The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-05-26

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Tho Pacific Mail Steamship Company.
The annual meeting Of the stockholders of the Pacific
ss steamship sn y. was held :. the 9ss Of the
called to the chair, and Mr.. B. L. Swan Jr appointed
Tbs following report was then read BY tho prssdn. Of
the company
lrespeetfany present, on behalf Of the directors,
statement OF the condition Of the Pacific Mail Stsamshp
this 's ass 81 8s. On sss nsi
performed for the United States government, s54 COO
ssS for a On policies
the bands Of agents and officers in the Paciac 1912 S.
ofwbch 600 since received and placed in the
Trust Company. Besides this, thsre was payable to
counts SAG, 4sS p besides unliquidsted clsims
The floating debt Of the company the 1st May WAS
cia agents Of the eompany against xhsh thsy hold in
suranee claims to the extent Of 500 0OO The debt
OF $ls GOO ~ 10 made up, in great measure, OF IN
and an amount Of $3.50 06 to the credit of our old
stockholders, and retained until claims in suit against
them shall be settled OF the bonded debt of 1924 0C0
maturing let September next the sum Of $3.50 600 WAS
anticipated and paid on the 10th April under resolu-
ton OF the Board OF Directors.
dividend Of ten per cent was, on the 18th instant.
paid leaving sufficient cash ON hand for working
We have at this date, surplus cash Of $3.50 600 in
bank and the New York Life AID Trust Company and
have been empowered BY the directors 70 pay the
fund the indebtedness Of the company we're issued I'M
der your resolutions Of June e. 1885 Being responded
to BY few Of the stockholders the plan abandonei
and devolved the company to cancel such ndsbt
eoness from Its earnings The company hiss proved
equal to this On the January 1885, the baan 80 due
the agents was paid, and the commercial sgsncy
dscon unued. Ths company was Ie.orgaulzed and the
business in New York is now wholly transacted by Its
The CHARTER mas been modified so q to authorize
board Of nine directors and the Subdivision Of the capital
into shares Of 500 each.
The additional four direotors were elected on the 2sh
OF February.
Negotiations have been continued with the Nicaragua
have been made which have resulted bsne
hcsy to both routes without being ourthensome to the
public
Runeas per cent annum for insurance and refuse
make returns whist steamers laid up IN port which
important privilege with the surplus tonnage owned
by the ctmpany When tonnage was sCar.e in the Pa
c6c insurance was desirable to enable to replace lost
steamers Our officer: are able and experienced, and
have more reliable charts than formerly. The policy
annual expendi urs Of $l56 600 for Insurance..
By Underwriting its own steamers the company can
in short time the value Of steamer and can pro-
vide substitute from is surplus tonnage on the spot
une or these We esem It expsdisnt not to
tween Panama and San francsco, expiring after LIST inst
Ii it be done reasonable terms we viii insure the
steamers on the Panama route against Are.
The regular and spare steamers the Oregon route
Insured with the clause providing for returns In port
Efforts viii be made BY to realize sach property a.
s not required for use and deem II expedisnt
ceve stock of the company In pay nent, rendered
1he property Of the mpany is generally in excellen.
order.
On the 7'h inst, Mr. wm, Fl. Aspinwal surrendered,
with conditions o. epeced in his letter annexed the
aOvQ ed tn Am
BY the terms Of the subsc iptou of May LIST, 1858.
The saving of the commissions hsrecrs paid him and
the commercial agents. and Of the large amount paid
interest the heavy debt Of the company constitutes
small dividend amounting almost TO legal interest our
reputation Of our well appon led seamers and other pro-
pery and freedom from debt there IA bright pro
for the future Ali of which w is respectfully 81 omitted
NEW YORK. May "a, 1885,
NEW YORK, May 7, 1885,
10 THE PRESIDENT AND DIRECTORS OF rnH PAcnrc Man
STEAMSHIP COMPANY, NEW YORK;
GFNIrHsN- take advantage Of The close of our fiscal
aush until further notice the future en- olu ments which
may become due to me, under my assignment to the
company Of the mail contract, detailed the terms
the subscription to the capital at OK the 1st May,
1863 do not unsks this action unconstitutional because
wish to the right to resume what now re-
mept, render such step advisable also wfsh from
the hnd thus relinquished, to make provision for the
payments have been accustomed 70 make in the way OF
extra salaries at home and to agents else where for the
benefit Of Vie company Be pleased therefore, until fur
Their notice. place six dolsrs (se 000 year
the disposal your president for the above purposes
and to pass the balance the accruing commissions hail.
yearly to the sreoit Of profit and loss. with earnest
wishes for the nued success OF the company, Am
very respectfully and truly, your OBJ dent servant,
WIN. H. A5PINWAIL.
On motion Of Mr.. srLLaAs, the report was unanimous
ly adopted.
The following resolu ions were offered BY j. L. woop.
WARD ESQ and unanimously adopted
ss m
highly sctory and CRAFTY ing 70 the stoc ,dsrs here
p1emsnS 1oraS nor the r r''u' 0r NE psa and
Shat the hanka Of the due ara hereby
Presdent WIN. II. Aspinwa for ths mssaseusnt Of me
company and hat the giving up 10 he comcany
by ths aer Of the examinations beonsirg merits their
Resolved, That the report and statement be published
On motion q Henry 0srv, ks9, wss unsnimou.ly Re
up letter to VIM. H. Aspn WALL Esq expressive our
his surrender Of the Commissions legally Ard cquiaby
dus s ey Ss tern ne suosc,pcn p the capita. sock
James L. Wood ward aed Caleb swan
Resolved That the matter Of marine rserrsd
BY the President In tbs report be o 70 the discretion Of he
GEO W. BLUNT, Chsirmsu.
B. L. SWAN, Jr., secretsry.
The following letter has been addressed BY the commit
toe 10 Mr. Aspnw WALL aud Ia ADDED fr the Information o
the stockholders -
Nxw YORK, May 81 1865.
To VIM H. AsrIswArI. Esq, &c, &c, 81.
SP-At meeting OF the stock holders Of the Pacific
Mail Steamship Company We were this day appointed
committee TO impart To ysu expression OF tbs
feeling OF expect and admiration eyctsd through
out the assembly by your letter OF the Th instant tbs
President and Dir ecters rst laid Def u.s. wavipQ
for time any acceptance OF thu vsty Args
Lhss se jour aga, aa-s. A. anxansas " ths nAI Goa