New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-04
THE PACIFIC MAIL REPORT.

MR. CIYDt's ROSY VIEW OF THE PRESENT AMI
FUTURE OF THE COMPANY-ITs PAST TROUBLES
RELATIONS WITH THE PANAMA COMPANY.
The directors of the Pacific Mail Steamship
Company met yesterday and agreed upon the following
statement of President Clyde be given to the public in
reply 10 the current reports about the company:
10 the Directors Of he Pacific Mail Steamship COMPANY
GENTLEMEN Pursuant 10 your resolution present
her with statement of the condition OF the company
and It's operations under its present management
On The 3Ist Of Nav 1876 its debts, dcductine cash
assets were SO 0O307s 70. On the 3lst OF Jahualy'
Is77 they were after deductng it, cash assets, 81 Osl
30 Is The debts since that time have been still
further reduced. II will appear by coinpadlsoh %
nying statement that, while increasing the efficiency OF
tie service and without disposng OF any OF i,s prop
erty nr assets the comranys indebtedness mas been re-
dnced AZ an average rate Of 100000 per month
| since the present board accepted ONCE 49,, g., o,
In consequence of difficulties winch mao arisen
This company under the preceding administrator anu
The Panama Railroad Company, the business OF TINS COM
Yor Central America aud California had been parayzed
Tie Panama Railroad Company having terminated ihe
ana having entered into exclusive contract win ine
Panama Transit steamship Company which gave TO ,h
company had previously enjoyed, so that dnrirg tne
months Of A agS M1y s a G pan
Upon assuming direction on the company anai i
was found not msTe sTat f agIs Which can
not be deemed very great III COMPARISON W .i I
nearly all such Indebtedness past due. and among
the last OF the former board was the execution VI
cr(y o. the company and the delivery OF an to S h
as security for the coHpanys Indebtedness ana ii'o
Inc new board were thus deprived of the power to
raise money the Of the company either upon III,
security of its property upon its bonds IL also ou
that the credit OF the company was greatly IMPAIRED
aud its negotiable paper selling in tGe oI arsc
claims against the company, and to whom double ihe
amount bonds had been given as collateral demanded
notice that they would look the company for any de-
fciency Under tLese circumstances the directors were
led n ord 1 v,
the necessary by their own personal credl ana
resources which they did, aided literally by the PIes
deni Of the Panama Railroad Company Within the frst
between 100000 and 100000 ,.
II was a so found that tue campany's property III Tan
fnna had attached and was in the hands OF the
sheriff ms security for the commny's debt The first
Steps upon ASSUMING control were to sucn
attachments aud start again the interrupted
and California. This was done under an
ARRANGEMENT with the Panama Transit Company, made
with The consent Of t.c Panama Railroad Company' Sc
when the fleets OF the two companies are operated III
The new management has, as far as practicable rect
fed abuses mauguracd economies and the operations
OF this great company have been placed upon SOLO
business basis Already the agency and other general
expenses have reduced at the rate of over S3Oooo
year TIE short time which the present management mas
been charge and the attention demanded by nhacia
matters have prevented the lisment of all the
purposes designed for increasing Tue business ana prof.
its OF the COMPANY but nevertheless nncn mas Dren
credit has been rccstabllShcd its supplies are
out standing except those held by tue Panama
Railroad COMPANY and the directors, and none Of the
bonds OF the company have been cold Tie agencies
have been placed IN the hands OF persons or
firms of eminent responsibility and large lnfi-
cnce The business upon ali the lines mas Decn
Developed. ThOse which last year slowed
loss are this year showing satisfactory prom, except
III the Australian line, and negotiations Tor
modification its ua have progressed so lar
with the Colonial Government that this lIc VIII now DC
made -, to add satisfactorily TO the companSs
profits. The company has Oh mana an
ample stock OF Goals, stores, ana materials
AZ a is agencies. It's ships have been put In excellent
order and the City OF Ptlng and City OF Toxic are now
performing entirely satisfactory service in the emma
trade The CITY of Toxic has been placed i'll an entirely
efficient condition, ut an expense OF over TlZo,ooo,
which has hecu charged to the expense account
The company itself capable Of enduring and
surviving great difficulties, and II is the only Company
left which carries American flag 10 numerous foreign
ports and ships IN case OF war could he added 10
enlargement and increased usefulness, and. properly
foscrrd, OF benetting the whole productive ana
commercial interests OF the country. IL Is
reasonable expect that II viii not he lett alone 10 hSht
the battle for equality supremacy OF american com
mercc and the Government OF the tnltcd states,
following the wise precedent set by Great Brian III
order to build up It's commercial mariuc, VII! again ai
ID BY proper recognition Of thc important postal ana
cOliint. cial service which IL renders.
TIE attack which il being made on this company mas
10 iustiica' the condition of its property or bIs
nrss Considered private enterprise IT would be
deemed hucccSsfu and OF satisfactory prospects. Moth
IN. Is needed the part of the stockholders 10 save
their valuable property hut 10 refuse 10 sacrlnce II 10
fraudulent misrepresentation aud PRACTICES
k.,pctfIiIly WM. l.. CLYDE, President.
Retc York, April s. 1871