The Sun.
London, England, 1850-05-31 00:00:00

LONDON,

PENINSULAR AND ORIENTAL
STEAM NAVIGATION COMPANY.

The half-yearly meeting of this company was held
at the offices in Leadenhall•street yesterday; Mr.
James Matheson, M.P., in the chair.
Mr. HOWELL, the secretary, having read the notice
convening the meeting and the minutes of the last
meeting,
The CHAIRMAN said that he had to express his ex-
treme regret that their respected deputy-chairman
(Sir John Pirie) was not present. The secretary bad,
however, received a letter from him_ which should be
read to the meeting. Sir John was now at the sea-
side in consequence of the state of his health, which
he (the Chairman) hoped would rapidly improve, and
that he would be enabled to resume his position at the
board, where his assistance was of great value in con-
sequence of his long experience, and the talent and
zeal which he invariably displayed in the discharge of
his duties.—(Cheers.)
Mr. HOWELL then read the following letter:—
"Swansea, May 27.
" Dear Sir,—l regret to say that the state of
health is still such that I fear I shall not be able to at-
tend the general meeting on the 30th instant, and I re-
gret this the more, as I shall thus be prevcnted from ex-
pressing personally to the proprietors my most grateful
thanks for the highly gratifying, and, I may add, the
munificent and truly kind manner in which they were
pleased at the last general meeting to notice my humble
endeavours to further the interests of the company.
..I

trust they will, with their usual kindness, accept this
apology for my absence; and, although at the present
time I ran unable to attend the court, yet you may
assure them, if it should please God, in some measure,
again to restore me to health, I hope still to be useful in
soma degree in assisting to promote the welfare and
prosperity of the Peninsular and Oriental Company.
" I am, dear Sir, yours faithfully,
" To Mr. Howell." "JOHN PIRIE.

The SECRETARY then read the following report :
" As has been intimated in former reports, the deed
of settlement limits the production of accounts to the
annual general meetings of proprietors, usually held in
the month of December. The directors, however, are
able to inform you that the financial state of the com-
pany continues to be satisfactory, and is such as to war-
rant their recommending a declaration of the usual half-
yearly dividend of 4 per cent. fur the six months ending
31st March last.

" Reserve Insurance Fund—The directors are also
enabled to report that no casualty involving loss from
sea risk having happened to your fleet since their last
report, this fund remains intact.

"Extension of Steam Communication to the Northern
Ports of China—The directors having, for some time
past, been urged by merchants and others connected with
the trade to bhanghae and Amoy, to place a steam-vessel
on the line between Bong-Kong and these ports, the
steam-ship Lady Mary Wood, which had become a su-
pernumerary vessel on the India and China line, has
been appointed to ply on that station; an arrangement
which, while it affords great facility to trade in that
quarter, promises to be advantageous to your interest.
" Tender to Government for the Establishment of
Steam Communication with Australia, &c.—ln their last
annual report, the directors intimated to you that her
Majesty's Government had issued an advertisement, in-
viting tenders for establishing a steam-packet communi-
cation with Australia. These tenders were required to
be lodged with the Lords Commissioners of the Admi-
ralty on the 22d January last. As the failure of former
proposals for effecting this object was understood to have
arisen from the large sum which would be required to
establish and maintain such a communication in the
mode then prescribed by the Government—and the con-
ditions under which these last required tenders were
proposed to be made being such as to leave parties ten-
dering at liberty to submit their own plans—it became
an object of much importance to consider whether the
position of this company might not admit of such ar-
rangements as would reduce the cost of the proposed
communication, and thus remove the financial difficulty.
With this view a plan was prepared, having for its
basis the combination of the proposed Australian com-
munication with other lines of communication in the
East already established, and proposed to be established,
by this company, 'the effect of which would be as fol-
lows:

" 1. The formation of an inter-colonial system of
steam communication in Australia, and the adaptation
of the postal transit between the Australian colonies and
the mother country, India, China, &c., to the shortest
time and distance admissible by their respective geogra-
phical positions.
"2. Communications connecting these colonies, for
commercial and passengers, as well as for postal inter-
course with China, the Straits' settlements, Eastern and
Western India, and Ceylon.
" 3. A continuous means of steam conveyance for mer-
chandise and passengers, as well as for letters, between
Australia and the mother country.
" The estimated advantages to the company of these
combined arrangements, by bringing additional traffic into
their other lines, would be such as t) enable them
greatly to reduce the cost to the exchequer of the postal
communications. A proposal based upon this plan was
accordingly presented, on behalf of the company, to the
Government, on the 22d of January last. The directors
have reason to believe that the important public advan-
tages of the plan and proposal are duly appreciated by
her Majesty's Government, but as the carrying of them
into effect involves some arrangement between the Go-
vernment and the Honourable East India Company, the
delay occasioned by the negotiation of these arrange-
ments has, the directors understand, prevented the
Government from communicating to them, as yet, any
final decision on the tender made by them in January
last. Looking, however, to the important and obvious
advantages to the public interests which that tender
presents, the directors feel themselves warranted in
assuming that the practical adoption of its proposed
arrangements cannot, be much longer deferred.

