The Sun.
London, England, 1850-04-12 00:00:00

ROYAL MAIL STEAM-PACKET

COMPANY.
The annual general meeting of the proprietors of the
Royal Mail Steam-packet Company was held yester-
day at the London Tavern, Bishopsgate-street ; Mr.
Andrew Colville, chairman of the board of directors, in
the chair.
The advertisement convening the meeting having been
read by the secretary, Captain Edward Chappell, R.N.,
the report of the directors was submitted to the meeting,
which was as follows:—
"According to custom, a statement of the accounts of
the Royal Mail Steam-packet Company for the year
1849 (duly audited) has already been transmitted to each
of the shareholders.
" The receipts of last year show that, although there
has been a considerable falling off in passage money,
yet, owing to the increase upon freight, the total exceeds
that of 1848, to the extent of 7,8431. 13e. 3d.
" On the disbursement side of the working account
there is a diminution, as compared with the preceding
year, of 1,885/. Bs. 6d.
" The items which exhibit a decreased expenditure
are those of wages, provisions, stores, general service
and stations, and coal sacks; there being an increase
under the heads of coals, port charges, repairs, office and
law expenses, and salaries.
" The augmented charge for coals has arisen prin-,
cipally from the New York route having been in opera-
tion during the whole year 1849, instead of only fur
eight morahs as in 1848; but this branch of service was
relinquished in the commencement of 1850.
" The increase in port charges was occasioned by
pilotage and port charges at Mobile, additional port
charges at New York, and expenses consequent on qua-
rantine regulations at Havanan and elsewhere.
" The small increase of charge for repairs was prin-
cipally caused by refitting and doubling the Conway,
which ship, however, subsequently proceeded to tee
Weet Indies in a coadition that will probably render any
farther expense on her account unnecessary for some
years to come.
" The profit and loss account is charged with the ex-
cess (over 50,0001., carried to insurance account) of the
whole first cost and outfit of the Forth, and with
balances upon the disposal of the Reindeer, and of the
Princess Victoria steam tug-boat at Southampton.
The extraordinary repairs of the: Medway and the
Eagle are likewise included, on the same principle as
in former years; but this head of expenditure is less
than in the year 1848 by 12,165/. se. 10d.
" The sum of 35,000/. invested in debentures of the
London and North-Western Railway Company having
been paid off in July last, that amount was laid out in
the purchase of 37,333/. 6s. Bd., three and a quarter per
cent stock, making the total of that stock standing in
the name of the Royal Mail Steam packet Company on
the 31st of December, 1849, 143,201/. 14s. 3d. The
25,000/. reserve for insurance for 1849, was invested in
the purchase of 28,0111. 4s. Consols, and 20,000/. still
remains invested in North-Western Railway debentures.
"The negotiations which were in progress at the time
of the two last general meetings, relative to the estab-
lishment of a steam communication between this
country, the Brazils, and the River Plate, have been de-
layed by circumstances over which the directors could
exercise no control, until at length the renewal of the
company's present contract came also under consi-
derai ion.
"It cannot be necessary to point out to the share-
holders into how wide a field of inquiry this question
could not fail to lead.
" Her Majesty's Government felt it to be their duty to
institute a rigid inquiry into every branch of the subject.
Not only changes of time and route as regards the West
India Packets, but other suggestions also for the per•
forrcance of the mail service across the Atlantic to the
West Indies and the coasts of America had to be carefully
considered ; and the various advantages and disadvan-
tages of each weighed against each other, before any
decision could be arrived at, on a question in which so
large an expenditure, and such important interests are
