New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-30
REPORT OP PRFsIDENT sAGR.
OFFICE OF PACIFIC MAIL STEAMSHIP COMPAEY.l
Nos. 50 AND 81 WALL-sT.,


OFFICE OF PACIFIC MAIL STEAMSHIP COMPANY
Nos 80 AND 81 wALLsr.. :
NEW YORK. Jan. 2s, 1874 }
The Board Of Directors have authorized the pubca
ton OF the following report and statement to the stock
holders OF tho Pacific Mail Steamship Company:
Owing to the manner in which tho accounts OF the
Company have heretofore been kept, and tho Off nal
law. they have found themselves embarrassed in the
discharge OF so important duty. and compelled t. enter
have omitted The accounts OF tho Company show
no charge to depreciation account for long period OF
erty doteorates 10y at least ten or fifteen per cent per
furnished to the TagisIsture and Circulated ia the
public newspapers the actual cost Of all the steamers
owned by the Company without reference To depre
citation, has been pPrsirteny adhered To, Ivy which
the capital stock has been made TO appear In
Taae OF %ScrSas the e or he Steam
ships varying in from % years To G, T. ana years.
81 10000, found by careful examination aud by
reference OF the subject 90 well qualified experts to
have deprecated 20 less than onequarter OF that sum-
IL also distinctly apparent that the old side-wheel
wooden steamers nave NOT beeh used WIN any proh 10
the COMPANY ana that te substitution OF tle IRON pro
peller has become absolute prerequisite to future
success. with this icuOn the Company ia devotng
all it's efforts TO the introduction Of this class OF vessel
Large economies are certain TO De en- Gts1 0y tls
proiucuveness than has been enjoyed for ogg period
tho feet consisting of eight hrstcfss iron
for the proper discharge OF tho duties OF its extended
is proper TO state that while the wooden side-wheel
steamers belonging to the Company no longer constitute
an available asset for s1n perhaps beyond taat AIMED
ships. however for tho present are available Tor tio
their hands than can any where else. IL will DO
the effort OF the Board 10 IN Ike them subSerye the Com
paDy objects until the new steamers are al IN place.
will DO observed that IN the estimate OF the value OF
the GOAL hand in the different yards where It has
transported for It's extended service The Board
have adhered TO about the original cost -
In the matter OF insurance tho Company Ia. been Its
ance account, while since August, 1872. 1--WE steamers
have been lost popsry cifsi "a tne pa ACCOUNT ,a a;
themselves a heavy reduction OF expenses In all ani
every department OF The Complnys service, and while
the present statement o ITS assets showsa considerable
reduction In the value OF the capital sock the acts anu
figures have long existed and have been at all tmes
under The control of the stockholders. If they nave
failed TO require from the managers correct aud reliable
data the actual condition OF affairs, they nave only
The policy OF the present Board will continue to be
exercised on the side of economy ana efficiency. ana
the Company viii yet play an important part III INC
RUSSELL SAGE, President.
REPORT OF THE COMMITTEE
OFFICE OF THE PACIFIC MAIL STEAMSHIP CoMPANYt
No. 50 and 81 wALLsT.. NEW YORK Jan. PC, 49, 5
To The President and Directors Of he Pacie Mat Steqm
the accompanying schedule of assets and valuation OF
the Copanys property your Committee hayS pseR
could obtain to the condition OF the steamers ana
miiee have placed higher estimate side
wheel ships than they would probably realize at pubic
by the iron propeller they Will be available TO the Com
pany in keeping up Its extended service. A.,
valuation of the Conpany's compared with the
values formerly placed upon them but the TACT Exists
that side-wheel wooden ships can no more successfully
compete with the modern iron propeller IN the carrying
trade OF the world than the stage coach can compete
with the locomotive. IL il matter OF regret that thIs
fact was not earlier recognized. ii,
In report the condition OF tho various steamships
owned by the Company the Pacific coast 70 wnlcl
YOUR committee have had access and which WIZ De ial
before Board the necessity OF making extensive ana
costly repairs 10 the vessels is presented Inc pocy OF
expanding dollar more than Is absolutely essential
TO service intact not III their Judgment
de batable they unhesatingly recommend thst lnne
dia stems be taken dispose OF the surplus steamers
aud the proceeds applied 10 fund for building heet o.
iron eh- moderate tonnage, size that. In tneir
opinion will DO best adapted TO the service IN WHICH
they Will he engaged
GEo 5: Scott. ,n,.s lc,n,m,,,o.