The Sun.
London, England, 1846-10-16 00:00:00

ROYAL MAIL STEAM-PACKET
_ _ COMPANY.

A general.half-yearly meeting of the directors and
proprietors of this company was held, at one o'clock yes-
terday, at the London Tavern. Notwithstanding the in-
auspicious state of the weather, a considerable number
of proprietors attended. Thomas Baring, Esq., occupied
the chair.
The CHAIRMAN said, owing to the absence of the
Chairman of the company, he had beets requested to
take the chair on that occasion. He did not know that
it was necessary for him, at the commencement of the
meeting, to make any other observations beyond con-
gratulating the proprietors upon the regular operations
of the company, and upon its favourable prospects. He
then called upon the Secretary to read the report and
financial statement.
The report set forth that, at the corresponding meet-
ing last year, the directors announced that they had
succeeded in arranging with her Majesty's Government
the preliminaries of an amended contract for the com-
pany, placing its affairs upon a more satisfactory basis,
and they may now add that the new agreement has since
received the formal ratification of both parties. The
company's ships continue to arrive and depart at the
various places, both abroad and at home, with the
greatest regularity, and the manner in which the ser-
vice is conducted appears to afford general satisfaction.
Since the last meeting of the proprietors the contem-
plated arrangements for conveying passengers and
treasure across the Isthmus of Panama have been com-
pleted; and other means are also in progress for faci-
litating to the utmost this important traffic. The
additional number of persons travelling by the com-
pany's ships have rendered it necessary to extend
the cabin accommodation, which has entailed
considerable expense on the company, but this will
no doubt be fully compensated by increasing the receipts.
The amount now invested on the insurance account is
50,7731. 4s. in Three-and-a-Quarter per Cent. Stock,
and the claims hitherto against this fund have been very
inconsiderable. It will be observed that upon the total
expenditure the working account now presented shows
an augmentation over that of the first six
months of last year, amounting to 3,8631. 3s. Id,
which arises principally from an increase under the head
of " provisions," occasioned by the greater number of
passengers • and it affords the directors much gratifica-
tion that they are enabled to exhibit an augmentation in
• the receipts, amounting to 10,3321. 18s. lid., showing
therefore an increased surplus of 6,4691. 15s. 10d. over
the corresponding period of last year. Looking at this
steady improvement in the company's finances, and
having no reason to doubt its continuance for the subse-
quent six months of the present year, the directors feel
justified in proposing an addition of five shillings per
share to the dividend, making it for the half-year ended
30th June last, 11. lss. per share, to be paid free of de-
duction on and after the 19th inst.
The financial statement submitted to the proprietors
showed the disbursements for the half-year, from the
Ist of January to the 30th of June last, to be 146,123/.
6s. 3d., and the receipts for the same period 195,014/.
16s. 4d., leaving a surplus, 48,891/. 10s. Id., being a net
increase of 6,469/. 15s. 10d. over the preceding half-year.
The CHAIRMAN moved the adoption of the report.
Mr. RIDGWAY seconded the motion. He said he was
one of the original proprietors of the company, and
that he held 25 shares ; and, therefore, whatever he
might say with respect to its affairs, or the proceedings
of the directors, was only dictated by one feeling—
namely, the good of the undertaking in which they had
embarked their capital. He did not hesitate to
state that in his opinion there were many grounds for
bringing some grave accusations against the directors.
During the last few months their income had been ma-
terially increased—perhaps the directors did not think
it proper to mention this important fact to the pro-
prietors, but it was right they should know that a great
increase had taken place to their income during the
last few months. He wished therefore to have a reply
to this question, whether or not in the course of one
month, August, since the making up of the accounts to
the 30th of June, the profits had been greater than
during the entire preceding half-year?—(Several
directors, " No, uo.") If he was not correct
in this assumption at any rate the increased
profits formed a very large item ; and the
fact was one, as he had said, of which the proprietary
ought not to be kept in ignorance, especially as it was
of a nature to encourage those who had supported the
company under all the disadvantages under which it had
formerly laboured. In the report presented at the
last meeting the shareholders were informed that the
profits had materially increased; and an Honourable
Proprietor who was present on that occasion—Mr.
