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..
in-
terday,ay, at the London Tavern. Notwithstandng
nthe
auspicious state of the weather, a considers 1
of proprietors attended. Thomas Baring' q.' occupied
the chair.
The CHAIRMAN said, owing
had been requested to the absencee of
thew
Chairman of the company, he
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
ns
con-
gratulating the proprietors upon the regular ope
i ratio
of the compe.ny, and upon ts 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 prop rietors 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
50,773 L 45., 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. 11d., showing
therefore an increased surplus of 6,469/. 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, IL 15s. 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 195,0141.
16s. 4d., leaving a surplus, 48,8911. 10s. Id., being a net
increase of 6,469/. 15s. I. over the preceding half-year.
The CHAIRMAN moved the adoption of the report.
Mr. llinoway seconded the motion. He said he was
one of the original proprietors of the company, and
that be 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 bad 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 we
month, August. since the making up of the accounts te
the 30th- of June, the profits had been greater than
during the entire preceding half-year?—(Several
directors, " No, no.") If be 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 alio had supported the
company under all the disadvantages under which it had
formerly laboured. In the report presented at the
3ast meeting the shareholders were informed that the
profits had materially increased; and an Honourable
Proprietor who was present on that occask n—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 cote-
piny 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 121., on which 60/. had been paid, and
alttfough they were purchased at so small a rate, the)
were of great value in the market at the present moment.
.4t. very large fund had been reserved to meet an:
Arsualties that might occur to the company's ships, bu:
it appeared to him that they had a sufficiently ample
reserve fund to meet any exigency that might occur.
wjthout 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 bad 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 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 601., or 3L 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 moat 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
hist 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 6,890/. The
amount of capital received, he (the Chairman) considered
by no means too great for the casualties which might
arise. The next accusation which the Hon. 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 CHAIRMAN 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
lord been pre-engaged in the different colonies at which
the boats called. The wines bad 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. He ,(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 floati'g 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 50,000/. insurance fund. Although their profits had'
increased, no very great additions had been made to their
capital stock.
The report and accounts were then feceived, and
ordered to be printed and circulated amongst the share-
solders.
Mr. C. MraLs 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 soy one company than they did in that
company. Insteal of paying 61. dividend, they did not,
in ttet, pay more than SL, us they were then paying off
three years of erre yrs. It should not, therefore, go
forth that
they were .accumulating
ut enhancing a large capital with-
o the divi Then the insurance fund
amounted to 25,000/. re year. The casualties to which
their property was ex co:Vt.,
Great
Britain.g reawt . e
had nearly
had lost one ship (the)company
they nearly lost
by accounts received that e-,0,-Wing
their remaining one (the Great "NrestArn). lle concluded
by passing a vote of thanks to the' chairman and direc-
tors, expressive of the continued confidence of the
shiirelielders in them, which was seconded by Mr.
Pol
Mr. Rrnowav would not object to the me" lion, but he
seriously objected to the conduct of the Hon. 'Chairman,
who had sought to prevent him from giving fr cs expres-
sicn cn the opinion he entertained.—(Cries of "Order,
order.") He was peens, illy in order, as he was socaking
on a motion which had reference to the conduct a the
chairman and thedirec tors. He wished it to be distinctlY,
understood that he sh ould not hesitate to express his
.sentiments on the "fairs of the company. Be