The Sun.
London, England, 1851-10-10 00:00:00

Deputy BEDFORD seconded the motion, which was
carried unanimously.
The Court then adjourned.

THE ROYAL MAIL STEAM
PACK ET CO M PANY.
The meeting of this company yesterday was very
numerously attended, the discusei-o.n being of an in-
teresting character. The dividend declared, as re-
commended in the report, was 2/. per share, an
anindinent moved by Mr. Ridgway, for its increase
to 21. 10 ;., experiencing a defeat by an enormous ma-
jority. In commenting upon the affairs of the un-
dertaking, Mr. Ridgway alluded to its regress
from the earliest date. He also went thrielu 'll its
financial career, detailing the success of later years,g
and expressed his opinion that' a larger dividend ought
to be distributed. In this he was confirmed by the
position of the reserve and insurance funds, and he
contended that before extraneous sources of profit,
such as it was predicted would arise from the exten'-
eion of steam communication with Brazil and from
assistance being given to the Panama Railway, were
looked to, those who had embarked their capital in
the original enterprise should be permitted to receive
the fair fruits of their adventure. With respect to
the ultimate prospects of the company, he 'considered
them to be of a most satisfactory character ; but,
while this was the case, he thought that the removal
of the port from Southampton to Milford Haven
would be attended with advantages likely to realise
an increased prosperity; other proprietors disagreed
with the suggestions thus thrown out. Assist-
ance to the Panama Railway was alleged by
two or three speakers to be well-timed, par-
ticularly as the route to: Australia through
that channel was considered to be readily available,
and the spirit of American enterprise which had
been shown in connexion with Nicaragua ought to
be accepted is a salutary warning not to neglect
such important interests. The present rate of divi-
dend was not such as might be eventually expected,
but, recollecting that the directors had entered upon
an extension of the operations of the company with-
out requiring calls, it was generally admitted that it
would be advisable to leave an increase of dividend to
their,;discretion. The chairman (Mr. Thomas Baring,
M.l'.) explained the position of the board. The dis-
cussion produced by the amendment of Mr. Ridgway
was not regretted, since it afforded the executive an
opportunity of detailing their views with regard to
the management of the undertaking. The chief points
argued had been in connexion with assistance to
the Panama Railway, the desirableness of possess.
ing Milford Haven as a seaport, and the absence
of an increased dividend. These could be an-
swered to the satisfaction of the proprietors. The
aid it was contemplated to afford the Panama
Railway would ultimately increase the traffic of the
Royal Mail Company, who had :already experienced
the benefit of similar co-operation with the Govern-
meat
of New Granada. The removal of the port
from Southampton to Milford Haven could not be
entertained, as a trade between France and the
Brazils had sprung up at the former place, which
deserved to be encouraged. It would have been
agreeable to the directors to declare an increased
dividend, but they felt under present circumstances it
could not be judiciously recommended. The service
of the company in its fresh sphere of operations re-
quired a large outlay, and the five new vessels pre-
paring would cost about4so,ooo/., of which 300,000/•
had already been paid. When therefore the proprie-
tors found that the reserve fund was absorbed, and
the insurance fund was in a fair way to be exhausted,
he thought it would be considered highly indiscreet
to propose an increased dividend before arrangements
were made for other contingencies. The amendment
for an increased dividend at the rate of 2/. 10s. per
share was then put, and, having been lost, the origi-
nal motion for the adoption of the report was car-
ried in the usual form. Before the complimentary
votes were passed, it was stated, in answer to a pro-
prietor, that the contract of the company with the
Government was for a period of eleven years, with
one year's notice.
The following is an abstract of the report :
"The working account for the last six months of the
current year, which has been transmitted to each of the
shareholders, will not admit of comparison as to its va-
rious items with any working account hitherto presented.
The change of routes upon the West India line, which
took place in August, 1850, affects both the receipts and
disbursements; and in January last the company opened
a new lino of steam communication with the Brazils and
the River Plate, requiring considerable expenditure in
hiring premises, establishing stocks of coal at various
depits, preparing moorings, &c.; all of which, as well as
the receipts, are exhibited in working account, giving a
surplus of 100,6541. Ss. 83. upon the first half of
1851; being 21,1251. 17s. 10d. over the surplus of
the corresponding half of the previous year. At
