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

ROYAL MAIL STEAM-PACKET

COMPANY.

The annual general meeting of the proprietors of
this Company was held yesterday, at the London
Tavern, 13ishopsgate-street, for the purpose of receiv-
ing the Directors' Report on the affairs of the Com-
pany for the year ending December 31, 1843, and for
the election of Directors in the room of those out-
going.

Al one o'clock A. Colville, Esq., deputy-chairman
of the Company, took the chair, when the Secretary
having read the advertisement calling the meeting,
The CHAIRMAN said that the Directors met the
Proprietors with more satisfaction and confidence
than they had yet done, because they considered that
they had now turned the corner of their difficulties,
and 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
the business went, their great difficulties were over-
come. The Proprietors would also see that the
money account bore a better aspect, and they
entertained the hope that, by continued attention
to economy, they would curtail the expenses of
the Company in a great degree. He assured them
that the attention of the Directors would be especially
devoted to that object. The Directors also looked
with confidence to the increase of passage fares, as the
public seeing generally the ships perform their work
well for a length of time and without any accident,
a greater number of passengers would no doubt take
advantage of the accommodation of steamers than had
hitherto done.

The Secretary then read the following Report :
" This is the annual meeting convened pursuant to the
terms of the Company's Charter; and-the Directors
have the pleasure to state, that they meet the Proprie-
tors with greater satisfaction and confidence than they
have done on any former occasion.
" The fleet of the Company is in a high state of
efficiency and order; performing the contract service
with perfect regularity, and, as the Directors have rea-
son to believe, to the entire satisfaction of the Govern-
ment and of the public.
" The Directors have also to state, that the expecta-
tions as to income which they expressed at the last meet-
ing have not been disappointed.
" The following Accounts are submitted:—
" Ist. The Working Account for the year 1843, the
Balance of which is carried to the credit of the Profit
and Loss Account.
"In the working account for the first six months of
1843, submitted to the meeting held in October last, the
balance subject to insurance and wear and tear was
34,341/. 15s. 7d., and the balance of the present account
for the whole year is 94,219/. '9s. ; consequently, the
last six months have produced 59,8771. 13s. 5d., thus
justifying the opinion expressed at the October meeting,
that the earnings of the Company would reach 120,0001
per annum, subject to insurance and wear and tear.
" 2d. The Profit and Loss Account, in which is
charged the insurance and ordinary repairs of the fleet
fur the year 1843 ; the balance of the Solway's account,
after crediting 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 ;
and complete repair of the hull and engines of the Actaeon,
including new boilers, which were found necessary, upon
her return from the intercolonial service ; also some pay-
meats on settling accounts with agents abroad ; and a
loss on the coal account, arising chiefly from waste and
deterioration by climate since the commencement of the
service ; but these are not likely to occur again, as the
foreign agencies and coal stations are now placed on a
more systematic and economical arrangement, and as
experience has enabled the Directors to select the coal
least liable to such deterioration and waste.

" 3d. A balance sheet, or statement of assets and liabi-

ities.

" The Company have claimed against the estate of
Acraman and Co. for 34,1891. 17s. 7d. being the differ-
ence between their contract price for the Avon and Se-
vern, and the sum paid to them for and expended in
finishing the ships; whatever therefore may be recovered
will be in reduction of the cost of those vessels.

" It will be perceived, that there are in these accounts
several heavy charges arising from accidents, &c., all of
which, with one exception, happened during the first
year of the Company's operations ; and of which the
Directors trust there is no reason to apprehend a recur-
rence, considering the less dangerous navigation the
ships hare now to encounter, and the greater experience
of the Company's officers ; not a single casualty having
occurred 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
year will therefore commence free from all past
liabilities. _ _ _

" In conformity with the resolution of the last general
meeting, the insurances have not been renewed, and it is
intended to set apart annually the sum of 25,000 L to
meet this liability ; and this charge will appear in the
account of the year 1844 accordingly.
" Although the Directors deem it unadvisable, at the
present moment, to offer any estimate as to what surplus
may accrue during the current year, yet they are clearly
of opinion there will be a considerable sum applicable to
the liquidation of debt, to the replacement of capital, or
to the payment of a dividend.
" The Directors- have the satisfaction to report that
the sum remaining due at this time for Loans is 70,000/.,
showing an improvement in that respect of 50,0001.
since the meeting held in October last.

