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

/tad Co's. Dock with four mstal bolts in his possession,
and be was taken into custody.

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

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THE PANAMA. ROUTE TO AUSTRALIA.

The general meeting of the proprietors in this under-
taking was held this afternoon at the London Tavern,
Dishopsgate-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 published in
1.40 (lay's Sun.
The CHAIRMAN adverted to a letter be had re-
ceived from a proprietor relative t 3 the investment of
100,000/, surplus fund belonging to the company, which
bad teen invested as follows :—Cons6is, 31,177/. ss. 3d.;
London and South-Western Railway Debentures,
30,000/. ; Canada Debentures, 20,0311. 15s. ; and
Shrewsbury and Chester Guaranteed Shares, 10,3311.
3s. 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.
He 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
required 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. o❑
that bead was considered amply sufficient. The question
of whether any surplus should be placed to discount, or
considered a bonus, was one of no great moment. The

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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 returDing, and said that since Jan.,
1849 when the Forth was lost (the last wreck), their
vessels had steamed 4,026,825 miles, the fleet having to
visit by day and night 27 ports in the hazarious 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. HASELDINE 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 regulate 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-23,0001.

Mr. HAZELDINE said he was glad of it. Ho called at-
tention to the proposed Panama route, and said it was a
serious proposition. The figures be would read he
thought sufficient to deter the proprietors from entering
into it, or if they did they deserved to lose their money.
During 1854, 1855, and six months of 1866 the gross re-
ceipts.had 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 the Panama route, without they first got what
they considered a sufficient subsidy from the Govern-
ment and the colonies in the shape of postages, &c.
After having obtained that promise the directors would
consult the shareholders, and would decline spending a
shilling until they had their approval.
Mr. HAZELDINM said he thought the directors had no
right to drag an unwilling minority into such an arange-
rnent, which was foreign to the purposes of the com-
pany.

Mr. QOILTER asked why the 78,000/. earned by the
company after the deduction of 18 per cent. for expenses,
wag not distributed amongst the proprietors, and he also

wished to know why the directors kept 200,0601. surplus,
they having stated they had more ships than they wanted.
He watnot 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-
;ors on a former occasion for the guidance of the directors,

viz., that, after having debited against the expenses
everything the directors thought right, to divide the

surplue. He called attention to the earnings of 190,000/.,
and asked what bad to be deducted from it.

The CHAIRMAN said that, alter allowing for the neces-
sary deductions, and the payments of the dividend, there
would be a surplus of 50,0001.
Mr. BELL asked if it was put by to provide a Panama
fleet. (Hear, hear.) The proprietors ought to divide
the whole of the earnings of the cornpaey.

After some further discussion,
The CHAIRMAN said that, looking at the coming quar-
ter year, and that 80,0001. 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
had made as good an 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. QUILTER said the Chairman had not ans cvered 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. They
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. In 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 ?
Mr. MAYNORD (solicitor to the company) said under
the charter the directors had the power of conveying
mails to wherever they could get a contract, andito pro-
ceed to any place, auxiliary to that service. The
Directors had the power of adopting the Paname
route, with the conveyance of mails, without consulting
the shareholders if they thought fit.
Mr. Qumran 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 bad received
answers favourable to the route from 145 individuals,
amounting to 293 votes against from 81 individuals, or
204 votes.
Mr. QUILTER asked what would be considered a
majority 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 those who had.
In answer to further questions,
Mr. MAYNORD said the objectlof the supplemental
charter would be to raise money to work the Panama
route.
The CHAIRMAN again pledged the meeting that the
directors would do nothing towards:the Panama route
without consulting the shareholders. He had great
hopes of egtending the service to New Zealand.
Tile meeting shortly after terminated.

An edition of the Dispatch will henceforth be pub-
lished every Friday, containing particulars of important
events, and price of the markets, funds, &c., up to the
moment of going to press, and may be received at the
most distant parts of Scotland and Ireland on the Satur-
day. The pages of the Dispatch will be so extended as
to allow the introduction of nearly six additional c,)lumns
in quantity, and the principal articles will be set in a
new clear type that will not fatigue the eyesight. Ad-
vertisers, to insure the insertion of their advertisements
in each of the four editions, should forward them on
Thursday, or at latest before 10 o'clock on Friday morn•
iggi—rDIPPRA ooe, 1;9, Fleet-street.

An officer of the K division said the prisoner was con'
victed some time ago, and sentenced to three months'
imprisonment and bard labour for stealing drapery in a
shop, in Three Colt•street, Limehouse.

Mr. Selfe said he would send the lad to a reformatory
school if he was not too old, and sentenced him to one
month's imprisonment n,nd hard labour.