The Sun.
London, England, 1856-10-16 00:00:00

NEWMARKET RACES.—(This Day.)

(BY ELECTRIC TELEURAPII.)
SWEEPSTAKES FOR TWO YEAR OLDS.
Winner to be sold for 4001.

Inspiration
Admiral of the White
Four ran.
SWEEPSTAKES FOR TWO YEAR OLDS.
Winner to be sold for 3001.

Old Fadlion
Flyaway ...

Five ran.

LATEST BETTING.

CAMBRIDGESHIRE•
100 to 30 agst Vengeance (taken)
15 to 1 agst Pole Star (taken)
DERBY.
1006 to 15 agst Arsenal (taken)
1000 to 15 agst Adarnas (taken)

ROYAL MAIL STEAM PACKET COM
PANY.—(This Day).

THE PANAMA ROUTE TO AUSTRALIA.

The general meeting of the proprietors in this under-
taking was held this afternoon at the London Tavern,
Bishopsgate-street ; Captain Mangles, chairman of the
Board of Directors, in the chair. There was a full at-
tendance.

The Secretary (Mr. R. T. Keep) having read the
notice convening the meeting, the directors' report was
taken as read, an abstract of which was p"Wished in
Monday's Sun.
the CHAIRSIAN adverted to a letter he bad re-
ceived from a proprietor relative to the investment of
100,0001. surplus fund belonging to the company, which
bad been invested as follows :—Consols, 34,1771. ss. Bd.;
London and South-Western Railway Debentures,
30,000/. ; Canada Debentures, 20,0311. 155. ; and
Shrewsbury and Chester Guaranteed Shares, 18,3311.
3a. 9d., making together, 100,5401. 4s. 5d., which had
been invested since 30th June last. After the payment
of the dividend there would be a surplus of 30,0001.
Ho said it was a matter of consolation to him to feel that

the acceptances were of a satisfactory nature. Two items

only of importance in the accounts on the debit side
x%quired notice from him, viz., general service and salaries.
With regard to the former, the increase was incurred in
the attendance at the naval review at Spithead, and the
shareholders had the satisfaction of knowing that, unlike
the Lords and Commons, they were not left behind.

(Laughter.) With regard to the latter, the increase
arose from a matter of account, and the appointment
of an extra officer as a kind of surveyor, &c. On the
credit side there was an increase of 25,0001. on passage
and freightage money, and there was a surplus of
190,0001, and after deducting for the loss of the Tay
there was a surplus on the insurance account of
200,0001. With regard to the insurance fund, it
had been said by Mr. Tuffnell, rightly, that
it ought to be put on a fixed principle, and
he had the satisfaction of saying that many of the direc-
tors concurred with him, and a surplus of 200,0001. on
that head was considered amply sufficient. The question
of wheLber any surplus should be placed to discount, or
considered a bonus, was one of no great moment. The
loss of the Tay was an unfortunate circumstance. Cap-
tain Strutt had always been considered a most careful
officer, and had been through the Gulf 14 times, and it
was in consequence of his knowledge of that part he was
selected by the managers for the station. The chairman
called on them to act as Englishmen, and not condemn
Captain Strutt in his absence, and unheard. He depre-
cated the assertion, that by the loss of the Tay the old
luck of the company was returning, and said that ainceJan.,
1849 when the Forth was lost (the last wreck), their
vessels bad steamed 4,026,825 miles, the fleet having to
visit by day and night 27 ports in the hazardous seas of
the West Indies. (Hear, hear.) The loss of the Amazon
was a matter ever to be regretted, but he thought it was
impossible to have guarded against it.
Mr. HAZELDINE complained of the meagre information
given by the Directors' report, and asked for an improve-
ment in this respect, because shareholders could not
know. too much of their affairs, and was the only prin-
ciple that should regn'ate the conduct of boards of di-
rectors. He asked how much they would have to write
off for the loss of the Tay
The CHAIRMAN-2310001.
Mr. HAZELDINE said he was glad of it. He called at-
tention to the proposed Panama route, and said it was a
serious proposition. The figures he would read be
thought sufficient to deter the proprietors from entering
into it, or if they did they deserved to lose their money.
DuringlBs4, 1855, and six months of 1856 the gross re-
ceiptslhad been 2,367,0001., whilst only 255,0001. had
been distributed amongst the shareholders as interest,
and a bonus of 51. in April last.

