The Sun.
London, England, 1847-10-15 00:00:00

•
than half that amount. It was a source of great con.
gratulation that the insurance fund was un-
touched by the loss of the Tweed ; but that
was an additional reason why the dividend should be
increased. Then the large reserve fund did not
yield all the advantages that it should. Besides, an
increase in this respect would place their shares in a
better position in the market.
A SHAREHOLDER—HOW do you make out that?
You paid 751. for your shares.
Mr. RIDGWAY said he reckoned 51. per cent. inte-
rest on the original amount paid by him.—(Cries (,1
" Oh, oh," and laughter.)
A SHAREHOLDER—.Then your watch cost you
more than the money you paid for it ?
Mr. RIDGWAY—I derive advantage from my watch,
but I do not from the money I have deposited in this
company.—(llear, hear.) Having the station at
Southampton was unprofitable to the company and to
the:West Indies—(Hear, hear) —because loss ensued
in the landing of the mails, which might be avoided
if the station was at Falmouth, or some port on the
west. An addition of ss. to the dividend would not
consume more of the funds than 3,7001., and would
leave 12,3731. to place to the reserve fund, which, he
considered, would be a better mode of using the
money than locking it up in Consols. On these
grounds he begged to move that the 2001. to Captain
Chappell be disallowed, and that the dividend be in •
creased to 2/. per share.

Count BARWIN seconded the amendments.
The CHAIRMAN said, if it was the wish of the meet -
ing he would reply to the statements of Mr. llidg..
way, but this appeared to him unnecessary after what
had taken place, and the statements in the report.
The company put the best wine in the boats, and the
captain was responsible for it ; he must either return
it or the money for its sale. It was not included in the
passage money, and was paid for, of course, by
the passengers. Unless the wine was of the best
quality there would be no end to complaints.--
(Hear.) It was a matter of detail, into which he
did not think the proprietors would like to enter
—(Hear, hear.) The 2001. to Captain Chappell, in
the shape of a compliment from the directors and the
company, was for his conduct,in the transaction,to which
he had referred. The passage of the boats by way
of New Orleans did not rest with the company, hut
with the Government, which had the power to send
the packets in certain latitudes. But there was
that sort of friendly communication between
the Government and, the company which did not
lead to the inference that the Government would do
anything injurious to the interests of the company.
(Hear.) The directors were rather of opinion that
before long this passage would prove profitable to the
company, as people would get into the habit of com-
ing to Europe without going round by New York.
It would take time, however, to change the habits cat
passengers. With respect to the dividend, he thouglA
it would be imprudent for the proprietors to go be,
yond the recommendation of the Court of Direct.)rs.
The insurance fund was not quite so satisfactory as
they could wish, it was, however, accumulating.
The reserve fund, also, was not quite so large as it
should be. Suppose, for instance, their contracts with
the Government suddenly terminated, where were
they to get the funds to repay 601. to each ofthe share
holders, if the funds were all distributed in dividends
They must not eat all their cake at once. In reply
to Captain Warren, who stated that the salaries hal
been increased by 1,0001. since the last meeting, the
Chairman stated that the salaries of clerks and others
were increased as they advanced in servitude and
life. The salary of the manager, who was about
going to the 'West Indies, and also of Capt. Mangies,
one of the managing directors, had been increased
No increase had taken place which could have been
avoided. Unless they remunerated their servants
properly they could not get their work done in an
efficient manner.—(Hear, hear.)
The amendment having been lost by la large majo-
rity, a vote of thanks was passed to the Chairman and
directors, which was suitably acknowledged, and the
meeting broke up.