The Sun.
London, England, 1844-10-11 00:00:00

ROYAL MAIL STEAM-PACKET
COMPANY.
A meeting of the Proprietors of the Royal Mail
Steam-Packet Company was held yesterday at the
London Tavern, Bishopsgate-street, Thomas Baring,
Esq., M.P., in the chair.
The notice convening the meeting having been
read by the Secretary,
The CHAIRMAN rose and said, that in consequence
of the absence of the Chairman and Deputy-Chair-
man, he regretted that the duty of filling the chair
devolved upon him. He was sure, however, that the
Proprietors would extend to him every indulgence.
The Proprietors were aware that this was not the pe-
riod at which the general accounts were made up, or
at which they went into a general statement of de-
tails, which was fixed for the time when the balance-
sheet of the Company was considered. He hoped the
statement which had been put before the Proprietors
was, upon the whole, of a satisfactory character, and
if there were any questions which the Proprietors
wished to put upon it, he would be happy to answer
them to the best of his power and information. He
begged, however, to make a few observations in anti-
cipation of such inquiries. The Proprietors would
see, with pleasure, the increase in the receipts of
freight and passage-money, and that the items were
separated in conformity with the wish expressed by a
former meeting. The accounts showed an increase in
both those items to an extent which justified the ex-
pectations of the Directors, and which, he hoped, would
prove satisfactory to the Proprietors. The debt of the
Company was now reduced to 50,0001., and it was the
wish of the Directors that it should be cleared off at
the earliest period, because it would show the means
at the power of the Directors, and would relieve the
Proprietors of any fear of being called on for money,
at the same time that occasions might arise, in a large
concern like that, where a large sum of money might
be required and borrowed, with the certainty of an in-
creasing income to pay it. With regard to the Tay, he
was unwilling to enter into the painful details connected
with it. The Proprietors would be glad to learn that
the whole of the expenses of insurance were within
10,0001., though they had appropriated 2,5001. to
meet casualties. That was a good proof of the care-
ful working of their service. He was now speaking
up to the time that they received the latest accounts,
which was nine months of the year. The Directors
wished, on that occasion, to express their obligations
to the assistance rendered them on the occasion of the
accident to the Tay, by the Spanish authorities, and
their acknowledgment of the zeal and activity of their
agent, Mr. Crawford.—(llear, hear.) With regard
to the contract entered into with Mr. Pitcher for the
repair of the Company's transatlantic steam-vessels,
he might say at once that the annual amount paid to
Mr. Pitcher was 22,0001., and, as the report stated,
they had every reason to be satisfied with
the manner in which he performed his work.—
(Hear, hear.) He was happy to say that the plan of
packet routes had given satisfaction, and that the
manner in which the vessels of the Company per-
formed their services gave the greatest satisfaction ;
but as the Admiralty Board required it, they would
be obliged to build another steam-vessel, which would
be a cause of considerable expense ; but it would be
spread over a considerable period, and he hoped that
the increasing income which would be derived there-
from would be found sufficient to meet the expense
without encroaching on that surplus which would
be applicable to a future dividend.—(Hear, hear.)
The meeting would observe that the item of coals had
been very much reduced, and though the distance
over which they steamed in the last corresponding
half-year was greater, yet there was a considerable
reduction in the expense of this item under what it
was in the last half-year of 1843, when the distance
travelled was not so great. This was to be attributed to
improved management, greater economy, and the
various alterations made in their machinery by the
engineer, Mr. Mills, who had done his duty to the
perfect satisfaction of the Directors. There was
some increase in the ship, engineer, and saloon,
and also in the pilotage, but it was not a real in-
crease. There was also a slight increase in
the salaries in London and Southampton, but
this was but reasonable, as the business had in-
creased. He begged leave to state that the gratitude
of the Company, as well as of the Directors, was due
to the Board of Management, which was comprised of
Capt. Mangles, Capt. Chappel, and Capt. Lind. In-
deed, he was happy to say, on the part of the Direc-
tors, that their thanks were due to the officers, agents,
captains, and clerks of the Company generally, with
some few unfortunate exceptions. He hoped that all
parties interested in the undertaking would remain
united, because it was by the union of all parties that
they- could hope to prosper, and he trusted that, like
other speculations entered into by private individuals,
this would become one of national importance, and a
secure and profitable one for those who invested their
money in it. He wouli now call on the Secretary to
read the report which he proposed for their adoption.