" tly order of the Directors,
" E. CHAPPELL, Secretary.

" 55, Moorgate-street."
The CHAIRMAN having put the question of the
adoption of the report,
Captain WHISH congratulated the Proprietors on
the improvement in their affairs • however, there were
a few matters on which he wished for information.
Under the head of stations, &c., and salaries of agents,
there was an increase this year of 1,5001., notwith-
standing that last year they had been promised there
would be a reduction under this head so as to effect
a saving of 1,0001. Then the item of pilotage
amounted to more than one-half of what the pilotage
of the whole British navy cost last year. He wished
to know how it was that this item was so large. He
also desired an explanation of that item in the balance
sheet of the report—"lnsurance Account, unsettled
claim on the underwiting of the Medina, 4,000/."
The CHAIRMAN said that the increase in the item of
stations, agents, salaries, &c., in the last half of the
year over that f the first half arose from the circum-
stance of several of the payments under this head
being made annually and not half-yearly, which
threw the heavier payments into the account of the
last half of the year. With regard to the charges
for pilotage, &c., the Directors only paid what they
were obliged to do. The port charges, which came
under this head, added greatly to the amount,
and in speaking of vessels of the Royal Navy
it was to be borne in mind, that they had to pay no
such charges as port charges. Then the peculiar cir-
cumstances of navigation in the West Indian seas—
such as the draft of water, the state of the weather,
and the like, which frequently rendered it necessary
to keep pilots a long time on board—caused great ex-
pense in this respect ; but if all those matters
were taken into account, together with the number of
times the vessels had to enter the various ports,
it would be found that the sum was not too large.
With respect to the Medina, the unsettled claim arose
from a question of salvage which had not yet been
finally adjusted, but he had reason to expect that the
amount would be recovered.

Mr. MONTAGUE wished for some explanation re-
specting the sum of 34,1891. 17s. 7d., the amount of
the Company's claim against the estate of Acra-
man and Co. He wanted to know how it could have
happened that so large a sum over what that firm were
entitled to had been paid to them.
The CHAIRMAN said that some time previous to the
stoppage of that house, the Directors, wishing to
have the ships in their hands finished as soon as pos-
sible, gave their assistance for that purpose. If they
had not done so they should have been in much
greater difficulties in the matter; besides, they had
ascertained that the money they had advanced had
been laid out in finishing the ships.
Mr. RIDGEWAY complained that the Company paid
the officers in charge of their ships at a higher rate
than that at which the officers in the Navy were paid.
The CHAIRMAN said that it was not a just com-
parison to make between the salaries of their officers,
and those of the officers of the Navy. The comparison
should rather be between the pay of their officers and
that of the officers belonging to a Company of the
same kind, and he believed that if there was any
difference in that respect they were rather under the
rate' of other Companies. It was their object to get
efficient officers. If they gave poor pay they would
have inefficient officers. The captains and mates in
the Company's service were as efficient as any t:: be
found in the service of any other Company, and he
did not think their pay extravagant.
A PROPRIETOR, whose name we understood to be
Terry, revived the question of the loss of the Solway,
and took occasion to reiterate some of the complaints
that were so rife some time ago against the manage-
ment of this Company's steamers. He particularly

mentioned the Dee-. -
Mr. T. BARING said that, with respect to the Dee,
they had lately had the highest approt•ation ex-
pressed by 20 passengers on board that vessel as to the
ability and conduct of Captain Hemsley, and as to
the general arrangements on board. In fact, the
most flattering testimony had been lately borne by
numerous passengers respecting the management of
their vessels.
The adoption of the report was then put and
carried.
Mr. Cotesworth and Mr. Hibbard were re-elected,
and Mr. T. Masterman elected, Directors.
The thanks of the meeting were then voted to the
Chairman and Directors, and
The CHAIRMAN having acknowledged the compli-
;:elent, the meeting separated.

rim MUSTARD TREE OF SCRIPTURE.--At the last
meetrng of the Asiatic Society, Professor Royle read a paper
in which he stated that lie had "traced an Indian tree, by
nonyme, to be the mustard tree of Scripture."
its Asi Oic 7
it is ca lied harjal, the Arabic word for mustard; and the
tree is mind in the north-west of India, and has acrid bark
and edibVe berries. It droops like a 'willow, and has leaves
similar to ;those of the Salvadora Persica of botanists, which
Dr. Royle.ftels no doubt is the mustard tree of Scripture.