Stuart—expressed an opinion to the effect that the
dividend ought, on the showing of the accounts, to be
at least seven and a half per cent. Now those who had
borne the brunt of this great undertaking ought not to
be left with the small additional increase on their divi-
dends of the half-year mentioned in the report. They
ought to have some benefit from the capital
they had invested, and not be left to the fluc-
tuations of the money market, for the com-
pany had stood well amidst the difficulties
which had attended all joint-stock companies during the
last few years. To show the increased value of their
shares, he might state that some time ago he bought
some shares at 12/., on which 60l had been paid, and
although they were purchased at so small a rate, they
were of great value in the market at the present moment.
A. very large fund had been reserved to meet any
casualties that might occur to the company's ships, but
it appeared to him that they had a sufficiently ample
reserve fund to meet any exigency that might occur,
without adding to that fund what ought legitimately to
be applied to the dividend fund. The report stated that
the new arrangements the directors had made had given
great satisfaction ; still he had heard complaints made
by parties that they had been shifted during their
journey from one boat to another, and that their position
in one ship was altered when they were removed to an-
other. Unquestionably this was a course which entailed
the greatest inconvenience upon their passengers, par-
ticularly upon ladies. There were also complaints that
the wine was of an inferior quality. Though he had
named this on a former occasion, and though it was
treated as an immaterial matter, still he thought it was a
matter of the utmost importance.—(Hear.) There
should be no ground of complaint on this head, because
the passengers paid a good price, and it was to the ad-
vantage of the company to induce them to patronise
them as much as possible. However, they could not ob-•
ject to the reception of the report ; he hoped, however,
that something would be done before long—before the
next meeting. Perhaps before then the directors would
voluntarily declare an increased dividend in the shape of
a bonus.
The CHAIRMAN explained that the increase of dividend
for the half-year was ss. on every share of 60/., or 31. 10s.
per share. He (Mr. Ridgway) was wrong in saying
that there was only quarter increase.--(Mr. Ridgway
intimated that he did not say so.) The Hon. Proprietor
had been most censorius for many years, so much so
that he was the last person from whom he should have
expected a recommendation to increase the dividend,
inasmuch as no one was so prolific of predictions of evil
to the company, in fact speech appeared to have been
given him to conceal his thoughts. It was true he
had a perfect right to censure the directors, whose
duty it was to listen to all he or any other Hon.
Proprietor might address to them, but he would allow him
(the Chairman) to state that no one had depreciated the
amount of dividend more zealously than the Hon. Pro-
prietor had done, when it was less than at present. The
Chairman then read a statement of thereceipts in August
last and in the August of last year. By that state-
ment it appeared that the Hon. Proprietor was in correct
in his data with respect to the extraordinary increase
which he stated had taken place since the making up of
the accounts. The whole increase, it appeared from
this statement, during the three months ending the 30th
of September, outward and homeward, was 6,8901. The
amount of capital received, he (the Chairman) cansidered
by no means too great fur the casualties which might
arise. The next accusation which the lion. Proprietor
brought against them was, that the statement in the re-
port, that their proceedings had given general satisfac-
tion, was incorrect. Nothing would have been more pre-
sumptuous than to have stated that their proceedings
had met with the approbation of the worthy proprietor
—(Hear)—but they were correct in stating that they
had met with " general satisfaction," which did not in-
clude the worthy proprietor. His next charge referred
to the removing of passengers.
Mr. RIDGWAY explained, that if a passenger took a
berth at Bermuda, he was liable to be removed to ano-
ther at Grenada.
