The Sun.
London, England, 1854-03-07 00:00:00

GENERAL SCREW STEAM COMPANY.

A special meeting of the General Screw Steam Company
took place yesterday to bring before the shareholders the
question of abandoning the contract for the conveyance of
mails to India, and alio for obtaining their assent to an
arrangement with the Postmaster-General for the trans-
. mission of future mails to Atstealia. The. chairman (Mr.
J. U. Ellis) stated that the reasons for recommending a
surrender of the Indian contract arose from the general
alteration in affairs since the commencement of that service.
The advanced prices of fuel, provisions, and labour had so
seriously interfered with their prospects that it had been
deemed prudent to suggest the proposed alternative. The
revenue derived from the trade exceeded the original
estimates, and, if the expenditure could have been regu-
lated in propertion, the shareholders, instead of being ad-
vised to relinquish the service, would now have been
receiving a dividend. The terms of the contract, however,
had always been considered onerous. It was evident the
members of. the Government were opposed to the principle
of subsidising companies for the conveyance of mails, and,
as they had declined to adopt any suggestion offeredin this
case for the amelioration of the pressure experienced, the
course recommended appeared to be the safest. With re-
gard to the negotiation carried on with the Postmaster-
General in relation to the Australian mails, the board
had at length obtained an arrangement which, it was
thought, would be-received as satisactory. The proposed
service is to be every alternate month from Southampton
to Melbourne via the Cape of Good Hope, the company to
go direct, if they please, and to employ whatever vessels in
their fleet they choose. The only restriction is with
reference to time, 65 days being stipulated for the
voyage out to Melbourne, with an additional five days
for despatching the mails to Adelaide and Sydney. For
every day in excess of these 70 days a penalty is to
be paid of 301. The port of departure for the colonies
is to be Melbourne, the homeward route being via
Cape Horn, and 67 days being allowed for it. Ac-
cording to the present postal route, the company are
to receive 6d. for every ordinary letter not exceeding half an
ounce, and so on in proportion, and for every book pack-
age not exceeding half a pound 3d. ; but no charge is to be
made for newspapers. If the Australian rate of postage
shall hereafter be reduced, then the company are to re-
ceive 3d. per letter, and a halfpenny on newspapers.
Should the result of the arrangement be favourable, a
monthly service may. then be entered upon. The contract
is not for a fixed period, but the postmaster may give 12
months' notice for its termination. If determined
in the first year, the company are to be paid a
penalty of 30,0001., in the second year 25,000/., in
the third 20,0001., in the fourth 15,0001., and in the
fifth 10,0001. The final clause stipulates that
all the mails by the two Capes shall be conveyed by the
boats of the company. In concluding his address the
chairman mentioned that the Golden Fleece is in the em-
ployment of the Government, and that some` of the other
ships will in all probability be taken tip. The vessels re-
turning from India could be, ut upon the. Australian line.
A great number of the proprietors, while agreeing with the
views of the chairman with regard to the Indian contract,'
urged that the route itself should notbe abandoned. With
respect to the Australian contract there Was little discussion,
but it seemed to be considered that the shareholders should
be put in possession of their real financial situation before
adopting any conclusion. The chairman explained that
when the next accounts aro presented they will not be
found so discouraging as has been apprehended. Asser-
tions have beau circulated of a loss on the Indian service
of 100,0001., tont, despite the difficulties they had been
compelled to encounter, it had not reached that amount.
An annindinente was then moved for a committee -of
investigation • but, as it was announced on behalf
of 'the board they should receive it as a vote of
censure, it was ultimately withdrawn. Finally, the•
following resolutions were passed unanimously. In
connection with the last the chairman, in answer to a ques-
tion, said that a negotiation was pending for the sale of six
of their ships, but he was not in a position at present to
enter into the particulars. He intimated, however, that
the fleet of the company is properly appreciated, and that,
if the proposal in question is arranged, the shareholders
will obtain a high price for their vessels :
That the surrender to her Majesty's Government of the
contract for the conveyance of the mails to and from India
via the Cape of Good Hope, is sanctioned by this meeting.
" That this meeting approves of the negotiation for a con-
tract with the Postmaster-General for the conveyance of the
mails to and from the Australian colonies viii the Cape of
Good Hope and Cap& Horn in every alternate month, and
authorises the commencement of that service, and such exten-
sions of it as • the board may think advisable.
" That the board are requested to take such other measures
as have or may become necessary in consequence of the
changes now. to be made in the employment of the fleet; so
that the company's property may be either realised or
employed beneficially."

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