"Addition of Two Steamers to the Company's Fleet—
With the view of being in some degree prepared for any
extension of the company's operations, and in order to
maintain its floating establishment in complete efficiency,
the directors entered into a contract some months since,
with Messrs. Tod and M'Gregor, of Glasgow, fur the
construction of two iron steam-ships, of 1,200 tons, and
500-horse power each. They are in an advanced state,
and will be ready for service about the latter part of
this year.

"Transit through Egypt—On this interesting subject
the directors are happy to be able to report that his
Highness the Pacba continues his exertions for the
improvement of the transit arrangements, as well as to
manifest an entire confidence in the company, and a de-
sire to promote its interests.

" Extension of the Company's Capital—ln their last
annual report the directors alluded to the probability of
an increase of capital being required, in the event of the
extension of the company's operations. And although
they are not as yet in a position to announce to you with
certainty such an extension, they have, nevertheless,
deemed it advisable to call upon you for the necessary
authority to enable them to issue shares for calling up,
in case of need, the remaining half million of capital
(or as much of it as may be required), authorised to be
raised by the royal charter of incorporation, and the
official sanction of the Lords Commissioners of her Ma-

jesty's Treasury. For that purpose a special meeting,
according to the notice which has been given, will be
held this day, in order to submit to you a resolution. in
conformity with the stipulations of the charter and deed
of settlement. In issuing these new shares the direc-
tors propose, as stated in their last report, to offer them
at par. in the first instance, to the holders of shares in
the present capital of the company, in the proportion of
one new share for every two of the present shares, on
payment of a deposit, as a first instalment, of 5/. per
share; such further sum as may be required to be called
up by instalments of similar amounts, and after due no-
tice being given. A detailed statement of the conditions
under which the new shares will be issued will, however,
be circulated among the proprietors for their information
when the proper time may arrive.
" Dividend—The directors now recommend that a di-
vidend of 4 per cent., clear of the income-tax, for the
half-year ending the 31st of March last, be declared, and
be payable on and after the 21st proximo."
General 111‘Lnon moved that the report be re-
ceived, adopted, and circulated among the proprietors.
Sir BURTON MACNAMARA seconded the motion.
He wished to observe that he had felt it his duty to in-
quire amongst his brother commanders of ships in
the Indian seas, and it gave him the greatest satisfac-
tion to state that their vessels bore the very best of
characters.—(Cheers.)

The resolution having been unanimously carried,
Colonel MUNRO moved the declaration of a divi-
dend of four per cent. He did so with the greatest
pleasure, as he was, no doubt, the last arrival from
India, having only arrived within the last few days ;
and he could assure them that all the arrangements
which had come under his observation in the com-
pany's ships were most gratifying.—(Cheers.)
Mr. CASTILE SMITH seconded the motion, which
was carried unanimously.

The CHAIRMAN said as no Hon. Proprietor appeared
to wish to make any further observations, he had to
declare the meeting closed. He had also to declare
the meeting special, for the purpose of considering a
resolution for increasing the capital of the company.
Mr. ANDERSON, M.P., said that, in accordance with

the deed of settlement, and, in pursuance of the notice
contained in the report, he had to move that the capi-
tal of the company be increased to 1,500,0001.,
1,000,000/. of which was already paid up, by the issue
of 10,000 new shares, of 50/. each, to be issued by the
directors at such time and in such manner as they
might deem most advantageous for the interests of the
company.
Mr. WILCOX, M.P., seconded the resolutions.
Mr. OwDEN wished to know whether the increase in
the capital was only to take place if the further contract
with the Government was carried out, or whether it
was required under their present arrangements ?
Mr. WILCOX said that a reference to the report
would show that it was only wanted in case of an in-
crease in the operations of the company. The two
new vessels were to be paid for out of the depreciation
fund, which now amounted to 190,0001., invested in
Exchequer-bills.
The resolution was carried unanimously.
Cordial votes of thanks having been given to the
Chairman and directors, and acknowledged, the
meeting separated.

The Newcastle Journal reports that a thief has
stripped the church of Dinnington of every portable article,
service books, books belonging to the congregation, an alms-
dish, and even a box of steel pens. lle broke open every
place; but the olanauaim-plate was net kept in the church.