The Cnentaosal said it was impossible to regulate
throughout a long voyage the irremovability of the pas-
sengers, because it was not easy to ascertain what berths
had been pre-engaged in the different colonies at which
the boats called. The wines had certainly been com-
plained of—(Hear, hear)—and the directors had given
their attention to the subject. They now employed two
instead of one wine merchant, who affixed their prices to
their wines, which was hung up in each, ship, so that the
passengers themselves could test the wines and disover
the best. Ile (the Chairman) urged the proprietors
not to declare an amount of dividend beyond that
which the circumstances of the company could
yield.—(Hear, hear.) The directors were naturally
anxious to increase the dividends, because they held a
large stake in the company, but when they looked to the
casualties—their great floating capital, and the shortness
of the contract they had now to run—they considered
the reserve fund not too ample, even although they had
• a 50,0001. insurance fund. Although their profits had
increased, no very great additions bud been made to their
capital stock.
The report and accounts were then received, and
ordered to be printed and circulated amongst the share-
molders.
Mr. C. MILLS highly complimented the directors on
the great interest they had taken in the company. No
direction of any company in the city of ,London held a
greater stake in any one company than they did in that
company.: Jnstead of paying 61. dividend, they did not,
in fact, pay more than 51., as they were then paying oft
three years of arrears. It should not, therefore, go
forth that they were accumulating
en
thelarge capital with-
out enhancing the dividends.
amounted to 25,000/. a year. The
lti insurance fund
their property was exposed
were great. One etoomwih)aincyh
presume), and
had lost one ship (the Great Britain,
by accounts received that morningtewehatilensarly lost
; aonodnodliurdeecd.
their remainiez one (the Great Wester 4
Artiyottiver+fte of thanks to the chairman
_aziartassice of tho continued confidence of the
t.,,tb-arehoideis- ,in;\ them, which was seconded by Mr.
TOyhtier. _
Mr."Rnaavar 7ould not object to the motion, but he
4ri 41, serionslyobjectetrto the conduct of the Hon. Chairman,
-e• .-evho had sought:to' prevent him from giving free exeres-
- Pon to the opiniop he entertained.—(Cries of " Order,
". iirder."),Jfewl6 perfectly in order, ai he was speaking
„on a inptionihich had reference to the conduct of the
'ehairinin anti thedirectors. lie wished it to be distinctly
understood that he should not hesitate to express his
pantacents oil the agffairs of the c0xPe41.7% I
Ho

asked if there were not ample grounds for censure ?
Undoubtedly there were. He hoped for the future that
the chairman would evince more courtesy to him when
he felt it his duty to remonstrate. He (Mr. Ridgway),
in his position of life, was as respectable as any one in
his (Mr. Baring's) father's house.

The Calmarl acknowledged the right of Mr. Ridg-
way to express his censure and as persevering y as he
had done. He was not aware of having offended the
Hon. Proprietor in anything he had said.
The motion was then carried, and the meeting se-
parated.

THE MANCHESTER CHAMBER OF
COMMERCE AND THE EAST INDIA SALT
'MONOPOLY.
(From the Manchester Courier.)
The subject of the salt monopoly of the East India
Company begins to attract very general attention. There
have been meetings on the subject in most of the large
towns, and last week the movement commenced in Li-
verpool, where, on Friday, meetings were held at the
Shipowners' Association, and the East India Associa-
tion, when in each case memorials were determined on
to the President of the Board of Control, and the Court
of Directors of the East India Company. The follow-
ing is the copy of a memorial agreed to by the Man-
chester Chamber of Commerce, which has been for-
warded to the Court of Directors of the East India Com-
pany. It will be remembered that we have previously
given a copy of a memorial from the Commercial Asso-
ciation on the subject :
TO THE CHAIRMAN, DEPUTY-CHAIRMAN, AND DIRECTORS
The Memorialoorefo u
theee ue
Directors ee sT INDIA
oft
the Chamber
COMPANY.
of
Commerce and Manufactures, at Manchester, respect-
fully showeth—
That your memorialists consider the system under
which salt is distributed in India to be so fraught with
evil as to demand from your Honourable Court imme
diate attention and correction.
That in placing their opinions before your Honourable
Court, your memorialists wish, at the same time, to ex-
press their perfect respect ; but believing that the salt
monopoly, as exercised by your Honourable Company,
is evasive of, if not repugnant to law, is indefensible in
principle, and injurious to the trade between Great Bri-
tain and ludin, they feel themselves bound in duty to
make such a representation to your Honourable Court
as they think the circumstances warrant.
