The Sun.
London, England, 1844-04-12 00:00:00

ROYAL MAIL STEAM-PACKET
COMPAN Y.
thiThe annual general meeting of the proprietors of
Company was held yesterday, at the London
tavern, Bishopsgate-street, for the purpose of receiv7
tog the Directors' Report on the affairs of the Com-
IptY for the year ending December 31, 1843, and for
'le election pf Directors in the room of those out-
going.
At.one o'clock A. Colville, Esq., deputy-chairman
i the Company, took the chair, when the Secretary
having rend the advertisement calling the meeting,
The CUAIRMAN said that the Directors met the
f:proprietors with more satisfaction and confidence
than they had yet done, because they considered that
they had now turned the corner of their difficulties,
itod found that the business of the Company and the
contract service were performed with regularity and
Without any accident now for twelve months. They
might therefore presume that, so far as that part of
thel busitress went, their great difficulties were over-
,,,,e°llle. The Proprietors would also see that the
-4°lleY account bore a better aspect, and they
entertained the hope that, by continued attnyion
economy, they would curtail the expemes of
the CoMpany in a great degree. He as!..urol them
that
the attention of the Directors would be especially
devoted to that object. The Directors also looked
p,With, confidence to the increase of passage fares, as the
r4lic seeing generally the ships perform their work
1411 for a length of time and without any accident,
aireater number of passengers would no doubt take
Z.valltage of the accommodation of steamers than had
hitherto done.
The Secretary then read the following Report :
tt" This is the annual meetin,reonvened pursuant to the
hr" of the. Company's Carter; and th, Directors
tZe the pleasure to state, that they meet the Proprie-
'with greater satisfaction and confidence than they
have done on any former occasion.
Itt".l'he fleet of the Company is in a high state of
wi,Tene.v and order; perfoiming the contract service
80'" Peif,ct regularity, and, as the Directors have rea-
m: to believe, to the entire satisfac!ion of the Govern-
ttand of the public.
Lions he Directors have also to state, that the expecta-
nt laveso income which they expressed at the last meet-
Theno been disappointed.
„ following Accounts are submitted :
Bo "t. The Working Account for the year 1843, the
mciarnee of which' is carried to the credit of the Profit
Loss Account.
4%31 thc working account for the first six months of
hat:'''subaiitted to the meeting held in October last; the
'rice subject to insurance and wear and tear was
34
,3411. 15s. 7d., and the balance of the present account
i9r the whole year is 94,219/. 9s. ; consequently. the
.11„11 six months have produced 59,877 L 13s. 5d., thus
1
that the opinion expressed at the October meeting,
jit the earnings of the Company would reach 120,000 L
Per annum, subject to insurance and wear and tear.
," 2d. The Profit and Loss Account, in which is
;Barged the insurance and ordinary repairs of the fleet
Or the year 1843 ; the balance of the Solway's account,
the
yecreditingar it with the sum which was insured on
that vessel ; the expenditure for extraordinary repairs
Occasioned by accidents and dry rot in two of the ships ;
I.44lcomplete repair of the hull and engines of the Actaeon,
including newboilers, which were found necessary, upon
het return from the intercolonial service ; also some pay-
Items on settling accounts with agents abroad ; and a
_)Bs on the coal account, arising chiefly from waste and
deterioration by climate since the commencement of the
;ervice ; but these are not likely to occur again, as the
°!eign -agencies and coal stations are now placed on a
e"l'”yst,ematic and economical arrangement, and as
least has enabled the Directors to select the coal
',A liable to such deterioration and waste.
lit d. A balance sheet, or statement of assets and liabi-

The Company have claimed against the estate of
4eraroan and Co. for 34,1-891. 17s. 7d. being the differ-
Zl,ce between their contract price for the Avon and Se-
and the sum- paid to them for and expended in
finishing the ships; whatever therefore may be recovered
itt.i will bteinreduction of the cost of those vessels.
be perceived, that there are in these accounts
17.r.al heavy charges arising from accidents, &e., all of
Ech, with one exception, happened during the first
ar of the Company's operations ; and of which the
rectors trust there is no reason to apprehend a recur-
rence,o„ considering Ake less dangerous navigation the
ns-have now to encounter, and the greater experience
of the Company's officers ; not a single casualty having
gt:ll2'ed during the last twelve months. Every out-
standing claim, on the Company,'arising out of past
transactions, has been satisfied, and the service of this
teatri,. will therefore commence free from all past
titles.
".'conformity with the resolution of the last general
meeting, the insurances have not been renewed, and it is
jn
I,
""nded to set apart annually the sum of 25,0001. toQ
t this liability ; and this charge will appear in the
°"Ilt of the year 1844 accordingly.
:`Although the Directors deem it unadvisable, at the
present moment, to offer any estimate as to what surplus
oitY accrue during the current year, yet they are clearly
t;:,ol).inion there will be a considerable sum applicable to
to liquidation of debt, to the rep!atement of capital, or
,the payment of a dividend.
The Directors have the satisfaction to report that
title sum remaining due at this time for Loans is 70,000 t.,
s,_"ing an improvement in that respect of 50,0001.
'nee. the meeting held in October last.
" By order of the Directors.
" E. CHAPPELL, Secretary.