The Sun.
London, England, 1866-11-01 00:00:00

ROYAL MAIL STEAM-PACKET.

The half-yearly general meeting of this company
was held yesterday at the London Tavern ; the
Right Hon. Russell Gurney, M.P., in the chair.
The report stated that the accounts for the half-
year ended the 30th of June last related to a larger
amount of mileage than that performed iu the cor-
responding half of 1865, arising from the alteration
in the Jamaica and Colon route. The disbursements
were, notwithstanding, less by £14,754. On the
other side of the working account there was a great
decrease in the aggregate receipts from freight and
passage money. The decrease, however, was really
not larger than might have been anticipated from
the competition, the most important being that of
the largely subsidised French mail service to :the
West Indies, but the amount of receipts might
still be considered satisfactory. The effect of those
circumstances on the surplus of the working account
was a net decrease of £22,456 as compared with the
surplus for the first half of last year. The service
which the Panama and New Zealand Royal Mail
Company (Limited) commenced between Panama,
New Zealand, and Australia in connexion with this
company's linebetween Southampton and the isthmus
of Panama was opened on the 2d June last from
Southampton, and on the 15th of the same mouth
from Sydney, and the few voyages already made
across the Pacific Ocean had been performed
with such efficiency as to justify the expectation that
the line would rise rapidly in public favour. The
directors congratulated the shareholders on the con-
tinued satisfactory condition of the insurance account,
which had a credit balance of £231,400. The direc-
tors recommended that a dividend of £3 per share
out of the ordinary profits and a bonous of £3 per
share from the insurance fund be declared, free of
income-tax, payable on Nov. Iby warrants. The
working account for the half-year ending June 30
showed that 2103,832 had been received on account of
the Government contract, £100,677 for freight, and
£170,196 for passage money ; total, £374,705. The
disbursements, including £22,500 for insurance on
ships, amounted to £244,972, leaving a surplus of
£129,733.
The CHAIRMAN, having apologised for the absence
from illness of their. excellent friend Capt. Mangles,
said it was usual to enter into a more detailed state-
ment in reference to certain items than was given
in the accounts. Under the head of disbursements
they would perceive in the item of coals, &c., alarge
diminution of £14,700 for the past six months.
This did not arise from the reduction of freights, but
chiefly from a decrease of £12,000 in theconsumption
of coals by their new ships, the consumption having
been 7,000 tons less than in the same half of last
year, although a longer mileage had been performed.
There had been a decrease of £l,BOO in wages on
account of having fewer ships at St. Thomas, in
consequence of a delay in delivering the new ships
ordered. He was happy to say that no delay in
the service had happened from that cause.
In the item for provisions there was a decrease of
only £l5O, although there had been a decrease in
the number of passengers, which was explained by
a large rise in the price of provisions of something
like 20 per cent., thus counterbalancing the reduc-
tion in the number of persons fed. They had ex-
pended £l,lOO in painting and improving the ven-
tilation of offices. There was an increase of £4OO
in the receipts for the Government contract, in con-
sequence of the premiums for arriving before time
with the mails, being that much in excess of the
penalties for being behind time. There was a de-
crease in the receipts for specie as compared with
the corresponding period of last year. During the
American war a great deal of gold was sent to this
country, which was now sent direct to New York
and other places, and was the cause of a reduction
in that item. The passage money had also shown a
considerable decrease, chiefly arising from the esta-
blishment of a highly subsidised line of French
steamers. The French passengers who formerly
came to Southampton to go in their ships now went
by the French line instead of via Southampton. lie
believed a great deal of competition was now going
on, and they could only endeavour to make the
route by their ships as popular as they could. He
had gone out and returned in four of their ships to
see how the service was performed, and he must say
there was a general feeling of satisfaction at the at-
tention of the different officers to render the pas-
sengers as comfortable as possible. (Hear.) The
intercolonial traffic, which commenced a few months
ago, did not come into the present accounts. They
had improved the service to Trinidad, St. Vincent,
and Granada, so as to save an interval of 24 hours
in replying to letters. This had added 3,500 miles
to the service performed. There were also 6,000

miles additional for the new route to Colon,

which he believed would become remunerative
by the development of the freight and passen-
ger traffic. They had reason to expect that a
large traffic would find its way in their ships by
the new route from Sydney and New Zealand
across Panama, and it was satisfactory that an in-
creased number of passengers was coming by that
route. The Panama and New Zealand Company's
ships had performed the long distance of 6,500 miles
across the Pacific within three or four hours of the
specified time, which showed that the service had
been performed in a remarkably able and skilful
manner. The repair and renewal account would
be sufficient to meet all demands upon it. The
general reserve fund had a balance of £25,000,
which was more than sufficient to provide for any
loss on the sale of ships that were done with. The
insurance fund, thanks to the great care of their
captains and officers in navigating the ships, was
in a most satisfactory position. Being an old
company they had the advantage of educating
officers for the service, and he believed they were
unsurpassed by those of any other company.
1 (Cheers.) He then alluded to the delays that had
occurred in the delivery of the new ships; one of
them—the Danube—had been delayed 12 months
beyond the time specified.
Mr. E. COLVILLE seconded the motion for the
adoption of the report, including the declaration of
the dividend and bonus. He said he was a director
of the Panama and New Zealand Royal Mail Com-
pany. The ships of that company had made three
voyages from Panama to New Zealand and Sydney,
and three voyages from those places to Panama,
and in no instance had they been 24 hours behind
time in a distance exceeding 6,000 miles without
cfipoadaselsning In h
eeneg.
eorf
stthn
et
Panama,e three
public
voyages
wthbeiesbersvbti
nch
ewe ye
dhTad
the
h ecarried dtes3neOnnoi
li
tonutpaannamexat,rian sehaispe,
htehr es
ePr vriicnense
s bAnluflrde db,
eln,oeoeoe
sts oa
rnys
He had no doubt that the Panama route would be-
come a great feeder to the company's line between
Southampton and Colon.
Mr. TAYLOR suggested that the Royal Mail Com-
pany should provide an extra steamer at Colon to
forward passengers to Southampton without wait-
ing for the next packet.
Mr. WHITE said the propositictn, if adopted, might
entail a loss on the company, and therefore that
matter had better be left in the hands of the
directors.
The CHAIRMAN replied to the various observa-
tions. Ile said that, while they were disposed to afford
every facility for the development •of the Panama
and New Zealard route, they must consider the
3eos
in-
terests of the shareholders as to the proposal for a
and e c
0-
neces-
sary. The Danube b
spare ship at Colon, whichad
bheeebn lengthened,elieved was
not
n
tons had been added to her tonnage. He had no
doubt that she would answer her purpose, althOugh
she was of larger tonnage than originally intended.
The report was unanimously adopted ; and Mr.
Childers, M.P., was elected a director of the company.
The proceedings concluded with a vote of thanks
to the chairman and directors.