The Sun.
London, England, 1859-06-29 00:00:00

OXFORD, WORCESTER, AND WOLVER-

HAMPTON.

The receipts of this company, including the
Stourbridge Extension and Stratford-upon-Avon
Canals, for the fortnight ending the 19th of June,
have been £10,237, while those for the correspond-
ing fortnight of 1858 amounted to £B,BOO, and the
expenditure, also including that of the Stourbridge
Extension and Stratford-upon-Avon Canals, to
£3,656, being at the rate of 35.71 per cent., while
for the corresponding fortnight of 1858 the expen-
diture amounted to £3,471, or at the rate of 39,44
per cent. The aggregate receipts for the first 12
fortnights and three days of the half-year amounted
to £108,292, as against £99,175 for the correspond-
ing 12 fortnights and four days of the previous
year. The aggregate expenses for the first 12 fort-
nights and three days of the half-year amounted to
£45,760, being at the rate of 42.25 per cent. as
against £44,704 for the corresponding 12 fort-
nights and four days of the previous year, or at the
rate of 45.07 per cent.

ROYAL MAIL STEAM-PACKET COMPANY.
A special general meeting of this company was
held yesterday at the London Tavern, to consider
the propriety of making a tender for the postal
service to Australia via Panama, and also of raising
additional capital; Captain Mangles, M.P., in the
chair.
Mr. Reep, R.N., the secretary, read the notice
convening the meeting.
The CHAIRMAN said they had been invited to
tender for the conveyance of the mails to Aus-
tralia via Panama. The tender had come upon
them as a sort of necessity. As to the personal
feelings of the directors with respect to it, they
thought they would be much better without it, as
they would thus avoid the trouble and anxiety which
such a contract might entail upon them. The more
they approached the subject the more consideration
' they thought it required. If the meeting would
appoint a committee of fire shareholders to consult
and act with the directors, they would be happy to
meet them and have their assistance in respect to
the proposed tender. Seeing that the company did
the work already to Panama, it was right, perhaps,
that they should offer to do it the rest of the way at
a price that would leave them a reasonable profit,
but under no other circumstances would they like
to undertake it. With a view of being prepared as
much as possible, they had communicated with her
Majesty's Government, and asked, in case the com-
pany's tender should be accepted, whether there
would be any difficulty in obtaining a supplemen-
tal charter in order to enable the company to borrow
the requisite money. They were told there would
be no difficulty in obtaining the charter. They
proposed to seek power to raise £500,000 for that
service. They had £600,000 uncalled on their
shares, and as the outlay would be spread over two
years they would not want much at first, and could
probably raise a large amount on debentures. He
concluded by moving a formal resolution authoris-
ing the directors to tender for the conveyance of
the mails to Australia via Panama, and to raise
funds for the purpose by the issue of new shares or
by the issue of debentures.
Mr. TIIORNTON seconded the motion.
The Rev. Mr. PEACH thought the extension of
their line might be of service to them, but he feared
considerable alarm would arise in the minds of
shareholders who might not be prepared for a call
on their shares. He proposed that no portion of
their nomillal capital should be raised for that pur-
pose. Looking back to the various reports, he
found that up to the close of 1858 the sum of
£787,662 had been taken at various times from re-
venue, and set aside for a reserve fund, exclusive of
other sums, which made it in the whole about
£1,000,000. But instead of being reserved,it was ex-
pended in building new ships, the dividend had not
been increased, and therefore the capital was actually
£2,000,000, instead of only £900,000, as shown in
the accounts. He estimated that the return on
their outlay was not more than 4 per cent. All
alarm would be removed if the directors would un-
dertake that no call should be made on the present
shares of the company.
The CHAIRMAN thought it would be very unwise
to give a pledge that no call would be made on the
shares, as circumstances might arise that would
render a call necessary. At the same time. he
thought a sufficient sum could be raised on deben-
tures, as that course had been adopted by a very
large and prosperous company. It had always
been the practice of the company to invest the re-
serve fund in new ships.
Mr. V. KNIGHT said they at present received 6
or 7 per cent. on their capital, and the question was
whether they should extend their undertaking, or
leave well alone.
Mr. RUSSELL ELLICE thought it would rather
add to the difficulty if they appointed a committee
to discuss the question with the directors. The
question of a tender should be left entirely in the
hands of the directors, who were fully conversant
with the matter. No course could be more bene-
ficial to the company than to increase its business.
If the shareholders could say whether they would
have a tender or not they could then come to a de-
cision ors the other matters.
The CHAIRMAN thought the committee should
have the power of determining whether a tender
should be made or not.
Mr. DAxIN proposed that the tender be made by
the company for the postal service from Panama to
Australia.
Dr. BEATTIE said they should be very careful in
their estimates, in order to avoid losses, and he
believed there was some difficulty in arriving at
such an amount as would cover the working ex-
penses and pay 5 per cent. on the additional capital.
He believed the directors were out 1,000 miles in
the distance to Australia •, it was 9,000 to Mel-
bourne instead of 8,000 miles. He feared the direc•
tors had under-estimated the distance, which might
be a serious matter.
Mr. GURNEY, Q.C., said the distance was under
8,000 miles.
In reply to questions, it was stated that the ten-
der must be sent in before 1 o'clock on Friday next.
Mr. MACDOUGAL thought the appointment of a
committee would give them no additional security.
He would be very sorry lo see the directors relieved
of their responsibility, and therefore did not see the
advantage of a committee of shareholders.
Capt. BARBER said he had no confidence in the
calculations of to e directors. They should have at
least 10 per cent. on the additicnal capital; he be-
lieved, too, they were out in the mileage.
The CHAIRMAN said the directors had no desire
co shirk any portion of their responsibility. The
directors thought it a grave question to decide, and
they therefore wished to consult the shareholders
thereon ; but if it was the wish of the meeting to
leave it in their hands, they would do their best
for the company. (Hear, hear.)
Dr. BEATTIE suggested that if they went for a
supplemental charter, that the qualification hold,-
' ino•bs of the directors should be increased from 20
to 40 shares, or from £2,000 to £4,000 stock, which
at 60 per cent. paid up, amounted to £1,200 and
£2,400 respectively.
Mr. SIMPSON thought that they should have
some money-making men on the board. He believed
the form of tender very stringent, and he thought
it a wrong principle to borrow money ; he would
much rather see calls made on the existing shares.
Col. BASETT moved an amendment to the effect
that it was undesirable to tender for the postal
service to Australia via Panama.
Mr. SIMPSON seconded the amendment.
On a show of hands there appeared 41 for the
amendment and 41 against it. The room was
divided, but that not being considered satisfactory,
a poll was taken, after which the scrutineers re-
ported that there were 116 votes in favour of the
amendment, and 152 against it. The amendment
was consequently lost, and the original motion was
carried.
It was then decided to leave the tender in the
hands of the directors, and not to appoint a com-
mittee. The directors were authorised to apply
for a supplemental charter in case the company's
tender should be accepted, in order to authorise the
raising the requisite capital.
Dr. BEATTIE urged his suggestion that the quali-
fication of the directors be doubled.
Mr. GURNEY thought it very undesirable to
limit their choice of directors to 60 shareholders
out of 600. The suggestion could not be legally
put as a resolution. The proceedings concluded
with a vote of thanks to the chairman.

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