involved.
" It was impossible such inquiries should be brought
to a speedy termination. Your directors, however,
have every reason to believe that all the main points are
disposed of, although they cannot announce that any
arrangement is definitively settled.
" The communications with the Government are still
going on, and any discussion upon the subject at present
would obviously be inexpedient. The directors must
therefore again rely upon the confidence hitherto ex-
tended towards them, merely meeting the assurance
that they .do not anticipate there will be any further call
made upon the shareholders.
"lii the meanwhile-it may be satisfactory to the public
as well as to the proprietors to be informed, that the
company ate prepared to begin an improved line of com-
munication with South America and the West Indies,
and to establish that with Brazil, in a few months after
the details of the new service are agreed upon with her
Majesty's Government.
" The directors, having carefully considered the pre-
sent state of the company, feel themselves justified in re-
commending a dividend for the last six months of 1849,
at the rate of two pounds per share (free of income-tax),
payable on and from the 16th instant."
The balance sheet stated the total receipts of the year
at 428,256/. ss. 6d., and the expenditure at 298,936/.
2s. 9d., leaving 129,320/. 2s. 9d. in hand.
The CHAIRMAN neored the adoption of the report, but
in doing so he did not think it necessary to make any
observations, though if any shareholder wished to ad-
dress any remarks to him he should be glad to hear him.
Mr. RIDGEWAY complained of some mismanagement
which hal recently been observable, in the working of
the South American service. On one occasion a, large
number of passengers, who had travelled from
New York to Mobile, were refused a transit
in one of the company's boats from that port to Mexico,
notwithstanding that they had been delayed at Mobile
an unnecessary length of time by the non-arrival of the
company's packet. Similar irregularities frequently oc-
curred in the West Indian service, and he really did
hope the directors woul look into the matter. It was
to be regretted, too, thal their management was not suffi-
ciently caretnid-theinekerests of the shareholdereoor their
shares would stand at a higher figure in.the 'market,
while there would be less loss from the casualties at-
tendant upon the working of their ships. There were,
however, no real grounds for depression in the minds of
the shareholders upon the future prospects of this com-
pany, which were likely to be most flourishing.
MILLS, of the firm of Glyn, Halifax, and Co., did
not think the Hon. Proprietor was going the right way
la raise the shares in the market; nor did he think there
was anything' to complain of in the management, or any
cause for alarm in the future.
The
eCrue CHAIRMANer explainedred to by thatth
ethea on
ocuaruasbei
rt
oh
pe r
eetly
and ..,
arose entirely out of circumstances over' which the di-
rectors bad no control whatever. It arose, indeed, from
stress of weather, which kept the packet back much
behind its time, and the captain was forced to carry her
is without taking up the passengers at Mobile, to make
up his time at other stations. It should be borne in
mind that the main purpose of these packets was to
carry the mails with as much expedition as
possible, and each vessel was always supplied with a
Post-office or Admiralty guard, whose duty it was to see
that no delay took place in the transmission of bags.
Now this officer it was who had prevented the passen-
gers being taken on board at Mobile, and he could assure
the Hon. Proprietor that the loss by the occurrence to
the company had been equally as much, if not more, than
that which had accrued to the disappointed parties.
The motion for the adoption of the report was then
agreed to, and the dividend declared, -after which the
retiring directors and auditors were re-elected, and
having been voted to the chairman, the meeting
terminatel.