the same time that the directors feel satisfied with
the company's prospects, they are convinced that
there is always loom for improvement, and that
it will still be their duty to exert every effort
towards affording the most extensive and rapid postal com-
munication, combined with the greatest amount of public
accommodation. With this conviction the five largest class
new steam-ships now in preparation were ordered to be
built; and, acting upon the same principle, the directors,
finding that their screw steamer the Esk did not accomplish
the requisite speed, or offer sufficient passenger accom-
modation for the River Plate, a purchase was at once
made of the new iron paddle-wheel steamer the Prince,
of 446 tons builders' measurement, with the nominal
power of 200 horses, which vessel had made an average
speed of 12 knots in one or two experimental voyages—
a rate which can scarcely fail to afford satisfaction—be-
tween Rio do Janeiro and Buenos Ayres, where she is
now stationed. The Esk being thus released from duty
in the River Plate has been sent to the West Indies,
where she will probably be employed hereafter to im-
prove some branch of service hitherto performed by sails
alone, and the company's schooner Larne, having been
nine years incessantly employed in a tropical climate,
was found to require such extensive repair that, as the
most advisable course, she has been sold by public auc-
tion. Since the general meeting of the shareholders the
five new ships building for the Atlantic service have all
been launched, and are now receiving or preparing to
receive their machinery. As occurs upon all such occa-
sions, causes of delay have arisen beyond the cotttroul of
the directors, but there is reason to hope that the whole
of these ships may be completed in time to commence
running between Southampton and Chagres in the begin-
ning of Jan. next; and the directors take this opportunity to
reiterate their former assurances that not only these five
ships, but the Prince also, will be paid for without the
necessity of making any call upon the shareholders. The
directors congratulate the shareholders upon the com-
mencement of the Brazil line of communication, as,
notwithstanding the difficulties inseparably connected
with a new enterprise, particularly with foreign nations,
all parties are concurred in expressions of satisfaction at
the regularity already exhibited, and the accommodation
afforded. The directors have not lost sight of the im-
portance which, as, was stated in their last report,
must, in the present state of the communications with
the Pacific, be attached to the early completion of the
railroad across the Isthmus of Panama; and of the great
interest which this company has in a safe and expeditious
system of transit between the two oceans upon the most
favourable terms. To insure this object the directors are
still in negotiation with the Panama Railroad Company,
and are prepared to adopt the same course which has
been pursued by those connected with the American
Steam-packet Companies, by a loan of money for such a
moderate amount and on such security as may appear
eligible. Notwithstanding the decision of a Select
Committee of the House of Commons in favour of a
steam communication with the Australian colonies vii the
Cape of Good Hope, it has found so little favour with the
mercantile community, that the directors feel convinced
the route by the Isthmus of Panama offers superior ad-
vantages; and, even without a small contract, that
steam-vessels will probably soon be established between
Panama and Australia. This would so manifestly tend
to benefit the interest of the Royal Mail Steam-packet
Company, that the directors will not fail to render every
assistance towards the promotion of such an undertak-
ing. The company's original charter of incorporation
contained a clause restricting the conveyance of passen-
gers, specie, and other merchandise by the
company's
vessels 'to and from such ports and places, and at such
times, as may be defined in any contract or contracts for
the time being in course of fulfilment for the conveyance
of the mails.' As it was considered this restriction
might under certain circumstances be found detrimental,
the directors submitted the case to the Queen in Council
and her Majesty has been pleased to grant a supple-
mental charter, by which the company's vessels may
now be employed in any branch service, whether with
or without mails on board, at the discretion of the court
of directors. The same reasons that operated in April
last against an immediate increase of the rate of divi-
dend apply with nearly equal force at present; as the
shareholders will readily comprehend the necessity that
exists for restoring the reserve and insurance funds, as a
prudent provision against casualties, and to afford
.meansii
of encountering competition. With this cony a
therefore, the directors recommend a dividend for° the
first half of the current year at the rate of 21.
(free of income•tax), payable on and f r,from the
pe sharel4th
instant."

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