The Secretary then read the report, of which the
following is the substance :—The report stated that
the Directors had much gratification in submitting to
the present meeting a working account for the first
half of the current year, showing that the expectations
formerly held out have been fully realised, and that
the concern is, in every respect, steadily and
surely improving. That the surplus of the
half-year, ended in June last, considerably ex-
ceeds that of the corresponding period for 1843.
The Shareholders will doubtless learn with satisfac-
tion that, since the last meeting, the debt of the Com-
pany has been further reduced 20,000/. ; and the
Directors have given notice that at the end of the
term, on the 4th of February next, they intend to pay
off the loan of 50,000/. borrowed in the year 1842,
being now the remaining balance of the Company's
debt. The report went on to say that the casualty
to the Tay, however blameable, was likely to prove
less injurious to the Company than might at first
have been apprehended. The Directors deem it due
to Mr. Pitcher to express their entire satisfaction at
the manner in which he was carrying out his agree-
ment. The plan of packet routes had given great
satisfaction both to her Majesty's Government and
the colonies, the ships arriving and departing from
their several places with the greatest regularity. The
Lords Commissioners of the Admiralty having re-
quired that the mails to and fro between Jamaica,
Santa Martha, Carthagena, Clarges, and St. Juan de
Nicaragua, be conveyed by steam, the Company
would have to build a new steam-vessel.
Mr. CARTER seconded the adoption of the report,
which he said was most satisfactory.
Captain WHISCII concurred in the opinion that the
report was, on the whole, satisfactory, and expressed
himself highly satisfied with the Board of Management
which he had recommended.
Mr. RIDGWAY said that he did not think the report
was as satisfactory as it ought to be. He thought
the accounts were meagre and unsatisfactory. There
had been a great deal of congratulation at the dimi-
nution of the expenses in coals and wages. He thought
that a great reduction might be made in the salaries
of the officers of the Company. The officers of the
Company were going on most prosperously till the
calamity which befel the Tay, anti he thought it was
but fair that a report of the circumstances attending
that accident should be laid before the Company.
He was aware that Mr. Pitcher gave every satisfac-
tion, but he thought that 22,000/. was a great sum of
money to be paying yearly besides the sum to cover
insurance. He also complained of the carelessness of
some of the officers of the Company in leaving pack-
ages behind them, and thought that the Company
ought to consult more the comfort and conveyance of
passengers. He should move that a report be
made of the circumstances attending the casualty to
the Tay.
Mr. COATSW'ORTH, a Director, said that since the
accident to the Tay every vessel belonging to the
Company had been more full of passengers than before.
The CHAIRMAN said that an investigation took
place into the circumstances connected with the
casualty to the Tay before four captains, and they took
legal advice a; to whether their report might be
published ; but they were told that if they
did so, they would be subject to an action,
for truth was sometimes a libel. The only remedy
they had in their power they applied, and that was to
dismiss the captain. At the same time, it was but
fair to him to say that his previous character and con-
duct was such as to justify the Directors in reposing
confidence in him up to the time of this accident. He
was an officer of the Royal Navy ; he had passed an
examination at the Trinity House, and commanded a
steam-vessel for some years between Hamburgh and
Hull, so that the Directors had every ground to place
confidence in him. He did not think that the-Hon.
Proprietor ought to bottle up his wrath for these half-
yearly explosions, and if there was anything to com-
plain of, he ought to state it distinctly, and not confine
himself to vague generalities.—(Hear, hear.)
In answer to a question from Mr. MONTAGUE,
Mr. MAYNARD, the solicitor of the Company, stated
that no dividend was made to any of the creditors from
Acreman's estate.
Mr. MONTAGUE suggested that the Company should
follow a rule adopted by the Corporation of London,
of making a yearly inquiry into the responsibility of
securities.
A PROPRIETOR wished to know what class steamers
the Directors intended to build?
The CHAIRMAN said one between 1,000 and 1,100
tons.
Mr. MONTAGUE then proposed, and Mr. CARTER
seconded, a vote of thanks to the Directors for their
exertions and energy on behalf of the Company.
A vote of thanks was then passed to the Chairman,
id the meeting separated.

FROST, WILLIAMS, AND JONES.—A memorial re-
cently agreed to at a meeting at Gateshead, was trans-
mitted to the Secretary of State for the Home Depart-
ment, with a view to obtaining the pardon of Frost,
Williams, and Jones ; but Mr. Phillips replied, on be-
half of Sir James Graham, that the Right Ilon. Baronet
expressed his regret that there was no sufficient ground
to justify him, consistently with his public duty, iu ad_
visino her Maiestv to comply with it 4 Prayer.