The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-21


An adjourned meeting Of the stockholders Of tn
Pacific Mail Steamship Company held yesterday at tn
office Of Messrs. Rowland & Aspinwar, for the purpos
Of listening to reports Of committees appointed to In
ves.igate the affairs of the compAny-George w. Blunt
Esq, in the chair.
Mr. ABIJAH MANN Jr, from he committee to consider
the Presidents report and investigate the "a and
the Of the failure to make dividends reported
They see to doubt tbs substantial accuracy
of the report which they believe shows the aotua
condition OF affairs up to the time of its date when the
"balance" presented the following amount Of assets
S427,76s IS, with liabilities Of $500 1888 e. being
deficiency loss Of cspal stock stoc being ON books
OF the company 96b per cent instead OF 100 par value
paid in BY s,ockhoider Of sl5 49, the com nitse
therefore propose the ssus Of bonds to the
$500 0Oo interest payable semi annually and in
ten years. instruments, $500 seven years and
to the of the floating debt OF which $751; SIS 90
Is due TO stockholders-Howand & Aspinwaps balance
$l99, ga 99-totsl, $366, $50 e5.
The committee recommend upon the adoption of the
financial measures the acceptan: the
81 the h, mHw
not required for the ure OF the being
Of large expense. 1t also advi.es strenuous efforts to
Transit Company for the prevention OF ruinous COM
petition.
tors should be increased from five to nine exclusive
the President and Vice President, oco members five
slider it expedent to create new office that Of treasur
err to hold office At the win OF she Boari Of Directors
1t was then Proposed that Messrs Theodore Dshon,
Joseph Gaillard, Jr Ed. Whitehouse A. Norrie and
Waite Sherman he committee to carry into efe II the
recommendations o. the committee that the report
be accepted.
Mr., WILLIAM a. AsrNwALL roee and explained some
inaccuracies in the report, and requested division of
the question, which being accsded to, the adoption
came up.
Mr. ABIJAH MANN JR. explained that IL was intended
that the recommendations should be carried out by the
newly propo,ed board Of directors and not by resou
tons emanating from the committee. The only point
which be considered to need such resolution that
of the islue Of bonds which question doubtless the
directors would like to have expression Of the opinion
OF stockholders He spoke In terms OF commsndaton of
the way in which the affairs have been managed and at
tbuted the want Of dividends to the necessities Of the
immense traffic the course pursued by the competing
hand lying idle to prevent their opposition to
the company. He was willing to 90 some length to
make an amicable arrangement with the Nicaragua
route, and thus to shut Off ruiz competition but
they will not do the same then he for would desire
to carry the war to determination.
report from the committee appointed to confer with
tie executive officers of the Pacific Mail Steamship Com
papy or, they IT. with the Nicaragua Gem any,
as to the rates OF fare to and from California made
This report long series of letters and reports of in
tervews held for the purpose above mentioned The Nj
the Of $12 900 claimed by them on old account
from the Pacific Company. This the majority of the
committee in. They recommend that the nego.
tiaton be continued by the directors They leave the
consideration Of the payment Of the above sum to the
stockholders.
To allow time for the examination OF the reports the
nesting adjourned.