The Sun.
London, England, 1848-12-14 00:00:00

NAVAL INTELLIGENCE.

PENINSULAR AND ORIENTAL
STEAM NAVIGATION COMPANY.
A dividend at the rate of 4 per cent. clear of income-
tax for the half-year ending the 30th of September last,
was declared at the meeting of the Peninsular and Ori-
ental Steam Navigation Company held yesterday. On
the topics contained in the report, which were various,
a long discussion ensued, but, although points of opposie
tion were mooted connected with the administration of
the undertaking, especially in reference to the contract
made with the managing directors, nothing tangible was
established, and the whole of the explanations given were
received by the great majority with unanimous approval.
Among other subjects brought under notice was that of
the insurance of the company's fleet, and the report
treating of this question, as well as of the funds identified
.with repairs and depreciation, contained a suggestion to
the effect that the board, after giving the matter careful
consideration, believed the time had now arrived " when
the proprietors might prudently, and with advantage to
themselves, discontinue, on the termination of the exist-
ing policies, the further payment of premiums to under-
writers." This recommendation, which was generally
mentioned in terms of approbation, was also carried in
the shape of a resolution. The debate being of a very
discursive character, and little opposition being presented
to the directors, inasmuch as the satisfactory announce-
ment was made that, notwithstanding the disastrous
events of last year, the company had not in the remotest
degree suffered, but had, on the contrary, compared with
the corresponding period of the previous financial year,
improved, both as regarded income and profits, its ulti-
mate tendency was wholly congratulatory, and although
an attempt was got up against the confirmation of the
election of new directors, the amendment proposed was,
in the end, left in a considerable minority.
The directors state in their report that, owing to the
depressed position of monetary affairs, they have
hitherto refrained from increasing their capital account
by the issue of new shares, but they now consider that
the period is approaching when they may be called to
raise such additional capital on advantageous terms.
The transit through Egypt continues to be conducted
in an agreeable manner, but Abbas Pasha, the successor
of Ibrahim Pasha, has signified that he :hall make fur-
ther important improvements in the transit arrange-
ments. The suspension of steam communication with
Italy, the discontinuance of the conveyance of the India
mail on tile 3d of the month from Southampton, Ad the
offer made to the Government for establishing steam
communication between Singapore and Sydney, were
circumstances severally alluded to, in all of which the
directors contend they have acted so far as they were
concerned, in a spirit of good faith both to the public
tad to their constituents. The vacancy in the committee
of management occasioned by the death of Mr. Wncis
Carleton, it is intimated, will in all probability be filled
up by Mr. Allan, formerly the company's secretary; and
as his appointment will be regulated on a reduced scale
of remuneration, the proprietors will, it is asserted, by ,
this means derive a considerable pecuniary advantage.
Adverting to the loss of the Ariel on the coast of army,
it is mentioned that her original cost, about two yeara
since, was 39,0001., and that she was insured to the ex-
tend of 15,0001. The accounts are in future to be open
to the shareholders for examination a week before each
meeting.
The steam fleet of the company, which is represented
as being in efficient working condition, now consists of
23 vessele, ranging from 400 tons and 150-horse power
to 1,800 tons and 520-horse power each. Three other
vessels are also in coarse of construction, one of 900 tons
and 350 horse power, andt wo of 1,250 tons and 450-
horse power each, but as the contemplated extension of
the company's operations in the Indian Sea and Medi-
terranean is for the present postponed, favourable ar-
rangements have been made for the sale of the Bombay
and the Vectis, so soon as they shall have been com-
pleted.
The accounts of the company for the year ending the
30th of September last, placed before the meeting for
the inspection of the proprietors, showed—
" That after defraying the ordinary disbursements of
the year, including the current repairs and insurance of
the company's fleet, and carrying to the insurance fund
19,9001., as the balance of premium on the estimated
amount of floating property not insured by underwriters,
there remains to the credit of the profit and loss on the
year's operations £140,531 '
" From which deduct the following items ;
" Depreciation of 5 per cent, on the pre- £
sent estimated value of the company's
ships for annual depreciation ... 40,000
" Amount paid the managing directors
on account of 5 per cent. commission,
or premium on net profits, for the
twelve months ending the 30th of
September •.. 2,700,
" Reserve to meet balance of expenses
in placing tour steam-ships on the
India and China stations ... • . 7,000
" Also the dividend paid for the six
months ending 31st of Aarch, 1848,
which amounted to ...

... 39,003

.88,703

There remains available for the divi-
dend now abut to be declared, and
to meet outstanding claims
•••
On the £5l 828"
Eastern subject of an ei fficient co operation with the
Archpelago Company, the managing directors
of the Peninsular Company have stated that they are
willing to afford the Eastern Archipelago Company all
the support in their power, consistent with their charter
of incorporation. Tney have also off, red to contract for
supplies of Labuan coal for the depOts of the Peninsular
Company at Singapore and Hong-Kong.

