned that the directors viewed the trans-
action in its earlier stage as a legitimate employment of
private capital, but that, as in the lett( r it had assumed
an aspect contrary to the spirit of their byelaws, it bad
at their request been immediately abandoned. These
explanations having been ,received by the great mejority
as satisfactory, the report es-as carried. At the close of
the proceedings a special vot s of thanks to the board
was azreeri to. The follow.mg is a list of the fleet of
the company

Rogisterod Horse-
Tannage. power.
3,461 800
2 40 t I,uoo

1 Atrato (frau)
2 Lg. Plata
3 Magdalena.
4 Parana
5 Orinoco
6 Avon
7 Clyda
8 Dee
t Great Western
10 liltawa:,
11 Severn
12*Tay .............
13 Toviot
14 Thuile%
15 Trent
113 Solent
17 Tamar
18 Conway .
19 Der went
20 Eagle .. .
21 Camilla (iron)
22 Prince (iron)
23 Wye (iron screw)

2,913 _
800
'1943 801
2,901 800
.... 2,069 440
],841 430

1,540 440
1.775 420
1,895 430
1,863 440
1.853 430
1, 74 t 4.-0)
1,883 430 •
1,8'•6 4 0
1,80 400
1,850 400
S 0 260
791 26J
C3O 250
639 253
398 200
819 180

41,019 10,740

BUILDING.

Tonnage.
Horse-
Builder's
measurement.
power.
.... 1,850 400

24 Tyne (iron)

IRONMASTERS' QUAIiTERLY MEETINGS.

BIRMINGHAM, Oct. 12.—The most important meeting
of the quarter was held in the Town-hall to-day, and was
attended by principals or reprosentatives of the iron
trade from Staffordshire. Worcestershire, Shropshire,
South Wales, and London. The Wolverhampton
meeting usually indicates the feeling of the market, but
it is in Birmingham, owing to the more numerous at-
tendance of makers, and\ the weight of business trans-
acts I, that the prospects of the future can be best
ascertained.

No alteration of prices was declared to-day, and it is
highly improbable that any will take place at Dudley on
Saturday. It was a subject of congratulation among
the trade that at the meeting held at Stewponey three
months ago the leading houses of the district refused
to • sanction any increase of rates ; had they not done
so it is not improbable that at this time serious injury
would have been inflicted upon the trade. The proposed
advance was not justified by the prospects of the manu-
facture, and a damaging reduction must have taken
place. The determination to which we refer is generally
considered to have preserved the steadiness of the trade.
The high prices of ironstone, limestone, and coal still
have a detrimental effect upon the manufacture of iron.
Northamptonshire ironstone is introduced into the dis-
trict to a limited extent, but there is only one firm of
leading importance which uses 'it in large quantities. It is
not deemed of a quality for first-rate iron. It is stated