The Sun.
London, England, 1866-12-07 00:00:00

company up to the present time, for which he de-
served the thanks of the proprietors. It showed
how the Government had assisted them in the un-
dertaking, and the parsimonious conduct of the
authorities. They never had a tender accepted by
the Government through favour to the company,
but because it was lowest, except in one or two cases
when another company tendered for contracts and
came to an untimely end. They owed nothing to
the Government for their support ; all the company
had obtained had been fairly earned and fairly won.
The capital account was now larger than ever it was
before, owing to the call on the new shares, but the
money had been judiciously expended on property
abroad and would be remunerative to the company.
The ships that had been renewed were now as good
as new ships, the company's fleet was in a perfect
state of efficiency, and he could say that commanders
and officers were able and efficient in every respect.
The new capital they proposed to get power to raise
would not be lightly expended. They would only
expend what was requisite for the purposes of the
company. When they got the supplemental charter
they would call up £5 a share, and Le might mention
that the ratio of the new share capital to the old
would be as 2to 5. The business of the company
had suffered to some extent from the late panic and
the commercial crisis, but he was gad to say that re-
cent advices from the East showed that things there
were improving. The experimental service had
long been thought of by this company. The experi-
mental line from Suez to Bombay had been pro-
posed to the Government 18 months ago, but owing
to official delays the matter had been allowed to
remain in abeyance. They were, however, going
to put the vessels on the route to see how the ser-
vice would be conducted with advantage in case it
should be adopted. He then adverted to the Par-
liamentary Committee on Communications with the
East, before whom many rash statements were
made, being the reverse of accurate, and those were
completely refuted by the excellent secretary, who
had compiled facts and figures in support of his
statements. Their company had come out of that
searching investigation with credit, and it was
acknowledged by the committee that the service by
the company was well performed. Their establish-
ment in Bombay had been enlarged for the repair
of ships, and was of considerable value to them.
The motion for the adoption of the report having
been seconded,

Mr. GLIDDON called attention to the compara-
tively small sum paid by the Government for the con-
veyance of the mails, which he stated was at the rate
of id. per ton per mile, being the same rate as that
paid for the conveyance of coals on the railways.
The Secretary said that according to measurement
it was little more than id. a ton per mile.
Mr. JONES suggested that greater facilities might
be afforded to second-class passengers in their ships,
or that a separate service might be organised by
the company for that purpose ; at the same time he
thought the present very efficient service of the
company and speed of the ships could not be per-
formed at less expense. He referred to the excellent
conduct of Capt. Hector in one of the company's
ships during a typhoon, which proved they had not
only able commanders but efficient crews.
A discussion ensued, and after explanations by
the Chairman, the report was unanimously adopted.
A dividend of 3 per cent. for the past half year was
declared, together with a payment of 2i per cent.,
for the year ending Sept. 30 last, out of the under-
writing account, making together 5i per cent., pay-
able on the 28th inst.

On the motion of the Chairman, Mr. E. Thorn-
ton, C. 8., and Mr. G. C. L'Estrange were unani-
mously elected directors of the company.
Oa the motion of Dr. Evans, seconded by the
Chairman, the best thanks of the meeting were
unanimously tendered to Mr. Howell, the secretary,
for the important facts ho had compiled in respect
of the public services performed by the company.
The proceedings concluded with a vote of thanks
to the chairman.