A AIAN AND Two HORSES DROWNED.—OD Sa-
turday about one o'clock, a person named Crawford, re-
sident in Musselburgh, observed a lad with two horses
and carts approach the Esk from the Fisherrow beach,
opposite the embankment to the north-west of the gas
work, with the evident intention of crossing the river.
As Crawford was aware that it was impossible to cross
that part of the river, tho tide being in, he call loudly to
warn the unfortunate carter. As the latter did not ap-
pear to hear him, Crawford rushed towards the river,
where he found the carter within about ten feet of the
Musselburgh bank, but unable to proceed farther, the
water being about seven feet deep, and the bank preci-
pitous. The carter had tied the reins round his waist,
and was clinging to the neck of one of the horses. Craw-
ford unfortunately could net swim, but he encouraged
the carter with assurance of safety, as soon as assistance
(which he had sent for) arrived. The horse, however,
in struggling to get free from its harness, was thrown on
its side, and the carter underneath. A crowd had by
this time collected, and ropes being procured, a man
named hunter, succeeded in reaching the carter, but life
was extinct. The body, with one of the horses and
carts, were got ashore at the spot; the other horse and
cart being carried out to sea, were observed by a fishing
vessel, an towed into Morrison's Haven. The carter,
whose name was Waddell, was in the employment of
Mr. smith, Crosgate Haugh, and was about 16 years of
age. lie had been on the beach for the purpose of pro-
curing gravel. Great caution should be observed by
carters in crossing the Esk, which is occasionally much
swollen by rain and by the tides, while the bridge is so
conveni..lit and accessible from all points, as to render
the fording of
.the river unnecessary.—Caledonian
Mercury.
EXTRAORDINAY ESCAPE.—As Captain Kernick,
of the Owlaoembe Mines, was descending one of the
shafts on Tuesday last the rope to which the bucket was
attached broke, and he tell a depth of 42 feat. Provi-
dentially he-wac'not hurt, and shortly after walked to
Ashburton, two miles.— Western Luminary,

---
PORTSMOUTH, DEC. 13.—A plan is in contemplation
for altering the Retribution steam-frigate, 1,640 tons.
800-horse power, to a screw-ship, with an auxiliary
power of 70-horse, to serve as a troop-ship. In the
" great blue book" (Report on the Navy Estireas) we
find the following respecting this and other steam. fail-
ures (so called):—
List of the Steam Navy, divided into three classes:—
First class: largest class of steamers (above 1,800 tonsil—
The Terrible-1,800 tons; 800 horse power; greatest
speed, 12.5 miles per hour. This ship, from her lige
power and size, should have done 'Sixteen miles as Motu'
easily.. Cost .101,0001.. A more useful, of the same
class,-can be built for 90.000/.—E. Lang. _
The Retribution-1,640 tons; 800 horse power; great-
est speed,-13.2?-12.2 miles per hour. Said to be unser-
viceable altogether. Ought to be crank from her pro-
portions.—Surveyor.
The Sidon-1,328 tons; 560 horse power; greatest
speed, 13? miles per hour. Should have done fifteen miles
an hour; is crank as I have seen her. Cannot sail when
empty. Costi—Sir C. Napier.
The Penelope-1,616 tons; 625 horse power; greatest
speed, 9.6 miles per hour. A French frigate ruined. Con-
verted to a steam ship. Useless except as a troop-ship.
Slow. Cost.?—Surveyor.
The Odin-1,326 tons; 560 horse power; greatest
speed, 11.0 miles per hour. Cost 80,0061. Slow. Equally
good ship for less than 70,0001.
The Avenger-1,444 tons; 650 horse power; greatest
speed,,9.9 miles per hour. Since lost. Slow.
The Amphion-1,474 tens; 300 horse power. Said
to be an experimental failure in machinery. A frigate
cut down.
Mr. Thomas Downes, a warrant-officer of much expe-
rience, having latterly been boatswain of the St. Vincent,
Qum,- -A-gtenourty &c:;- --reeentlrrprminted Master-
Rigger of , Devonport Dockyard, is appointed to this
dockyard, vice Mr. Andrews, appointed to this establish-
ment, but who exchange:4 with Mr. Downes.
Wind,S.S.E.,. light breezes, and;hizy wee they, &paw.—lt'itontinue in its present quarter, Sir Charles Na-
pier's .squadron will put to sea to-morrow'moreing. stx
Charles went to Osborne to-day to pay his respects to
her Majesty
,prior to sailing. The Fairy waited on the
gallant Admiral:

DEC. 13.—The Advice, steam-vessel,
having been refitted at this dockyard, went down the
river to-day to try her engines, under the charge of
Lieutenant: Robertson, with Mr. Rigby and Mr. Cassey,
assistants to the Chief Engineer, and returned shortly
after two o'clock, having been found to answer very well.
A great number of hands are employed in shipping the,
guns on board the Arrogant steam-frigate, and making'
her rea4 for triaLand tor.,.commissioniiig• . .
The" Janus st6t4E-:'t.:essel' .is' under the shears in tho
inner basin; having her guns put on board, and will
shortly be ready for sea.
The Basilisk steam-vessel has been brought down to
Woolwich, to be made ready for trial with the Niger
steam-vessel, fitted with screw propeller.
The quantity of work now executed in the factory
department. here is considerable, and only the best work-
men employed, under able superintendents, which in-
sures the articles being made- in the best manner, so
essential in work connected with steam-engines.
Letters have been received here, stating that the Su-
perb, 80 guns, is making ready for sea at Portsmouth.
with the greatest dispatch.