- - - - -
BANK OF CEYLON.
A special general meeting of this corporation was held
yesterday at the company's offices, New Broad•street,
at one. o'clock; Mr. Cummins in the chair.
The CHAIRMAN stated that the' first business was to
bring bef,re the meeting the question of dissolution, and
called upon' the committee of inquiry,'which had been
appoin,ed a: the last general meeting, to read their
report.
I.fter the retort, which eulogised the conduct of the
direc:ors, and recommended the meeting to adopt the
scheme of settlement which would be brought forward
by that body', had.been read,
Mr. SAMPSON moved a resolution to the effect that it
was not expedient to dissolvehe retshueluctoiropnortahteiolnioofn.thueeßnatlnek_
i
of Ceylon. In moving
Gentle-
man entirely exonerate the court of directors from all
blame. The present unfortunate circumstances of the
he said, by the reckless
conduct of the manager in Ceylon,
who, it was evident
from the correspondence which had come beforehiameteads
a member of the late committee of inquiry, had
frequently in direct opposition to the wishes and repeated
Mjunetions of the court of directors at home.
The resolution was seconded and adopted unanimously.
After which,
The CHAIRMAN proceeded to lay Lefore the meeting
the plan of settlement recommended by the directors.

He alluded to the many difficulties which they had had
to contend with—to the impossibility of carrying on the
bank in its present state without a large increase of
capital, which the present proprietors would not be jus-
tified in advancing—and to the opposition which the
bank had had to encounter. To break up the concern
would have been, he said, productive of great loss to the
proprietors, and the directors, after long negotiations, had
succeeded in prevailing upon another bank in India,
which he was not at present at liberty to name,
to take into its management the affairs of the
Bank of Ceylon, upon terms which he thought
were as advantageous to the proprietors as
they could well expect. These were that 101. should be
paid down on every share, at the time of transfer, to the
present proprietors by the purchasing bank, and that
the present corporation should retain in its hands certain
assets which, when disposed of by trustees for the benefit
of the proprietors, might enable them to divide an addi-
tional 2/. or 31. or even 51. among them. This, he
thought, was the best arrangement which could be made,
and, in fact, he had not the least doubt that they would
ultimately obtain 151. per share, which was much more
than they had once expected to get.
After the meeting had been addressed by several gen-
tlemen in support of this arrangement it was embodied
in a resolution and ultimately agreed to unanimously.
The meeting then separated after a vote of thanks to
the Chairman.

UNIVERSITY INTELLIGENCE.
OXFORD, Anal. 10.—In a convontiou holden this
day, being the first day of Easter Term, the Rer. J.
Coleridge, M.A., of St. John's College. Cambridge, was
admitted ad cuudem.
In the congregation the following gentlemen we: e
admitted to the degree of Master cf Arts:—
Rev. William S. Finch, St. Edmund Hall.
Rev. William C. Dowding, Exeter.
Rev. George S. Robertson, Exeter.
Rev. Anthony M. Thorold, Queen's.
George Petch, Fellow of Trinity.
In a convocation holden in the afternoon of the same
day the proctors of last year resigned their offices, the
senior proctor, Mr. May, making the usual procuratorial
speech, recounting the events that had occurred during
his term of holding office. Tho new proctors, having
been previously elected by their respective colleges, were
then presented far admission to the Vice-Chancellor:—
Senior Proctor—The Rev. George Marshall, M.A.,
Student of Christ Church.
Junior Proctor—The Rev. William George Henderson,
M.A., Fellow of Magdalen College.
The former eas presented by the Very Rev. Dr. Geis-
ford, Dean of Christ Church, the latter by the Rev. Dr.
Bloxam, one of the Senior Fellows of Magdalen. After
making the Parliamentary declaration, taking the usual
oaths of allegiance and supremacy, &c., and being
admitted by the Vice-Chancellor, the new proctors no-
minated the fallowing gentlemen to be pro-proctors for
the ensuing year :—The Rev. Charles R. Conybeare,
M.A., and the Rev. Edward Stokes, M.A., students of
Christ Church; the Rev. Henry Harris. M.A., dewy, and
the Rev. John Rigau,d, M.A., fellow of Magdalen.
The Regius Professor of Ecclesiastical History pro-
poses to begin his' course of lectures for this term on
Monday, the 22d inst. They are open to all members
of the University•who have passed the B.A. examina-
tion ; and those persons who de,ire to attend them are
requested to call on the Professor at his house, No. 25,
Beaumont-street, on Saturday, the 20th inst., between
twelve and 2 o'clock. .
The Regius Professor of Pastoral Theology intends to
te
begin his course of lectures of the present term on Tues-
day, eco
tmhees sechola lectures,rs in
are theology,
requestedand are
desirous
call on the Professor at 65,
the 23d of April. Such members of the University
adsesairreougsuaotf attendingifiedto
become
St. Giles's, on Saturday, the
20th of April, between the hours of eleven and two.