The Sun.
London, England, 1856-06-05 00:00:00

" DIVIDEND.

"Your directors are happy to ..state, that up to the
period of closing this report the earnings of the ships have
been satisfactory, and that no casualties of importance
have occurred to your fleet ; they, therefore, recommend
that a dividend of 3,; per cent., clear of income tax, for
the half-year ending 31st March last, be now declared, and
he payable on and after the 26th instant."
The CHAIRMAN said the meeting was aware that
they were met simply to hear what had been the
operations of the company since last they met, and
to declare what amount should be divided on ac-
count of dividend ; therefore his observations on the
report would be very brief. Gentlemen would observe
that two of their vessels had been taken out of their
service ; but these had been replaced by two vessels
of a larger character. And here he might observe that
the company was never in a stronger position than u
now was as to finances and credit, which would enable
them to undertake any engagement, so long as the di-
rectors took care that any engagement they might enter
into should pay. Five of their vessels were now en-
gaged in the transport service, from which he presumed
they would shortly be relieved. Two of these ships,
which were new at the time, were seized upon by the
Government as soon as they came into the company's
hands from the builders. They had been remuneratively
employed ; but, as the old adage van, " It is not all gold
that glitters." These vessels had much more wear and
to r than they would have sustained had they been em-
ployed in the corn pany's'own service. Thus their splendid
accommodation for first.class passengers had been to a
considerable extent destroyed. Two of these.ships had
their decks destroyed by conveying hundreds of thou-
sands of horses, with no planks to be had to pro-
tect the decks from the feet of the horses. As to
the Australian postage service, that being a matter
which was under tender, it would be a mere waste of
time to allude to it further.

A PROPRIETOR asked whether the directors would un-
dertake the contract ?

The CHAlRMAN—Certainly, if it paid. (Hear.) With
tbese observations he now begged leave to move that the
report be received, adopted, and circulated among the
shareholders.

Mr. MANSELL said he bad much pleasure in seconding
the motion. From whatever point he looked at it, whe-
ther as the means of depositing savings or as an invest.
ment permanently, he could not but regard this corpora-
tion and its proceedings with great satisfaction. With
the railway of India it was regarded as a great national
institution, because it was the most important link in
connecting this country with Hindostan. Looking at
the amount of dividend proposed, in connection with the
bonus given last year, he thought the company were run.
ning a career of great mercantile prosperity. It was,
indeed, most satisfactory to think of the aid which this
company had given to the Government in the Levant
(iring two years. They bad not only discharged
their duty in postal and passenger communication with
India, and maintaining the sympathy between the
mother country and the colonies, but they bad lent the
most efficient aid to the Government in carrying on the
war with Russia. This aid was given at a season, too,
when there was a general complaint of neglect and inefd-
cieney on the part of the executive. It was a proud con-
sideration, moreover, that the British Government could
rely immediately upon one-sixth of the resources of this
company in the event of a war. As to the question of
the election of an auditor, be felt convinced that the
efficiency of a joint-stock company mainly depended on
the auditors, and upon their responsibility.
Mr. LEWIN inquired whether the directors proposed
to pay the expense of repairing their ships now engaged
in the transport and other services by the creation of
new shares, or by the capital in hand ?

•
The CHAIRMAN supposed they would make calls upon
the shareholders, if necessary, rather than issue new

share.. 2.

Mr. LEwIN said that all were agreed that the affairs
of this company were much better conducted than those
of the Government were. Their ships had gained the
apPlaire, be might say, of the world. A few days ago
only a gentleman had called upon him who spoke of the
Nubia, and assured him that nothing could exceed the
order and hospitality which distinvuislied that goodly
vessel. But it happened that every time the shareholders
came to these meetings they heard much of their extra-
ordinary prosperity, but they never heard of increased
dividends. When coals were very dear they had no divi- '
dend ; another time they had a very small one ; but that
evil did not now exist, coals were much cheaper. He
could not see, if they were able to lay by 100,0001., why
a portion of that sum might not be divided among the
shareholder& It was useless to make large profits it they
were not to be distributed in the way of dividends. HE.
tLought he had a' right to complain that with such-
enormous profits there was no increase of dividend.
Mr, DENT asked what was the amount of their capital