The CHAIRMAN said there was no intention on the
part of the directors to enter into any arrangement with
regard to tbe Panama route, without they first get what
they considered a sufficient subsidy from the Govern-
me .t and the colonies in the shape of postagee, &c.
After having obtained that promise the directors would
consult the shareholders, and would decline spending a
shilling utAil they had their approval.
Mr. HAZELDIN said ho thought the directors had no
right to drag an unwilling minority into such an arange-
mi nt, which was foreign to the purposes of tha com-
pany.

Mr. QUILTER asked why the 78,0001. earned by the
company after the deduction of 18 per cent. for expenses,
was not distributed amongst the proprietors, and he also
wished to know why the directors kept2oo,oool. surplus,
they having stated they had more ships than they wanted.
He was not satisfied that the investment of the surplus
by the directors was the best, and said he should like to
receive his share of it and invest it in securities of his
own choosing. He objected to their adopting the working
of the Panama route to Australia.

Mr. BELL urged the opinions expressed by the proprie-
tors on a former occasion for the guidance of the directors,
viz., that, after baying debited against the expenses
everything the directors thought right, to divide the
surplu4. He called attention to the earnings of 100,000/
and a6ked what had to be deducted from it.

The CHAIRMAN said that, atter allowing for the neces-
sary deductions, and the payments of the dividend, there
would be a surplus of 50,000/.

Mr. BELL asked if it was put by to provide a Panama
fleet. (Clear, hear.) The proprietors ought to divide
the whole of the earnings of the company.
After some further discussion,
The CHAIRMAN said that, looking at the coming quar-
ter year, and that 80,000/. out of the 190,0001. was
owing to the profits of the transport service, and that
42,0001. had to be provided as reserve, it was impossible
for the directors to offer a larger dividend than 21. per
share. It was desirable to have bonuses, but still more
so to have regular dividend?. The directors had no
wish to keep the proprietors' money, and considered they
bad made as good au investment of the surplus as pos.
sible for their benefit. They were now suffering the
penalty for paying too high a dividend in 1853.
Mr. Qteremitu said the Chairman had not answered his
question.
The CHAIRMAN said that at the end of the year he
should be able to give an answer to the question.
Mr. QUILTER hoped there would be no loss of memory
then. ( Hear, hear.)
Mr. BELL said the proprietors wished to impress on
the board their feelings, and had no desire to cast censure
on them by carrying an amendment and the adoption of
the report.
The CHAIRMAN said the recommendation of the meet-
ing should be attended to.
The report was then unanimously adopted.
The CHAIRMAN said that with regard to the Panama
route, that though there was a majority of the share-
holders in favour of it, the directors did not consider it
sufficient for the immediate adoption of the service. Tbey
suggested the calling the shareholders together at some
future period, and as soon as the directors had a suffi-
cient subsidy promised for carrying the mails. 10 the
meantime they would arrange for obtaining a supple.
mental charter.
Mr. QUILTER asked if the directors could carry out the
route if any one proprietor dissented
of conveying said under
the
I &ytrenduir(eseotl
directors
etorh tdo theth e company)
power
mails to wherever they could get a contract, and to pro-
ceed to any place, auxiliary to that service. The
Directors had the power of adopting the Paname
ratite, with the conveyance of mails, without consulting
the shareholders if they thought fit.
Mr. QUILTER referred to the circular that had been
sent out with reference to the Panama route, and asked
how many shareholders had assented to the route.
The CHAIRMAN said that the directors had received
answers favourable to the route from 145 individuals,
amounting to 293 votes a,, ant from. Si individuals, or
204 votes.
Mr. QUILTER asked what would be considered a
msj rarity for the guidance of the directors, and if the
directors were unanimous ?
The CHAIRMAN said they were, and that there were
double the number of shareholders who had not replied
to the circular to tLose who had.
Mr. MAYNORD said the object of the supplemental
In answer to further questions,
charter would be to raise money to work the Panama
route.
T.te CHAIRMAN again pledged the meeting that the
directors would do nothing towards:the Panama route
without consulting the shareholders. He had great
hopes of extending the service to New Zealand,
Tile meeting shortly after terminated.