The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-30
PACIFIC MAIL.
Statement Of tho Company-Its Gains

Statement OF tho Company-Its Gains
49, and Losses.
NEW YORK. Jan. IS, 1874
The Board OF Directors have authorized the pub
ication OF report and statement to the stock.
holders CT the Pacific Mail steamship Company, Of
which the principal facts and figures are SUBJ
joined
THE REPORT
Owing to the manner in which the accounts a
the company nave heretofore been kept, anu the
Ofcial reports yearly certified to and published ac
cording TO law, they have found themselves en-
barrassed IN the discharge OF SO important duty,
and have been compelled to enter upon explana-
tlons that they would have preferred TO have
The accounts Of the company show no charge to
%ae the act %e snas
ery deterorates oy at least ten to fifteen per cent
In the various oficial yearly statements fur
nished 70 the Legislature and circulated IN tho
public newspapers the actual cost Of all the steam
their depreciation. has been pers,stentiy adhered
to- by which means the capital stock has been
70 an am vae
OF 100000, wher as the true value
OF the steamships, varying in age from
twenty-five years to SIX seven and eight years,
and representing on the books OF the company
over Sll 500, OOO. are found, by careful examna~
ton and by reference OF the subject 10 well quail
fed experts to have deprecated to less than one
1t is also distinctly apparent that the old side
wheel wooden steamers have not been used with
any profit TO the company, and that the substitu-
ton OF the iron pr0pellerS has become an absolute
prerequisite TO future success.
With this conviction the company Is devOttng all
its efforts to the Introduction OF this class OF YES
sell Large economies are certain to be effected bv
this change, and a confident reliance Is placed
upon greater prOductiveness than has been en-,
jOyed for o long period as soon as the neeC, con-
slsting OF eight first class iron screws, are fairly
anoat and in the position required for the proper
discharge of the duties Of Its extended and im-
portant service.
1t Is proper state that while the wooden side.
wheel steamers belonging to the company no
longer constitute an available asset for sum,
perhaps, beyond that affixed upon 1t py the Board
II offered for sale, many Of the ships, however for
pany, and may have greater value In their hands
than can be found anywhere else. 1t will be the
effort OF the Board to make them suDserve the
company's objects until the new steamers are all
In the matter Of insurance the Company has
in the insurance account, while since August.
1872. five steamers have been lost, property
charged in the old account as costing 81, 763, 49,
The present board have devoted themselves TO q.
heavy reduction OF expense in all and every de-
partment OF the Company's service. and while the
able reduction IN the value OF the capital stock the
facts and figures have long existed and have
been at all times under the control OF the stock
holders IL they have failed to require from the
managers correct and reliable data as TO tho'
actual condition OF afrairs they have only them.
selves to blame.
The policy OF the present Board will continue to-
be exercised on the side OF economy and enciency,,
and they allow themselves to believe that BY these
processes the company Will yet play an importantly
part in the history OF the steam marine or th0
United States. RUSSELL SAGE, President.