The Sun.
London, England, 1854-11-20 00:00:00

TO the SHAREHOLDERS of the GENERAL
SCREW STEAM Sri( PPING COMPANY.
In the present momentous position of the Company's affairs, the
Board of Directors consider it their duly to address the Shareholders,
and, if possible, to arouse them to a sense of their actual interests.
At the General Meeting held yesterday, a combination of parties
was seen, whose objects were as diverse as the means by which they
will be prepared to carry them out.
One party, represented by err. Raikes Currie, desires to sell your
ships, and wind up the affairs of the Company. A second party has
not expressed this object, but it has, by every means within its
reach, endeavoured to gain a power which would enable the leaders
to manage your affairs,—an office for which the Board believe them
utterly unfitted.
On the Chairman's motion yesterday,
"That the report and accounts now presented to this meeting be
received and adopted, and that a dividend at the rate of Si. per cent.
per annum be paid to the Shareholders for the last half-year, free of
income tax, the dividend to be payable on and after the 30th inst.,"
Mr. Raikes Currie proposed the following amendment—
" That this report be not adopted."
Mr. Hutton, whose circulars it may he presumed every share-
holder has received, seconded that amendment, and he attempted an
_elaborate analysis el ttre_arcouuta-liben..before,tbe meetthg.
His statements proved, without controversy, two things :-First,
that he is entirely ignorant of the nature of mercantile accounts ; and
second, that he had been grossly imposed upon. To many of his
allegations a direct and positive contradiction was given, and in re•
lation to the accounts which he had criticised, full and sufficient ex-
planations were afforded either by the Stipendiary Auditor or the
Chairman.
The eminent accountant, Mr. Coleman, who is also a shareholder,
spoke to the substantial correctness of the accounts, though he ob-
jected to the form.
Mr. Hutton was supported by a Shareholder, who is stated to be
the accountant of a late Director, and who has published a state-
ment which the Board does net hesitate to describe an a gross per-
version of figures.
Mr. T. A. Hankey spoke to the accounts, and he proposed as a
further amendment that they should be referred to some two emi-
nent accountants.
Gentlemen—To Mr. Hankey's proposition, just and reasonable in
itself, the Chairman for himself and the rest of the Directors instantly
assented. He seed they would willingly adopt that course. And
why ? Because accounts rightly kept, and rightly vouched, will
tear any examination, provided that examination be conducted in
an honest spirit for a proper end. -
After discussion, Mr. Raikes Carrie expressed a wish to withdraw
his amendment, that that of Mr. Hankey might be put, and Mr.
Hutton and his friends refused him what he sought.
Well, gentlemen, the report was to be rejected—the Board were to
be treated with contumely—you were to be refused a dividend, be-
cause the accounts were alleged to be incorrect; and the proposition
to have them examined by dispassionate and competent persons is
refused all consideration. Do you require a stronger proof that a
faction is attempting to sacrifice your interests to its own desire of
power ?
The amendment of Mr. Raikes Currie was finally carried by a
show of hands, and the shareholders, opposed to that resolution, de-
manded a ballot.
The meeting then adjourned to the hour of noon on the 22d
inst., at the London Tavern, when the result of the ballot will be
declared, and the business proceeded with. When the meeting re-
amen bles, if Mr. Hankey should not ,dhere to his intention of
moving a resolution as to the accounts, the Chairman, on behalf of
the Board, is prepared to move that they shall be submitted to the
examination of one or more eminent accountants.
In the Report, the Board felt itself obliged to speak with reserve;
but the conduct of the patty now opposed to its policy compels a
plain statement, whatever may be its influence on the Company's
interests.
The question of a Dividend is entirely for your decision.
However the accounts may be dealt with—whatever may be the
value put on the several assets, this at least is a fact which is not to
be disproved, that during the first six months of this year a net profit
of 34,995/. 19s. 4d was realised, and the assets were increased by the
sum of 57,6421. 3s. 6d.
During the six months now current the profit derived from the
employment of your ships has been very large ; that must continue
for some time longer, for they are chartered for periods which do
not expire without notice ; and the B:,ard have little doubt that each
of your ships, as she returns from Australia, will be chartered.
Nearly five months of the half year have expired, and therefore it
is not bold to state that your gains during the present half-year, in-
clusive of that on the sale of the Prince, will be, it is estimated,
from ninety to one hundred thousand pounds from the Government
alone.
The Company's gross receipts, inclusive of the charter of the
Indiana, are 28,7411. per month, the Government providing fuel.
The argument which the Board wish to present to these share-
holders who seek to sell the Company's property forthwith is this—
that the advantages derived from the present employment of the
ships are much in excess of any reasonable depreciation, whether it
arise from the deterioration of property, or depression in the de-
mand for steamers, or from both.
Gentlemen, the Board repeat that at the proper time the Directors
would gladly, with your permission, sell a part or the whole of your
fleet. If you rt fuse them T our confidence, and restrict their discre-
tion, insisting on an immediate sale, or within a limited period, you
WI 1, without a doubt, inflict on yourselves a heavy and disastrous
loss.
At the general meeting the directors affirmed, through the Chair-
man, that they are prepared to resign their places to any gentlemen
who are independent of the baneful influences which have so long
been at work ; but they are equally resolved by every means which
can be legally and honourably used, to resist the objects of the fac-
tions movement, which they have not hesitated to denounce.
The Board earnestly urge you to look to your proper interests.
To evade that provision of your deed which limits tire number of
votes in proportion to the increase of stock, shares have been trans-
ferred for a nominal consideration to persons (clerks and others) by
whose means greater power may be exerted at your meetings. Such
expedients may be pursued to a greater extent. The warning is
given, and it is for you to profit by it.
Confident in the integrity of their conduct, in their earnest desire
to preserve the interests committed to their hands, and in the cor•
rectness of their policy, the directors ask your support at the ballot
about to be taken, and at the adjourned meeting.—By order of the
Board. J. L. O'BEIRNE, Secretary.
27, Cannon-street, Nov. 16, 1854.