That your memorialists consider the circumstances
under which salt is distributed in India to constitute a
monopoly, becaase although by law foreign salt may be
imported, yet have the regulations and duties attached
to the impost been so framed by your Honourable pre-
decessors, as to foster unduly your own manufacture of
that article, as is evinced in the letter from the secret
Committee of the Honourable Court of Directors, to the
Governor-General in Council, dated the 10th of May,
1816, and the answer thereto, from Bengal, dated the
llth of October, 1816.
That your memorialists consider such manufacture of
salt (or any other commodity, to be evasive, if not re-
pugnant, to law, because the Legislature, in constituting,
by the Act 3d and 4th Win. IV., cap. 85, your Honour-
able Company trustees for the Crown of England until
April 30, 1854, distinctly enacts that your Honour-
able Company_ shall discontinue and abstain from all
commercial business that shall not be incident to the
closing of your actual concerns, and into conversion
into money of the property thereinbefore directed
to be sold, or which shall not be carried on
for the purpose of the said Government. Your memo-
rialists recognise in this extract no power in your Ho-
nourable Company to commence or continue any ma-
nufacture ; but they find a positive prohibition against
continuing commercial business longer than may be ne-
cessary to close your then actual concerns. Your Ho-
nourable Company can have no more right to an exclu-
sive manufacture of salt, than it has to the manufacture
of sugar or indigo, or to the sole growth of cotton or
silk ; and your memorialists cannot look upon your con-
tinuance of any monopoly but as a contravention of that
condition under which your last charter was conceded,
namely, " your consent to suspend all right to trade for
your own profit in common with other his Majesty's
subjects."
That the salt monopoly in India appears to your me-
morialists to be indefensible in principle, because it mi-
litates against the first duty of a paternal government,
and is otherwise chargeable with many evils which can
and ought to be avoided. Your memorialists hold it to be
the first duty, as it is assuredly the wisest course of Go-
vernment, not to place obstructions in the way of a suffi-
cient and cheap supply of food for its subjects. The food
of the people of India is so little nutritive, and of so insipid
a character, that the use of salt in abundance cannot be
dispensed with without injury to the strength and health of
the people ; and is, in fact, of such necessity, that your
memorialists would hold it to be more humane to forbid
by law the sale of rice, without an adequate quantity of
salt, than to deprive the poor of that necessary condi-
ment through dearness. Your memorialists are con-
vinced that the retention of the sole manufacture of salt
by your Honourable Company adds greatly to the dear-
ness of it, irrespective of duty, because nothing ever has
been, or can be, produced so cheaply under a system of
monopoly as when left open to competition. The manu-
facture of salt by your Honourable Company is not only
not an exception to this infallible axiom, but has, at the
same time, been the cause of much oppression and cruelty.
Holding rice and salt combined to be one species of food,
your memorialists think that the interests of your
Honourable Company, not less than humanity and jus-
tice, require that salt should be offered to the people
of India freely—without duty on that which may be
imported, and without restraint on those who have it
at their doors. If the revenue hitherto raised
from salt be necessary to your Honourable Company,
it would be better and wiser to raise it from anything
rather than the daily food of the people. It cannot be
satisfactory to a Government to make the use of an
article so necessary as salt require the expenditure of so
large a portion of a year's labour as the Indian ryot must
now expend if he use salt, honestly acquired ; it cannot
add to the good order of society, or to the respect which
a Government demands from a people, if, through the
stringency of that Government a necessary article of
food be only attainable by many through fraud or theft,
or in a state of noxious adulteration, or perhaps not at-
tainable at all. Your memorialists believe all this, and
more, to be true of your salt monopoly in- India, and
therefore say that it is not defensible in principle.
That your memorialists believe the salt monopoly to
be injurious to the trade between Great Britain and
India, because the excessive price at which this article is
retailed to the consumer, absorbs. in the mass of the
people, means which would otherwise be applied to the
purchase of clothing. Large as is the income which your
Honourable Company derives from this source, it forms no
indication of the amount of pressure which bears upon the
consumer, nor would an approximation be obtained by
adding to that sum the cost of manufacture and collection;
a grievous aggravation which baffles all calculation
takes place in the hardness of price consequent upon
the existence of a submonopoly, and through adultera-
tion requiring the purchase of larger quantities in order
to obtain the necessary amount of antiseptic matter.
Your memorialists do not hazard an estimate of the
extra sum thus drawn from the consumer, nor do they
venture to guess to what extent the abolition of all duty,
and the introduction into universal use of better and
purer salt, would diminish the present expenditure; but
it is most certain that a very large sum would remain,
which, whether applied to the culture of land at home,
or to the purchase of manufaetures, or other commodi-
ties which India receives from Great Britain, would add
greatly to the industry of both nations, and, acting re-
productively, bring increased comforts to the one, and
enlarged commerce to the other. Your memorialists do
sot forget that if the tax should be removed from salt,
the necessities of your Honourable Company may render
it necessary to obtain a similar amount of revenue from
ither sources, whereby the same proportion of their
earnings might: be abstracted from the natives as is now
lone through salt. The reply, that they do not think
it possible that your Honourable Court could find any-
thing to which to transfer taxation that can so deplorably
depress the people as does the system now applied to
;alt; nor do they for a moment suppose, that your Hon-
ourable Court would desire to perpetuate a system of
raising revenue, handed down to you, which is founded
on principles repudiated by the wisest statesmen, and
eor which prescription is the sole, but most insufficient
excuse. Nor are your memoralists unmindful of the ob-
jection which has been started, that the sudden abolition
of your manufacture of salt might expose India to greater
distress than she now experiences, from an assumed im-
possibility of finding an amount of tonnage sufficient for
a due supply of salt. Your memorialists have no wish
to place the interests and comforts of India in jeopardy,
but they must be allowed to observe that they have as
yet known no instance in which, where competition was
open, supply had failed to meet all the requirements of
flemand. Your memorialists ask not for such a sudden
change of system as would endanger the fullest supply
for India, nor for any exclusive privilege for
Great Britain ; the interests of India and the
voice of humanity alike demand that she should draw
rier supply of this first necessary from whatever quarter
she can most profitably obtain it ; but they have that
confidence in the resources of Great Britain, that leads
them neither to fear competition, nor to feel apprehen-
sions about scarcity of tonnage. An inducement to carry
salt to India would not only furnish present outward
lenind vessels with a freight, which they now seldom
,btain, but would call into existence any new means of
transport that might be required. Indian ports which
now, from the balance of trade, frequently experience a
want of vessels, would receive a large increase of them;
the rates of freight homeward could, with equal or
greater profit to the shipowner, be reduced, and the pro-
duce of India be thus relieved from considerable charge
in the markets of consumption.
That your memorialists hold it to be impossible that,
in the existing state of commercial intelligence and in-
quiry, your Honourable Court can hope to retain much
longer a system so fraught with evils, and so irreconcil.
able with sound policy, as is your salt monopoly. They
will lament if your Hogourable Court defer, under any
plea, the immediate consideration of this important
question. Believing that, as trustees for the Crown of
England, you will be glad to apply to the government
of your trust, during the short remainder of your tenure,
those principles which are acceptable both to the Crown
and Parliament, your memorialists respectfully pray,
that your Honourable Court may forthwith take such
measures as will lead to a relinquishment of your salt
monopoly at as early a period as possible, consistent
that
'ricetshoe
oar eogdui aetdi oanss rt
oe g apredr
mi n
igt tihte
om pboer t
store o f sda / n
with the interim full supply to the people of India ; and
i
(not as bonding is practised in India, but as it is inbbeounsaecit
in E ngland), in any quantity, and for any length of
yo
tueyer.
on
enabled
netn(hdio
ust
srhoeaeosbysni
eefnutctori taot errrot
articlempm ruaa lyygea(b)treteh
fsaotothn
ddrt hruhee
gem
hstde deliberatio
ns
ue t a
allno dudf
l
finally abandoned, and that the sale thereof; is allowed
without restraint or limit.
Manchester, Oct. 8, 1846.